A certified court document has confirmed that former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, earned over N650 million annually, including estacodes amounting to $6.2 million, during his 10-year tenure. The disclosure came as part of a landmark ruling by the Court of Appeal, Lagos Division, which set aside a final forfeiture order against a series of properties and assets linked to him.
According to the April 9, 2025, judgment, Emefiele’s remuneration included:
- N350 million in annual salary,
- N75 million in quarterly reimbursements,
- and $6.285 million in estacodes for international travel.
This means his total declared annual benefits crossed N650 million, excluding other allowances and benefits accrued through his role as the head of Nigeria’s apex bank.
The court faulted the Federal High Court’s 2024 ruling, which had granted the Economic and Financial Crimes Commission (EFCC) a final forfeiture order against multiple properties tied to Emefiele. In a split decision, the Court of Appeal found that the lower court did not fully evaluate the evidence submitted by both parties.
Justice Abdulazeez Anka, who delivered the lead judgment, noted material conflicts in the affidavits presented. He ruled that such contradictions require oral testimonies and cross-examinations to be resolved, not just written submissions.
“The trial court should not have relied solely on affidavits. A full trial is needed to determine the legality of the property acquisitions,” Justice Anka stated.
The appellate court ordered that the case be reassigned to another judge for a full retrial at the Federal High Court.
EFCC’s Claims vs Emefiele’s Defence
The EFCC had alleged that Emefiele acquired properties using proxies and shell companies, which allegedly masked the true ownership of the assets. The commission argued that none of the listed companies came forward to contest the forfeiture, a key reason the earlier forfeiture was granted.
In his defence, Emefiele provided documented evidence of:
- His severance package of N1.75 billion from Zenith Bank,
- N500 million worth of shares in the same bank,
- And his declared income from his role as CBN Governor.
Justice Mohammed Mustapha, concurring with the ruling, emphasized that it’s not unusual for Nigerians to hold property in trust or joint ownership, referencing Emefiele’s asset declarations from 2014 and 2019. However, he admitted that many of the properties were acquired between 2020 and 2023, making the earlier declarations less relevant.
Despite reversing parts of the initial forfeiture, the appellate court upheld the final seizure of $2,045,000 in cash. The court stated that Emefiele did not contest this amount, and there was no basis to reverse the decision.
Justice Danlami Senchi, in a dissenting opinion, disagreed with the majority, arguing that the EFCC had provided sufficient proof. He described the decision to reopen the trial as a “delay tactic” that undermines the judicial process.
The revelations surrounding Emefiele’s compensation put him among Nigeria’s highest-paid public officials, rivaling top corporate CEOs. Data from Nairametrics’ 2024 CEO Pay Report revealed that the top 10 CEOs in Nigeria earned a combined N11.6 billion, an increase from N7.9 billion in 2023.
Among them:
- Dr. Adaora Umeoji, the first female GMD of Zenith Bank, earned N874 million.
- Segun Agbaje, Group CEO of GTCO, took home N471 million, leading a company that generated N2.1 trillion in revenue in 2024.
These figures underscore the blurring lines between public and private sector remuneration, especially in financial services and regulatory bodies.
With the case now ordered for a full retrial, it remains uncertain whether Emefiele will retain ownership of the contested properties or face a renewed forfeiture ruling. Legal experts say the fresh trial could reshape Nigeria’s standards for asset tracing, income justification, and public service accountability.
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