Court Mandates $1.4 Million Forfeiture From Former CBN Governor Emefiele

Court Mandates $1.4 Million Forfeiture From Former CBN Governor Emefiele

The Federal High Court in Lagos has once again ordered the temporary confiscation of $1.4 million linked to the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Justice Ayokunle Faji directed that the money be forfeited to the Federal Government of Nigeria……….CONTINUE READING

The judge instructed the Economic and Financial Crimes Commission (EFCC) to publish the interim forfeiture order in a national newspaper. This notice allows interested parties 14 days to appear before the court and present reasons why the final forfeiture order should not be granted.

The funds are currently held in Donatone Limited’s account at Titan Bank Limited. A hearing for the final forfeiture of the money is scheduled for June 25.

Previously, on May 23, Justice Yellim Bogoro of the same court ordered the interim forfeiture of $4,719,054, N830,875,611, and various properties also linked to Godwin Emefiele.

During the proceedings, EFCC counsel Bilikisu Buhari-Bala stated that the orders are in accordance with Section 17 of the Advance Fee Fraud and Other Fraud-related Offences Act No. 14, 2006, and Section 44 (2)(B) of the 1999 Constitution of the Federal Republic of Nigeria. She emphasized that the court has the legal authority to grant the relief sought under these provisions.

Buhari-Bala asserted, “The funds sought to be forfeited are reasonably suspected to be proceeds of unlawful activities.” She also informed the court that the Exparte motion is supported by an affidavit sworn by EFCC investigator David Jayeoba. The affidavit revealed that the EFCC received intelligence leading to the discovery of funds suspected to be proceeds of illegal activities stored in the Donatone Limited account at Titan Trust Bank.

The investigation into the significant fraud committed by Emefiele and his associates uncovered a substantial amount of money hidden in the Donatone Limited account. It was found that individuals involved in this fraudulent concealment included Uzeobo Anthony and Adebanjo Olurotimi, directors at Donatone Limited.

The affidavit detailed that between 2021 and 2022, during a period of forex scarcity in Nigeria, international entities resorted to various means to source forex. Uzeobo Anthony and Adebanjo Olurotimi allegedly used Donatone Limited to collect bribes and gratification on behalf of Emefiele for forex approvals. One such entity reportedly paid a total of $26.552 million into Donatone Limited’s Titan Trust account.

The funds were traced to interest-yielding accounts, laundered through a foreign account in Mauritius, and returned to Nigeria under disguise. Of the total $26.552 million received, $1,426,175.14 remains in the account, which the EFCC seeks to forfeit to the Federal Government.

The investigation further revealed that international entities were pressured into parting with large sums to access forex. The signatories to the account holding the $1.426 million are currently at large and attempting to dissipate the funds electronically. Based on the EFCC’s findings, the funds are proceeds of unlawful activities involving Emefiele and his associates, and it is in the interest of justice to grant the forfeiture application.

Earlier, on May 25, 2024, Justice Yellim Bogoro ordered the interim forfeiture of $4.7 million, N830 million, and various property assets associated with Emefiele. The temporarily forfeited funds were held in First Bank, Titan Bank, and Zenith Bank, managed by entities including Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd, Lipam Investment Services Limited, Tatler Services Limited, Rosajul Global Resources Ltd, and TIL Communication Nigeria Ltd.

Temporarily forfeited properties include 94 units of an 11-floor building under construction at Otunba Elegushi 2nd Avenue, Ikoyi, Lagos; AM Plaza, an 11-floor office space at Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos; Imore Industrial Park 1, Esa Street, Imoore Land in Oriade LCDA, Amuwo Odofin LGA, Lagos; Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro Lagos; Owolomi Village, Ibeju-Lekki LGA, Lagos; and two properties acquired from Chevron Nigeria in Lakes Estate, Lekki, Lagos

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