Court Orders Final Forfeiture of $1.4 Million Linked to Former CBN Governor Emefiele
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, ruling that the funds were proceeds of unlawful activities.
Delivering judgment on Thursday, March 6, 2025, Justice Olayinka Faji ruled that the money must be forfeited to the Federal Government following an application by the Economic and Financial Crimes Commission (EFCC).
EFCC’s Findings on the Funds
EFCC counsel, Bilkisu Bahari-Bala, informed the court that the sum of $1,426,175.14 was discovered in Donatone Limited’s account at Titan Trust Bank (Account No. 2000000500) and was linked to fraudulent activities.
According to an affidavit filed by EFCC investigator David Jayeoba, intelligence reports led to the discovery of the concealed funds, which were allegedly linked to Emefiele.
“Investigation revealed that Uzeobo Anthony and Adebanjo Olurotimi are some of the brains behind the fraudulent concealment of funds reasonably suspected to have been proceeds of unlawful activities of the erstwhile Central Bank of Nigeria’s Governor, Godwin Emefiele,” Jayeoba stated.
Allegations Against Emefiele’s Associates
The EFCC alleged that Anthony and Olurotimi were recruited by Emefiele to help hide and disguise the funds.
“Both men used Donatone Ltd to collect bribes and gratification on behalf of Emefiele to get approval for accessing Forex,” the investigator added.
Court’s Previous Interim Order
Prior to the final forfeiture ruling, Justice Faji had issued an interim forfeiture order on May 30, 2024. After reviewing the EFCC’s evidence, the court granted the final forfeiture order on Thursday, ensuring that the funds are permanently transferred to the Federal Government.
This ruling marks another development in the ongoing corruption investigations involving the former CBN governor.
