The Federal High Court in Lagos has ordered the final forfeiture of $1,426,175.14, which the Economic and Financial Crimes Commission (EFCC) linked to alleged fraudulent activities involving former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

Delivering the judgment on Thursday, Justice Ayokunle Faji ruled that the funds were proceeds of unlawful activities and should be forfeited to the federal government. The EFCC, through its counsel Bilkisu Bahri-Bala, provided evidence that the money was hidden in an account belonging to Donatone Limited at Titan Trust Bank.

According to an affidavit by EFCC investigator David Jayeoba, intelligence reports led to the discovery of these funds, which were allegedly concealed by Emefiele and his associates to disguise illicit financial transactions.

The investigation revealed that between 2021 and 2022, during Nigeria’s forex crisis, Emefiele and his cronies allegedly extorted bribes from companies seeking foreign exchange approvals. One such entity reportedly deposited over $26.5 million into Donatone Limited’s account.

Justice Faji had earlier ordered an interim forfeiture of the funds on May 30, 2024, before issuing the final ruling.