It was a week of multi-billion naira forfeitures capped by former Central Bank of Nigeria ((CBN) Governor, Mr. Godwin Emefiele, finally losing over $2m and properties linked to him. And it is irrevocable as it was done by the Supreme Court of the land.
Earlier in the week, former Minister of Justice and Attorney-General, Mr. Abubakar Malami; and businesswoman, Aisha Achimugu, both lost a wide range of assets in two forfeiture cases.
However, both are likely to approach the Court of Appeal to seek reversals. The Supreme Court may also be the final arbiter in the two cases.
The Supreme Court upheld the final forfeiture of seven luxury properties, $2.045 million in cash, and share certificates linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to the Federal Government.
In a unanimous judgment delivered on Friday, a five-member panel of the apex court, led by Justice Ibrahim Saulawa and read by Justice Mohammed Idris, allowed the appeal filed by the Economic and Financial Crimes Commission (EFCC). The court set aside the earlier judgment of the Court of Appeal, Lagos Division, which had nullified the forfeiture order and directed a fresh hearing of the case.
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The Supreme Court consequently restored the November 1, 2024 judgment of Justice Deinde Dipeolu of the Federal High Court in Lagos, which ordered the permanent forfeiture of the assets after finding that the EFCC had established they were reasonably suspected to be proceeds of unlawful activities.
The Court of Appeal had previously ruled that some interested parties claiming ownership of portions of the assets were not given a fair hearing and ordered the matter to be retried. Dissatisfied with that decision, the EFCC appealed to the Supreme Court, which has now reinstated the trial court’s decision, effectively ending the legal dispute over the assets.
The appeal for the EFCC was argued 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). Emefiele was represented by Senior Advocates of Nigeria, Olalekan Ojo and Labi Lawal.
According to the EFCC, the forfeited assets include:
*Two fully detached duplexes at 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos.
*An undeveloped parcel of land measuring 1,919.592 square metres on Oyinkan Abayomi Drive, Ikoyi.
*A bungalow at 65A Oyinkan Abayomi Drive, Ikoyi.
*A four-bedroom duplex at 12A Probyn Road, Ikoyi.
*An industrial complex under construction on 22 plots of land in Agbor, Delta State.
*Eight units of apartments on Adekunle Lawal Road, Ikoyi.
*A duplex on a 2,217.87-square-metre plot at 2A Bank Road, Ikoyi.
*$2.045 million in cash.
*Share certificates belonging to Queensdorf Global Fund Limited Trust.
The Supreme Court’s decision marks the final legal step in the forfeiture proceedings, affirming that the listed assets now permanently vest in the Federal Government.