Apex Court Overturns Appeal Court Ruling, Delivers Crushing Blow to Former CBN Governor in Landmark Asset Forfeiture Case
In a stunning legal defeat for former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, the Supreme Court on Friday affirmed the final forfeiture of properties valued at millions of dollars and $2.045 million in cash to the federal government, delivering a unanimous judgment that effectively ends his protracted legal battle to retain the assets.
The apex court, in a sweeping ruling, overturned the Court of Appeal’s June 2025 decision in Lagos, which had earlier nullified the forfeiture order and ordered a retrial. The Supreme Court held that the appellate court erred fundamentally when it set aside the trial court’s judgment.
The Assets Now Forfeited to FG
The forfeited properties, described as “choice assets” suspected to have been acquired through proceeds of unlawful activities, include:
· Two fully detached duplexes at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos
· An undeveloped land measuring 1,919.592 sqm at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos
· A bungalow at No. 65a Oyinkan Abayomi Drive, Ikoyi, Lagos
· A four-bedroom duplex at 12a Probyn Road, Ikoyi, Lagos
· An industrial complex under construction on 22 plots of land in Agbor, Delta State
· Eight units of a detached apartment on a plot measuring 2,457.60 sqm at No. 8a Adekunle Lawal Road, Ikoyi, Lagos
· A duplex with appurtenances on a plot measuring 2,217.87 sqm at 2a Bank Road, Ikoyi, Lagos
· $2,045,000 in cash
How the Legal Battle Unfolded
The saga began on November 1, 2024, when Federal High Court Judge Deinde Dipeolu in Lagos ordered the permanent forfeiture of the assets, ruling they were “reasonably suspected to have been acquired with proceeds of unlawful activities.”
Emefiele fought back, and in June 2025, he secured a temporary victory when the Court of Appeal in Lagos overturned the forfeiture order. In a judgment delivered by Justice Abdulazeez Anka, two of the three-member panel held that Emefiele’s legitimate earnings could have acquired the properties and ordered a retrial.
However, Justice Anka made a critical observation Emefiele did not contest the forfeiture of the $2,045,000. The appellate court ruled that the cash sum should remain forfeited to the federal government.
Supreme Court’s Final Word
On Friday, the Supreme Court delivered the knockout punch, unanimously setting aside the Court of Appeal’s decision and restoring the trial court’s forfeiture order in its entirety.
The apex court held that the appellate court was wrong to overturn the forfeiture order and direct a rehearing, effectively closing the door on Emefiele’s bid to reclaim the assets.
A Crushing Blow
For Emefiele, who served as CBN governor from 2014 to 2023, this ruling marks the culmination of a dramatic fall from grace. Once one of Nigeria’s most powerful financial officials, he now faces the loss of a vast real estate empire and millions in cash all permanently forfeited to the federal government.
The Supreme Court’s decision sends a powerful signal about the government’s resolve to pursue assets allegedly acquired through unlawful means, regardless of the status of the individuals involved.
As the legal dust settles, Emefiele’s once-formidable property portfolio now belongs to the Nigerian state a final, irreversible judgment from the nation’s highest court.
