SUPREME COURT AFFIRMS FORFEITURE OF EMEFIELE’S ASSETS, OVER $2 MILLION

SUPREME COURT AFFIRMS FORFEITURE OF EMEFIELE’S ASSETS, OVER $2 MILLION

The Supreme Court has upheld the final forfeiture of seven high-value properties linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, overturning an earlier judgment of the Court of Appeal that ordered a retrial of the case.

In a unanimous decision, a five-member panel of the apex court led by Justice Ibrahim Saulawa allowed the appeal filed by the Economic and Financial Crimes Commission (EFCC) and set aside the judgment of the Court of Appeal, Lagos Division.

The judgment, which was read by Justice Mohammed Idris on behalf of the panel, restored the forfeiture order earlier granted by the Federal High Court in Lagos.

With the ruling, the Supreme Court affirmed the decision of Justice Deinde Dipeolu of the Federal High Court, who on November 1, 2024, ordered the final forfeiture of the assets to the Federal Government after holding that they were reasonably suspected to be proceeds of unlawful activities.

The apex court’s verdict effectively brings to an end the legal challenge instituted by Emefiele against the forfeiture order.

The appeal on behalf of the EFCC was argued by a legal team led by former Attorney-General of the Federation, Kanu Agabi (SAN), with the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN), also appearing.

Emefiele was represented by senior lawyers, Olalekan Ojo (SAN) and Labi Lawal (SAN).

In addition to the seven properties, the Supreme Court ruling also affirmed the forfeiture of more than two million dollars linked to the former CBN Governor.

The decision marks a significant victory for the EFCC in its asset recovery efforts and reinforces the earlier findings of the Federal High Court regarding the origin of the assets.