Supreme Court Upholds Emefiele Asset Forfeiture - InsideBusiness - Business News in Nigeria
TheSupreme Court of Nigeriahas upheld the final forfeiture of seven properties,$2. 045 million, and share certificates linked to formerCentral Bank of Nigeria (CBN) Governor Godwin Emefiele. A five-member panel. . .
TheSupreme Court of Nigeriahas upheld the final forfeiture of seven properties,$2. 045 million, and share certificates linked to formerCentral Bank of Nigeria (CBN) Governor Godwin Emefiele. A five-member panel led byJustice Ibrahim Mohammed Saulawadelivered the unanimous judgment, overturning the earlier decision of theCourt of Appeal. The court restored the ruling of theFederal High Court in Lagos, which had ordered the final forfeiture of the assets. The Federal High Court previously ruled that the assets were reasonably suspected to have been acquired through proceeds of unlawful activities. TheEconomic and Financial Crimes Commission (EFCC)had applied for the forfeiture order, leading to the court’s decision in November 2024. Emefiele challenged the ruling at the Court of Appeal, which later reversed the forfeiture decision. However, the EFCC appealed to the Supreme Court, resulting in the latest judgment confirming theEmefiele asset forfeiture. The assets involved include seven high-value properties acrossLagos and Delta State. They include properties located inLekkiandIkoyi, as well as an industrial complex under construction inAgbor, Delta State. The forfeiture also covers$2. 045 millionand share certificates linked toQueensdorf Global Fund Limited. The Supreme Court’s ruling means the Federal Government will retain ownership of the properties, funds, and shares connected to the case. The decision brings an end to the legal challenge surrounding the assets, following several court proceedings involving the former CBN governor and the anti-graft agency. The case has drawn attention to efforts by Nigerian authorities to recover assets allegedly connected to financial crimes and strengthen accountability in public office. What impact could this judgment have on future asset recovery cases in Nigeria?Post Views:137