Supreme Court affirms final forfeiture of mansions, land, $2m, share certificates linked to Emefiele

Nigeria's Supreme Court has upheld the permanent forfeiture of significant assets belonging to former Central Bank of Nigeria Governor Godwin Emefiele. The ruling, delivered by a five-member panel, affirms that seven landed properties, over $2 million in cash, and share certificates are to be permanently surrendered to the federal government.

The apex court's decision overturned a previous judgment by the Court of Appeal in Lagos, which had initially lifted the forfeiture order. The Federal High Court in Lagos had first ordered the forfeiture, citing strong suspicions that the assets were acquired through proceeds of unlawful activities. The Economic and Financial Crimes Commission (EFCC) successfully appealed the appellate court's reversal.

Justice Ibrahim Saulawa, leading the Supreme Court panel, stated that the Federal High Court was correct in its initial order. This Supreme Court ruling comes approximately 19 months after a separate order for the forfeiture of 753 housing units in Abuja, also linked to Emefiele, which the EFCC has since handed over to the government. The forfeited assets include properties in Lagos's Ikoyi and Lekki areas, an industrial complex in Delta State, and share certificates of Queensdorf Global Fund Limited.

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The Supreme Court panel led by Justice Ibrahim Saulawa, held on Friday that the Federal High Court, Lagos, was right to order the permanent forfeiture of the assets on the grounds that they were reasonably suspected to have been acquired with proceeds of unlawful activities.