The Federal High Court in Lagos on Thursday ordered the final forfeiture of $1.4 million linked to the former Governor of the Central Bank of Nigeria, Godwin Emefiele, ruling that the funds were proceeds of unlawful activities. Justice Ayokunle Faji directed that the amount be forfeited to the Federal Government.
The Economic and Financial Crimes Commission (EFCC), represented by counsel Bilkisu Buhari-Bala, had traced the funds to the account of Donatone Limited at Titan Trust Bank, alleging fraudulent transactions. An affidavit by EFCC investigator David Jayeoba detailed how intelligence reports uncovered the concealed funds, revealing a scheme involving Emefiele and his associates, including Donatone Limited directors Uzeobo Anthony and Adebanjo Olurotimi.
The EFCC alleged that between 2021 and 2022, during Nigeria’s forex scarcity, Emefiele and his associates extorted businesses seeking forex approvals, collecting bribes. One such company, identified as NP, reportedly deposited $26.5 million into Donatone Limited’s account. Justice Faji had initially granted an interim forfeiture order on May 30, 2024, before issuing the final ruling on Thursday.
This marks the latest in a series of asset seizures against Emefiele since his suspension and removal by President Bola Tinubu in 2023. On February 21, 2025, Justice Yellim Bogoro of the Federal High Court ordered the final forfeiture of $4.7 million, N830 million, and multiple properties linked to Emefiele. These include a 94-unit under-construction building in Ikoyi, AM Plaza in Lekki, Imore Industrial Park, Mitrewood and Tatler Warehouse in Bogije, and properties in Lakes Estate, Lekki Foreshore Estate, and Coppel, Texas, among others.
This follows a November 1, 2024, ruling by Justice Deinde Dipeolu, which permanently forfeited $2.045 million, seven prime properties, and share certificates of Queensdorf Global Fund Limited Trust to the Federal Government.
