An order for final forfeiture of assets belonging to former Central Bank of Nigeria Governor, Godwin Emefiele, to the Federal Government has been reversed.
 
The reversal order was given by the Lagos State Division of the Court of Appeal.
 
In a split decision of two-to-one delivered on April 9, 2025, the appellate court set aside the earlier judgment by the Federal High Court, Lagos, and ordered a retrial.
 
On November 1, 2024, the Federal High Court had granted the Economic and Financial Crimes Commission (EFCC) a final forfeiture order over a range of Emefiele’s assets, including: Two fully detached duplexes in Lekki Phase 1, Lagos; Multiple properties in Ikoyi, Lagos; An industrial complex under construction in Agbor, Delta State; Uncompleted apartments in Ikoyi; A duplex on Bank Road, Ikoyi; $2,045,000 in cash and shares in Queensdorf Global Fund Limited.
 
The EFCC alleged the properties were acquired with proceeds of unlawful activities.
 
Emefiele, through his legal team led by Olalekan Ojo (SAN), appealed the ruling.
 
The EFCC, represented by Rotimi Oyedepo (SAN), argued that Emefiele failed to provide proof of legitimate funding, claiming none of the assets were registered in his name, but rather in companies where he had no official link.
 
Oyedepo further pointed out that the companies did not contest the forfeiture and that Emefiele failed to declare the properties to the Code of Conduct Bureau.
 
Justice Abdulazeez Anka, who delivered the lead judgment, held that Emefiele’s earnings from his roles at Zenith Bank and the CBN were substantial enough to afford the properties.

He cited: “These funds are the legitimate earnings of the appellant as provided… from his days at Zenith Bank up to his career as CBN governor for 10 years, he can afford the said properties.”
 
Justice Anka noted that the evidence presented was highly disputed and required oral and documentary examination.
 
He therefore ordered a retrial to allow both parties cross-examine witnesses.
 
He said: “The appeal succeeds in part… the case be remitted to the trial court for rehearing.”
 
Justice Mohammed Mustapha concurred, stating there was no legal barrier to one party purchasing property on behalf of another, and that Emefiele’s income was more than sufficient.
 
He emphasized: “It is absurd… to expect the appellant to have declared properties acquired in 2020 in forms filled in 2014.”
 
He also agreed that the case should be remitted for fresh hearing by a different judge, excluding Justice Dipeolu who issued the original forfeiture.
 
Justice Danlami Senchi, however, dissented. He maintained that there were no factual conflicts requiring oral evidence, arguing: “The interested party has denied any links with the companies… and so cannot lay claim to what is not his.”
 
Justice Senchi described the majority decision as a waste of judicial time, insisting that the original judgment be upheld and the appeal dismissed.
 
Senchi ruled: “This appeal lacks merit and I dismiss same accordingly.”
 
He affirmed the earlier ruling by the Federal High Court forfeiting the properties to the Federal Government.
 
While the forfeiture of $2,045,000 was upheld, the rest of the forfeiture order has been nullified, and the case is to be retried in the Federal High Court before a different judge.