In a significant victory for the Economic and Financial Crimes Commission (EFCC), the Federal High Court in Lagos has ordered the permanent forfeiture of $1.4 million linked to Godwin Emefiele, the embattled former governor of the Central Bank of Nigeria (CBN). Justice Ayokunle Faji delivered the ruling, stating that the funds were proven to be proceeds of unlawful activities and must be forfeited to the federal government.

The EFCC, represented by counsel Bilkisu Bahri-Bala, presented evidence that $1,426,175.14 was discovered in the account of Donatone Limited at Titan Trust Bank (Account No. 2000000500). Investigations confirmed that the money was linked to fraudulent activities allegedly involving Emefiele and his associates.

EFCC investigator David Jayeoba's affidavit revealed that intelligence reports led to the discovery of the concealed funds. The investigation uncovered a scheme involving Emefiele and Donatone Limited directors Uzeobo Anthony and Adebanjo Olurotimi, who allegedly helped hide and disguise the proceeds of illicit activities. The EFCC alleged that Emefiele and his associates collected bribes and kickbacks from businesses seeking forex approvals during a period of foreign exchange scarcity in Nigeria between 2021 and 2022. One such entity, identified as (NP), 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. Donatone Limited’s lawyer filed a counter-affidavit on 25 November 2024, disputing the EFCC’s claims, but the EFCC countered with additional evidence on 29 November 2024.

The judge ruled that any party claiming the funds must prove they were lawfully acquired, stating, "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.”

This is not the first time Emefiele has faced asset forfeiture. In a separate case, the Federal High Court in Lagos ordered the final forfeiture of N830 million, $4.7 million, and multiple properties linked to him. These properties included 94 units of an 11-story building in Ikoyi, an 11-story office complex in Lekki, and an estate in Texas, USA, along with €20,000, £1,999.50, and a $900,000 investment.

Trial judge Yellim Bogoro questioned the sudden dollar shortages after Emefiele left office and the inability of some government institutions to pay salaries, stating, “I hold that they are not legitimate business activities. I hold that Anita Omoile is a close crony of the former CBN governor, Godwin Emefiele, who was given undue influence to unlawfully sway dollars from the CBN.”

In a related case, the Federal High Court in Kano ordered the forfeiture of $1.1 million and 135,900 Saudi Arabian Riyals seized from Hauwa Abdullahi Ibrahim, who pleaded guilty to money laundering. She was arrested at Mallam Aminu Kano Airport with the cash and charged under the Money Laundering (Prevention and Prohibition) Act, 2022.

Emefiele, who was removed as CBN governor by President Bola Tinubu in 2023, is currently facing multiple corruption charges in Lagos and Abuja. The forfeiture rulings are non-conviction-based, meaning they were granted without a criminal conviction.