By Ayomide Otitoju
A Federal High Court in Lagos has ordered the final forfeiture of $1.4 million linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, ruling that the funds were proceeds of unlawful activities.
Delivering judgment on Thursday, Justice Olayinka Faji upheld the argument of the Economic and Financial Crimes Commission (EFCC) that the funds must be forfeited to the Federal Government.
The EFCC, represented by counsel Bilkisu Bahari-Bala, told the court that $1,426,175.14 was traced to Donatone Limited’s account at Titan Trust Bank (Account No. 2000000500). Investigations confirmed that the money was linked to fraudulent activities involving Emefiele and his associates.
Emefiele’s Alleged Fraudulent Scheme Uncovered
An EFCC investigator, David Jayeoba, deposed an affidavit detailing how intelligence reports led to the discovery of funds concealed in Donatone Limited’s account.
According to Jayeoba, the investigation revealed that Emefiele used Donatone Limited to hide and disguise illicit funds, working with the company’s directors, Uzeobo Anthony and Adebanjo Olurotimi.
“That both men were procured by Emefiele and used to conceal, retain, and disguise funds reasonably suspected to be proceeds of unlawful activities. That they used Donatone Ltd to collect bribes and gratification on behalf of Emefiele to secure forex approvals,” Jayeoba stated in court documents.
Justice Faji had previously issued an interim forfeiture order on May 30, 2024, before ruling on the permanent forfeiture of the funds.
This latest development is part of ongoing efforts by the anti-graft agency to recover illegally acquired assets linked to the former CBN governor, who is facing multiple corruption allegations.
