Lagos – A judge has ordered the permanent seizure of $1.4 million tied to Godwin Emefiele, the former head of Nigeria’s central bank. The court found the money linked to a complex fraud scheme.
Justice Ayokunle Faji ruled the funds should be forfeited to the government. His decision comes after investigators traced the money through multiple accounts.
- The money trail led to Mauritius and back.
- Emefiele allegedly extorted businesses seeking foreign exchange.
The Economic and Financial Crimes Commission (EFCC) presented evidence that convinced the court. They showed the $1.4 million was the fruit of illegal deals, funneled through a company called Donatone Limited.
An EFCC investigator, David Jayeoba, revealed how they uncovered the hidden cash. The scheme allegedly involved Emefiele and two associates.
“We found that over $26 million went into the firm’s account,” Jayeoba told the court. “$1.4 million remained, and we needed to seize it.”
The EFCC alleges that Emefiele and his network shook down businesses needing foreign exchange. They forced companies to pay bribes for approvals. One company, NP, reportedly paid $26.5 million into Donatone Limited’s account.
Justice Faji noted that the account holders are on the run. He added they were actively trying to drain the account electronically.
With this court order, the Nigerian government now takes full control of the $1.4 million. The case continues to send shockwaves through Nigeria’s financial sector.
