The Court of Appeal in Lagos has reversed a previous decision ordering the permanent forfeiture of assets linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, and has directed that the case be retried.
In a judgment delivered on April 9, 2025, a majority of the three-member appellate panel found that the Federal High Court in Lagos did not adequately assess the evidence before ordering the final forfeiture of the assets to the Federal Government.
Justice Abdulazeez Anka, delivering the lead opinion, concluded that Emefiele had provided sufficient justification that his accumulated earnings throughout his professional career—including his tenure at Zenith Bank and during his 10-year service as CBN Governor—could legitimately account for the acquisition of the contested assets.
“These funds are the legitimate earnings of the appellant as provided,” Anka stated. “The contention of the appellant, as I comprehend it, is that from his earnings from the days he was at Zenith Bank up to his career as CBN Governor for 10 years in office, he could afford the said properties in contention.”
He added, “In effect, the court hereby sets aside the final forfeiture order made by the trial court on 1st November 2024.”
However, the appeal court maintained the forfeiture of a cash sum of $2,045,000, which was not challenged during the legal proceedings.
“Hence, the final forfeiture against the said sum of $2,045,000 to the Federal Government of Nigeria is hereby affirmed,” Anka ruled.
“From the totality of all I am stating, the appeal succeeds in part, considering the final forfeiture is set aside while the parties are given the opportunity to call oral evidence at the trial court. It is also hereby ordered that the case be remitted to the trial court for a rehearing,” he concluded.
Justice Deinde Dipeolu of the Federal High Court had initially ordered the forfeiture on November 1, 2024, of various high-value assets alleged to be proceeds of unlawful activity. These included:
- Two detached duplexes at 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos
- A bungalow at 65a Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos
- An undeveloped parcel of land measuring 1,919.592 sqm on Oyinkan Abayomi Drive, Ikoyi
- A four-bedroom duplex at 12a Probyn Road, Ikoyi
- An industrial complex under construction on 22 plots in Agbor, Delta State
- Eight undetached apartments on 2,457.60 sqm at 8a Adekunle Lawal Road, Ikoyi
- A duplex with all appurtenances on 2,217.87 sqm at 2a Bank Road, Ikoyi
- Two share certificates linked to Queensdorf Global Fund Limited Trust
- A cash sum of $2,045,000
The Economic and Financial Crimes Commission (EFCC), which obtained the original forfeiture order, argued that the properties were acquired through illegal means.
EFCC counsel Rotimi Oyedepo argued during the appeal, “The appellant did not produce a single piece of evidence on how he acquired the forfeited properties but merely placed the purported income he received from Zenith Bank and the Central Bank before the court. How he used the funds to acquire the properties was not shown to the court.”
He further asserted, “The companies in whose names the properties were acquired did not challenge the forfeiture of the properties.”
Despite these claims, the appellate court emphasized that the trial court had failed to give the case a thorough review, particularly by not allowing oral evidence. As a result, a retrial has been ordered to ensure that all parties have an opportunity to present their case fully.
