The Federal High Court in Lagos, on Thursday, ordered the final forfeiture of $1.4m 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 was 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 investigation allegedly exposed a scheme involving Emefiele and his associates, including Donatone Limited’s directors, Uzeobo Anthony and Adebanjo Olurotimi, who were accused of disguising illicit proceeds.
The EFCC claimed that between 2021 and 2022, amid Nigeria’s forex scarcity, Emefiele and his associates extorted businesses seeking foreign exchange approvals, collecting bribes.
One such company, identified as NP, reportedly deposited $26,552,000 into Donatone Limited’s account at Titan Trust Bank.
Justice Faji had initially granted an interim forfeiture order on May 30, 2024, before issuing the final ruling on Thursday.
Thursday’s forfeiture order marks the latest in a series of asset seizures obtained by the EFCC against Emefiele, following his suspension and removal from office by President Bola Tinubu in 2023.
On February 21, 2025, Justice Yellim Bogoro of the Federal High Court ordered the final forfeiture of $4.7m, N830m, and multiple properties linked to Emefiele.
The affected properties include 94 units of an 11-floor building under construction at 2 Otunba Elegushi 2nd Avenue, Ikoyi, Lagos; AM Plaza, an 11-floor office space on Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos; and Imore Industrial Park 1, located on Esa Street, Imoore Land, Amuwo Odofin LGA, Lagos. Others are Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro, Owolomi Village, Ibeju-Lekki LGA, Lagos, as well as two properties purchased from Chevron Nigeria in Lakes Estate, Lekki, Lagos.
Additional properties affected by the order include a plot at Lekki Foreshore Estate Scheme, Foreshore Estate, Eti-Osa LGA; an estate at 100 Cottonwood Coppel Texas Drive, Coppel, Texas, owned by Lipam Investment Services; land at 1 Bunmi Owulude Street, Lekki Phase 1, Lagos; and a property at 8 Bayo Kuku Road, Ikoyi, Lagos.
This comes after a previous forfeiture order on November 1, 2024, when Justice Deinde Dipeolu of the Federal High Court ordered the permanent forfeiture of $2.045m, seven prime landed properties, and share certificates linked to Emefiele.
Justice Dipeolu ruled that the funds and share certificates of Queensdorf Global Fund Limited Trust be permanently forfeited to the Federal Government.
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