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Emefiele Faces Legal Heat: Court Grants Interim Forfeiture Of Suspected Illicit Funds
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Emefiele faces charges including procurement fraud, unauthorized redesign of naira notes, and forgery of ex-President Buhari’s signature.
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High Court orders interim forfeiture of $1,426,175.14 linked to Godwin Emefiele.
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EFCC instructed to publish the order in a national newspaper; interested parties given 14 days to appear.
EKO HOT BLOG reports that the Federal High Court in Lagos ordered on Wednesday the interim forfeiture of $1,426,175.14 linked to former Central Bank Governor Godwin Emefiele.
Justice Ayokunle Faji instructed the EFCC to publish the interim forfeiture order in a national newspaper.
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Interested parties have 14 days to appear before the judge and show cause why the funds should not be permanently forfeited to the Federal Government.
This ruling stems from an ex parte application, marked FHC/L/CS/232/2024, brought forth by EFCC counsel, Bilikisu Buhari-Bala.
Buhari-Bala told Justice Faji that the funds were reasonably suspected to be proceeds of unlawful activities of Emefiele, who is currently facing three criminal trials.
She said the court was empowered by Section 17 of the Advance Fee Fraud and Other Related Offences Act, 2006 to order the forfeiture of the funds.
In support of the ex parte application, EFCC investigator David Jayeoba revealed that credible intelligence led to the discovery of funds in a bank account.
Court Grants Interim Forfeiture
Allegedly, between 2021 and 2022, during a forex scarcity period, Uzeobo Anthony and Adebanjo Olurotimi, directors of Donatone Limited, received bribes on behalf of Emefiele to expedite forex approvals.
The investigator disclosed that payments totaling $26,552,000 were deposited into Donatone’s accounts, with notable transactions occurring on specific dates in 2021 and 2022.
“That Uzeobo Anthony and Adebanjo Olurotimi used the firm to collect bribes and gratification on behalf of Godwin Emefiele, to get approval for accessing forex. And that one of the entities (NP) paid a total sum of $26,552 million USD, into the account of the firm domiciled in Titan Trust account number 2000000500.
“That the said credits came into the account of the firm on November 9, 2021: $6,450,000, November 5, 2021: $6,050,000, December 16, 2021: $5,400,000, December 23, 2021: $652,000; January 31 2022; $3,000,000 and September 21, 2022: $5,000,000.
“Investigations revealed that the funds were laundered through a foreign account in Mauritius before being returned to Nigeria.
‘As of now, the balance in the account is $1,426,175.14, which the EFCC seeks to forfeit to the Federal Government as proceeds of unlawful activities.
“Investigation further revealed that the international entities sourcing for forex were pressured into parting with huge funds to access forex during the period.
“That the signatories to the account warehousing the sum of $1, 426, 175.14 million USD, sought to be forfeited are at large and are making frantic efforts to dissipate the funds electronically.
“Based on our investigation findings, the funds sought to be forfeited are proceeds of unlawful activities of and his cronies.
“It is in the interest of justice to grant this application.”
Justice Faji after granting the interim forfeiture order adjourned till June 25 for the hearing on the final forfeiture.
Days prior to Wednesday’s forfeiture, Justice Yelim Bogoro of the Federal High Court, on May 23, 2024, ordered the interim forfeiture of $4.7 million, N830 million, and properties associated with Emefiele.
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Emefiele faces charges related to procurement fraud, unauthorized redesign of naira notes, and forgery of ex-President Muhammadu Buhari’s signature to allegedly transfer funds out of the CBN.
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