The Federal High Court in Lagos has ordered the final forfeiture of $1,426,175.14 linked to the former Governor of the Central Bank of Nigeria, Godwin Emefiele. The court’s decision follows an application by the Economic and Financial Crimes Commission (EFCC) to forfeit the funds to the Federal Government.
The EFCC had earlier secured an interim order temporarily forfeiting the money on May 29, 2014. According to the anti-graft agency, the funds were proceeds of unlawful activities by Emefiele, who allegedly received kickbacks for approving forex allocation to multinational firms during the forex crisis in the country.
The EFCC’s investigation revealed that the funds were traced to an account domiciled in Titan Trust account number 2000000500, which was used to conceal and disguise proceeds of unlawful activities. The signatories to the account are currently at large and attempting to dissipate the funds electronically.
Justice Ayokunle Faji’s order follows a publication in the newspapers, giving anyone interested in the funds an opportunity to appear in court and show cause why it should not be permanently forfeited. No one came forward to claim the money, leading to the final forfeiture order.
This forfeiture comes days after the same court ordered the permanent forfeiture of choice properties worth N12.18bn linked to Emefiele. The EFCC’s investigation and legal action aim to recover proceeds of unlawful activities and combat financial crimes in Nigeria.