A recent Court of Appeal ruling in Lagos has disclosed that Godwin Emefiele, former Governor of the Central Bank of Nigeria (CBN), earned an annual salary of N350 million during his tenure, supplemented by N75 million in quarterly reimbursements and over $6 million in estacodes for international travel. The revelation surfaced as the court overturned a Federal High Court decision to permanently forfeit properties allegedly linked to Emefiele, ordering a retrial due to procedural flaws.
Court Findings on Emefiele’s Earnings
The appellate court’s April 9, 2025, ruling detailed Emefiele’s financial history, noting that his severance package from Zenith Bank, where he served as Managing Director, amounted to N1.75 billion, with his Zenith shares valued at N500 million. As CBN Governor, his annual compensation included N350 million in salary, N300 million in yearly reimbursements (N75 million quarterly), and $6.285 million in estacodes. These earnings, the court observed, could plausibly account for the assets under scrutiny.
Dispute Over Property Forfeiture
The case stems from a November 1, 2024, Federal High Court ruling in Lagos, which granted the Economic and Financial Crimes Commission’s (EFCC) request to forfeit several high-value properties to the government, alleging they were proceeds of illegal activities. The EFCC claimed Emefiele acquired these assets through proxies and corporate entities, asserting he failed to prove the legitimacy of the funds used.
Emefiele countered with evidence of his income from Zenith Bank and his decade-long CBN tenure, prompting the appellate court to question the EFCC’s claims. Justice Abdulazeez Anka, delivering the lead judgment, highlighted inconsistencies in the affidavit evidence and ruled that a full trial with oral testimonies was necessary to resolve the disputes. The court criticized the lower court’s reliance on affidavits alone and remitted the case to the Chief Judge of the Federal High Court for reassignment to a new judge.
Partial Forfeiture Upheld
While the court set aside the forfeiture of several properties, it upheld the permanent seizure of $2.045 million in cash, noting that Emefiele did not contest its confiscation. Justice Mohammed Mustapha, concurring with the majority, pointed out that Nigerian law permits properties to be held in trust by others, referencing Emefiele’s 2014 and 2019 Code of Conduct declarations. However, he noted that most disputed properties were acquired between 2020 and 2023, outside the scope of earlier declarations, and suggested the 2023 asset declaration would be more relevant.
Dissenting Opinion
Justice Danlami Senchi dissented, arguing that the EFCC had adequately proven the properties were acquired through untraceable entities. He maintained that the original forfeiture was valid, as the companies named in the acquisitions did not challenge the seizure. Senchi viewed the retrial order as a potential delay tactic, dismissing Emefiele’s appeal as meritless.
Implications
The disclosure of Emefiele’s N650 million-plus annual compensation package, including estacodes, positions him among Nigeria’s highest-paid executives, despite his public office role. The court’s decision to order a retrial underscores the need for thorough judicial scrutiny in high-profile corruption cases, while the upheld cash forfeiture signals continued EFCC pressure on Emefiele’s financial dealings.
