Supreme Court Reinstates Forfeiture of Assets Linked to Former CBN Governor

The Supreme Court has restored the final forfeiture of seven high-value properties linked to the former Governor of the Central Bank of Nigeria, Godwin Emefiele, overturning an appellate court decision that had previously invalidated the asset seizure.

In a unanimous judgment delivered on Friday, a five-member panel of the apex court allowed the federal government’s appeal and set aside the ruling of the Lagos Division of the Court of Appeal. The appellate court had earlier nullified the forfeiture and ordered a fresh trial, citing fair hearing concerns for interested third parties claiming ownership of some of the assets. By reversing that decision, the Supreme Court effectively finalized the transfer of ownership of the listed real estate assets to the Federal Government.

The legal dispute traces back to November 2024, when a Federal High Court sitting in Lagos granted an application by the Economic and Financial Crimes Commission for the permanent forfeiture of $2.045 million, two corporate share certificates, and seven prime properties linked to the former apex bank chief.

The assets targeted by the final forfeiture order include luxury residential real estate across prime locations in Lagos, such as Lekki Phase 1 and Ikoyi, alongside a large industrial complex under construction in Agbor, Delta State.

Following the Court of Appeal’s intervention in June 2025, which ordered a retrial at the high court, the anti-graft agency approached the Supreme Court to challenge the ruling. With Friday’s apex court verdict upholding the initial trial court’s decision, the legal challenges surrounding the permanent forfeiture of these specific properties have come to a definitive close.