A Federal High Court sitting in Lagos has ordered the final forfeiture of $1.4 million linked to the former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, ruling that the sum was proceeds of unlawful activities.

Justice Olayinka Faji, in his judgment on Thursday, upheld the arguments of the Economic and Financial Crimes Commission (EFCC) and directed that the funds be permanently forfeited to the Federal Government of Nigeria.

The EFCC, represented by its counsel, Bilkisu Bahari-Bala, informed the court that the sum of $1,426,175.14 was traced to the account of Donatone Limited at Titan Trust Bank (Account No. 2000000500). The anti-graft agency argued that investigations revealed the funds were linked to fraudulent financial transactions.

Investigation Uncovers Fraudulent Concealment

An affidavit deposed by EFCC investigator David Jayeoba detailed how intelligence reports led to the discovery of concealed funds in Donatone Limited’s account. The investigation allegedly uncovered a financial scheme involving Emefiele and his associates, including Donatone Limited’s directors, Uzeobo Anthony and Adebanjo Olurotimi.

According to Jayeoba, both men were instrumental in hiding and disguising the proceeds of illicit activities linked to Emefiele. The EFCC claimed that:

Anthony and Olurotimi acted as proxies for Emefiele, helping to retain and launder funds suspected to be proceeds of financial crimes.

The company, Donatone Limited, was allegedly used to collect bribes and gratification on behalf of the former CBN governor in exchange for foreign exchange (forex) approvals.

Court Grants Permanent Forfeiture

Justice Faji had earlier granted an interim forfeiture order on May 30, 2024, before delivering his final ruling on Thursday. The court’s decision now cements the Federal Government’s ownership of the confiscated funds.

The Nigerian Senate has suspended Senator Natasha Akpoti-Uduaghan for six months following allegations of misconduct and violation of the Senate’s Standing Rules.

Her suspension, announced during Thursday’s plenary session, stems from a heated dispute with Senate President Godswill Akpabio, whom she accused of sexual harassment—an allegation he has denied.

Reading the recommendations of the Senate Committee on Ethics, Privileges, and Code of Conduct, Akpabio declared:

“That the Senate do suspend Senator Natasha Akpoti-Uduaghan for six months for her total violation of the Senate Standing Rules (2023 as amended) for bringing the presiding officer and the entire Nigerian Senate to public opprobrium.”

Efforts by some senators to reduce the suspension to three months were unsuccessful as a majority vote upheld the six-month penalty. However, the Senate left room for reconsideration, stating that the suspension could be lifted or shortened if she submits a written apology.

“For the Senate to consider lifting this suspension or reducing the tenure of the suspension, Senator Natasha Akpoti-Uduaghan shall submit a written apology to the Senate before her reconsideration,” Akpabio added.

Despite the suspension, the Senate ruled that salaries for Akpoti-Uduaghan’s legislative aides should continue.

“The aides of Natasha are not Natasha,” Senator Orji Kalu argued while seeking an amendment to the sanctions. “It would be wrong for this Senate to deprive these aides of their allowances.”

Following the decision, the Kogi Central lawmaker was escorted out of the chamber by the Sergeant-At-Arms. Before exiting, she reportedly declared, “This injustice will not be sustained.”

Origins of the Controversy

The crisis began on February 20, 2025, after a seating arrangement dispute between Akpoti-Uduaghan and Akpabio. She later accused the Senate President of sexual harassment and abuse of office, submitting a petition to that effect.

However, the Senate Committee on Ethics, Privileges, and Public Petitions, led by Senator Neda Imasuen (Edo South), dismissed her claims. The committee ruled that her petition was “dead on arrival” due to procedural lapses, particularly her decision to personally sign the petition instead of securing an external endorsement.

Undeterred, Akpoti-Uduaghan re-submitted the petition, but the committee, on the same day, recommended her suspension for violating Senate rules.

Additional Sanctions

Apart from the suspension, the Senate resolved to:

Lock her office for the duration of the suspension.

Bar her from the National Assembly premises.

Halt her salary payments, although her aides will continue to receive their allowances.

A civil society organization, Global Integrity Crusade Network (GICN), has officially retracted allegations of corruption and other unwholesome activities previously made against Guaranty Trust Bank (GTB) Limited, a subsidiary of Guaranty Trust Holding Company Plc (GTCO).

In a statement released in Abuja on Tuesday, the President of GICN, Edward Omaga Esq., admitted that the Private Investigation Report (PIR) presented to the media on October 3, 2024, and submitted to regulatory agencies in Nigeria, the UK, the USA, and Ghana, was based on unverified information obtained from the internet.

Omaga acknowledged that the documents used to compile the PIR were baseless and did not accurately reflect the true state of affairs regarding GTB Limited and its management.

“In other words, the position taken by Global Integrity Crusade Network in the PIR was misguided. It has become clear that Guaranty Trust Bank Limited, its Management, and the entire GTCO brand are not under any financial or regulatory scrutiny in Nigeria or abroad as alleged,” he stated.

Addressing concerns raised in the PIR, Omaga clarified that GTB Limited operates in strict compliance with regulatory standards. He dismissed allegations of unsolicited account openings, stating that the bank adheres to due process while upholding data privacy laws.

On the issue of profit declaration for the period ending June 30, 2024, Omaga affirmed that GTB Limited had fully complied with legal requirements set by the Central Bank of Nigeria (CBN), the Financial Reporting Council of Nigeria (FRCN), and the Securities and Exchange Commission (SEC).

“It was therefore not appropriate for GICN to query the Audited Consolidated and Separate Financial Statements for the period ended June 30, 2024, released by GTCO Plc to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE),” he added.

Omaga further stated that GTB Limited’s corporate image and integrity remain intact in all foreign markets where it operates. He downplayed previous concerns about financial penalties paid in the UK and the temporary suspension of the bank’s Foreign Exchange Trading Licence in Ghana, describing them as minor regulatory matters that had long been resolved.

As part of its retraction, GICN issued a public apology to GTB Limited and its management, particularly GTCO’s Group Chief Executive Officer, Mr. Segun Julius Agbaje.

“The group wishes to sincerely apologize through this medium for misleading the public towards having any negative perception about GTB Limited. Specifically, GICN implores Mr. Segun Julius Agbaje to forgive its shortcomings and consider the group as a partner in the sustained drive of the bank to provide quality financial services across Nigeria, Africa, and the world at large,” Omaga stated.

He further disclosed that GICN had, on Thursday, February 27, 2025, formally withdrawn the PIR and all court cases related to the matter.