A Federal High Court in Lagos, led by Justice Ayokunle Faji, has ruled that $1.4 million traced to former CBN Governor Godwin Emefiele must be forfeited to the federal government.
The case, which has been ongoing since June 2024, initially saw a forfeiture order issued on June 24, 2024, but it was briefly set aside after challenges from the respondents.
However, after reviewing the arguments, Justice Faji upheld the forfeiture, stating that the Economic and Financial Crimes Commission (EFCC) successfully proved the funds were obtained through illegal activities.
How the Money Was Discovered
According to the EFCC counsel, Bahari-Bala, investigators traced $1,426,175.14 to Donatone Limited’s account at Titan Trust Bank (Account No. 2000000500). Further findings revealed:
- The account had received a total of $26,555,000 between 2021 and 2022, during a period when forex was scarce in Nigeria.
- The funds allegedly came from kickbacks and bribes collected from international businesses seeking foreign exchange (forex) approvals.
- The money was linked to a scheme involving Emefiele and his associates, including Donatone Limited’s directors, Uzeobo Anthony and Adebanjo Olurotimi, who reportedly helped in hiding and disguising the funds.
- The account signatories are currently on the run.
Defense Argument Rejected
The defense team argued that the money was legitimate and not connected to any criminal activity.
However, Justice Faji dismissed their claims, stating that the EFCC provided solid evidence proving the funds were proceeds of fraudulent transactions.
This ruling adds to the growing legal troubles for Emefiele, who remains under investigation for alleged financial misconduct during his tenure as CBN governor.
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