Ex-CBN Governor, Emefiele Loses 7 Properties, $2.045 Million as Supreme Court Rules in EFCC’s Favour

The Supreme Court has affirmed the final forfeiture of seven landed properties, $2.045 million and share certificates linked to former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in a major victory for the Economic and Financial Crimes Commission (EFCC).

In a unanimous judgment delivered on Friday, July 17, 2026, by a five-member panel led by Justice Ibrahim Mohammed Saulawa, the apex court overturned the earlier decision of the Court of Appeal and restored the ruling of the Federal High Court, Lagos, which ordered the permanent forfeiture of the assets to the Federal Government.

The Supreme Court held that the assets were reasonably suspected to have been acquired through proceeds of unlawful activities, thereby upholding the EFCC’s application for final forfeiture.

Emefiele had challenged the Federal High Court’s forfeiture order before the Court of Appeal, which ruled in his favour by setting aside the decision. However, dissatisfied with the appellate court’s judgment, the EFCC approached the Supreme Court, which has now reinstated the original forfeiture order.

Among the assets forfeited are a fully detached duplex on Hakeem Odumosu Street, Lekki Phase 1; an undeveloped parcel of land on Oyinkan Abayomi Drive, Ikoyi; a bungalow on the same road; a four-bedroom duplex on Probyn Road, Ikoyi; an industrial complex under construction on 22 plots of land in Agbor, Delta State; eight units of apartments on Adekunle Lawal Road, Ikoyi; and another duplex on Bank Road, Ikoyi.

The apex court also ordered the forfeiture of $2,045,000 and share certificates belonging to Queensdorf Global Fund Limited to the Federal Government.

The forfeiture order was initially granted on November 1, 2024, by Justice D.I. Dipeolu of the Federal High Court, Lagos, following an application filed by the EFCC under the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and the 1999 Constitution.

According to court documents, the EFCC relied on an affidavit by one of its investigating officers, who stated that investigations established reasonable grounds to believe the assets were acquired with proceeds of unlawful activities.

With Friday’s judgment, the Supreme Court has brought the legal battle to a close, affirming that the assets, foreign currency and share certificates are permanently forfeited to the Federal Government.