A Federal High Court in Lagos has ordered the permanent forfeiture of $1,426,175.14 linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. Justice Ayokunle Faji ruled that the funds, found in Donatone Limited’s account at Titan Trust Bank (Account No. 2000000500), were proceeds of unlawful activities and should be forfeited to the federal government.
The Economic and Financial Crimes Commission (EFCC), represented by counsel Bilkisu Bahri-Bala, presented evidence that the funds were connected to fraudulent activities. An affidavit by EFCC investigator David Jayeoba revealed that intelligence reports led to the discovery of the concealed funds. The investigation uncovered a scheme involving Emefiele and associates, including Donatone Limited directors Uzeobo Anthony and Adebanjo Olurotimi, who allegedly assisted in hiding illicit proceeds.
Between 2021 and 2022, during a period of foreign exchange scarcity in Nigeria, many international companies struggled to access forex. The EFCC alleged that Emefiele and his associates collected bribes and kickbacks from businesses seeking forex approvals. One such entity reportedly paid $26,552,000 into Donatone Limited’s account at Titan Trust Bank.
Justice Faji had previously issued an interim forfeiture order on May 30, 2024, before ruling on the permanent forfeiture of the funds.
This ruling is part of ongoing investigations into Emefiele’s tenure as CBN Governor, during which he faced allegations of financial misconduct and corruption. In June 2023, President Bola Tinubu suspended Emefiele, leading to his arrest by the Department of State Services (DSS) and subsequent charges related to fraud and financial mismanagement.
The court’s decision underscores Nigeria’s commitment to combating corruption and holding public officials accountable for their actions.
