The Federal High Court in Lagos has ruled that $1.4 million connected to fraudulent activities involving former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, be permanently forfeited to the federal government.
Justice Ayokunle Faji delivered the judgment on Thursday, affirming that the funds were proceeds of unlawful dealings. The ruling followed an application by the Economic and Financial Crimes Commission (EFCC), which traced the money to an account linked to Donatone Limited at Titan Trust Bank.
EFCC’s counsel, Bilkisu Buhari-Bala, informed the court that the funds were part of a larger $26.5 million deposit allegedly obtained through illicit means. Investigations revealed that Emefiele and his associates, including Donatone Limited’s directors, Uzeobo Anthony and Adebanjo Olurotimi, were involved in foreign exchange fraud between 2021 and 2022.
During that period, Nigeria faced a forex scarcity, and businesses struggled to access dollars. The EFCC alleged that Emefiele and his associates exploited the crisis by demanding bribes from companies seeking forex approvals. One such entity reportedly paid over $26 million into Donatone Limited’s account, with a portion later laundered through offshore accounts before being reintroduced into Nigeria.
On May 30, 2024, Justice Faji had issued an interim forfeiture order before granting a final ruling on Thursday. He noted that those behind the scheme were attempting to move the remaining funds electronically but had since gone into hiding.
With this ruling, the forfeited sum will now be transferred to the federal government’s coffers.
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