On Tuesday, June 25, the Federal High Court in Lagos ordered the permanent forfeiture of $1,426,175.14, identified as bribery proceeds linked to Godwin Emefiele, the immediate-past Governor of the Central Bank of Nigeria.
Justice Ayokunle Faji ruled that the funds be forfeited to the Federal Government.
This final forfeiture order followed an application by the Economic and Financial Crimes Commission (EFCC) on Tuesday. Previously, on May 29, 2014, the EFCC had secured an interim order temporarily forfeiting the money.
The judge instructed that the court order be published in newspapers, giving anyone with an interest in the funds the opportunity to appear in court and contest the permanent forfeiture.
At the hearing, EFCC counsel Mrs. Bilkisu Buhari-Bala stated that the commission had complied with the publication order, and no one had come forward to claim the money. She noted that the funds were proceeds of unlawful activities by Emefiele.
Buhari-Bala explained that an EFCC investigation revealed Emefiele received the dollars as kickbacks for approving forex allocations to multinational firms during Nigeria’s forex crisis.
The EFCC lawyer cited Section 17 of the Advance Fee Fraud and Other Fraud-related Offences Act as the basis for the forfeiture order.
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The $1.4 million forfeiture follows a recent court order for the permanent forfeiture of properties worth N12.18 billion from Emefiele.
In support of the forfeiture application, EFCC investigator David Jayeoba filed an affidavit stating that the agency uncovered the money through credible and direct intelligence.
The affidavit reads: “Part of the said funds, representing the proceeds of Godwin Emefiele and his associates’ unlawful activities, are retained in the accounts now sought to be forfeited.
“Godwin Emefiele enlisted Uzeobo Anthony and Adebanjo Olurotimi to conceal, retain, and disguise funds suspected to be proceeds of unlawful activities.
“Between 2021 and 2022, as accessing forex in Nigeria became difficult, various international entities operating in Nigeria resorted to alternative means to source forex.
“Both Uzeobo Anthony and Adebanjo Olurotimi collected bribes and gratifications on behalf of Godwin Emefiele to secure forex approvals.
“One entity deposited a total of $26,552,000 into the Titan Trust account number 2000000500. The credits occurred on the following dates: November 9, 2021 – $6,450,000; November 15, 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.
“The investigation traced these funds to interest-yielding accounts, laundered through a foreign account in Mauritius, and transported back to Nigeria under disguise.
“Of the $26,552,000 received by Donatus Limited, the balance in the account today is $1,426,175.14.
“The applicant seeks to forfeit this balance to the Federal Government of Nigeria, as it has been traced to be the proceeds of unlawful activities by Godwin Emefiele and his associates.
“The investigation further revealed that the international entities sourcing forex were pressured into parting with large sums to access forex during the period. The signatories to the account holding $1,426,175.14 are currently at large and are attempting to electronically dissipate the funds.”