In a significant development, the Lagos Court of Appeal has reversed the order that would have seen former Central Bank Governor Godwin Emefiele's assets permanently taken over by the Federal Government. This decision, reached on April 9, 2025, through a two-to-one vote by the appellate judges, means the case will go back to the Federal High Court for a fresh hearing.
Previously, on November 1, 2024, the Federal High Court in Lagos had sided with the Economic and Financial Crimes Commission (EFCC), granting a final order to seize Emefiele's properties. These included various high-value assets: two detached duplexes in Lekki Phase 1, undeveloped land and a bungalow on Oyinkan Abayomi Drive in Ikoyi, a four-bedroom duplex on Probyn Road in Ikoyi, an industrial complex being built in Agbor, Delta State, eight unfinished apartments on Adekunle Lawal Road in Ikoyi, and another detached duplex on Bank Road in Ikoyi. Additionally, the court had ordered the forfeiture of $2,045,000 and shares in Queensdorf Global Fund Limited to the government. The EFCC had argued that these assets were likely obtained through illegal activities.
However, Emefiele, through his legal team led by Olalekan Ojo (SAN), challenged this decision. The appeal focused on whether the initial judge properly reviewed all the evidence, if Emefiele had shown enough interest in the properties to prevent forfeiture, and if the court should have paused proceedings in both the civil and criminal cases against him.
The EFCC's lawyer, Rotimi Oyedepo (SAN), countered that Emefiele hadn't provided any evidence of how he legitimately acquired the forfeited properties. He pointed out that the properties were bought in the names of various companies where Emefiele was not a shareholder or director, and these companies had not contested the forfeiture. Oyedepo also noted that Emefiele had not declared all these assets to the Code of Conduct Bureau.
In their ruling, Justices Abdulazeez Anka and Mohammed Mustapha disagreed with the lower court's final forfeiture order. Justice Anka stated that Emefiele's claimed legitimate earnings, including a substantial severance package from Zenith Bank and his salary and allowances as CBN Governor over 10 years, could reasonably account for the acquisition of the properties. Given the conflicting information presented, Justice Anka concluded that further oral and documentary evidence, as well as cross-examination of witnesses, were necessary. Therefore, he set aside the final forfeiture order for the properties, while affirming the forfeiture of the $2,045,000, as Emefiele did not contest that. The case will now be sent back to the lower court for a full re-hearing with oral testimonies.
Justice Mustapha concurred, adding that Emefiele's income was more than sufficient to purchase the properties. He also highlighted that Emefiele's Code of Conduct declarations from 2014 and 2019 could not have covered properties acquired between 2020 and 2023. He further emphasized that in situations with both criminal and civil cases, the criminal case should typically be resolved first. He ordered the case to be re-heard by a different judge at the Federal High Court.
However, Justice Danlami Senchi delivered a dissenting opinion. He found no conflict in the submitted affidavits that would require oral evidence. He noted that the companies used to purchase and perfect the titles of the properties had not denied ownership, and since Emefiele denied links to these companies, he couldn't claim the properties. Justice Senchi therefore affirmed the Federal High Court's original forfeiture order, stating that the appeal lacked merit.
