In a significant legal twist, the Lagos Division of the Court of Appeal has nullified the final forfeiture order issued against the properties and assets of embattled former Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, citing procedural irregularities and the need for a retrial.
The ruling, delivered in a 2-1 split decision on April 9, 2025, and confirmed in a certified true copy seen on Sunday, reversed an earlier judgment by the Federal High Court that had, on November 1, 2024, handed down a sweeping forfeiture of Emefiele's alleged assets to the Federal Government at the behest of the Economic and Financial Crimes Commission (EFCC).
Among the forfeited properties were several high-end residences in Lekki and Ikoyi, Lagos, an undeveloped plot on Queens Drive, a bungalow, a duplex, an industrial site in Delta State, multiple uncompleted apartment buildings, a detached duplex in Ikoyi, $2,045,000 in cash, and shares in Queensdorf Global Fund Limited. The EFCC alleged these assets were acquired through corrupt practices during Emefiele’s tenure as CBN Governor.
However, Emefiele’s legal team, led by Senior Advocate of Nigeria (SAN), Olalekan Ojo, contested the forfeiture on five substantial grounds, chief among them being the trial court’s alleged failure to fairly assess the evidence and its refusal to acknowledge Emefiele’s declared interest and ownership claims.
The Court of Appeal, in siding with the appellant, emphasized the necessity of a fair hearing and proper judicial review, thereby instructing that the matter be retried in accordance with legal standards.
Legal analysts believe this development not only restores a measure of hope for Emefiele but also underscores the judiciary’s responsibility to guard against potential overreach by anti-graft agencies. The EFCC is yet to officially respond to the ruling or indicate whether it will pursue the matter at the Supreme Court.
As the case heads back to the Federal High Court for retrial, it will likely test the resilience of Nigeria's justice system and the weight of the evidence marshaled against a man who once held one of the most powerful positions in the country’s financial architecture.