A Federal High Court in Lagos has ordered the final forfeiture of $1.4 million linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
The order was given by Justice Ayokunle Faji on March 6, 2025, following a motion filed by the Economic and Financial Crimes Commission, EFCC.
The EFCC had argued that the fund was reasonably suspected to be proceeds of unlawful activities. The court’s decision came after a counter-affidavit by solicitors for Donatone Limited, which claimed that the depositions contained in the EFCC’s affidavit were not correct.
The commission said, “The investigation traced the funds to having been fixed into interest-yielding accounts, dissipated and laundered through a foreign account in Mauritius, and transported back to Nigeria under disguise.
“Of the total sum of $26,552,000.00 USD received by the firm, the balance standing in the said account as of today is the sum of $1,426,175.14 million USD.
“It is the balance in the account that the applicant seeks to forfeit to the Federal Government of Nigeria, which has been traced to be the proceeds of unlawful activities of erstwhile Central Bank Governor of Nigeria, Mr. Godwin Emefiele and his cronies.
“Investigation further revealed that the international entities sourcing for forex were pressured into parting with huge funds to access forex during the period.
“The signatories to the account warehousing the sum of $1,426,175.14 USD sought to be forfeited are at large and are making frantic efforts to dissipate the funds electronically.”
In his ruling, Justice Faji stated that anyone laying claims to the fund must show the lawfulness of its acquisition. With no one coming forward to claim the fund, the court granted the EFCC’s application for final forfeiture.
Justice Faji held that: “Anyone laying claims to the fund, must show the lawfulness of the acquisition and not that the said fund is not proceeds of crime.
“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.”
