BREAKING: COURT ORDERS PERMANENT FORFEITURE OF $1.4M LINKED TO EMEFIELE

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By Aishat Momoh. O.

A Federal High Court in Lagos has ordered the permanent forfeiture of $1,426,175.14, linked to fraudulent activities involving former Central Bank Governor, Godwin Emefiele.

In a ruling on Thursday, Justice Ayokunle Faji stated that the funds in question were proceeds of unlawful activities and thus must be forfeited to the Federal Government of Nigeria.

The court’s decision followed the submission of the Economic and Financial Crimes Commission (EFCC), which had proven the illicit nature of the funds.

The EFCC, represented by counsel Bilkisu Bahri-Bala, informed the court that the money was found in the account of Donatone Limited, held at Titan Trust Bank, under account number 2000000500. The EFCC confirmed that these funds were proceeds of illegal activities.

According to an affidavit by David Jayeoba, an EFCC investigating officer, the Commission received intelligence reports that led to the tracing of the funds suspected to be proceeds from unlawful activities.

Jayeoba testified: “During the investigation, credible intelligence was received, which led to the tracing of funds reasonably suspected to be proceeds of unlawful activities, stored in Donatone Limited’s account with Titan Trust Bank. The funds were identified as part of the proceeds of fraudulent activities tied to Mr. Godwin Emefiele and his associates.”

He further revealed that individuals associated with the fraudulent concealment of the funds included Uzeobo Anthony and Adebanjo Olurotimi, directors of Donatone Limited. These individuals were allegedly used by Emefiele to conceal and disguise funds from unlawful activities.

The investigation revealed that during the period from 2021 to 2022, when access to foreign exchange (Forex) was restricted in Nigeria, Emefiele’s associates facilitated bribes from various entities seeking approval for Forex access. One such entity reportedly paid a total of $26,552,000.00 into the Donatone Limited account at Titan Trust Bank.

In May 2024, Justice Faji had initially ordered the interim forfeiture of the funds, and Thursday’s judgment confirmed the permanent forfeiture.