Supreme Court seizes Emefiele’s Lagos Luxury Empire, $2.045m

The Supreme Court has restored the final forfeiture of seven luxury properties linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, overturning an earlier Court of Appeal judgment that ordered a fresh hearing of the case.

In a unanimous judgment delivered on Friday, a five-member panel of the apex court, led by Justice Ibrahim Saulawa, upheld the appeal filed by the Economic and Financial Crimes Commission (EFCC), setting aside the decision of the Court of Appeal, Lagos Division.

The judgment, read by Justice Mohammed Idris, reaffirmed the November 1, 2024 ruling of the Federal High Court in Lagos, which ordered the final forfeiture of the assets to the Federal Government after finding they were reasonably suspected to have been acquired with proceeds of unlawful activities.

The ruling brings to an end Emefiele’s legal challenge against the forfeiture order secured by the anti-graft agency.

The forfeited assets include two fully detached duplexes on Hakeem Odumosu Street, Lekki Phase 1; an undeveloped parcel of land on Oyinkan Abayomi Drive, Ikoyi; a bungalow and a four-bedroom duplex in Ikoyi; an industrial complex under construction on 22 plots of land in Agbor, Delta State; eight apartment units on Adekunle Lawal Road, Ikoyi; and another duplex on Bank Road, Ikoyi.

The Federal High Court had also ordered the forfeiture of $2.045 million in cash and share certificates belonging to Queensdorf Global Fund Limited Trust, which were not contested by the defendant.

Justice Deinde Dipeolu of the Federal High Court had granted the EFCC’s application for final forfeiture in November 2024 after holding that the Commission had sufficiently established that the assets were proceeds of unlawful activities.

However, in June 2025, the Court of Appeal overturned the decision, ruling that some parties claiming ownership of the assets were denied fair hearing and directing that the matter be returned to the trial court for fresh proceedings.

Dissatisfied with the judgment, the EFCC approached the Supreme Court, arguing that the trial court’s decision was properly reached and should be restored.

The apex court agreed with the Commission, nullified the Court of Appeal’s judgment and reinstated the final forfeiture order, effectively vesting ownership of the listed properties and cash in the Federal Government.

The appeal was argued for the EFCC by a legal team led by former Attorney-General of the Federation, Kanu Agabi (SAN), alongside the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN), while Emefiele was represented by Senior Advocates of Nigeria Olalekan Ojo and Labi Lawal.