Court Orders Final Forfeiture of $1.4 Million Linked to Former CBN Governor Godwin Emefiele
In a significant ruling, Justice Ayokunle Faji of the Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of $1,426,175.14 (One Million, Four Hundred and Twenty-Six Thousand, One Hundred and Seventy-Five United States Dollars, Fourteen Cents) linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. The funds, suspected to be proceeds of unlawful activities, were held in an account belonging to Donatone Limited (DL) at Titan Trust Bank.
The forfeiture order followed a motion filed by the Economic and Financial Crimes Commission (EFCC), represented by counsel Bilkisu Buhari, which was unopposed by any interested parties. The court had initially granted an interim forfeiture order on June 25, 2024, after the EFCC presented evidence tracing the funds to suspicious financial activities.
According to an affidavit deposed by EFCC investigating officer David Jayeoba, the funds were allegedly laundered through a foreign account in Mauritius before being repatriated to Nigeria under questionable circumstances. Jayeoba revealed that out of a total sum of $26,552,000.00 USD received by Donatone Limited, only $1,426,175.14 remained in the account as of the investigation. The EFCC argued that the funds were proceeds of unlawful activities linked to Emefiele and his associates.
The affidavit further disclosed that international entities seeking foreign exchange were allegedly pressured into parting with substantial sums to access forex during Emefiele’s tenure as CBN governor. The signatories to the account holding the funds are reportedly at large and have been attempting to dissipate the funds electronically.
In response, Donatone Limited’s solicitors filed a counter-affidavit on November 25, 2024, disputing the EFCC’s claims. However, the EFCC countered with additional evidence in a subsequent affidavit dated November 29, 2024, reinforcing its case.
In his ruling, Justice Faji emphasized that anyone claiming ownership of the funds must demonstrate their lawful acquisition, not merely dispute their alleged criminal origins. “Having listened to the submission of the applicant’s counsel and also perused the motion just moved, together with the affidavit in support, the motion is hereby granted,” the judge stated.
The final forfeiture order mandates that the $1.4 million be permanently confiscated to the Federal Government of Nigeria. This ruling marks a significant step in the EFCC’s ongoing efforts to recover illicit funds and hold individuals accountable for financial crimes.
