Justice Ayokunle Faji, in his ruling on Thursday, determined that the sum was the proceeds of unlawful activities and must be permanently forfeited to the federal government.
The Economic and Financial Crimes Commission (EFCC), represented by its counsel Bilkisu Buhari-Bala, had petitioned the court, revealing that the funds were traced to an account belonging to Donatone Limited at Titan Trust Bank. Investigations confirmed that the money was connected to illicit dealings.
An affidavit by EFCC investigator David Jayeoba disclosed that intelligence reports led to the discovery of the concealed funds. The probe uncovered a scheme where Emefiele and his associates—including Donatone Limited’s directors, Uzeobo Anthony and Adebanjo Olurotimi—allegedly funneled and laundered illicit proceeds.
The EFCC further alleged that between 2021 and 2022, when Nigeria faced a severe foreign exchange crisis, Emefiele and his associates exploited the situation by demanding bribes from businesses seeking forex allocations. One such company reportedly deposited $26.5 million into Donatone Limited’s account.
Justice Faji had previously granted an interim forfeiture order on May 30, 2024. In his final ruling, he noted that the funds had been laundered through foreign accounts and reintegrated into Nigeria under false pretenses. He also stated that the signatories to the implicated account remain at large and are attempting to dissipate the remaining balance of $1.4 million electronically.
With this ruling, the funds are now officially forfeited to the Nigerian government.
