The Court of Appeal in Lagos has set aside the final forfeiture order on several properties and assets linked to Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN), and directed a retrial of the case.
In a ruling delivered on 9 April 2025, a two-member majority of the three-man appellate panel found that the Federal High Court in Lagos erred in permanently forfeiting the properties to the federal government without adequately evaluating the evidence before it.
Justice Abdulazeez Anka, who delivered the lead judgment, stated that Emefiele had sufficiently demonstrated that his known and legitimate earnings throughout his banking career, including his tenure as CBN Governor, were enough to acquire the assets in dispute.
“These funds are the legitimate earnings of the appellant as provided,” Anka ruled. “The contention of the appellant, as I comprehend it, is that from his earnings from the days he was at Zenith Bank up to his career as CBN Governor for 10 years in office, he could afford the said properties in contention.”
“In effect, the court hereby sets aside the final forfeiture order made by the trial court on 1st November 2024,” he declared.
The appellate court, however, upheld the forfeiture of $2,045,000, which Emefiele did not contest during proceedings.
“Hence, the final forfeiture against the said sum of $2,045,000 to the Federal Government of Nigeria is hereby affirmed,” Anka ruled.
“From the totality of all I am stating, the appeal succeeds in part, considering the final forfeiture is set aside while the parties are given the opportunity to call oral evidence at the trial court. It is also hereby ordered that the case be remitted to the trial court for a rehearing,” he added.
On 1 November 2024, Justice Deinde Dipeolu of the Federal High Court in Lagos had granted a final forfeiture order against various assets allegedly linked to Emefiele. These included seven prime properties, share certificates, and cash assets said to be proceeds of unlawful activity.
The forfeited assets initially seized by the Federal High Court included a wide range of high-value properties and investments allegedly linked to Godwin Emefiele. These comprised two identical fully detached duplexes located at No. 17b Hakeem Odumosu Street, Lekki Phase 1, Lagos; a bungalow situated at No. 65a Oyinkan Abayomi Drive (formerly Queens Drive), Ikoyi, Lagos; and an undeveloped parcel of land measuring 1,919.592 square metres with Survey Plan No. DS/LS/340, also located on Oyinkan Abayomi Drive, Ikoyi. Other properties listed were a four-bedroom duplex at No. 12a Probyn Road, Ikoyi; an industrial complex under construction on 22 plots of land in Agbor, Delta State; eight units of undetached apartments on a plot measuring 2,457.60 square metres at No. 8a Adekunle Lawal Road, Ikoyi; and a duplex along with all its appurtenances on a plot of land measuring 2,217.87 square metres at No. 2a Bank Road, Ikoyi, Lagos. Also forfeited were two share certificates belonging to Queensdorf Global Fund Limited Trust and a cash sum of $2,045,000.
The Economic and Financial Crimes Commission (EFCC), which obtained the forfeiture order, argued that the assets were acquired through illicit means.
EFCC counsel Rotimi Oyedepo contended during the appeal that, “The appellant did not produce a single piece of evidence on how he acquired the forfeited properties but merely placed the purported income he received from Zenith Bank and the Central Bank before the court. How he used the funds to acquire the properties was not shown to the court.”
Oyedepo further argued that Emefiele failed to present any documentation indicating legitimate fund transfers to the sellers of the properties and pointed out that none of the properties was acquired in Emefiele’s name.
“The companies in whose names the properties were acquired did not challenge the forfeiture of the properties,” he said.
Despite these claims, the appellate court determined that the trial court did not allow for proper scrutiny of the available evidence, warranting a fresh hearing where oral testimonies can be presented.
Boluwatife Enome Saudi Electricity Seeks $1 Billion Loan to Fund Power Plant Expansion
Excerpt: Saudi Electricity seeks $1 billion loan to fund infrastructure projects, with SMBC as sole mandated lead arranger.
Saudi Electricity Corporation is seeking to raise $1 billion through a five-year loan facility to finance new infrastructure projects, including the expansion of a power plant, according to people familiar with the matter.
Sumitomo Mitsui Banking Corporation is acting as the sole mandated lead arranger and bookrunner for the private deal, the people said.
The facility carries a five-year tenor and is being arranged solely by Sumitomo Mitsui Banking Corp., which is acting as the mandated lead arranger and bookrunner. The loan is being offered to the broader market and is expected to pay an interest margin of about 85 basis points over the benchmark Secured Overnight Financing Rate (SOFR), the sources said, requesting anonymity due to the private nature of the discussions.
Proceeds from the loan will be used for general corporate purposes, the people added.
The financing move underscores the growing capital needs across Saudi Arabia as the kingdom accelerates its $2 trillion economic diversification strategy, Vision 2030. Amid rising budget deficits, both corporates and financial institutions have been actively exploring funding opportunities. The Saudi government, meanwhile, remains one of the largest issuers of sovereign debt among emerging markets.
Saudi Electricity has yet to comment on the loan plans.
The utility has been ramping up its capacity by expanding existing infrastructure and initiating new projects aimed at reducing the kingdom’s reliance on crude oil, in line with Crown Prince Mohammed bin Salman’s goal of reshaping the nation’s energy mix.
The company posted a net profit of 968 million riyals ($258 million) in the first quarter of 2025, a 7.9% increase from the same period a year earlier. Revenue rose 23%, buoyed by higher electricity demand.
Saudi Electricity holds strong credit ratings of A+ from both S&P Global and Fitch, and an Aa3 rating from Moody’s. Despite the solid fundamentals, its shares have fallen around 15% so far this year on the Saudi main stock exchange.
Disclaimer: Candid Reporters publishes news, information, sports, opinions, and Interviews. The site includes both reported and edited content. Unmoderated posts and Comments expressed here do not reflect the opinions of Candid Reporters or any employee thereof..
