On Tuesday, the Federal High Court in Lagos ordered the final forfeiture of $1,426,175.14 linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele. Justice Ayokunle Faji issued the order, transferring the funds to the Federal Government.
The final forfeiture followed an application by the Economic and Financial Crimes Commission (EFCC). The anti-graft agency had initially secured an interim order for the temporary forfeiture of the money on May 29, 2014. The court had also mandated the publication of the order in newspapers to allow any interested parties to claim the funds.
During Tuesday’s hearing, EFCC counsel Mrs. Bilkisu Buhari-Bala reported that the commission had complied with the publication order, and no claims were made. She stated that the funds were proceeds of unlawful activities by Emefiele, who allegedly received kickbacks for approving forex allocations to multinational firms during Nigeria’s forex crisis.
Buhari-Bala cited Section 17 of the Advance Fee Fraud and Other Fraud-related Offences Act to justify the forfeiture order. This forfeiture comes just days after the same court ordered the permanent forfeiture of properties worth N12.18 billion from Emefiele.
An affidavit by EFCC investigator David Jayeoba revealed that the funds were uncovered through credible intelligence. He stated that Emefiele used intermediaries Uzeobo Anthony and Adebanjo Olurotimi to conceal and disguise the proceeds of his unlawful activities. The investigation showed that during 2021 and 2022, when accessing forex was challenging, international entities had to resort to various means to obtain it.
The affidavit detailed that Anthony and Olurotimi collected bribes on Emefiele’s behalf, with one entity paying a total of $26,552,000 into an account at Titan Trust Bank. The funds were traced to interest-yielding accounts, laundered through a foreign account in Mauritius, and returned to Nigeria. Of the total amount received, the balance in the account was $1,426,175.14, which is now forfeited to the Federal Government.
Jayeoba’s affidavit further noted that the signatories to the account are at large and have been attempting to dissipate the funds electronically. The investigation continues to unveil the extent of unlawful activities and efforts to secure illicit funds.
