The Court of Appeal in Abuja has nullified a previous Federal High Court ruling that ordered the final forfeiture of several properties linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. In a significant turn of events in the ongoing legal battles faced by the ex-CBN chief, the appellate court has ordered a retrial of the forfeiture case.
The judgment, delivered today, sets aside the earlier order from November 2024 that had granted the Economic and Financial Crimes Commission (EFCC) the authority to permanently seize the said assets. The specifics of the properties in question were not immediately re-disclosed in the latest ruling.
However, the Appeal Court's decision was not a complete victory for Emefiele. The court upheld the forfeiture of a sum of $2.045 million, which the EFCC had also sought. The panel of justices maintained that the forfeiture of this monetary asset remains in effect.
This development adds another layer of complexity to the series of legal challenges confronting Mr. Emefiele since his suspension from the CBN and subsequent arrest. He is facing multiple trials on charges including alleged procurement fraud, abuse of office, and financial misconduct.
In a related matter, the Federal Government had previously announced its intention to sell a 753-unit housing estate in Abuja, which was also forfeited by Emefiele as part of the ongoing investigations. It remains to be seen how this latest court order might impact the government's plans for the disposal of the forfeited real estate.
Witnesses have continued to testify in his various trials, with proceedings expected to continue in the coming weeks. Mr. Emefiele has consistently denied any wrongdoing.
