Supreme Court Orders Final Forfeiture of Emefiele’s Assets to Federal Government

The Supreme Court has upheld the final forfeiture of seven properties and $2.045 million linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, ruling that the assets should be transferred to the Federal Government.

The apex court, in a unanimous judgment delivered on Friday by Justice Mohammed Idris on behalf of a panel led by Justice Ibrahim Mohammed Musa Saulawa, overturned an earlier decision of the Court of Appeal that had nullified the forfeiture order and directed a fresh hearing of the case.

The Supreme Court affirmed the 2024 judgment of the Federal High Court in Lagos, where Justice Dehinde Dipeolu granted the Economic and Financial Crimes Commission (EFCC)’s application for the final forfeiture of the assets after finding that the anti-graft agency had sufficiently established its case.

The appellate court had earlier ruled in Emefiele’s favour in 2025, setting aside the forfeiture order and ordering the matter to be reheard by the Federal High Court. However, the EFCC challenged that ruling before the Supreme Court.

President Bola Tinubu has signed the Presidential Executive Order on Virtual Assets Coordination, 2026, establishing a unified framework to regulate virtual assets and strengthen Nigeria's digital economy. The President signed the order pursuant to Section 5 of the 1999 Constitution (as amended), and it took effect immediately, according to a statement issued Friday by presidential spokesperson, Bayo Onanuga. The statement explained that the order was designed to address a fragmented regulatory landscape, where overlapping and disjointed oversight by government agencies had exposed Nigerians to risks such as money laundering, terrorism financing, cybersecurity threats, fraud and revenue losses. It noted that unregistered operators had exploited these gaps in the past to defraud unsuspecting citizens. To close these loopholes, the order establishes a Virtual Asset Council chaired by the Central Bank of Nigeria (CBN), with the Nigeria Revenue Service (NRS) and the Securities and Exchange Commission (SEC) serving as vice-chairs. Other members include the Nigerian Financial Intelligence Unit (NFIU) and the Office of the National Security Adviser (ONSA). The Council will set policy direction, foster cooperation among the agencies, and collaborate with the Attorney-General of the Federation to build a harmonised legal and institutional framework for the sector. A Virtual Asset Office will also be created as the Council's operational arm, with its secretariat based at the CBN. The office will coordinate information sharing, applications and reporting among agencies through an integrated supervisory technology platform. The statement clarified that the order does not create a new regulator or strip any agency of its existing powers. Instead, registration of virtual asset activities will be determined by the nature of the asset involved — the SEC will register security-related activities, while the CBN will handle payment, settlement, custody and other non-security virtual asset services. The Council will resolve any disputes over jurisdiction. As part of the coordinated approach, the CBN is proceeding with a regulatory sandbox that will allow eligible operators to test virtual asset products and blockchain-based solutions under close supervision before they reach the wider market. The NRS is also expected to release a tax policy for the virtual assets sector to strengthen compliance and ensure the industry contributes fairly to national revenue. Additionally, the Federal Government is finalising a Virtual Assets White Paper that will outline the country's long-term policy direction for the sector. The Council has been given 30 days to develop a Harmonised Implementation Framework to guide agencies in enforcing the order.

Representing the EFCC at the apex court were former Attorney-General of the Federation, Chief Kanu Agabi (SAN), Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN), and Abba Mohammed (SAN).

The Supreme Court agreed with the commission’s arguments, holding that the Court of Appeal erred in overturning the Federal High Court’s decision. It consequently restored the original forfeiture order in its entirety.

Emefiele was represented by a legal team led by Olalekan Ojo (SAN), alongside Labi Lawal (SAN) and Olawale Fapohunda.

The forfeited assets include two detached duplexes located at No. 17B Hakeem Odumosu Street, Lekki Phase 1, Lagos; an undeveloped parcel of land measuring 1,919.592 square metres on Oyinkan Abayomi Drive, Ikoyi; a bungalow at No. 65A Oyinkan Abayomi Drive, Ikoyi; and a four-bedroom duplex at No. 12A Probyn Road, Ikoyi.

Other assets covered by the order include an industrial complex under construction on 22 plots of land in Agbor, Delta State, eight apartment units on Adekunle Lawal Road in Ikoyi, and a duplex on Bank Road, Ikoyi.

The judgment also restored the forfeiture of $2.045 million in cash and share certificates belonging to Queensdorf Global Fund Limited.

With the Supreme Court’s ruling, all the listed assets are to be permanently transferred to the Federal Government in line with the final forfeiture order granted by the Federal High Court.