An affidavit sworn by EFCC investigator David Jayeoba detailed how intelligence reports led to the discovery of the concealed funds. The probe allegedly revealed a scheme in which Emefiele, alongside Donatone Limited directors Uzeobo Anthony and Adebanjo Olurotimi, laundered and disguised illicit proceeds.
Lagos, Nigeria – A Federal High Court in Lagos has ruled that $1.4 million linked to fraudulent activities involving former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, be permanently forfeited to the federal government.
Delivering the judgment on Thursday, Justice Ayokunle Faji upheld the argument of the Economic and Financial Crimes Commission (EFCC), which demonstrated that the funds were proceeds of illicit transactions.
According to the EFCC, the funds, totaling $1,426,175.14, were found in an account belonging to Donatone Limited at Titan Trust Bank (Account No. 2000000500). The commission’s legal representative, Bilkisu Buhari-Bala, informed the court that investigations linked the money to fraudulent dealings.
An affidavit sworn by EFCC investigator David Jayeoba detailed how intelligence reports led to the discovery of the concealed funds. The probe allegedly revealed a scheme in which Emefiele, alongside Donatone Limited directors Uzeobo Anthony and Adebanjo Olurotimi, laundered and disguised illicit proceeds.
The transactions reportedly took place between 2021 and 2022, a period marked by severe foreign exchange scarcity in Nigeria. The EFCC alleged that Emefiele and his associates exploited the situation by collecting bribes and kickbacks from businesses seeking forex approvals.
As part of the scheme, an entity identified as (NP) was said to have deposited $26,552,000 into Donatone Limited’s account at Titan Trust Bank. Justice Faji had previously issued an interim forfeiture order on May 30, 2024, before ruling for permanent forfeiture.
The investigation uncovered that the illicit funds had been fixed into interest-bearing accounts, transferred through offshore channels, and later reintroduced into Nigeria under false pretenses. Of the total sum received, only $1,426,175.14 remained in the account at the time of the court ruling.
Justice Faji noted that efforts were being made to electronically dissipate the funds, while the signatories to the account remained at large. The court’s decision ensures that the remaining balance, now proven to be proceeds of crime, is handed over to the federal government.
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