A Federal High Court in Lagos has ordered the permanent forfeiture of $1.4 million linked to fraud involving embattled former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
Delivering his ruling on Thursday, Justice Ayokunle Faji declared that the sum was proven to be proceeds of unlawful activities and must be forfeited to the federal government. The judgment favored the Economic and Financial Crimes Commission (EFCC), which had established the illicit nature of the funds.
According to EFCC counsel Bilkisu Bahri-Bala, $1,426,175.14 was discovered in the account of Donatone Limited at Titan Trust Bank (Account No. 2000000500), and investigations confirmed its fraudulent origins.
An affidavit from EFCC investigator David Jayeoba revealed that intelligence reports led to the discovery of funds concealed in Donatone Limited’s account. The investigation also uncovered a scheme involving Emefiele and his associates, including Donatone Limited directors Uzeobo Anthony and Adebanjo Olurotimi, who allegedly helped launder and disguise illicit funds.
The EFCC alleged that between 2021 and 2022, during a period of forex scarcity in Nigeria, Emefiele and his associates collected bribes and kickbacks from businesses seeking forex approvals. One such company, identified as (NP), reportedly deposited $26,552,000 into Donatone Limited’s account at Titan Trust Bank.
Justice Faji had initially issued an interim forfeiture order on May 30, 2024, before granting a final ruling on the permanent forfeiture.
