The Economic and Financial Crimes Commission (EFCC) has secured a final forfeiture order from the Federal High Court in Lagos for $1.4 million allegedly connected to Godwin Emefiele, a former governor of the Central Bank of Nigeria (CBN).
The latest feature order closely behind another court decision in Lagos, which ordered the final forfeiture of properties valued at N11.14 billion and N1.04 billion in cash, was also traced to Emefiele by the EFCC.
The EFCC asserted that the funds, believed to be proceeds of crime, are held in Titan Bank with Emefiele’s knowledge.
These proceedings are part of multiple lawsuits against Emefiele, during which an interim forfeiture order on the funds had been previously approved by the court.
According to the motion filed by Bilikisu Buhari-Bala, EFCC counsel, the former CBN governor allegedly violated Section 44 (2)(B) of the 1999 Constitution.
This section stipulates that no movable property or interest in immovable property can be compulsorily taken except as a penalty or forfeiture for law violations.
Buhari-Bala noted that between 2021 and 2022 when Nigeria faced foreign exchange shortages, several international entities operating in the country had to find alternative means to source forex.
“During this period, Uzeobo Anthony and Adebanjo Olurotimi allegedly used a firm to collect bribes and gratifications on behalf of Emefiele for forex approvals.
“One entity, identified as NP, reportedly paid a total of $26.552 million into the firm’s Titan Trust account”, he added.
Buhari-Bala further stated, “The investigation traced the funds to interest-yielding accounts, which were then laundered through a foreign account in Mauritius and returned to Nigeria disguised.”
On Tuesday, the EFCC urged the court to grant the permanent forfeiture of the funds. Justice Ayokunle Faji, after considering the prosecution’s argument, ordered the final forfeiture of the money.
“Having been satisfied with the application and submission of Counsel, I hereby grant the prayer finally forfeiting the said funds in question,” Faji declared.
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