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.

Today, Tingo AI proudly welcomes Desmond Elliot, a celebrated actor, director, and visionary politician, for an exclusive tour and dialogue on the transformative impact of artificial intelligence on governance, business, and entertainment.

In an era where AI is revolutionizing industries worldwide, Nigeria must embrace and integrate technology to drive sustainable growth. Tingo AI, a leader in AI-driven automation, machine learning, and robotics, is at the forefront of this transformation, creating innovative solutions for governance, business efficiency, and creative industries.

During his visit, Elliot engaged in deep conversations with Tingo AI’s team of innovators, gaining firsthand insights into how AI is disrupting and improving various sectors:

✅ AI in Governance – How automation and data-driven insights can improve service delivery, transparency, and policy-making.

✅ AI in Nollywood & Content Creation – The potential of AI-powered scriptwriting, virtual production, and audience analytics to reshape Nigeria’s entertainment industry.

✅ AI for Youth Empowerment – The role of AI in job creation, skills training, and bridging the digital divide in Nigeria.

Africa’s digital economy is projected to reach $180 billion by 2025, and Nigeria must take a leadership role in AI adoption and technological innovation. Elliot’s visit to Tingo AI highlights the urgent need for collaboration between policymakers, tech innovators, and business leaders to ensure that Nigeria is not just a consumer of AI but a creator of AI-driven solutions.

Tingo AI’s visionary founder, Dozy Mmobuosi, expressed his excitement about Elliot’s engagement with AI and innovation, stating:

“Desmond Elliot is the kind of forward-thinking leader we need in this space. His passion for innovation and digital transformation aligns perfectly with our mission at Tingo AI. Having someone like him engage with us today proves that Nigeria is ready for the future of AI. I am beyond excited to welcome such an inspiring figure into our organization.”

AI is no longer the future—it is happening now. Countries that invest in AI-driven governance, business automation, and creative intelligence will lead the global economy. Elliot’s visit signals a shift toward embracing technology-powered solutions for national growth, demonstrating the importance of AI in economic development, youth empowerment, and industry transformation.

As Nigeria continues its digital transformation journey, conversations like these are critical in shaping policies that support AI adoption. Tingo AI remains committed to leading this revolution, fostering AI education, and driving innovation across industries.

Stay tuned for exclusive insights from this historic visit @tingoai_ for more groundbreaking innovations and educational experiences.

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Vice President Kashim Shettima, on Wednesday, led other eminent Nigerians to the venue of the groundbreaking ceremony of First Bank’s new 40-storey headquarters at Eko Atlantic City in Lagos.

The Vice President was received by Femi Otedola, businessman and chair of the First Holding Company.

Mr Shettima attended the ceremony alongside Lagos State Governor, Babajide Sanwo-Olu; Ogun State Governor, Dapo Abiodun; Ondo State Governor, Lucky Aiyedatiwa; former Senate President, Bukola Saraki; the founder of Dangote Industries, Aliko Dangote; co-founders of the Chagoury Group, Gilbert and Roland Chagoury; Deji Adeleke; among other dignitaries.

The project, set to become Nigeria’s tallest building, marks a significant milestone for the financial institution.

The bank said that the groundbreaking ceremony signifies the beginning of a transformative journey that reinforces FirstBank’s commitment to excellence, innovation, and customer satisfaction.

It added that the new headquarters is designed with sustainability in mind, featuring a green-certified building that reduces operational costs and positions FirstBank as a leader in sustainable banking practices.

Olusegun Alebiosu, CEO, FirstBank Group, said, “We are proud to mark this significant milestone in our journey towards excellence. Our new Head Office is envisioned as a world-class structure that represents our dedication to innovation, customer satisfaction, and sustainability. We believe that this development will play a crucial role in fostering economic growth and development across Africa, creating long-term value for all our stakeholders.”

The vice president, who represented President Bola Tinubu at the event, expressed the commitment of the Tinubu administration towards industrialisation, innovation, sustainable development, and growth.