BREAKING: Court Gives Final Ruling On $1.4 Million Linked To Former CBN Governor Emefiele
Court Gives Final Ruling On $1.4 Million Linked To Former CBN Governor Emefiele
The Federal High Court in Lagos has ordered the final forfeiture of $1.4 million traced to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
Justice Ayokunle Faji issued the ruling on Thursday following an application filed by the Economic and Financial Crimes Commission (EFCC) on June 25, 2024.
According to EFCC investigator David Jayeoba, the funds—suspected to be proceeds of unlawful activities—were linked to Donatone Limited’s account with Titan Trust Bank. Investigations revealed that the money was initially placed in interest-yielding accounts, laundered through a foreign account in Mauritius, and later funneled back into Nigeria under false pretenses.
“Of the total sum of $26,552,000.00 received by the firm, the balance standing in the said account as of today is $1,426,175.14. It is the balance in the account that the applicant seeks to forfeit to the Federal Government of Nigeria, which has been traced to be the proceeds of unlawful activities of erstwhile Central Bank Governor of Nigeria, Mr. Godwin Emefiele and his cronies,” Jayeoba stated.
Donatone Limited’s lawyer filed a counter-affidavit on November 25, 2024, disputing the EFCC’s allegations. However, the EFCC responded on November 29, 2024, with additional evidence supporting its claim.
Justice Faji ruled that any party contesting the forfeiture must provide proof that the funds were lawfully acquired.
“Having listened to the submission of the applicant’s counsel and also perused the motion just moved, together with the affidavit in support, the motion is hereby granted,” he declared, granting the final forfeiture of the funds.
Previous Asset Forfeitures Linked to Emefiele
This latest ruling adds to a series of forfeiture cases involving Emefiele since his legal troubles began in 2023.
In a separate case, the Federal High Court in Lagos previously ordered the forfeiture of N830 million, $4.7 million, and multiple properties linked to him. Justice Yellim Bogoro granted the order after the EFCC argued that the assets were acquired through fraudulent means.
The forfeited properties included 94 units of an 11-story building in Ikoyi, an 11-story office complex in Lekki, and an estate in Texas, USA. Additional forfeited assets included €20,000, £1,999.50, and a $900,000 investment.
The EFCC noted that no valid claims were made to the assets, leading the court to grant final forfeiture.
In his ruling, Justice Bogoro questioned the sudden dollar shortages after Emefiele’s removal and the inability of some government agencies to pay salaries.
“I hold that they are not legitimate business activities. I hold that Anita Omoile is a close crony of the former CBN governor, Godwin Emefiele, who was given undue influence to unlawfully sway dollars from the CBN,” he ruled.
The court directed that all forfeited assets be transferred to the Federal Government.
