Big Twist! Appeal Court Overturns Emefiele Asset Forfeiture, Orders Fresh Trial

The Lagos Division of the Court of Appeal has overturned the final forfeiture of properties linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, previously granted to the Federal Government.

In a split decision (2-1) delivered on April 9, 2025, the appellate court nullified the ruling of the Federal High Court in Lagos and ordered a retrial of the case.

A certified true copy of the ruling, obtained by The PUNCH on Sunday, reveals that the previous judgment issued on November 1, 2024, had authorized the Economic and Financial Crimes Commission (EFCC) to seize various assets allegedly tied to Emefiele. These include two detached duplexes in Lekki Phase 1, several properties in Ikoyi, an industrial site under construction in Agbor (Delta State), incomplete apartments, a duplex on Bank Road in Ikoyi, and $2,045,000 in cash and company shares.

The EFCC claimed these properties were acquired through illicit means. However, Emefiele, through his lead counsel Olalekan Ojo (SAN), challenged the decision, arguing that his legitimate income as a senior banker and former CBN governor was enough to justify the acquisitions.

Justice Abdulazeez Anka, who delivered the lead judgment, ruled that the evidence in the case was contested and required a full trial involving oral and documentary testimony. He noted that Emefiele’s earnings during his time at Zenith Bank and the CBN were adequate to afford the said properties. Anka therefore ordered that the case be retried at the Federal High Court.

Justice Mohammed Mustapha agreed with the lead judgment, stating there was nothing illegal about a person purchasing properties through third parties and emphasized that some assets acquired in 2020 could not have been declared on forms filled years earlier. He further ruled that the case be reassigned to a different judge, excluding Justice Dipeolu, who gave the original forfeiture order.

However, Justice Danlami Senchi dissented, arguing that the appeal lacked merit. He said there were no factual issues necessitating a retrial and insisted that the original judgment be upheld, reaffirming the forfeiture of the properties to the Federal Government.

While the seizure of the $2,045,000 remains valid, the appellate court has invalidated the rest of the forfeiture and ordered a new trial before another judge at the Federal High Court.