Nigeria’s Supreme Court has ordered the permanent forfeiture of seven multi-million dollar properties linked to the former Central Bank Governor, Godwin Emefiele, to the federal government.
In a unanimous decision on Friday, a five-member panel of the apex court overturned an earlier Court of Appeal ruling that had nullified the seizure and ordered a retrial.
The judgment marks the final legal conclusion regarding these specific prime assets, which include luxury real estate in Lagos and an industrial complex in Delta State.
Apex court reverses appeal ruling
The anti-graft agency, the Economic and Financial Crimes Commission (EFCC), had appealed to the Supreme Court after the Court of Appeal in Lagos set aside the forfeiture in June 2025.
The lower appellate court had previously ruled that other interested parties claiming ownership of the assets were not given a fair hearing, ordering the case to be heard afresh.
However, Supreme Court Justice Ibrahim Saulawa, leading the panel, set aside that decision and reinstated the original 2024 order from the Federal High Court, effectively vesting ownership of the properties in the state.
The seized assets
The seized properties, located primarily in Nigeria’s most expensive real estate markets, include:
- Ikoyi, Lagos: A bungalow and an undeveloped plot on Oyinkan Abayomi Drive, a four-bedroom duplex on Probyn Road, eight apartments on Adekunle Lawal Road, and a duplex on Bank Road.
- Lekki Phase 1, Lagos: Two identical fully detached duplexes on Hakeem Odumosu Street.
- Agbor, Delta State: A massive industrial complex currently under construction sitting on 22 plots of land.
The high court had previously ordered the permanent forfeiture of $2.04 million in cash and corporate share certificates linked to the former apex bank chief in November 2024, followed by a separate permanent forfeiture of $1.4 million in March 2025.
Legal woes continue
Mr. Emefiele, who led the Central Bank of Nigeria for nine years until his suspension and subsequent arrest in 2023, is currently facing multiple separate trials.
The ongoing criminal charges against him brought by federal authorities include:
- Abuse of office and corruption.
- Fraudulent implementation of the controversial 2022 naira redesign policy.
- Forgery and procurement fraud related to multi-billion naira contract awards.
Mr Emefiele has consistently denied all wrongdoing.
Add Comment