In the lead judgement prepared by Justice Adamu Jauro and delivered by Justice Emmanuel Agim, the five-man panel dismissed the suit Friday.
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The case against Senator Nwaoboshi was brought against him by the Economic and Financial Crimes Commission.
It upheld the judgments of the Federal High Court and Court of Appeal that the FG had power to reopen criminal forfeiture proceedings
In the judgment delivered by Justice Emmanuel Agim, the apex court dismissed Imo State counter claim ownership.
The confirmation was sequel to the consideration of a report submitted by the Senate Committee on Judiciary, Human Rights and Legal Matters, chaired by Senator Opeyemi Bamidele.
The Court of Appeal on Wednesday stopped Justice Abang Okon from hearing a case against former Governor of Benue State, Gabriel Suswam, alongside Okolobia Okpanachi, his former Commissioner of Finance.