EFCC to Seize $1.4M ‘Proceeds of Crime’ in Titan Bank from Emefiele

The Economic and Financial Crimes Commission (EFCC) has requested the Federal High Court in Lagos to issue a final forfeiture order for $1.4 million and multiple properties tied to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).

The funds, according to the agency are proceeds of criminal activities and held in Titan Bank. This court action is one of several that the EFCC has initiated against Emefiele.

EFCC’s Allegations

The motion exparte filed by the EFCC’s lawyer, Bilikisu Buhari-Bala, on Wednesday claims Emefiele breached Section 44 (2)(B) of the 1999 Constitution of Nigeria, which governs the compulsory seizure of property.

During a period when obtaining foreign exchange in Nigeria was particularly challenging (2021-2022), Buhari-Bala alleged that individuals like Uzeobo Anthony and Adebanjo Olurotimi facilitated bribes for Emefiele to secure Forex approvals.

A total of USD 26,552 million was reportedly funneled into a Titan Trust Bank account controlled by a firm.

The Lawyer’s Statement

“That the said credits came into the account of the firm on November 9, 2021: $6,450,000; November 5, 2021: $6,050,000.00; December 16, 2021: $5,400,000.00; December 23, 2021: $652,000; January 31 2022; $3,000,000.00 and September 21, 2022: $5,000,000.00. 

“The investigation traced the funds to having been fixed into interest-yielding accounts, dissipated and laundered through a foreign account in Mauritius, and transported back to Nigeria under disguise. 

“That of the total sum of $26, 555, 000.00 US dollars received by the firm, the balance standing in the said account as of today is the sum of $1, 426, 175.14 million USD. 

“That it is the balance in the account that the applicant seeks to forfeit to the Federal Government of Nigeria, which has been traced to be the proceeds of unlawful activities of (GE) and his cronies.

“That investigation further revealed that the international entities sourcing for forex were pressured into parting with huge funds to access forex during the period. 

“That the signatories to the account warehousing the sum of $1, 426, 175.14 million USD, sought to be forfeited are at large and are making frantic efforts to dissipate the funds electronically.” 

The lawyer contended that the motion should be granted in the interim so that the funds would be preserved till the conclusion of the case. 

Court’s Response

Justice Ayokunle Faji responded to these serious allegations by ordering the temporary forfeiture of the funds and directed the EFCC to announce this decision in a national newspaper.

This allows anyone with a stake in the funds to make a case against their permanent forfeiture before the final hearing scheduled for June 25.

Emefiele’s Ongoin Trials

Emefiele’s legal woes extend beyond this case. Following his suspension by President Bola Tinubu, which paved the way for these investigations, Emefiele has faced a range of charges from illegal possession of firearms to procurement fraud, with some charges eventually dropped.

On April 4, 2024, he was charged with abusing his office by misallocating billions of dollars in foreign exchange, to which he has pleaded not guilty.