The Supreme Court has upheld the final forfeiture of seven landed properties, $2.045 million 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 led by Justice Ibrahim Mohammed Saulawa set aside the Court of Appeal’s decision and restored the earlier ruling of the Federal High Court, Lagos, which ordered the permanent forfeiture of the assets.

The apex court held that the assets were reasonably suspected to have been acquired with proceeds of unlawful activities.

The Economic and Financial Crimes Commission (EFCC) had secured the original forfeiture order on November 1, 2024, before Justice D.I. Dipeolu of the Federal High Court, Lagos, in Suit No. FHC/L/MISC/500/24.

The application, filed by the EFCC through its former counsel, Rotimi Oyedepo (SAN), 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.

According to the anti-graft agency, investigations conducted by its operative, David Jayeoba, established that the assets were reasonably suspected to have been acquired with proceeds of unlawful activities, making them liable to forfeiture.

Although the Court of Appeal later overturned the Federal High Court’s decision after Emefiele challenged the ruling, the EFCC appealed to the Supreme Court.

The apex court agreed with the anti-graft agency, ruling that the Federal High Court was right to order the permanent forfeiture of the assets.

The forfeited assets 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 at Oyinkan Abayomi 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 semi-detached apartments on Adekunle Lawal Road, Ikoyi, Lagos.
• A full duplex on 2A Bank Road, Ikoyi, Lagos.

The Supreme Court also ordered the final forfeiture of $2,045,000 and the share certificates of Queensdorf Global Fund Limited to the Federal Government.