Former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, has lost several luxury properties, more than $2 million in cash and company shares to the Federal Government after the Supreme Court upheld their final forfeiture.

In a unanimous judgment delivered on Friday, the apex court overturned an earlier ruling of the Court of Appeal and restored the decision of the Federal High Court in Lagos, which had ordered the permanent forfeiture of the assets.

The Supreme Court held that the Economic and Financial Crimes Commission (EFCC) had established sufficient grounds to show that the assets were reasonably suspected to have been acquired through unlawful activities.

The forfeited assets include luxury homes in Lekki Phase 1 and Ikoyi, Lagos, an industrial complex under construction in Agbor, Delta State, several apartment buildings, $2.045 million in cash, and share certificates belonging to Queensdorf Global Fund Limited.

The assets were initially ordered forfeited by the Federal High Court in November 2024 after the EFCC filed an application under the Advance Fee Fraud and Other Fraud Related Offences Act and relevant provisions of the Constitution.

Although the Court of Appeal later set aside the forfeiture order and directed a fresh hearing, citing concerns over fair hearing for parties claiming ownership of some of the assets, the EFCC challenged the decision at the Supreme Court.

The apex court ruled in favour of the anti-graft agency, restoring the original forfeiture order and transferring ownership of the assets to the Federal Government.

The ruling is the latest in a series of legal cases involving Emefiele since his removal as CBN governor in 2023. He is currently facing separate criminal trials in Abuja and Lagos over allegations including procurement fraud and abuse of office, all of which he has denied.