Court Orders Permanent Forfeiture of N2.1 Trillion Linked to Ex-CBN Governor Emefiele

A Federal High Court in Lagos has ordered the final forfeiture of $1,426,175.14 (about N2,144,867,578.30) linked to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, following allegations of fraud.

Justice Ayokunle Faji gave the ruling on Thursday, agreeing with the Economic and Financial Crimes Commission (EFCC) that the money was gotten from illegal activities and should be handed over to the Nigerian government.

The EFCC, represented by lawyer Bilkisu Bahri-Bala, told the court that the money was traced to an account owned by Donatone Limited at Titan Trust Bank with account number 2000000500. According to the commission, the funds were linked to fraudulent schemes during Emefiele’s time in office.

An affidavit by EFCC investigator David Jayeoba revealed that credible intelligence led to the discovery of the suspicious funds. The investigation uncovered what the EFCC described as “massive fraud” involving Emefiele and his associates.

The affidavit also claimed that two individuals, Uzeobo Anthony and Adebanjo Olurotimi, who are directors of Donatone Limited, were used by Emefiele to hide the funds. The EFCC accused them of helping Emefiele to conceal, retain, and disguise the proceeds of unlawful activities.

The investigation further alleged that during the forex crisis between 2021 and 2022, Emefiele and his associates collected bribes from companies in need of foreign currency approvals. Jayeoba claimed that one of these companies paid a total of $26,552,000 into Donatone Limited’s account at Titan Trust Bank.

This latest ruling comes after an interim forfeiture order was given on May 30, 2024.

Emefiele, who was CBN governor from 2014 to 2023, has been accused of several cases of corruption and abuse of power. His tenure was marked by controversial policies like the naira redesign and cashless policy, which led to severe cash shortages and hardship for Nigerians in early 2023.

The cashless policy, which limited cash withdrawals and pulled old naira notes out of circulation, was meant to fight corruption and promote financial inclusion. However, critics argue that it was poorly planned and mainly benefited a few powerful individuals, leaving ordinary Nigerians to suffer.

The policy caused chaos nationwide, with many businesses shutting down, protests breaking out, and the economy taking a hit.