The Federal High Court of Nigeria has ordered the final forfeiture of $1.4 million linked to the former Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele. Justice Ayokunle Faji directed the funds be forfeited to the Federal Government of Nigeria.
The ruling followed an application from the Economic and Financial Crimes Commission (EFCC), which previously secured an interim order for temporary forfeiture of the money on May 29, 2024.
The EFCC through, Ms Bilkisu Buhari-Bala, confirmed that the commission had followed the court’s order to publish the interim forfeiture in newspapers to give any interested parties a chance to contest the forfeiture. However, Buhari-Bala noted that no claims were made.
Consequently, during Tuesday’s proceedings, Buhari-Bala asked the court to grant the final forfeiture order of the money to the government.
She argued that the funds in question were the proceeds of unlawful activities by Emefiele.
To support these claims, the EFCC presented an affidavit deposed by David Jayeoba, an Investigating Officer with the EFCC, who stated that he had traced the funds after receiving credible intelligence.
Further, the EFCC claimed that their investigation indicated that Emefiele received kickbacks for approving foreign exchange allocations to multinational companies during a forex crisis in Nigeria.
Further, Jayeoba’s affidavit revealed that the funds were laundered through various accounts and foreign transactions before being traced back to Nigeria. The remaining balance ($ 1.4 million) believed to be part of these illicit transactions, was retained in an account with Titan Trust Bank.
“That investigation further revealed that the international entities sourcing for forex were pressured into parting with considerable funds to access forex during the period. And that the signatories to the account warehousing the sum of ($1,426 175.14) sought to be forfeited are at large and are making frantic efforts to dissipate the funds electronically,” Jayeoba’s affidavit read in parts.
“Based on our investigation findings, the funds sought to be forfeited are proceeds of unlawful activities of Godwin Emefiele and his cronies. And that the applicant secured an interim forfeiture order of the Honourable Court on the 29th Day of May 2024 to forfeit the sum of $1 426 175.14 warehoused in Titan Trust Bank to the Federal Government of Nigeria.”
After hearing the EFCC’s submission, Justice Faji granted the final forfeiture of the funds to the Federal Government.
This case is just one in a long list of legal troubles plaguing Emefiele since his suspension by President Bola Tinubu on June 9, 2023.
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Emefiele’s charges
The former CBN governor has been embroiled in a series of legal cases encompassing, fraud, corruption and financial misconduct.
Procurement fraud
Emefiele is currently on trial after being accused of using his position and office to confer unfair and corrupt advantage on two companies; April 1616 Nigeria Ltd and Architekon Nigeria Ltd, a company linked to his wife, Margaret Omoyile.
Moreover, the former CBN governor is facing charges for knowingly obtaining, by false pretence, $6.2 million. This he allegedly did by falsely representing the Secretary to the Government of the Federation vide a letter dated Jan. 26, 2023, with Ref No. SGF 43/L.01/201 and requesting the CBN to provide a contingent logistic advance for $6,230,000 “in line with Presidential directive.”
Receiving bribes
The EFCC including in their most recent application to have the EX-CBN governor’s funds and properties forfeited to the government has alleged that Emefiele received several bribes from multinationals.
In addition, in April, A former Director of Information Technology with the CBN, John Ayoh alleged that he had received $600,000 in two instalments from two contractors on behalf of Emefiele.
Money laundering
Emefiele is also charged with money laundering. During their investigation, the EFCC revealed that Emefiele had moved illegal funds through various accounts both foreign and local to disguise their origin.
Obtaining property fraudulently
The court has already ordered the forfeiture of properties worth N12.18 billion($7.9 million) linked to Emefiele. The EFCC claimed that these properties were obtained using the proceeds of fraud.
The EFCC disclosed that Emefiele used proxies to acquire said properties which include shops, apartments, lands, and apartments located in highbrow areas.
Embezzlement
Emefiele and his close associates including his wife have been accused of embezzling public funds. The pair alongside three others were in February declared wanted by the EFCC. The commission claimed that they conspired to embezzle money from the national treasury.
“The quartet of Eric Ocheme Odoh, Margaret Dumbiri Emefiele, Anita Joy Omoile and Jonathan Omoile are wanted by the EFCC for offences bordering on economic and financial crimes. Any information on their whereabouts? Please contact the nearest EFCC command or the nearest police station,” a notice from the EFCC read.
“The public is hereby notified that persons, whose photographs appear above (mugshots) are wanted by the Economic and Financial Crimes Commission (EFCC) for allegedly conspiring with a former Central Bank of Nigeria, Godwin Emefiele to convert huge sums of money belonging to the Federal Government of Nigeria and committed felony to wit: Obtaining money by false pretences and stealing contrary to and punishable under sections 411, 287 and 314 of the Criminal Law of Lagos State.’’
