Court Orders Final Forfeiture of $1.4 Million Linked to Former CBN Governor Emefiele

A Federal High Court in Lagos ordered the final forfeiture of $1.4 million linked to ex-CBN Governor Godwin Emefiele.

The court ruled the funds were proceeds of unlawful activities connected to Emefiele’s alleged misconduct during his time in office.

On Thursday, March 6, 2025, Justice Olayinka Faji ruled the Federal Government must take the money after EFCC’s application.

EFCC’s Findings on the Funds

>>EFCC counsel, Bilkisu Bahari-Bala, told the court that investigators discovered $1,426,175.14 in Donatone Limited’s account at Titan Trust Bank (Account No. 2000000500) and linked the funds to fraudulent activities.

In an affidavit, EFCC investigator David Jayeoba said intelligence reports helped them uncover concealed funds allegedly linked to Emefiele.

Jayeoba said, “Uzeobo Anthony and Adebanjo Olurotimi masterminded the concealment of funds suspected as proceeds of Godwin Emefiele’s unlawful activities.”

Allegations Against Emefiele’s Associates

>>>>The EFCC alleged that Anthony and Olurotimi were recruited by Emefiele to help hide and disguise the funds.<br class=”yoast-text-mark” />>“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.