The Federal High Court in Lagos has mandated the permanent forfeiture of $1,426,175.14 associated with Godwin Emefiele, the former Governor of the Central Bank of Nigeria. This ruling, delivered by Justice Ayokunle Faji, is the result of an application filed by the Economic and Financial Crimes Commission (EFCC).
Initially, the EFCC had obtained a temporary forfeiture order for the funds on May 29, 2014. Following this, the court required the publication of the order in newspapers to notify any potential claimants. During the hearing on Tuesday, EFCC counsel Mrs. Bilkisu Buhari-Bala confirmed that no claims had been made on the funds, which are alleged to be proceeds from unlawful activities.
According to Buhari-Bala, Emefiele received the money as kickbacks for approving foreign exchange allocations to multinational companies during a forex crisis. The court’s authority to enforce the forfeiture is derived from Section 17 of the Advance Fee Fraud and Other Fraud-related Offences Act.
This decision comes shortly after another court order, also involving Emefiele, for the permanent forfeiture of properties valued at N12.18 billion. The EFCC’s investigation, led by investigator David Jayeoba, utilized direct and credible intelligence to uncover the funds.
Jayeoba’s affidavit detailed how Emefiele used intermediaries, Uzeobo Anthony and Adebanjo Olurotimi, to hide and launder the illicit funds. The funds were traced through multiple transactions and accounts, including one in Mauritius, before being returned to Nigeria.
The EFCC’s investigation revealed that between 2021 and 2022, international companies in Nigeria paid significant sums to secure forex approvals from Emefiele. The remaining $1,426,175.14 in the account, believed to be the proceeds of these unlawful activities, has now been seized by the Federal Government.