Justice Ayokunle Faji of the Federal High Court in Lagos has ordered the final forfeiture of $1.4million linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to the federal government.
The judge initially granted a final forfeiture order on June 24, 2024, but set it aside on June 27, 2024, after it was challenged by the respondents.
The court subsequently directed the respondents to file a suit to show why the money should not be forfeited to the federal government and for the Economic and Financial Crimes Commission (EFCC) to re-argue the application.
The respondents argued that they were unaware of the funds and claimed the money was not a proceeds of any criminal activity.
However, in his judgement on Thursday, Justice Faji reaffirmed the final forfeiture of the $1.4million, stating that the EFCC had successfully demonstrated that the money was obtained through unlawful activities.
During the proceedings,EFCC counsel, Bahari-Bala, disclosed that $1,426,175.14 was located in the account of Donatone Limited at Titan Trust Bank (Account No. 2000000500), and investigations revealed that the funds were linked to fraudulent activities.
According to an affidavit sworn to by EFCC investigator David Jayeoba, intelligence reports led to the discovery of concealed funds in Donatone Limited’s account. Jayeoba claimed that the investigation unveiled a scheme involving Emefiele and his associates, including Donatone Limited directors Uzeobo Anthony and Adebanjo Olurotimi, who allegedly assisted in hiding and disguising the proceeds of illegal activities.
The investigation further indicated that between 2021 and 2022, during a time when foreign exchange was scarce in Nigeria, many international companies struggled to obtain forex.
Emefiele and his associates reportedly collected bribes and kickbacks from businesses seeking forex approvals. One entity identified as NP allegedly deposited $26,552,000 into Donatone Limited’s account at Titan Trust Bank.
In total, Donatone Limited received $26,555,000, with the current balance in the account being $1,426,175.14. This amount is what the EFCC sought to forfeit to the Federal Government of Nigeria, having been traced to the unlawful activities of Godwin Emefiele and his associates.
The investigation revealed that international entities seeking forex were pressured into paying substantial sums during this period. Additionally, the signatories to the account holding the amount of $1,426,175.14 are currently at large.
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