The Federal High Court in Lagos has ordered the final forfeiture of $1.4 million allegedly linked to fraudulent activities involving former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
In his ruling on Thursday, Justice Ayokunle Faji held that the funds were proven to be proceeds of unlawful activities and must be surrendered to the Federal Government.
The Economic and Financial Crimes Commission (EFCC), represented by its counsel, Bilkisu Buhari-Bala, told the court that the funds were traced to the account of Donatone Limited at Titan Trust Bank and linked to fraudulent transactions. An affidavit deposed by EFCC investigator David Jayeoba detailed how intelligence reports led to the discovery of the concealed funds.
Investigations allegedly revealed a scheme involving Emefiele and his associates, including Donatone Limited’s directors, Uzeobo Anthony and Adebanjo Olurotimi, who were accused of disguising illicit proceeds. The EFCC claimed that between 2021 and 2022, during Nigeria’s forex crisis, Emefiele and his associates extorted businesses seeking foreign exchange approvals, collecting bribes in the process.
One of the companies affected, identified as NP, reportedly deposited $26,552,000 into Donatone Limited’s account at Titan Trust Bank.
Justice Faji had initially granted an interim forfeiture order on May 30, 2024, before issuing the final ruling on Thursday.
This latest forfeiture order adds to previous asset seizures against Emefiele. 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 the former CBN governor.
The seized properties include:
- 94 units of an 11-floor building under construction at 2 Otunba Elegushi 2nd Avenue, Ikoyi, Lagos.
- AM Plaza, an 11-floor office space in Lekki Peninsula Scheme 1, Lagos.
- Imore Industrial Park 1 in Amuwo Odofin LGA, Lagos.
- Mitrewood and Tatler Warehouse (Furniture Plant at Bogije), Ibeju-Lekki LGA, Lagos.
- Two properties purchased from Chevron Nigeria in Lakes Estate, Lekki, Lagos.
Emefiele, who was suspended and later removed from office by President Bola Tinubu in 2023, continues to face legal battles over alleged financial misconduct during his tenure.
