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 post Court Orders Final Forfeiture of $1.4m Linked to Ex- CBN Governor, Emefiele first appeared on MegaIcon Magazine.

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Operatives of the Department of State Services (DSS), have re-arrested the suspended Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, after a tussle with officials of the Nigerian Correctional Service (NCS).

Meanwhile,  shortly,  after the ruling, DSS operatives strategically positioned their Hilux Pick Up van used in bring Emefiele to court, in a manner suggesting that they wanted to take him back to their detention centre.

This, according to reports, prompted Emefiele’s lead counsel, Joseph Daudu, a Senior Advocate of Nigeria (SAN), and other lawyers to raise an alarm about their client’s planned re-arrest by the secret police.

The post Ex-CBN governor, Emefiele re-arrested first appeared on MegaIcon Magazine.

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