The Federal High Court in Lagos has ordered the final forfeiture of 1.4 million dollars alleged fraud proceeds linked to former Governor of the Central Bank of Nigeria, Godwin Emefiele.
Justice Ayokunle Faji, in his ruling, held that the funds were proven to be proceeds of unlawful activities and must be forfeited to the federal government.
The Economic and Financial Crimes Commission, represented by its counsel, Bilkisu Buhari-Bala, had argued that the funds were traced to the account of Donatone Limited at Titan Trust Bank and were linked to fraudulent transactions.
An affidavit deposed by EFCC investigator David Jayeoba detailed how intelligence reports led to the discovery of the concealed funds.
The EFCC claimed that between 2021 and 2022, amid Nigeria’s forex scarcity, Emefiele and his associates extorted businesses seeking foreign exchange approvals and collected bribes.