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The Supreme Court has overturned an earlier judgment of the Court of Appeal that nullified the forfeiture of assets linked to former Central Bank of Nigeria Governor, Godwin Emefiele, restoring the Federal High Court’s decision that permanently forfeited the properties to the Federal Government. The apex court, in a unanimous judgment delivered by a five-member panel led by Justice Ibrahim Saulawa, held that the lower court erred in setting aside the forfeiture order.
The ruling covers seven landed properties, approximately $2.45 million in cash, and share certificates that the Economic and Financial Crimes Commission alleged were proceeds of unlawful activities. The Supreme Court ruled that the Federal High Court acted within the law when it granted the final forfeiture, effectively reversing the Appeal Court’s earlier directive for a retrial of the case.
The judgment marks a significant legal victory for the EFCC in its efforts to recover assets linked to alleged financial crimes. It also brings to an end the dispute over the forfeiture proceedings, with the assets now remaining permanently vested in the Federal Government.
