Emefiele Loses Agbor Industrial Complex, Other Properties, $2.045m to FG

The Supreme Court has affirmed the final forfeiture of properties and $2.045 million linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, to the Federal Government.

In a unanimous judgment delivered on Friday, 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 reheard by the Federal High Court.

The Supreme Court held that the appellate court erred in setting aside the forfeiture order, thereby restoring the judgment of the trial court.

On November 1, 2024, Justice Deinde Dipeolu of the Federal High Court in Lagos ordered the permanent forfeiture of $2.045 million, seven properties and two share certificates belonging to Queensdorf Global Fund Limited Trust linked to Emefiele.

The assets were said to have been reasonably suspected to have been acquired with proceeds of unlawful activities.

The forfeited properties include two fully detached duplexes at No. 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped 1,919.592-square-metre plot of land at Oyinkan Abayomi Drive, formerly Queens Drive, Ikoyi; a bungalow at No. 65A Oyinkan Abayomi Drive, Ikoyi; and a four-bedroom duplex at 12A Probyn Road, Ikoyi.

Others include an industrial complex under construction on 22 plots of land in Agbor, Delta State; eight units of a detached apartment on a 2,457.60-square-metre plot at No. 8A Adekunle Lawal Road, Ikoyi; and a duplex with its appurtenances on a 2,217.87-square-metre plot at 2A Bank Road, Ikoyi.

In June 2025, the Court of Appeal in Lagos had overturned the final forfeiture order. Two members of the three-member panel set aside the trial court’s judgment and ordered a retrial.

In the lead judgment delivered by Justice Abdulazeez Anka, the appellate court held that Emefiele’s legitimate earnings could have been sufficient to acquire the properties.

However, the court noted that Emefiele did not challenge the forfeiture of the $2.045 million and consequently upheld the order forfeiting the money to the Federal Government.