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Justice Ayokunle Faji of the Federal High Court in Lagos has ordered the permanent forfeiture of $1.4m linked to fraud involving the former Governor of the Central Bank of Nigeria, Godwin Emefiele.
Justice Faji in his ruling on Thursday, stated that the sum was proven to be proceeds of unlawful activities and must be forfeited to the federal government.
He ruled in favour of the Economic and Financial Crimes Commission, which had established the illegitimacy of the funds.
The EFCC, through its counsel, Bilkisu Buhari-Bala, told the court that $1,426,175.14 was found in the account of Donatone Limited at Titan Trust Bank (Account No. 2000000500), and investigations confirmed the money was linked to fraudulent activities.
In an affidavit deposed by EFCC investigator David Jayeoba revealed that intelligence reports led to the discovery of funds concealed in Donatone Limited’s account.
According to Jayeoba, the investigation uncovered a scheme involving Emefiele and his associates, including Donatone Limited directors Uzeobo Anthony and Adebanjo Olurotimi, who allegedly helped hide and disguise the proceeds of illicit activities.
He added that this was done between 2021 and 2022 when foreign exchange was scarce in Nigeria, and many international companies struggled to access forex.
The EFCC alleged that Emefiele and his associates collected bribes and kickbacks from businesses seeking forex approvals.
One such entity, identified as (NP), reportedly paid $26,552,000 into Donatone Limited’s account at Titan Trust Bank.
Justice Faji had previously issued an interim forfeiture order on May 30, 2024, before ruling on the permanent forfeiture of the funds.
He said, “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.
“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.”
