A Federal High Court in Lagos has ordered the permanent forfeiture of $1.4 million linked to fraud involving former Governor of the Central Bank of Nigeria, Godwin Emefiele.
In his ruling on Thursday, Justice Ayokunle Faji said the sum was proven to be proceeds of unlawful activities and must be forfeited to the federal government.
The judge ruled in favour of the Economic and Financial Crimes Commission (EFCC), which had established the illegitimacy of the funds.
The EFCC, through its counsel, Bilkisu Buhari-Bala, informed the court that $1,426,175.14 was found in the account of one Donatone Limited at Titan Trust Bank (Account No. 2000000500), and investigations confirmed the money was linked to fraudulent activities.
An affidavit deposed by EFCC investigator David Jayeoba revealed that intelligence reports led to the discovery of funds concealed in Donatone Limited’s account.
The investigation also uncovered a scheme involving Mr Emefiele and his associates, including Donatone Limited directors Uzeobo Anthony and Adebanjo Olurotimi, who allegedly helped hide and disguise the proceeds of illicit activities.
Between 2021 and 2022, when foreign exchange was scarce in Nigeria, many international companies struggled to access forex.
The EFCC also alleged that Mr 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.
