Supreme Court affirms final forfeiture of Emefiele’s assets, $2.045m to FG

The Supreme Court has affirmed the final forfeiture of properties and $2.045 million linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to the Federal Government.

In a unanimous judgment delivered on Friday, the apex court overturned the earlier decision of the Court of Appeal in Lagos, which had set aside the forfeiture order granted by a lower court.

The ruling effectively restores the final forfeiture of the identified assets and funds, bringing to a close a key legal dispute over the ownership of properties and cash allegedly connected to the former CBN governor.

The Supreme Court held that the Court of Appeal erred in nullifying the forfeiture order, thereby reinstating the decision that the assets and the sum of $2.045 million should be permanently forfeited to the Federal Government.

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The judgment represents a significant legal victory for the Federal Government in its efforts to recover assets allegedly linked to financial crimes and reinforces the powers of anti-corruption agencies to pursue the confiscation of assets through the courts where the legal requirements have been met.

The forfeited assets include properties previously identified during investigations involving Emefiele, whose tenure as CBN governor has remained the subject of multiple corruption-related investigations and court proceedings since leaving office.

Friday’s verdict is expected to strengthen ongoing asset recovery initiatives and marks one of the most significant judicial pronouncements in the series of cases involving the former apex bank chief.