Emefiele: Supreme Court okays forfeiture of $2m, properties, share certificates to FG

Nigeria's Supreme Court has unanimously ruled to permanently forfeit seven properties, over $2.45 million, and share certificates linked to former Central Bank of Nigeria Governor Godwin Emefiele to the Federal Government. The apex court's decision on Friday overturned a prior judgment by the Lagos Division of the Court of Appeal, which had previously denied the government the right to seize these assets.

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The apex court, in a unanimous decision by a five-member panel led by Justice Ibrahim Saulawa, vacated the judgment of the Lagos Division of the Court of Appeal, which had denied the FG the right to take over the listed assets.

The Federal High Court in Lagos had initially ordered the forfeiture, citing reasonable suspicion that the assets were acquired through proceeds of unlawful activities. Emefiele had contested this, arguing it constituted a miscarriage of justice. However, the Supreme Court panel, led by Justice Ibrahim Saulawa, found that the Economic and Financial Crimes Commission (EFCC) had presented a sufficient case for forfeiture.

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Emefiele had approached the appellate court to challenge the high court judgment, which he insisted occasioned a miscarriage of justice against him.

The court held that Emefiele failed to demonstrate that the assets were obtained through legitimate means. The forfeited properties are located in prime areas of Lagos, including Ikoyi and Lekki, with one industrial complex under construction in Agbor, Delta State. Emefiele, who served as CBN governor from 2014 to 2023, is currently facing multiple charges in various courts.

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The deponent told the court that investigations revealed that the assets were reasonably suspected to have been acquired with proceeds of unlawful activities.