Just in: Supreme Court Orders Final Forfeiture of Emefiele’s Assets, Ends Legal Battle

Just in: Supreme Court Orders Final Forfeiture of Emefiele’s Assets, Ends Legal Battle

The Supreme Court has brought an end to the legal battle over the assets linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, affirming their final forfeiture to the Federal Government.

In a unanimous judgment delivered by a five-member panel led by Justice Ibrahim Saulawa, the apex court overturned the decision of the Court of Appeal in Lagos, which had earlier nullified the forfeiture order and directed that the case be retried.

The Supreme Court held that the Court of Appeal erred in setting aside the judgment of the Federal High Court in Lagos, thereby restoring the lower court’s order for the final forfeiture of the properties.

The ruling effectively ends Emefiele’s challenge against the forfeiture order and marks another significant legal victory for the Economic and Financial Crimes Commission (EFCC) in its ongoing prosecution of high-profile corruption and financial crime cases.

The properties were among assets the EFCC alleged were acquired through proceeds of unlawful activities during Emefiele’s tenure as governor of the apex bank.

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Following its investigation, the anti-graft agency had approached the Federal High Court for their permanent forfeiture, a request the court granted.

However, Emefiele challenged the decision at the Court of Appeal, which set aside the forfeiture order and directed that the matter be heard afresh. Dissatisfied with that judgment, the EFCC appealed to the Supreme Court.

With Friday’s verdict, the apex court has reinstated the Federal High Court’s decision, bringing the protracted dispute over the ownership of the properties to a close.

Emefiele, who served as CBN Governor from 2014 until his suspension by President Bola Tinubu in June 2023, has since been facing multiple criminal charges bordering on alleged abuse of office, procurement fraud and financial misconduct.

He has consistently denied all the allegations against him. The Supreme Court’s latest decision is one of several legal developments arising from the investigations into his stewardship at the nation’s apex bank.

 

Just in: Supreme Court Orders Final Forfeiture of Emefiele’s Assets, Ends Legal Battle