In a significant development in the fight against corruption, a Federal High Court in Lagos has ordered the final forfeiture of $1.4 million linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
The order was given by Justice Ayokunle Faji on Thursday, March 6, 2025, following a motion filed by the Economic and Financial Crimes Commission (EFCC).
The EFCC had been investigating Emefiele for alleged corruption and money laundering. The commission had traced the funds to Donatone Limited’s account with Titan Trust Bank and alleged that they were proceeds of unlawful activities. According to EFCC investigator David Jayeoba, the funds were initially part of a larger sum of $26.55 million and had been fixed in interest-yielding accounts, laundered through a foreign account in Mauritius, and later returned to Nigeria under disguise.
Justice Faji, in his ruling, held that the funds were proven to be proceeds of unlawful activities and must be forfeited to the Federal Government. The court’s ruling marks the latest in a series of asset seizures obtained by the EFCC against Emefiele, following his suspension and removal from office by President Bola Tinubu in 2023.
In February 2025, Justice Yellim Bogoro of the Federal High Court ordered the final forfeiture of $4.7 million, N830 million, and multiple properties linked to Emefiele. The affected properties include 94 units of an 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; and Imore Industrial Park 1, located on Esa Street, Imoore Land, Amuwo Odofin LGA, Lagos.
The final forfeiture of $1.4 million linked to Emefiele sends a strong message that corruption will not be tolerated in Nigeria. The ruling also demonstrates the effectiveness of the EFCC in investigating and prosecuting corruption cases. The forfeiture of the funds will also boost the Federal Government’s efforts to recover stolen assets and use them for the benefit of the Nigerian people.
The court’s ruling is a significant victory in the fight against corruption in Nigeria. It demonstrates the commitment of the EFCC to investigating and prosecuting corruption cases, and the effectiveness of the judiciary in upholding the rule of law. As Nigeria continues to grapple with the challenges of corruption, the final forfeiture of $1.4 million linked to Emefiele serves as a reminder that corruption will not be tolerated and that those found guilty will face the consequences.