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Legal Earthquake: Appeal Court Nullifies Emefiele’s Final Asset Forfeiture

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The Lagos Division of the Court of Appeal has overturned the final forfeiture of assets belonging to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, and ordered a retrial.....KINDLY READ THE FULL STORY HERE▶

In a two-to-one majority decision delivered on April 9, 2025, the appellate court set aside the ruling of the Federal High Court in Lagos, which had earlier granted the Economic and Financial Crimes Commission (EFCC) the authority to permanently seize several of Emefiele’s properties. A certified copy of the judgment was obtained by The PUNCH on Sunday.

The Federal High Court had, on November 1, 2024, granted the EFCC a final forfeiture order on a number of assets allegedly linked to Emefiele, including: two detached duplexes in Lekki Phase 1, various properties in Ikoyi, an under-construction industrial complex in Agbor, Delta State, uncompleted apartments in Ikoyi, a duplex on Bank Road, Ikoyi, $2,045,000 in cash, and shares in Queensdorf Global Fund Limited.

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The EFCC had claimed that the properties were proceeds of illicit activities. However, Emefiele’s legal team, led by Senior Advocate of Nigeria Olalekan Ojo, challenged the decision, arguing that the properties were lawfully acquired.

Representing the EFCC, Rotimi Oyedepo (SAN) contended that Emefiele had failed to prove legitimate ownership, noting that none of the properties were directly registered in his name and that the companies involved had not contested the forfeiture. Oyedepo also noted that Emefiele had not declared the assets to the Code of Conduct Bureau.

Delivering the lead judgment, Justice Abdulazeez Anka stated that Emefiele’s earnings from his tenure at Zenith Bank and his decade-long service as CBN Governor were substantial enough to justify the acquisitions.

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“These are legitimate earnings as supported by available documents,” he said. Justice Anka added that the evidence was contested and merited oral and documentary scrutiny, necessitating a retrial to allow both parties present witnesses for cross-examination.

Justice Mohammed Mustapha agreed with the lead judgment, noting that there is no legal restriction against one party purchasing assets on behalf of another, and that Emefiele’s declared income was more than adequate.

“The appeal is partially successful,” the judgment concluded. “The matter is hereby remitted to the trial court for a fresh hearing.”

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Governor Yusuf Submits Garo For Deputy Governor Position.

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Kano State Governor, Abba Kabir Yusuf, has nominated Alhaji Murtala Sule Garo as the new Deputy Governor of the state.....KINDLY READ THE FULL STORY HERE▶

reports that the decision follows the resignation of former Deputy Governor, Abdulsalam Gwarzo, after a prolonged political crisis within the state leadership.

Gwarzo’s challenges reportedly began after Governor Yusuf exited the New Nigeria Peoples Party (NNPP) and joined the All Progressives Congress (APC), a move that created political tension between both men, as the deputy governor remained in the NNPP.

The rift deepened when Gwarzo was allegedly pressured to defect to the APC alongside the governor but refused. The disagreement later escalated, with the State House of Assembly reportedly initiating moves to remove him from office.

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Amid the political tension, Gwarzo resigned and later aligned with the African Democratic Congress.

In a statement issued by the governor’s spokesperson, Mustapha Muhammad, it was confirmed that Garo has been nominated to fill the vacant position.

The statement explained that the nomination was made in line with Section 191(3) of the 1999 Constitution, which empowers a governor to appoint a deputy governor when a vacancy arises.

It further stated that Governor Yusuf consulted widely before making the nomination and has forwarded Garo’s name to the State House of Assembly for approval.

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Garo, aged 48, has an extensive background in public service spanning over 20 years, with experience at both local and state levels.

He has previously served as a party organising secretary, Special Adviser to the Governor, and Chairman of Kabo Local Government Area. He also chaired the Association of Local Governments of Nigeria (ALGON) in Kano, served as Commissioner for Local Government and Chieftaincy Affairs, and was the APC deputy governorship candidate in the 2023 elections.

