Federal High court orders forfeiture of $1.4M linked to Emefiele

Lagos, Nigeria –The Federal High Court in Lagos has permanently forfeited $1.4 million linked to former CBN Governor Godwin Emefiele. This action represents a significant step in the government’s ongoing efforts to combat alleged financial fraud effectively.

Justice Ayokunle Faji delivered Thursday’s ruling after the EFCC proved the funds stemmed from unlawful activities during Emefiele’s tenure.

Transitioning swiftly, the EFCC—represented by Bilkisu Bahri-Bala—linked the money to Donatone Limited’s Titan Trust account, exposing systemic misconduct under Emefiele’s leadership.

Fraudulent Schemes Uncovered

An affidavit submitted by EFCC investigator David Jayeoba detailed how intelligence reports led to the discovery of the suspicious funds.

Jayeoba exposed Emefiele and associates for actively concealing illicit funds through a complex financial scheme. Transitioning decisively, he detailed their coordinated efforts to disguise criminal proceeds.

**Revised Report:**

Jayeoba decisively traced suspicious funds to Donatone’s Titan Trust account, utilizing verified intelligence. This evidence directly linked unlawful activities to the entity within his affidavit.

Moreover, investigators identified directors Uzeobo Anthony and Adebanjo Olurotimi as key architects of money laundering.

Their orchestrated network reinforced the evidence of systemic financial misconduct, highlighting the depth of their involvement.

According to the EFCC, these individuals were used by Emefiele to disguise and retain funds derived from corrupt practices.

Allegations of Foreign Exchange Mismanagement

The EFCC directly implicated former CBN Governor Emefiele in Nigeria’s forex crisis, citing his central role during his tenure.

Transitioning to specifics, investigators allege that between 2021-2022, amid severe currency restrictions, Emefiele and associates systematically extorted bribes from firms seeking forex approvals.

Jayeoba disclosed that one entity paid $26,552,000 into Donatone Limited’s account at Titan Trust Bank during this period.

The funds were allegedly funneled through various channels to conceal their origin.

Legal Proceedings

The court had initially granted an interim forfeiture order on May 30, 2024.

After reviewing evidence presented by the EFCC, Justice Faji ruled that the forfeiture should be made permanent, effectively transferring ownership of the funds to the Nigerian government.

The ruling marks a significant development in ongoing efforts to hold former public officials accountable for alleged corruption.

Emefiele, who served as CBN governor from 2014 until his suspension in 2023, has faced multiple allegations of abuse of power and financial misconduct.

Broader Implications

The case underscores growing scrutiny of financial improprieties during Emefiele’s tenure at the helm of Nigeria’s central bank.

The EFCC has described its findings as evidence of “monumental fraud” involving both public officials and private entities.

While Emefiele has not publicly responded to these latest developments, legal experts believe the ruling could pave the way for further investigations into his activities as CBN governor.

This latest forfeiture order is seen as a win for anti-corruption advocates, who have long called for greater transparency and accountability in Nigeria’s financial system.

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