A certified ruling by the Court of Appeal in Lagos has shed unprecedented light on the remuneration package of former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, revealing that he earned N350 million annually, alongside N75 million in quarterly reimbursements and over $6.2 million in estacodes during his tenure. These revelations came to light as part of the court’s decision to overturn a previous forfeiture order on assets allegedly linked to the former apex bank chief.

The appellate court, in a split decision delivered on April 9, 2025, held that the lower court failed to evaluate the full scope of evidence presented and ordered a complete retrial of the forfeiture case.

Court Overturns Final Forfeiture, Demands Full Trial

In November 2024, the Federal High Court in Lagos had granted a final forfeiture order on various properties allegedly tied to Emefiele, following a petition by the Economic and Financial Crimes Commission (EFCC). The anti-corruption agency claimed that the assets in question were illicitly acquired, often through proxies and shell companies.

However, Emefiele contested the ruling, presenting a detailed affidavit and financial documentation to demonstrate that his accumulated earnings from both Zenith Bank and the CBN were sufficient to justify the acquisitions. He disclosed, for instance, that his Zenith Bank severance package was N1.75 billion, and his shares in the bank were valued at N500 million.

According to the court record:

“When the appellant left Zenith Bank, his severance allowance was N1,750,000,000, while his Zenith Bank shares is valued at N500,000,000, and as central bank governor his annual pay was N350,000,000 with quarterly reimbursement of N75,000,000, excluding estacodes paid at $6,285,000.”

Justice Anka Faults Affidavit-Only Process

Justice Abdulazeez Anka, who delivered the lead judgment, criticized the initial proceedings for relying exclusively on affidavits without oral evidence or cross-examination. He said that such an approach deprived the court of a proper opportunity to resolve the conflicts in the affidavits submitted by both parties.

He ruled that Emefiele’s application for a stay of proceedings and his motion challenging the EFCC’s counter-affidavit should have been considered, and that the trial court erred in dismissing them outright.

As a result, the court ordered the case to be returned to the Chief Judge of the Federal High Court for assignment to a different judge and a full retrial involving live testimonies and cross-examinations.

Justice Mustapha Highlights Gaps in Asset Declaration Timeline

Supporting the lead judgment, Justice Mohammed Mustapha emphasized that the legal use of proxies in asset holdings is not inherently suspicious under Nigerian law. He also noted that Emefiele’s Code of Conduct Bureau (CCB) declarations from 2014 and 2019 documented some of the jointly owned properties with his wife.

However, he clarified that most of the contested assets were acquired between 2020 and 2023, a period not covered by the declarations on file. He stressed that the more relevant asset disclosure would have been the one expected in 2023, rather than previous ones that could not explain the new acquisitions.

Dissenting Opinion Upholds Original Forfeiture

In a dissenting judgment, Justice Danlami Senchi opposed the decision to set aside the original forfeiture order. He maintained that the EFCC had adequately demonstrated that the properties were acquired through indirect means, and since the companies listed as property owners failed to contest the forfeiture, the court was right to approve it.

Justice Senchi further argued that the affidavits presented by both sides did not contain conflicting evidence significant enough to warrant oral examination, asserting that the decision to order a retrial could delay justice and compromise the integrity of the process.

$2 Million in Cash Forfeiture Upheld

Despite overturning the forfeiture of several real estate properties, the Appeal Court upheld the forfeiture of $2,045,000 in cash previously seized by the EFCC. The court noted that Emefiele did not challenge the seizure of that specific amount, and therefore, the forfeiture remains valid.

Implications of Emefiele’s Compensation

The disclosure of Emefiele’s earnings—N350 million in annual salary, N300 million in annual reimbursements, and $6.28 million in estacodes—means his total benefit package surpassed N650 million annually, even before accounting for allowances tied to foreign travels.

This positions him among the highest-paid executives in Nigeria, even though he held a public office.

To put this in perspective, Nairametrics’ 2024 CEO Compensation Report revealed that the top 10 CEOs in Nigeria collectively earned N11.6 billion in 2024, up from N7.9 billion the year before. Among them:

• Dame (Dr.) Adaora Umeoji, the first female Group MD/CEO of Zenith Bank Plc, earned N874 million in 2024, although her pay was lower than her predecessor’s due to her mid-year appointment.

• Segun Agbaje, Group CEO of GTCO, took home N471 million, leading a team that delivered N2.1 trillion in revenue and N1.26 trillion in pre-tax profit.

Compared to these corporate titans, Emefiele’s pay as CBN Governor underscores the financial opacity and generous compensation structure within Nigeria’s apex financial institutions.

What’s Next?

With the Court of Appeal mandating a full retrial, the high-profile case will return to the Federal High Court, where both the EFCC and Emefiele will now have to present oral evidence and undergo cross-examination. This new phase is expected to offer a clearer determination of whether the assets in dispute were legitimately acquired or proceeds of corruption.

The outcome could also set a legal precedent for how Nigerian courts handle forfeiture proceedings involving public officials, especially regarding the burden of proof, use of proxies, and value of affidavit-only evidence.

As the case continues, Nigerians and the international financial community alike will be watching closely—not just for its implications on Emefiele, but for what it reveals about executive accountability in Nigeria’s financial institutions.