In a significant legal development, the Federal High Court in Lagos issued an interim forfeiture order for $1,426,175.14 linked to former Governor of the Central Bank of Nigeria, Godwin Emefiele. This order, handed down by Justice Ayokunle Faji, directed the Economic and Financial Crimes Commission (EFCC) to publish the interim forfeiture order in a national newspaper. Interested parties were given a 14-day window to present reasons why the funds should not be permanently forfeited to the Federal Government.
The court order stemmed from an ex parte application brought before Justice Faji by EFCC counsel, Bilikisu Buhari-Bala. Buhari-Bala argued that the funds were suspected to be proceeds of unlawful activities by Emefiele, who is currently embroiled in three criminal trials. The EFCC investigator, David Jayeoba, alleged in an affidavit that the funds were discovered in a bank account following credible intelligence. It was further asserted that individuals acting on behalf of Emefiele received bribes to facilitate forex approvals during a period of forex scarcity.
According to Jayeoba, payments totaling $26,552,000 were made to a company's accounts, with significant transactions occurring between 2021 and 2022. Investigations revealed a pattern of funds laundering through a foreign account in Mauritius before returning to Nigeria. As of now, the balance in the account subject to forfeiture is $1,426,175.14.
Justice Faji, after granting the interim forfeiture order, adjourned the case till June 25 for the hearing on final forfeiture. This recent development follows closely on the heels of another interim forfeiture order issued on May 23, 2024, by Justice Yelim Bogoro of the same Federal High Court. In that instance, $4.7 million, N830 million, and properties linked to Emefiele were subject to interim forfeiture.
Emefiele is facing charges related to procurement fraud, the unauthorized redesign of naira notes, and forgery of ex-President Muhammadu Buhari’s signature to allegedly move funds out of the CBN. These legal proceedings underscore the gravity of the allegations against the former CBN governor and the ongoing efforts to address financial malfeasance within Nigeria's financial institutions.
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