The Court of Appeal in Lagos has set aside the final judgment that transferred properties belonging to former CBN Governor, Godwin Emefiele, to the Federal Government. In a divided ruling delivered by two out of three justices on April 9, 2025, the court determined that the earlier judgment should be nullified and the case retried in the lower court. This follows a decision in November 2024 by the Federal High Court in Lagos, which had approved the permanent forfeiture of several luxury properties and millions of dollars tied to Emefiele after a request from the EFCC.
The disputed assets include upscale buildings in Ikoyi and Lekki, an undeveloped plot, a large construction site in Delta State, among others. The EFCC contended that Emefiele failed to prove the properties were lawfully acquired. Emefiele’s legal team, however, maintained that his earnings from Zenith Bank and his tenure as CBN Governor were sufficient to finance such acquisitions. They also questioned whether the trial judge had properly considered all the presented evidence.
Justice Anka, one of the appellate court judges, agreed that the case should go beyond written affidavits and involve live testimonies and thorough cross-examination. He noted that too many uncertainties surrounded the evidence to justify a final forfeiture and called for a complete retrial. Nonetheless, he upheld the forfeiture of $2,045,000 already turned over to the government, as Emefiele had not contested it.
Justice Mustapha concurred with the decision, adding that it was unreasonable to expect Emefiele to declare properties purchased in 2020 on forms completed in 2014 or 2019. He also emphasized that both the criminal and civil components of the matter must be properly addressed, recommending that the civil trial be paused until the criminal case is resolved. The matter will now return to a different judge at the Federal High Court for a new hearing.