Federal High Court Orders Final Forfeiture of $1.4 Million Linked to Emefiele

The Federal High Court in Lagos has issued a significant ruling, directing the permanent forfeiture of $1,426,175.14 connected to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

This decision follows an application by the Economic and Financial Crimes Commission (EFCC) under the provisions of the Advance Fee Fraud and other Fraud-related Offences Act and the 1999 Constitution.

The EFCC established that the funds were proceeds from illicit activities, as detailed in the affidavit filed by Investigating Officer David Jayeoba. The money was traced to an account held at Titan Trust Bank under the control of Donatus Limited.

Earlier, an interim forfeiture order was granted on May 29, 2024, and published in a national newspaper.

Investigations revealed that Uzeobo Anthony and Adebanjo Olurotimi, directors of Donatus Limited, facilitated the concealment and laundering of these funds on behalf of Godwin Emefiele and his associates. The illicit transactions involved bribes and gratifications to secure foreign exchange approvals during a period of forex scarcity in Nigeria.

A total of $26,552,000.00 was deposited into the Donatus Limited account between 2021 and 2022, subsequently funneled through interest-bearing accounts and laundered via a foreign account in Mauritius before being reintegrated into Nigeria under disguise.

Currently, the balance of $1,426,175.14 in the account is subject to forfeiture to the Federal Government of Nigeria, as the signatories involved in managing these funds remain at large and actively seeking to dissipate them electronically.

Following the EFCC’s submission, the court concluded, “I hereby grant the application for final forfeiture of the aforementioned funds, having been satisfied with the applicant’s evidence and arguments presented.”