Court Paper Unravels Emefiele's Salary And Allowances as CBN Governor, Overturns Forfeiture Order

• A federal high court earlier gave a final forfeiture order on several assets linked to former CBN Governor, Godwin Emefiele
• In another ruling from one appeal court, that order has been overturned, and the court has called for a fresh retrial
• This ruling came after fresh court proceedings confirmed Emefiele's annual salary and other allowances he received as CBN Governor

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

The Court of Appeal, Lagos Division, has overturned the forfeiture order in an earlier ruling against former CBN Governor, Godwin Emefiele.

The earlier ruling had ordered a final forfeiture of several properties and assets linked to Emefiele.

In a split decision of 2 to 1, delivered by the appellate court on April 9, 2025, it held that the lower court did not fully evaluate the totality of evidence presented in the original forfeiture proceedings.

The court thus set aside the ruling of the Federal High Court and ordered a fresh retrial.

Court document reveals Emefiele's annual salary

In the ruling, the appellate court held that Emefiele's income history was sufficient cause for the properties not to be forfeited.

The court document listed his income and assets to include:

• Annual salary of N350 million.
• Quarterly reimbursements of N75 million (amounting to N300 million annually).
• Estacode payments of $6,285,000 for foreign trips

It also detailed other assets from his previous role at Zenith Bank.

“ When the appellant left Zenith bank, his severance allowance was N1,750,000,000, while his Zenith Bank shares are valued at N500,000,000"

Justice Abdulazeez Anka, who delivered the lead judgment, observed that Emefiele’s total declared earnings could indeed afford the assets in question.

Court backtracks on forfeiture, orders retrial

It was on this basis that the appellate court questioned the November 1, 2024, ruling by the Federal High Court in Lagos, ordering the permanent forfeiture of several high-value properties allegedly owned by Emefiele to the Federal Government.

The Economic and Financial Crimes Commission (EFCC) argued that the acquisitions were made through proxies and vehicles that could not be traced directly to Emefiele and were thus purchased with illegal funds.

The anti-graft agency also argued that none of the companies in whose names the properties were held had come forward to challenge the forfeiture.

Justice Anka also called for a fresh retrial, noting that the material conflicts in the affidavit evidence presented by both parties could only be resolved through oral testimonies and cross-examination.

List of assets affected by the ruling

According to the PUNCH news, the list of assets affected by this order includes;

• Two fully detached duplexes located at No. 17B, Hakeem Odumosu Street, Lekki Phase 1, Lagos;
• An undeveloped land measuring 1,919.592 square metres with survey plan No. DS/LS.340 at Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos;
• A bungalow at No. 65A Oyinkan Abayomi Drive, Ikoyi, Lagos;
• A four-bedroom duplex at No. 12A, Probyn Road, Ikoyi, Lagos;
• An industrial complex under construction on 22 plots of land in Agbor, Delta State.
• Eight units of uncompleted apartments on a plot measuring 2,457.60 square metres at No. 8A Adekunle Lawal Road, Ikoyi, Lagos;
• A fully detached duplex on a plot measuring 2,217.87 square metres at No. 2A Bank Road, Ikoyi, Lagos;
• Shares certificate in Queensdorf Global Fund Limited.

The forfeiture does not affect the $2,045,000 that Emefiele was ordered to forfeit to the federal government, as he did not contest that.

Justice Mohammed Mustapha said, in agreement with the lead judgment, that the Nigerian law does not prevent a person from buying or holding properties in trust for another, especially since Emefiele’s Code of Conduct forms from 2014 and 2019 show that he declared assets jointly owned with his wife.

He called for proper scrutiny by EFCC, requesting the next mandatory asset declaration, given that several of the disputed properties were acquired between 2020 and 2023.

In a dissenting opinion, Justice Danlami Senchi said that the forfeiture order should remain as the EFCC had proven that the properties were acquired through proxies or companies not linked to Emefiele, and since none of them had come forward to challenge the seizure, it was valid.

He described the retrial as an unnecessary delay of justice that undermined the judicial process and affirmed the ruling of the Federal High Court.

Note that the EFCC has also secured another 753 duplexes and other apartments in Abuja, said to belong to Emefiele, in another ruling.

FG to sell Emefiele's 753 duplexes

In related news, the federal government has directed that the forfeited 753-unit housing estate reportedly owned by former CBN Governor Godwin Emefiele should be completed.

Legit.ng reported that President Bola Tinubu declared that the property would be made available to Nigerians interested in buying transparently.

Architect Ahmed Dangiwa, the minister of housing and urban development, disclosed the president's directive after the EFCC officially handed over the facility to his ministry.

Source: Legit.ng