The Supreme Court on Friday, July 17, 2026, delivered a landmark judgment affirming the permanent forfeiture of seven high-value landed properties, $2.045 million in cash, and various share certificates linked to the embattled former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, to the Federal Government.
In a unanimous decision delivered by a five-member panel led by Justice Ibrahim Saulawa, the apex court set aside an earlier judgment by the Court of Appeal, Lagos Division, which had nullified the forfeiture.
The judgment, read on behalf of the panel by Justice Mohammed Idris, fully restored the November 1, 2024, ruling of the Federal High Court in Lagos, which initially ordered the permanent forfeiture of the multi-billion naira assets after ruling that they were reasonably suspected to be proceeds of unlawful activities.
The multi-million-dollar asset recovery includes prime real estate holdings and financial instruments, notably two fully detached duplexes at 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped parcel of land measuring 1,919.592 square metres on Oyinkan Abayomi Drive, Ikoyi; a bungalow at 65A Oyinkan Abayomi Drive, Ikoyi; and a four-bedroom duplex at 12A Probyn Road, Ikoyi.
A total sum of $2.045 million held in cash, Two share certificates belonging to Queensdorf Global Fund Limited Trust.The legal battle concluded following a rigorous appeal filed by the Economic and Financial Crimes Commission (EFCC).
The anti-graft agency’s legal team, led by former Attorney General of the Federation, Kanu Agabi (SAN), alongside the Director of Public Prosecutions, Rotimi Oyedepo (SAN), successfully argued that the Court of Appeal erred in lifting the initial forfeiture.
The Supreme Court agreed with the EFCC’s arguments, noting that Mr. Emefiele and the associated corporate entities failed to demonstrate any link between the acquisition of the properties and his lawful earnings from his time at Zenith Bank and the Central Bank of Nigeria.
The respondent, Godwin Emefiele, was legally represented by Senior Advocates of Nigeria, Olalekan Ojo and Labi Lawal. This final ruling brings an end to this specific asset-recovery challenge, legally vesting the ownership of the prime properties and funds into the hands of the Federal Government of Nigeria.
