A Federal High Court sitting in Lagos has ordered the permanent forfeiture of $1,426,175.14 (equivalent to N2,144,867,578.30) allegedly linked to fraudulent activities involving former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
The ruling, delivered by Justice Ayokunle Faji on Thursday, upheld the Economic and Financial Crimes Commission (EFCC)’s case that the funds were proceeds of unlawful activities and must be forfeited to the Nigerian government.
The EFCC, represented by counsel Bilkisu Bahri-Bala, told the court that the money was traced to an account belonging to Donatone Limited at Titan Trust Bank, with account number 2000000500.
The commission argued that the funds were linked to fraudulent schemes orchestrated under Emefiele’s tenure.
According to an affidavit deposed to by EFCC investigator David Jayeoba, intelligence reports led to the discovery of the suspicious funds.
“In the course of my investigation, the Commission received credible and direct intelligence which led to the tracing of funds reasonably suspected to be proceeds of unlawful activities warehoused in the Donatone Limited (DL) Titan Trust Bank account,” the affidavit reads.
The EFCC’s investigation, which focused on what it described as “monumental fraud” carried out by Emefiele and his associates, allegedly uncovered a complex scheme of financial concealment.
Jayeoba further revealed in the affidavit: “The investigation revealed that some of the brains behind the fraudulent concealment of funds reasonably suspected to have been proceeds of unlawful activities of the erstwhile Central Bank of Nigeria’s Governor, Mr Godwin Emefiele, are the natural persons Uzeobo Anthony and Adebanjo Olurotimi, directors of DL.”
“That part of the said funds, which represent the proceeds of Emefiele and his cronies’ unlawful activities, are retained in the accounts now sought to be forfeited. These directors were procured by Emefiele and used to conceal, retain, and disguise funds which are the proceeds of unlawful activities.”
The investigation also highlighted the role Emefiele allegedly played in the foreign exchange crisis that gripped Nigeria during his tenure.
The EFCC alleged that between 2021 and 2022, when forex accessibility was severely restricted, the former CBN governor and his associates collected bribes from companies desperate for foreign currency approvals.
Jayeoba disclosed: “One of the entities (NP) paid a total sum of Twenty-Six Million Five Hundred and Fifty-Five Thousand Million Dollars ($26,552,000.00) into the account of (DL) domiciled in Titan Trust account number 200000.”
The court had previously granted an interim forfeiture order on May 30, 2024, before making the forfeiture permanent in its latest ruling.
Emefiele, who served as CBN governor from 2014 to 2023, has faced multiple allegations of corruption and abuse of power.
His tenure was marked by policies that many Nigerians say worsened economic hardship, including the controversial naira redesign and cashless policy, which led to a severe cash crunch across the country in early 2023.
Under the policy, the CBN aggressively pushed for digital transactions, limiting cash withdrawals and withdrawing old naira notes from circulation.
The move caused widespread suffering as millions of Nigerians, especially in rural areas, struggled to access basic necessities due to a lack of cash. The crisis led to protests, business closures, and an economic downturn.
While the policy was framed as a strategy to curb inflation, reduce corruption, and drive financial inclusion, critics argue that it was poorly implemented and primarily served the interests of a corrupt elite.