The Federal High Court in Lagos has ordered the final forfeiture of $1.4 million allegedly linked to fraudulent activities involving former Central Bank of Nigeria (CBN) Governor Godwin Emefiele. Justice Ayokunle Faji, in his ruling on Thursday, declared that the funds were proceeds of unlawful activities and must be forfeited to the Federal Government. This decision marks the latest development in a series of asset seizures tied to Emefiele, who has been under investigation by the Economic and Financial Crimes Commission (EFCC) since his suspension and removal from office by President Bola Tinubu in 2023.

Details of the Forfeiture Order
The $1.4 million in question was traced to the account of Donatone Limited, a company allegedly used to conceal illicit funds. The EFCC, represented by its counsel, Bilkisu Buhari-Bala, argued that the funds were linked to fraudulent transactions orchestrated by Emefiele and his associates. An affidavit deposed by EFCC investigator David Jayeoba revealed that intelligence reports led to the discovery of the concealed funds.

According to the EFCC, Donatone Limited’s directors, Uzeobo Anthony and Adebanjo Olurotimi, were involved in disguising the proceeds of illegal activities. The commission alleged that between 2021 and 2022, during a period of severe foreign exchange scarcity in Nigeria, Emefiele and his associates extorted businesses seeking forex approvals, collecting bribes in the process. One such company, identified as NP, reportedly deposited $26,552,000 into Donatone Limited’s account at Titan Trust Bank.

Previous Forfeiture Orders
This latest forfeiture order is part of a broader effort by the EFCC to recover assets linked to Emefiele. On February 21, 2025, Justice Yellim Bogoro of the Federal High Court ordered the final forfeiture of $4.7 million, N830 million, and multiple properties connected to the former CBN governor. The properties include:

• A 94-unit, 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.
• Imore Industrial Park 1, located on Esa Street, Imoore Land, Amuwo Odofin LGA, Lagos.
• Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro, Owolomi Village, Ibeju-Lekki LGA, Lagos.
• Two properties purchased from Chevron Nigeria in Lakes Estate, Lekki, Lagos.
• 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.
• A property at 8 Bayo Kuku Road, Ikoyi, Lagos.

Additionally, on November 1, 2024, Justice Deinde Dipeolu of the Federal High Court ordered the permanent forfeiture of $2.045 million, seven prime landed properties, and share certificates linked to Emefiele. The share certificates of Queensdorf Global Fund Limited Trust were also forfeited to the Federal Government.

EFCC’s Investigation and Findings
The EFCC’s investigation into Emefiele’s activities revealed a complex web of financial transactions aimed at concealing illicit funds. The commission alleged that Emefiele and his associates exploited their positions to extort businesses and launder money through shell companies. The forfeiture orders are a significant step in the EFCC’s efforts to hold high-profile individuals accountable for financial crimes and recover stolen assets.

Implications of the Forfeiture Orders
The forfeiture of $1.4 million and other assets linked to Emefiele underscores the Nigerian government’s commitment to combating corruption and recovering stolen funds. The EFCC’s actions send a strong message to public officials and business leaders that financial misconduct will not be tolerated.

The recovered funds and assets are expected to be returned to the Federal Government and utilized for national development projects. This aligns with the broader agenda of the Tinubu administration to promote transparency, accountability, and good governance.

Reactions to the Forfeiture Orders
The forfeiture orders have elicited mixed reactions from the public. While many Nigerians have applauded the EFCC for its efforts to hold Emefiele accountable, others have called for a thorough and transparent investigation to ensure that justice is served. Some critics have also raised concerns about the potential politicization of the case, urging the EFCC to maintain its independence and focus on the rule of law.

Conclusion
The final forfeiture of $1.4 million linked to former CBN Governor Godwin Emefiele is a significant milestone in Nigeria’s fight against corruption. The EFCC’s relentless pursuit of justice and asset recovery demonstrates its commitment to upholding the rule of law and ensuring that public officials are held accountable for their actions.

As the case continues to unfold, it is crucial for the EFCC to maintain transparency and fairness in its investigations. The forfeiture of Emefiele’s assets serves as a reminder that no one is above the law and that financial crimes will have serious consequences.