In a significant ruling, Justice Ayokunle Faji has ordered the final forfeiture of funds held in an account with Titan Trust Limited, connected to former Central Bank Governor Godwin Emefiele, to the Nigerian government. This decision came after the Economic and Financial Crimes Commission (EFCC), represented by Bilkisu Buhari-Bala, presented an application arguing that the funds were proceeds of fraudulent activities and should be forfeited under the Advance Fee Fraud and Other Fraud-related Offences Act and the Nigerian Constitution. The EFCC’s investigation implicated Donatone Limited and its directors in concealing these funds.
The EFCC’s application was supported by an affidavit detailing the alleged unlawful activities linked to Emefiele and his associates. The affidavit revealed that between 2021 and 2022, significant amounts were deposited into the Titan Trust Bank account, including $26.55 million from various international entities seeking access to foreign exchange in Nigeria. The funds were reportedly laundered through a foreign account and then transferred back to Nigeria. The remaining balance of $1.43 million in the Titan Trust account was sought for forfeiture by the EFCC.
Justice Faji, after considering the EFCC’s evidence and arguments, granted the final forfeiture order. This ruling follows a similar decision by Justice Chukwujekwu Aneke, who ordered the forfeiture of over N12.18 billion in money and properties linked to Emefiele. The court’s decision reflects ongoing efforts to address financial crimes and recover assets deemed to be proceeds of unlawful activities in Nigeria.