Justice Ayokunle Faji of the Federal High Court in Lagos has ordered the permanent forfeiture of $1.4 million linked to fraud involving Godwin Emefiele, the former Governor of the Central Bank of Nigeria. The court ruled that the sum was proven to be proceeds of unlawful activities and must be forfeited to the federal government.
The Economic and Financial Crimes Commission (EFCC) had established that the funds were linked to fraudulent activities, and the court ruled in their favor. The EFCC’s counsel, Bilkisu Buhari-Bala, revealed that $1,426,175.14 was found in the account of Donatone Limited at Titan Trust Bank, and investigations confirmed that the money was linked to Emefiele’s illicit activities.
According to EFCC investigator David Jayeoba, the investigation uncovered a scheme involving Emefiele and his associates, who helped hide and disguise the proceeds of illicit activities. The scheme allegedly involved collecting bribes and kickbacks from businesses seeking forex approvals between 2021 and 2022, when foreign exchange was scarce in Nigeria.
Justice Faji had previously issued an interim forfeiture order on May 30, 2024, before ruling on the permanent forfeiture of the funds. The court’s decision marks a significant milestone in the EFCC’s efforts to combat corruption and recover proceeds of unlawful activities.
