On March 6, 2025, Justice Ayokunle Faji of the Federal High Court in Ikoyi, Lagos, ordered the final forfeiture of $1,426,175.14 linked to former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. This was disclosed in a press statement released on the official X account of the EFCC by Dele Oyewale, Head of Media & Publicity for the Economic and Financial Crimes Commission.
The court’s decision came after a motion was filed by the Economic and Financial Crimes Commission (EFCC) to uphold a previous forfeiture order issued on June 25, 2024. The motion, presented by EFCC counsel Bilkisu Buhari, was not contested by any interested parties.
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EFCC investigating officer David Jayeoba submitted an affidavit stating that the funds were suspected to be proceeds of unlawful activities, held in a Titan Trust Bank account under Donatone Limited. The investigation revealed that the funds were moved to interest-yielding accounts, laundered through a foreign account in Mauritius, and then returned to Nigeria disguised.
Jayeoba noted that out of a total of $26,552,000 received by the firm, the remaining balance of $1,426,175.14 is what the EFCC seeks to forfeit to the Federal Government, as it has been traced back to Emefiele and his associates. He also mentioned that those associated with the account are currently at large and attempting to dissipate the funds electronically.
In response to a counter-affidavit from Donatone Limited’s solicitors, the EFCC provided additional evidence to support their claims.
Justice Faji ruled that anyone claiming the funds must prove their lawful acquisition, affirming that the forfeiture order was granted.
