A Lagos Federal High Court has mandated the interim forfeiture of $1,426,175.14 linked to former Central Bank of Nigeria (CBN) Governor Godwin Ifeanyi Emefiele.
Justice Ayokunle Faji issued the order on Wednesday, directing the Economic and Financial Crimes Commission (EFCC) to publish the order in a national newspaper. This announcement invites interested parties to contest the forfeiture within 14 days.
The order follows an ex parte motion filed by EFCC counsel Mrs. Bilikisu Buhari-Bala, under Section 17 of the Advance Fee Fraud and Other Related Offences Act, 2006, and Section 44 (2)(B) of the Nigerian Constitution. The funds are held in an account at Titan Bank Limited under Donatone Limited.
Buhari-Bala argued that the funds are suspected to be proceeds of unlawful activities, as outlined in an affidavit by EFCC investigator David Jayeoba. Jayeoba detailed how the EFCC traced the funds through credible intelligence, uncovering that Emefiele and his associates allegedly concealed the money in Donatone Limited’s account.
The investigation revealed substantial deposits made by various international entities between 2021 and 2022, totaling $26,552,000. These funds were reportedly fixed in interest-yielding accounts, laundered through a foreign account in Mauritius, and returned to Nigeria. The remaining balance of $1,426,175.14 in Donatone Limited’s account is now subject to forfeiture.
Justice Faji set the hearing for the final forfeiture for June 25.
This case follows a similar ruling by Justice Yelim Bogoro on May 25, 2024, ordering the interim forfeiture of $4.7 million, N830 million, and several properties linked to Emefiele. These assets, spread across various banks and associated with multiple companies, are also under scrutiny for being proceeds of alleged unlawful activities.
The properties include a 94-unit, 11-floor building in Ikoyi, Lagos; an 11-floor office space in Lekki Peninsula Scheme 1; and several industrial and residential properties in Lagos, further underscoring the extent of the investigation into Emefiele’s tenure as CBN governor.
