The Federal High Court in Lagos has ordered the final forfeiture of $1.4 million in alleged fraud proceeds connected to former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

Justice Ayokunle Faji ruled yesterday that the funds, traced to the account of Donatone Limited at Titan Trust Bank, were proceeds of unlawful activities and must be forfeited to the Federal Government.

The Economic and Financial Crimes Commission (EFCC) had presented evidence linking the funds to fraudulent transactions, with an affidavit from EFCC investigator David Jayeoba detailing the intelligence that led to the discovery.

The investigation revealed a scheme involving Emefiele and his associates, including Donatone Limited’s directors, Uzeobo Anthony and Adebanjo Olurotimi.

The EFCC alleged that between 2021 and 2022, amid Nigeria’s foreign exchange scarcity, Emefiele and his associates extorted businesses seeking foreign exchange approvals, collecting bribes.

The case follows a series of asset seizures involving Emefiele, including properties and funds previously ordered to be forfeited in rulings earlier this year.