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Revealed: Why Some Alleged Coup Plotters Have Not Been Charged.

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Officials of the Department of State Services (DSS) and the military have explained that the continued detention of some individuals linked to the alleged coup plot is due to ongoing joint investigations.....KINDLY READ THE FULL STORY HERE▶

Sources who spoke with Daily Trust said the probes have not been completed for several suspects, which has delayed their arraignment in court.

A security source stated that authorities cannot file charges against individuals whose investigations are still in progress.

According to him, “Joint investigations are still ongoing. We can’t just charge the ones we have not finished investigating. We’ve concluded an investigation on those seven people we charged.”

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When asked when the investigations would be concluded, the official said no specific timeline could be given, noting that the matter involves sensitive national security concerns.

He added, “This is an issue that borders on national security, so thorough investigations have to be conducted. It is important that the investigators take their time.”

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The officials also hinted that more suspects could face charges once ongoing investigations are completed, suggesting that the case may expand further.

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The development comes as the Federal Government prepares to arraign six defendants before the Federal High Court in Abuja over an alleged plot to overthrow President Bola Tinubu.

Those expected in court include retired Major General Mohammed Ibrahim Gana, retired Naval Captain Erasmus Ochegobia Victor, Police Inspector Ahmed Ibrahim, Zekeri Umoru, Bukar Kashim Goni, and Abdulkadir Sani.

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Shock Cabinet Shake-Up: Why President Tinubu Dropped Wale Edun As Minister.

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Many Nigerians were taken by surprise on Tuesday evening following the removal of Wale Edun as Minister of Finance and Coordinating Minister of the Economy.....KINDLY READ THE FULL STORY HERE▶

The announcement was contained in a statement issued by the Secretary to the Government of the Federation, George Akume, who said President Bola Tinubu had approved the changes as part of a minor cabinet reshuffle.

Following the development, the President elevated the Minister of State for Finance, Taiwo Oyedele, to the position of Minister of Finance and Coordinating Minister of the Economy.

In a related move, Ahmed Dangiwa was also relieved of his duties as Minister of Housing and Urban Development, with Muttaqha Darma appointed as his replacement.

Edun was appointed in August 2023 to oversee Nigeria’s fiscal and economic management, continuing a long-standing professional relationship with President Tinubu that dates back to his tenure as Lagos State Commissioner for Finance between 1999 and 2007.

Although widely regarded as one of the President’s trusted allies, sources told Premium Times that tensions between both men had reportedly been building in recent months.

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Insiders attributed the strain to dissatisfaction over slow capital budget releases and delays in implementation, which disrupted the country’s January-to-December fiscal cycle.

In February, federal lawmakers accused Edun of recording “zero implementation” of the 2025 capital budget despite the approval of ₦1.15 trillion for capital expenditure. They also pointed to complaints from ministries, departments, and agencies over inadequate funding and unpaid contractors, with some opposition lawmakers reportedly pushing for his removal.

Edun, however, defended the administration’s approach, stating that the government had ended what he described as an “unsustainable” practice of printing money to finance projects, while prioritising debt servicing.

He also maintained that about 80 per cent of the 2024 capital budget had been implemented and assured that 2025 capital releases were ongoing, targeting full completion by December.

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Tension At FEC Meeting

Sources further revealed that relations between the President and Edun worsened after a reportedly heated exchange during a Federal Executive Council meeting on December 10, 2025, which allegedly required intervention from a presidential aide.

According to one insider, the incident marked a turning point, suggesting that Edun’s position had become increasingly uncertain.

Following the clash, some of his responsibilities were reportedly transferred to the office of the Minister of State for Finance.

Efforts by Edun to repair the relationship, including a visit to Lagos, were said to have yielded no positive outcome.

The appointment of Taiwo Oyedele as Minister of State for Finance in March was also interpreted by insiders as a sign of an impending shake-up.

By then, sources said it had become apparent that Edun’s exit from the cabinet was only a matter of time.

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