JUST IN: Court Orders Final Forfeiture of $1.4 Million Linked to Ex-CBN Governor Emefiele

A Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of $1,426,175.14 linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele. The ruling, delivered by Justice Ayokunle Faji on Thursday, March 6, 2025, followed a motion challenging an earlier forfeiture order issued on June 25, 2024.

The Economic and Financial Crimes Commission (EFCC), represented by counsel Bilkisu Buhari, had argued for the forfeiture, which went uncontested by any interested party. The court based its decision on findings from an EFCC investigation, which traced the funds to Donatone Limited’s Titan Trust Bank account. Investigators alleged that the money was illicitly acquired, transferred through foreign accounts in Mauritius, and then funneled back into Nigeria. Of an initial $26,552,000 received by the firm, $1,426,175.14 remained in the account at the time of the ruling.

The EFCC claimed that forex-seeking international entities were coerced into making substantial payments to access foreign currency. Investigators also stated that the signatories to the account were on the run and attempting to electronically move the remaining funds.

Donatone Limited’s solicitors opposed the forfeiture, arguing that key claims in the EFCC’s affidavit were incorrect. However, the EFCC countered with additional evidence. In his ruling, Justice Faji emphasized that any claimant to the funds must prove their lawful acquisition rather than merely denying they were proceeds of crime. Based on the presented arguments, he granted the final forfeiture order, officially transferring the funds to the Federal Government of Nigeria.