On Wednesday, the Federal High Court in Lagos issued an interim forfeiture order for $1,426,175.14 associated with former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
Justice Ayokunle Faji directed the Economic and Financial Crimes Commission (EFCC) to publish the interim forfeiture order in a national newspaper, giving any interested parties 14 days to show cause why the funds should not be permanently forfeited to the Federal Government.
The court’s decision followed an ex parte application (FHC/L/CS/232/2024) presented by EFCC counsel Bilikisu Buhari-Bala. The EFCC argued that the funds were reasonably suspected to be proceeds of unlawful activities involving Emefiele, who is currently undergoing three separate criminal trials.
Buhari-Bala cited Section 17 of the Advance Fee Fraud and Other Related Offences Act, 2006, as the legal basis for the forfeiture. An affidavit supporting the application was filed by EFCC investigator David Jayeoba, who outlined the discovery of the funds through credible intelligence.
Jayeoba alleged that between 2021 and 2022, during a period of forex scarcity, Uzeobo Anthony and Adebanjo Olurotimi, directors of Donatone Limited, collected bribes on behalf of Emefiele to facilitate forex approvals. According to the investigator, $26,552,000 was paid into Donatone’s accounts, with notable transactions occurring on several dates in 2021 and 2022.
The investigator detailed significant deposits, including:
– November 9, 2021: $6,450,000
– November 5, 2021: $6,050,000
– December 16, 2021: $5,400,000
– December 23, 2021: $652,000
– January 31, 2022: $3,000,000
– September 21, 2022: $5,000,000
Jayeoba stated that the funds were laundered through a foreign account in Mauritius before being returned to Nigeria. Currently, the balance in the account is $1,426,175.14, which the EFCC seeks to forfeit to the Federal Government as proceeds of unlawful activities. The investigation also revealed that international entities sourcing forex were pressured to pay large sums to access it during this period.
Furthermore, the signatories to the account holding the $1,426,175.14 are reportedly at large and attempting to dissipate the funds electronically. Based on these findings, the EFCC asserted that forfeiting the funds is in the interest of justice.
Justice Faji, after granting the interim forfeiture order, scheduled a hearing on the final forfeiture for June 25.
This order comes shortly after Justice Yelim Bogoro of the same Federal High Court, on May 23, 2024, ordered the interim forfeiture of $4.7 million, N830 million, and properties linked to Emefiele. The former CBN Governor faces charges including procurement fraud, unauthorised redesign of the naira notes, and forgery of former President Muhammadu Buhari’s signature to allegedly move funds out of the CBN.
