Justice Ayokunle Faji of the Federal High Court, Ikoyi, Lagos, has ordered the final forfeiture of $1,426,175.14 linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
The ruling was issued on Thursday, March 6, 2025, following a motion filed by the respondent seeking to overturn an earlier forfeiture order.
The court had initially granted the final forfeiture order on June 25, 2024, after an application filed by the Economic and Financial Crimes Commission (EFCC), represented by counsel Bilkisu Buhari.
The motion went uncontested by any interested parties at the time.
According to an affidavit submitted by EFCC investigator David Jayeoba, the funds, housed in an account belonging to Donatone Limited (DL) at Titan Trust Bank, were suspected to be proceeds of unlawful activities.
The investigation traced the funds to a scheme involving fixed deposits in interest-yielding accounts, foreign laundering through Mauritius, and eventual return to Nigeria under disguise.
“Of the total sum of $26,552,000 received by the firm, the remaining balance in the said account as of today stands at $1,426,175.14,” Jayeoba stated, adding that the money had been linked to Emefiele and his associates.
He further revealed that international companies seeking access to foreign exchange were coerced into making substantial payments, and that the signatories to the account in question were currently at large, allegedly attempting to electronically transfer the funds before they could be seized.
Despite a counter-affidavit filed by Donatone Limited’s solicitors on November 25, 2024, challenging the EFCC’s claims, the anti-graft agency reinforced its case with additional evidence in a subsequent affidavit dated November 29, 2024.
In his ruling, Justice Faji emphasised that any claimant to the funds must provide proof of the lawful acquisition of the money rather than merely asserting that it was not derived from criminal activities.
“Having listened to the submission of the applicant’s counsel and also perused the motion just moved, together with the affidavit in support, the motion is hereby granted,” the judge ruled.
Consequently, the court granted the EFCC’s application, finalising the forfeiture of the funds to the Federal Government of Nigeria.
