The Supreme Court reinstated the final seizure of Emefiele’s assets, overturning the Court of Appeal decision

The Supreme Court has overturned a Court of Appeal decision that annulled the seizure of assets linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, restoring an earlier decision that permanently handed over the properties to the Federal Government.

In a unanimous decision delivered on Friday, a five-member apex court panel, headed by Justice Ibrahim Saulawa, upheld the appeal challenging the appellate court decision and reinstated the final confiscation order issued by the Federal High Court in Lagos.

The ruling effectively ends Emefiele’s legal battle over ownership of the property, and confirms the Federal Government’s right to retain the asset through the Economic and Financial Crimes Commission (EFCC).

The Court of Appeal, Lagos Division, had earlier quashed a confiscation order by the Federal High Court after ruling that individuals claiming ownership of some properties had not received a fair hearing. Therefore, the Court ordered that the case be returned to the court for new proceedings.

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However, dissatisfied with the outcome, the EFCC approached the Supreme Court, urging it to set aside the appellate court decision and reinstate the original confiscation order.

Delivering its decision on Friday, the top court agreed with the anti-corruption body’s position, overturning the Court of Appeal’s decision and reaffirming the decision of the Federal High Court.

This dispute occurred on November 1, 2024, when Justice Dehinde Dipeolu of the Federal High Court in Ikoyi, Lagos, ordered the final confiscation of assets allegedly linked to the former CBN governor.

The order follows an application filed by the Economic and Financial Crimes Commission through a legal team led by Senior Advocate of Nigeria, Rotimi Oyedepo.

Among the permanently lost assets are $2.045 million, two share certificates belonging to the Queensdorf Global Fund Limited Trust and seven high-value properties spread across Lagos and Delta states.

The property includes two completely separate duplexes located at No. Hakeem Odumosu Road. 17B, ​​Lekki Phase 1, Lagos; an undeveloped plot of land measuring 1,919,592 square meters at Oyinkan Abayomi Drive, Ikoyi; a bungalow at No. 65A Oyinkan Abayomi Drive; and a four-bedroom duplex on Probyn Road, Ikoyi.

Also affected by the confiscation order are industrial complexes under construction on 22 plots of land in Agbor, Delta State; an eight-unit apartment complex on Adekunle Lawal Road, Ikoyi; and a separate duplex located on Bank Road, Ikoyi.

In a separate but related development, Justice Ayokunle Faji of the Federal High Court, Lagos, in March 2025, also ordered the permanent forfeiture of $1.4 million related to alleged fraudulent activities involving Emefiele.

Although the Court of Appeal later overturned the seizure of the seven properties and ordered a retrial on the grounds that the interested parties were not given an opportunity to be heard, the Supreme Court has now reinstated the initial ruling, thereby ending the protracted legal dispute over the assets.

By decision of the apex court, the lost properties and assets remain the property of the Federal Government through the EFCC.