In a significant development, a Federal High Court sitting in Lagos, on Tuesday, ordered the final forfeiture of $1.4 million linked to Godwin Emefiele, the immediate past Governor of the Central Bank of Nigeria (CBN).
Justice Ayokunle Faji gave the order after hearing an application filed and argued by the Economic and Financial Crimes Commission (EFCC).
This order is coming a few days after another judge of the same court, Justice Chukwujekwu Aneke, ordered the final forfeiture of over N12.18bn in money and properties linked to the same Emefiele.
At tuesday’s proceedings, counsel to the EFCC, Bilkisu Buhari-Bala, urged Justice Faji to grant the final forfeiture order of the money, domiciled in an account number in Titan Trust Limited, to the Nigeria government.
The EFCC counsel told the court that the application is pursuant to Section 17 of the Advance Fee Fraud and Other Fraud-related Offences Act No. 14 2006, and section 44 (2)(B) of the 1999 Constitution of the Federal Republic of Nigeria.
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The EFCC alleges that the $1.4 million represents kickbacks received by Emefiele in exchange for approving forex allocations to multinational firms during a period of foreign exchange crisis in Nigeria. The funds were reportedly warehoused in a Titan Trust Bank account.
In ordering the final forfeiture of the money after listening to the submission of the EFCC lawyer, the court held that: “having been satisfied with the application and submission of Counsel, I hereby granted the prayer finally forfeiting the said funds in question.”
The EFCC had earlier secured an interim forfeiture order for the same amount on May 29, 2024.
The final forfeiture order was reportedly based on the EFCC’s argument that the funds were “proceeds of unlawful activities” by Emefiele.
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