Justice Ayokunle Faji of the Federal High Court in Lagos has ordered the final forfeiture of $1.4 million linked to fraudulent activities involving former Central Bank of Nigeria Governor, Godwin Emefiele.
Delivering his judgment on Thursday, Justice Faji ruled that the funds were proceeds of illicit transactions and should be permanently forfeited to the federal government.
The decision came after the Economic and Financial Crimes Commission provided substantial evidence proving the illegitimacy of the money.
According to the EFCC, represented by counsel Bilkisu Buhari-Bala, a total of $1,426,175.14 was discovered in an account belonging to Donatone Limited at Titan Trust Bank (Account No. 2000000500).
Investigations revealed that the funds were tied to fraudulent dealings orchestrated by Emefiele and his associates.
An affidavit submitted by EFCC investigator David Jayeoba detailed how intelligence reports led to the discovery of concealed funds in Donatone Limited’s account.
The probe exposed a scheme involving Emefiele and directors of Donatone Limited, Uzeobo Anthony and Adebanjo Olurotimi, who allegedly assisted in disguising and hiding illicit proceeds.
Jayeoba further revealed that these transactions occurred between 2021 and 2022, a period when Nigeria faced a severe forex shortage, making it difficult for international businesses to access foreign exchange.
The EFCC alleged that Emefiele and his associates exploited this crisis by collecting bribes and kickbacks from companies seeking forex approvals.
One of the affected entities, identified as (NP), reportedly deposited $26,552,000 into Donatone Limited’s Titan Trust Bank account.
Following an earlier interim forfeiture order issued on May 30, 2024, Justice Faji ruled that the remaining balance of $1,426,175.14 in the account must be forfeited to the government.
“The investigation traced the funds to having been fixed into interest-yielding accounts, dissipated and laundered through a foreign account in Mauritius, and transported back to Nigeria under disguise,” the judge stated.
He continued, “Of the total sum of $26,552,000.00 received by the firm, the balance standing in the said account as of today is the sum of $1,426,175.14 million.
“It is the balance in the account that the applicant seeks to forfeit to the Federal Government of Nigeria, which has been traced to be the proceeds of unlawful activities of erstwhile ex-Central Bank Governor of Nigeria, Mr. Godwin Emefiele and his cronies.
“Investigation further revealed that the international entities sourcing for forex were pressured into parting with huge funds to access forex during the period.
“The signatories to the account warehousing the sum of $1,426,175.14 sought to be forfeited are at large and are making frantic efforts to dissipate the funds electronically.”
With this ruling, the federal government gains control of the recovered sum, reinforcing the EFCC’s ongoing crackdown on financial crimes involving public officials.
