By Justice Ayokunle Faji of the Federal High Court in Lagos has ordered that $1.4 million linked to former Central Bank Governor Godwin Emefiele be permanently forfeited to the federal government.
The order came after months of legal back-and-forth. Although a final forfeiture order was first issued in June 2024, it was temporarily set aside after the respondents challenged it. The court later allowed both sides to argue their case fully before delivering Thursday’s judgment.
During the hearings, the Economic and Financial Crimes Commission (EFCC) traced the money to Donatone Limited’s account at Titan Trust Bank. The anti-graft agency argued that the funds were proceeds of corrupt activities involving Emefiele and his associates.
EFCC investigator David Jayeoba told the court that Emefiele and his allies collected bribes from companies desperate to obtain scarce foreign exchange between 2021 and 2022. At least $26 million flowed into Donatone Limited’s account, with $1.4 million still left when the account was flagged.
The respondents claimed they had no knowledge of the money and insisted it was not linked to any crime. However, Justice Faji ruled that the EFCC presented enough evidence to show the funds came from illegal deals.
With the final forfeiture order now sealed, the money will officially become federal government property, marking another chapter in the growing corruption cases tied to Emefiele’s tenure at the CBN.
