Godwin Emefiele, the former Governor of the Central Bank of Nigeria, has recorded a partial legal victory as the Court of Appeal in Lagos overturned the full forfeiture of his assets to the Federal Government and directed a new trial.
The ruling, delivered on April 9, 2025, and accessed by The PUNCH yesterday, saw a divided bench, two justices in favour and one in dissent, overturn a Federal High Court judgment issued in November 2024 that had handed over a slew of Emefiele’s properties and funds to the state following EFCC’s claims of criminal origin.
Properties affected included luxury homes in Lekki and Ikoyi, an industrial development in Agbor, Delta State, and a cash sum of $2,045,000, plus investments in Queensdorf Global Fund Limited.
These were initially ruled to be forfeited to the government based on allegations they were funded through illicit means.
The EFCC’s legal representative, Rotimi Oyedepo (SAN), told the court that Emefiele had not demonstrated how the assets were acquired through lawful income
He added that none of the assets were directly tied to his name and that he had failed to declare them to the Code of Conduct Bureau.
In contrast, Emefiele’s attorney, Olalekan Ojo (SAN), argued that the seizure was premature and unfair, considering the absence of a criminal conviction or conclusive proof of wrongdoing.
Justice Abdulazeez Anka, who authored the lead judgment, sided with Emefiele, explaining that the former CBN chief had legitimate sources of wealth.
According to him, “The evidence before the court shows the appellant’s income trajectory is capable of supporting ownership of the properties.”
Justice Anka added that the evidence presented by the EFCC was highly contentious and required thorough oral cross-examinations.
He ordered that the case be returned to the Federal High Court for a complete retrial.
Justice Mustapha aligned with this view, particularly questioning the expectation that Emefiele should have declared properties bought years after submitting earlier asset declarations.
“It is absurd… to expect the appellant to have declared properties acquired in 2020 in forms filled in 2014,” he observed.
He also recommended that the matter be heard afresh by a different judge, excluding the original trial judge, Justice Dipeolu.
However, Justice Danlami Senchi strongly opposed the majority ruling. He argued that there was no need for a retrial since, in his opinion, the facts weren’t disputed and the interested parties had no legitimate claims.
He maintained, “This appeal lacks merit and I dismiss same accordingly.”
As it stands, the Federal High Court’s order forfeiting $2,045,000 remains intact, but all other asset seizures have been invalidated pending a fresh judicial process.
The case will now be reheard before a new judge at the Federal High Court.