A Federal High Court in Lagos has ruled that $1.4 million linked to embattled former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, must be permanently forfeited to the federal government.
Delivering the verdict on Thursday, Justice Ayokunle Faji stated that the funds were proven to be proceeds of unlawful activities, siding with the Economic and Financial Crimes Commission (EFCC), which had built a case around financial misconduct.
According to EFCC prosecutor Bilkisu Bahri-Bala, the money—$1,426,175.14—was traced to an account belonging to Donatone Limited at Titan Trust Bank. Investigators found that the funds were allegedly part of a fraudulent scheme involving Emefiele and his associates, including Donatone Limited directors Uzeobo Anthony and Adebanjo Olurotimi.
The EFCC’s findings suggested that between 2021 and 2022, a period of severe forex scarcity in Nigeria, Emefiele and his network allegedly collected bribes and kickbacks from businesses seeking foreign exchange approvals. One such company reportedly deposited $26.5 million into Donatone Limited’s account as part of the scheme.
Justice Faji had initially granted an interim forfeiture order on May 30, 2024, before delivering the final ruling to permanently seize the funds.
With this latest development, the case against Emefiele continues to unfold, as authorities intensify their crackdown on financial misconduct at the highest levels.
