The Federal High Court in Lagos has issued a final order for the forfeiture of $1,426,175.14 connected to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
Plateau News reports that this judgment follows an application filed by the Economic and Financial Crimes Commission (EFCC) in accordance with section 17 of the Advance Fee Fraud and other Fraud-related Offences Act, as well as section 44(2)(B) of the 1999 Constitution.
The court’s decision is a significant development in the ongoing legal and financial scrutiny surrounding Emefiele, highlighting the EFCC’s efforts to address alleged financial misconduct and recover illicitly acquired funds.
The Federal High Court in Lagos has granted the final forfeiture of $1,426,175.14 linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
The court was convinced by the evidence presented by the Economic and Financial Crimes Commission (EFCC), which traced the funds to unlawful activities.
The funds, held in an account at Titan Trust Bank, were allegedly proceeds of unlawful activities conducted by Emefiele and his associates.
The EFCC’s investigation revealed that directors of Donatone Limited, Uzeobo Anthony and Adebanjo Olurotimi, were used by Emefiele to conceal and launder these funds.
During a period when access to foreign exchange (Forex) in Nigeria was particularly difficult, various international entities resorted to paying bribes to secure Forex approvals.
A total of $26,552,000 was deposited into Donatone Limited’s account at Titan Trust Bank from these entities.
This money was then laundered through an interest-yielding account and a foreign account in Mauritius before being returned to Nigeria.
An interim forfeiture order was previously granted on May 29, 2024, and published in a national daily. The funds were at risk of being dissipated electronically by the signatories to the account, who are currently at large.
The court’s final decision, following the EFCC’s application under sections of the Advance Fee Fraud and other Fraud-related Offences Act and the 1999 Constitution, ensures that the $1,426,175.14 is forfeited to the Federal Government of Nigeria.