In yet another twist to the ongoing corruption allegations against former Central Bank of Nigeria (CBN) Governor Godwin Emefiele, the Federal High Court in Lagos has ordered the final forfeiture of $1,426,175.14 to the Federal Government. The court ruled that the money linked to illicit financial activities was unlawfully acquired and must be surrendered.
How the Money Was Traced
The Economic and Financial Crimes Commission (EFCC), represented by counsel Bilkisu Buhari-Bala, revealed that the funds were found in the Titan Trust Bank account of Donatone Limited, a company allegedly used to funnel illicit money. The anti-graft agency traced the funds to a broader scheme involving bribery and money laundering during Emefiele’s tenure at the apex bank.
According to EFCC investigator David Jayeoba, intelligence reports indicated that between 2021 and 2022, when Nigeria was grappling with foreign exchange (forex) scarcity, Emefiele and his associates allegedly collected bribes and kickbacks from businesses seeking forex approvals. One such company reportedly paid $26.5 million into Donatone Limited’s account, which was later funneled through a foreign bank before being brought back to Nigeria. The remaining balance of $1.4 million was flagged and seized.
The Court’s Verdict
Justice Ayokunle Faji had earlier issued an interim forfeiture order on May 30, 2024, but after reviewing the case, he ruled on March 6, 2025, that the money must be permanently forfeited. He noted that the EFCC had provided irrefutable evidence that the funds were linked to unlawful transactions and no legitimate claims had been made to reclaim them.
A Warning to Corrupt Officials
This latest ruling is yet another blow to Emefiele, who has faced multiple corruption allegations since leaving office. More importantly, it sends a strong message to public officials who engage in financial misconduct. The case highlights Nigeria’s ongoing battle against high-level corruption and reinforces the government’s commitment to accountability.
