Court orders permanent forfeiture of $1.4m linked to Emefiele
The Federal High Court sitting in Lagos, has ruled that $1.4 million linked to fraud involving former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, be permanently forfeited to the federal government.
Delivering the judgment on Thursday, Justice Ayokunle Faji stated that the funds were proven to be proceeds of unlawful activities. The ruling upheld the case presented by the Economic and Financial Crimes Commission (EFCC), which had established the illegitimacy of the money.
According to EFCC counsel, Bilkisu Bahri-Bala, investigations traced $1,426,175.14 to an account belonging to Donatone Limited at Titan Trust Bank (Account No. 2000000500). An affidavit by EFCC investigator, David Jayeoba, indicated that intelligence reports led to the discovery of the funds, which were allegedly concealed through fraudulent means.
The EFCC investigation linked Emefiele and his associates, including Donatone Limited’s directors, Uzeobo Anthony and Adebanjo Olurotimi, to a scheme that disguised illicit proceeds.
During Nigeria’s foreign exchange crisis between 2021 and 2022, businesses struggled to access forex, and Emefiele and his associates were accused of demanding bribes and kickbacks in exchange for forex approvals.
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