The legal battle over high-value assets linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has reached its final conclusion.
The Supreme Court has unanimously overturned a judgment by the Court of Appeal, restoring the permanent and final forfeiture of seven prime properties, millions of dollars in foreign currency, and corporate share certificates to the Federal Government.
The ruling, delivered on Friday, July 17, 2026, by a five-member panel led by Justice Ibrahim Saulawa, marked a definitive victory for the Economic and Financial Crimes Commission (EFCC). The apex court held that the anti-graft agency successfully established that the multi-billion-naira fortune was reasonably suspected to be the proceeds of unlawful activities.
Overturning the Appellate Loophole
The Supreme Court’s decision effectively puts an end to a prolonged legal tug-of-war between the federal government and the embattled former central banker.
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November 1, 2024: Justice Deinde Dipeolu of the Federal High Court in Lagos originally granted the EFCC’s application for the final forfeiture of the properties and cash.
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June 2025: The Court of Appeal, Lagos Division, set aside Justice Dipeolu’s ruling. The appellate court ruled that certain interested parties claiming ownership of parts of the estate had not been given a fair hearing, ordering the case back to the High Court for a complete retrial.
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July 17, 2026: Disagreeing with the lower court’s logic, the Supreme Court set aside the Court of Appeal’s order for a retrial. The apex court ruled that the trial judge was entirely justified in ordering the initial forfeiture based on the evidence presented.
The Forfeited Asset Inventory
Because this ruling represents a non-conviction-based asset forfeiture—brought in rem against the property itself rather than a criminal trial against an individual—the listed assets are now legally and permanently vested in the Federal Government.
The inventory of newly reclaimed assets includes:
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The Cash: $2,045,000 in physical foreign currency.
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Corporate Shares: Share certificates belonging to Queensdorf Global Fund Limited Trust.
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Lagos Luxury Properties:
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Two fully detached identical duplexes at No. 17B Hakeem Odumosu Street, Lekki Phase 1.
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An undeveloped parcel of land measuring 1,919.592 square metres on Oyinkan Abayomi Drive, Ikoyi.
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A bungalow at No. 65A Oyinkan Abayomi Drive, Ikoyi.
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A four-bedroom duplex at No. 12A Probyn Road, Ikoyi.
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Eight units of undetached apartments on Adekunle Lawal Road, Ikoyi.
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A luxury duplex situated on Bank Road, Ikoyi.
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Delta State Infrastructure: An industrial complex currently under construction spanning 22 plots of land in Agbor, Delta State.
A Major Week for the EFCC Recovery Drive
The Supreme Court’s definitive ruling caps off an extraordinary, high-yield week for the Federal Government’s anti-graft campaigns.
The apex court’s decision follows hot on the heels of two other multi-billion-naira asset forfeitures secured by the EFCC across federal courts earlier in the week: the final forfeiture of 48 properties linked to former Attorney General Abubakar Malami on Wednesday, and the ₦8.9 billion asset forfeiture tracking the luxury fleet and jewelry of Abuja socialite Aisha Achimugu on Thursday.
While Emefiele continues to face separate criminal trials and multi-billion-dollar fraud charges in both Lagos and Abuja regarding his actions during his tenure at the apex bank, the legal avenue to reclaim these specific assets has now been permanently closed by the highest court in the land.
Ayodele Quadri
Correspondent
