Lagos, Nigeria – March 7, 2025
A court in Lagos has ruled that the Nigerian government should take ownership of $1.4 million that was linked to Godwin Emefiele, the former head of the Central Bank of Nigeria (CBN). The court says this money was gained through illegal activities.
The case was brought by Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), which investigates fraud and corruption. According to the EFCC, the money was found in the account of a company called Donatone Limited at Titan Trust Bank. The agency says Emefiele and some associates used this company to hide money they got through fraud.
How Was the Money Found?
Investigators said they followed intelligence reports that led them to Donatone Limited. They believe that between 2021 and 2022, when Nigeria was struggling with a shortage of foreign currency, Emefiele and his associates took bribes from businesses that wanted approval to get foreign exchange.
One such company, identified as NP, reportedly deposited $26.5 million into Donatone Limited’s bank account. The EFCC argued that at least $1.4 million of this money should be taken by the government because it came from illegal transactions.
A judge, Justice Ayokunle Faji, agreed with the EFCC’s argument and first ordered a temporary forfeiture of the money on May 30, 2024. Now, on March 7, 2025, the judge made the ruling final, meaning the government can take the money permanently.
Emefiele’s Other Forfeitures
This is not the first time a court has taken away Emefiele’s money and properties. On February 21, 2025, another judge, Justice Yellim Bogoro, ruled that $4.7 million, ₦830 million, and several properties linked to Emefiele must be given to the government.
These properties include:
- 94 apartments in a tall building in Ikoyi, Lagos
- AM Plaza, an 11-floor office space in Lekki, Lagos
- A large industrial park in Amuwo Odofin, Lagos
- Two properties bought from Chevron Nigeria in Lekki, Lagos
- A property in Texas, USA, registered under a company called Lipam Investment Services
Earlier, on November 1, 2024, another judge, Justice Deinde Dipeolu, had also ordered the forfeiture of $2.04 million, seven landed properties, and some share certificates linked to Emefiele.
What Happens Next?
The EFCC continues to investigate corruption in Nigeria. These court rulings show that money and properties obtained illegally can be taken away by the government. Emefiele’s case is one of many where former officials are being held accountable for their actions.
