The Federal High Court sitting in Lagos has ordered the forfeiture of $1,426,175.14 linked to the embattled former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Justice Ayokunle Faji, in his judgment delivered on Thursday, ruled that the funds were proceeds of unlawful activities and should be forfeited to the Federal Government.
The Economic and Financial Crimes Commission (EFCC) had initiated the forfeiture proceedings, alleging that the $1.4 million was warehoused in the account of Donatone Limited, domiciled in Titan Trust Bank account number 2000000500. The commission argued that the funds were proceeds of unlawful activities.
In his ruling, Justice Faji held that the EFCC had sufficiently proven the unlawfulness of the funds, thereby justifying their forfeiture to the Federal Government. The judge noted that the commission had provided credible evidence to support its case.
The EFCC, through its counsel, Bilkisu Bahri-Bala, had earlier informed the court that the funds were traced to Donatone Limited’s account and were linked to illicit activities. An affidavit deposed to by David Jayeoba, an EFCC investigating officer, revealed that the commission acted on intelligence reports that led to the forfeiture proceedings.
Justice Faji had initially ordered the interim forfeiture of the funds on May 30, 2024, pending the conclusion of the case. With the final judgment, the court has now permanently forfeited the $1.4 million to the Federal Government.
DAILY MENTOR reports that the ruling is part of ongoing efforts by the EFCC to recover illicit funds and hold individuals accountable for financial crimes. The case against Emefiele, who has faced multiple allegations of misconduct during his tenure as CBN governor, continues to unfold as the anti-graft agency intensifies its investigations.
The forfeiture of the $1.4 million underscores the judiciary’s role in combating corruption and ensuring that proceeds of crime are recovered for the benefit of the Nigerian public. The EFCC has reiterated its commitment to pursuing all cases of financial malfeasance to a logical conclusion.