The Court of Appeal in Lagos has nullified the final forfeiture of properties and funds belonging to former Central Bank of Nigeria Governor, Godwin Emefiele, which had earlier been granted to the Federal Government.

In a two-to-one majority decision delivered on April 9, 2025, but obtained on Sunday, the appellate court reversed the November 1, 2024 judgment of the Federal High Court, which had granted the Economic and Financial Crimes Commission. the right to seize Emefiele’s assets. The appeal court instead ordered a retrial, stating that the case must be reheard with oral and documentary evidence.

The High Court’s original forfeiture covered several high-value properties, including: Two luxury duplexes in Lekki Phase 1, Lagos. Multiple properties in Ikoyi, including bungalows and duplexes on Oyinkan Abayomi Drive, Probyn Road, and Bank Road. An industrial complex under construction on 22 plots in Agbor, Delta State. Eight units of uncompleted apartments in Ikoyi. $2,045,000 in cash and share certificates in Queensdorf Global Fund Limited.

The EFCC had alleged that the assets were proceeds of unlawful activities, prompting the application for forfeiture.

Represented by Senior Advocate Olalekan Ojo, Emefiele appealed the ruling on grounds that the lower court did not properly evaluate his affidavit evidence and ignored his claim of legitimate acquisition of the properties through earnings from Zenith Bank and the Central Bank of Nigeria. His legal team also argued that the EFCC’s affidavit was procedurally defective.

In response, EFCC counsel Rotimi Oyedepo (SAN) maintained that Emefiele failed to provide direct proof of how the properties were acquired. He claimed that most assets were bought through companies in which Emefiele was neither a shareholder nor director and that the companies themselves did not contest the forfeiture.

Oyedepo also noted that Emefiele had not declared the properties to the Code of Conduct Bureau, as required by law.

In his lead judgment, Justice Abdulazeez Anka ruled that the legitimacy of Emefiele’s earnings could not be dismissed outright. He cited documents showing that Emefiele received over ₦1.75 billion as severance from Zenith Bank, ₦500 million in share value, ₦350 million per year as CBN Governor, and millions in foreign travel estacodes.

Given the conflicting facts, Justice Anka held that the matter warranted a full retrial, allowing for oral testimony and cross-examination. However, he affirmed the forfeiture of the $2,045,000, noting that Emefiele had not contested that particular item.

Justice Mohammed Mustapha, concurring, stated that there was no legal bar against property being purchased in trust for another. He added that Emefiele’s income was sufficient to cover the cost of the properties and that the declared assets for 2014 and 2019 could not be expected to reflect acquisitions made between 2020 and 2023.

The case was ordered to be reassigned to another judge of the Federal High Court for a fresh trial.

However, Justice Danlami Senchi disagreed with the majority, stating that the affidavit evidence was clear and uncontested. He said there was no basis for a retrial, labeling it a “waste of judicial time.” Senchi upheld the original forfeiture order and dismissed the appeal in its entirety.

The judgment sets the stage for a renewed legal battle over the properties, which remain central to broader corruption allegations against the former apex bank chief.