Lagos, Nigeria– In a stunning blow to one of Nigeria’s most controversial financial figures, a Federal High Court today ordered the final forfeiture of $1.4 million (₦2.1 billion) linked to ex-Central Bank Governor Godwin Emefiele, marking a dramatic climax to the Economic and Financial Crimes Commission’s (EFCC) explosive corruption probe.
Justice Ayokunle Faji ruled that the funds, stashed in Titan Trust Bank account 2000000500 under the shadowy firm Donatone Limited, were “proceeds of fraud” masterminded by Emefiele and his cronies during his tumultuous nine-year reign at the CBN. The EFCC’s bombshell affidavit, sworn by investigator David Jayeoba, exposed a labyrinth of illicit deals, alleging the ex-bank chief and his allies – including directors Uzeobo Anthony and Adebanjo Olurotimi – siphoned millions through kickbacks disguised as forex transactions.
“These funds represent the fruits of monumental fraud,” declared EFCC lawyer Bilkisu Bahri-Bala, revealing how $26.5 million flowed into Donatone’s account during Nigeria’s crippling 2021–2022 forex crisis. Emefiele, accused of exploiting his role to extort desperate businesses, allegedly hoarded dollars while ordinary Nigerians battled hyperinflation and cash shortages sparked by his controversial naira redesign policy.
The ruling reignited public fury over Emefiele’s legacy: a toxic cocktail of economic sabotage, policy chaos**, and elite greed. Critics blame his “cashless” gambit for 2023’s nationwide riots, as ATMs ran dry and markets collapsed.
With the EFCC vowing to “uncover more hidden loot,” Emefiele’s empire of secrecy crumbles – but will Nigeria ever recover from his reign?
