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Justice Ayokunle Faji of the Federal High Court in Ikoyi, Lagos issued an order on Thursday, March 6, 2025, for the final forfeiture of $1,426,175.14 associated with former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
This ruling came after a motion was presented by the respondent aiming to annul the court’s final forfeiture order from June 25, 2024. The court had previously granted the forfeiture order after hearing a motion on notice put forth by Bilkisu Buhari, the EFCC's counsel, which did not face opposition from any interested parties. Supporting this motion was an affidavit from David Jayeoba, an EFCC investigating officer, who reported that the investigation revealed the funds were likely the proceeds of illegal activities, stored in the Titan Trust Bank account of Donatone Limited.
He remarked: “The investigation traced these funds as having been deposited into interest-earning accounts, misappropriated, and laundered through a foreign account in Mauritius before being brought back to Nigeria under false pretenses.
“Of the total amount received by the firm of $26,552,000.00 USD, the current balance in that account is $1,426,175.14 million USD. The applicant seeks to have this balance forfeited to the Federal Government of Nigeria, which has been traced to be the proceeds of illegal activities conducted by the former Central Bank Governor, Mr. Godwin Emefiele, and his associates.
“Further investigations disclosed that international entities needing foreign exchange were coerced to pay large sums to secure forex during that timeframe. The individuals who control the account holding the $1,426,175.14 USD sought for forfeiture are currently evading arrest and are attempting to deplete the funds electronically.”
The court subsequently issued the order for forfeiture. However, in a counter-affidavit from Donatone Limited's legal representatives dated November 25, 2024, they contended that the claims made in paragraphs four to 18 of Jayeoba's affidavit were inaccurate. In reply, the EFCC submitted an affidavit dated November 29, 2024, bolstering their position with additional evidence.
Ultimately, Justice Faji determined: “Anyone claiming the funds must demonstrate the legality of their acquisition rather than asserting that the funds are not criminal proceeds.
“After considering the arguments from the applicant’s legal counsel and reviewing the submitted motion and supporting affidavit, the motion is granted.” Hence, Justice Faji approved the final forfeiture application for the funds.
