Supreme Court Ends Legal Battle Over Assets Tied to Former Central Bank Chief
Nigeria’s Supreme Court has delivered a decisive ruling in the long-running asset forfeiture case involving former Central Bank Governor Godwin Emefiele, reinstating the final forfeiture of millions of dollars and multiple high-value properties to the Federal Government. The unanimous judgment, delivered on Friday, July 17, 2026, effectively overturns a Court of Appeal decision that had previously ordered a retrial.
The apex court’s panel, led by Justice Ibrahim Mohammed Musa Saulawa, with the lead judgment read by Justice Mohammed Idris, affirmed the 2024 ruling of Justice Dehinde Dipeolu of the Federal High Court in Lagos. That original order had granted the forfeiture of the assets to the state, a decision the Supreme Court has now restored in full.
How the Case Unfolded
The legal process began when the Economic and Financial Crimes Commission (EFCC) filed an application before the Federal High Court in Lagos, seeking the final forfeiture of assets it argued were reasonably suspected to have been acquired through unlawful activities. The application was brought under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution.
Justice Dipeolu granted the forfeiture order on November 1, 2024, after being satisfied by the EFCC’s evidence. The Commission’s application was supported by an affidavit from David Jayeoba, an EFCC investigating officer, who stated that investigations indicated the assets were likely proceeds of unlawful conduct.
Emefiele, represented by a legal team led by Senior Advocate of Nigeria Olalekan Ojo, challenged the High Court’s decision at the Court of Appeal. In 2025, the appellate court ruled in his favor, nullifying the forfeiture and ordering a fresh hearing.
The EFCC, represented by Chief Kanu Agabi, alongside Rotimi Oyedepo and Abba Mohammed, then escalated the matter to the Supreme Court. The apex court allowed the EFCC’s appeal, nullified the appellate court’s judgment, and restored the forfeiture order in its entirety.
Assets Now Forfeited to the Federal Government
The Supreme Court’s ruling finalizes the forfeiture of seven landed properties, $2.045 million, and share certificates of Queensdorf Global Fund Limited. The properties include:
- A fully detached duplex at No. 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos.
- An undeveloped parcel of land measuring 1,919.592 square metres, covered by Survey Plan No. DS/LS/340, situated at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos.
- A bungalow at No. 65A Oyinkan Abayomi Drive (formerly Queens 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 undetached apartments on a plot measuring 2,457.60 square metres, at No. 8A Adekunle Lawal Road, Ikoyi, Lagos.
- A full duplex with all appurtenances on a plot measuring 2,217.87 square metres, at 2A Bank Road, Ikoyi, Lagos.
In addition to the real estate, the court ordered the forfeiture of $2,045,000 (Two Million, Forty-Five Thousand United States Dollars) and the share certificates of Queensdorf Global Fund Limited.
Legal Basis and Significance
The EFCC’s original application was filed as an action in rem — a legal proceeding directed against the property itself rather than against a person. The Commission argued that the assets were liable to forfeiture under the Advance Fee Fraud Act because they were reasonably suspected to have been acquired through unlawful means. The Supreme Court’s decision affirms that the lower court was correct in accepting this argument and that the Court of Appeal had erred in setting aside the forfeiture.
With this ruling, the legal contest over these assets has reached its final conclusion. The forfeiture order, originally granted by Justice D.I. Dipeolu in Suit No. FHC/L/MISC/500/24, now stands as the definitive outcome, and the properties, cash, and share certificates are to be transferred to the Federal Government of Nigeria.
The case represents one of the most significant asset recovery efforts involving a former senior central bank official in recent years, though the Supreme Court’s judgment did not address any criminal liability directly, focusing solely on the civil forfeiture of assets.
