Supreme Court affirms forfeiture of Emefiele's mansions, $2m, shares

The Supreme Court yesterday affirmed the permanent forfeiture of seven landed properties, over $2 million, and share certificates linked to former CBN Governor Godwin Emefiele to the federal government. A five-member panel led by Justice Ibrahim Saulawa unanimously set aside the Court of Appeal judgment that had lifted the forfeiture order.

The Federal High Court in Lagos had originally ordered the final forfeiture on 1 November 2024, ruling that the assets were reasonably suspected to have been acquired with proceeds of unlawful activities. The EFCC had approached the apex court after the Court of Appeal reversed that decision.

This ruling comes just 19 months after another court ordered the forfeiture of 753 housing units in Abuja linked to Emefiele, which the government has since handed over for public use. The man who was once in charge of Nigeria's entire monetary policy is now watching his assets slip away one by one through the courts.