Court Orders Final Forfeiture Of $1.4 Million Linked To Former CBN Governor Emefiele

Court Orders Final Forfeiture Of $1.4 Million Linked To Former CBN Governor Emefiele

The Federal High Court in Lagos has issued a final forfeiture order on $1.4 million traced to Godwin Emefiele, the former Central Bank of Nigeria (CBN) Governor. The decision was made by Justice Ayokunle Faji on Thursday, following an application from the Economic and Financial Crimes Commission (EFCC) filed on June 25, 2024…..READ MORE

Key Details:

• The $1.4 million was found in an account linked to Donatone Limited at Titan Trust Bank and was suspected to be proceeds of unlawful activities.
• According to EFCC investigator David Jayeoba, the funds were initially placed in interest-bearing accounts, laundered through a foreign account in Mauritius, and then brought back into Nigeria under false pretenses.

Court Ruling:

• Justice Faji ruled in favor of the EFCC, granting the final forfeiture of the funds to the Federal Government.
• The court declared that any party contesting the forfeiture must provide evidence that the funds were acquired lawfully.

Previous Forfeitures:

This ruling adds to a series of asset forfeitures involving Emefiele:

• The EFCC previously secured orders for the forfeiture of ₦830 million, $4.7 million, and several properties linked to him.
• The assets, including 94 units of an 11-story building in Ikoyi, a Lekki office complex, and a Texas estate, were acquired through fraudulent means, according to the EFCC.

In earlier rulings, Justice Yellim Bogoro ordered the forfeiture of €20,000, £1,999.50, and $900,000, stating that no valid claims were made to these assets.

Ongoing Investigations:

• The EFCC has stated that these assets were unlawfully obtained and have transferred them to the Federal Government.
• The court has consistently ruled that these funds and assets should be seized to prevent further fraudulent activities.