The Court of Appeal in Lagos has overturned a Federal High Court ruling that ordered the final forfeiture of assets belonging to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to the Federal Government. In a split 2–1 judgment delivered on April 9, 2025, the appellate court set aside the forfeiture and directed that the matter be retried at the lower court.

 

The Economic and Financial Crimes Commission (EFCC) had secured a final forfeiture order on November 1, 2024, covering several high-value properties across Lagos and Delta State, as well as $2,045,000 and shares in Queensdorf Global Fund Limited. The EFCC argued that the assets were proceeds of unlawful activities, but Emefiele, through his legal team led by Olalekan Ojo (SAN), appealed the decision.

 

Emefiele contended that the trial judge failed to fairly assess the evidence he submitted, including records of his earnings from Zenith Bank and his tenure as CBN Governor, which he claimed were sufficient to justify ownership of the properties. He also raised concerns over procedural issues, such as the trial court’s refusal to stay proceedings and its acceptance of the EFCC’s counter-affidavit.

 

In his lead judgment, Justice Abdulazeez Anka stated that the legitimacy of the assets remained in dispute and required further scrutiny through oral and documentary evidence. He emphasized the need for a proper trial where witnesses would be cross-examined. While the court upheld the forfeiture of the $2,045,000, it ruled that the rest of the forfeiture order must be revisited in a full trial.

 

Justice Mohammed Mustapha concurred, supporting the need for a retrial and acknowledging that properties can legally be purchased in trust for others. He added that Emefiele’s earnings were enough to afford the assets in question and criticized expectations that he should have declared properties in earlier Code of Conduct Bureau filings that did not cover the relevant period.

 

However, Justice Danlami Senchi dissented, arguing that there were no material conflicts in the evidence that required oral testimony. He maintained that the appeal lacked merit and supported the original forfeiture order, stressing that Emefiele failed to prove any connection to the companies in whose names the properties were registered.

 

Following the majority decision, the case is to be reassigned for a fresh hearing by a different judge at the Federal High Court.