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Court Orders Forfeiture Of Emefiele’s $1.4m Bribery Proceeds

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The Federal High Court in Lagos, on Wednesday, ordered the interim forfeiture of $1,426,175.14 linked to former Governor of the Central Bank of Nigeria, Godwin Emefiele.

Justice Ayokunle Faji directed the Economic and Financial Crimes Commission to publish the interim forfeiture order in a national newspaper.

The judge said anyone interested in the funds must appear before him within 14 days to show cause why the funds should not be permanently forfeited to the  Federal Government.

The court order followed an ex parte application marked FHC/L/CS/232/2024, moved by EFCC counsel,  Bilikisu Buhari-Bala.

My boss colluded with external parties to rob our workplace, but I went to prison for it – Ex-inmate0.00 / 0.00

Buhari-Bala told Justice Faji that the funds were reasonably suspected to be proceeds of unlawful activities of Emefiele, who is currently facing three criminal trials.

She said the court was empowered by Section 17 of the Advance Fee Fraud and Other Related Offences Act, 2006 to order the forfeiture of the funds.

The EFCC investigator, David Jayeoba, who deposed to an affidavit in support of the ex parte application,  stated that credible intelligence led to the discovery of the funds in a bank account.

The investigator alleged that between 2021 and 2022, during a period of forex scarcity, one Uzeobo Anthony and Adebanjo Olurotimi, directors of Donatone Limited, collected bribes on behalf of Emefiele to facilitate forex approvals.

According to the investigator, payments, totaling $26,552,000, were made to Donatone’s accounts, with significant transactions on specific dates in 2021 and 2022.

“That Uzeobo Anthony and Adebanjo Olurotimi used the firm to collect bribes and gratification on behalf of Godwin Emefiele, to get approval for accessing forex. And that one of the entities (NP) paid a total sum of $26,552 million USD, into the account of firm domiciled in Titan Trust account number 2000000500.

EFCC secured 3,175 convictions, recovered N156bn in one year -Secretary

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

“Investigations revealed that the funds were laundered through a foreign account in Mauritius before being returned to Nigeria.

‘As of now, the balance in the account is $1,426,175.14, which the EFCC seeks to forfeit to the Federal Government as proceeds of unlawful activities.

“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.

“Based on our investigation findings, the funds sought to be forfeited are proceeds of unlawful activities of and his cronies.

“It is in the interest of justice to grant this application.”

Justice Faji after granting the interim forfeiture order adjourned till June 25 for the hearing on the final forfeiture.

The Wednesday forfeiture comes days after Justice Yelim Bogoro of the same Federal High Court on May 23, 2024, ordered the interim forfeiture of $4.7 million, N830 million, and properties linked to Emefiele.

Emefiele is currently facing charges bordering on procurement fraud, authorised redesign of the naira notes and forgery of ex-President Muhammadu Buhari’s signature to allegedly move funds out of the CBN.

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President  Bola  Ahmed Tinubu Charts New  Course  For Nigeria’s Tax Systems

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President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to comprehensive tax reforms, aimed at creating a robust, transparent, and fair tax system that supports enterprise, reduces poverty, and delivers on national development goals.

Speaking at the 27th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN), themed: *Taxation for Development: Policies, Law and Implementation,* in Abuja today, President Tinubu highlighted the government’s efforts to restructure and modernize Nigeria’s tax administration and legal framework.

Represented by the Honourable Minister of State for Finance Dr Doris Uzoka-Anite, the President noted that the establishment of the Presidential Committee on Fiscal Policy and Tax Reforms and the passage of the Economic Stabilization Bills into law are significant steps towards simplifying the tax system, broadening the tax base, and ensuring alignment between fiscal policy and national development objectives.

*A robust, transparent, and fair tax system is essential for financing government operations and creating an environment of accountability, stability, and long-term development,* he stated 

The President also emphasized the importance of leveraging technology and data analysis to enhance tax compliance and improve service delivery, citing the digitization of tax processes as a positive development.

President Tinubu called on stakeholders, particularly tax professionals and policymakers, to engage meaningfully and craft pathways that will strengthen tax institutions, boost revenue, and improve the lives of Nigerians. 

The President declared the conference open, expressing confidence that the ideas shared and partnerships formed would contribute significantly to deepening tax reform and development in Nigeria.

As Nigeria embarks on this new chapter in its tax reform journey, the government’s commitment to transparency, fairness, and development is poised to yield significant benefits for the nation’s economy and citizens

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Africa’s Future Is Here: Invest In Nigeria , Uzoka-Anite Urges  Global  Investors 

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Nigeria’s Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite has called on global investors to tap into Nigeria’s vast opportunities, highlighting the country’s economic pivot and potential for sustainable growth. 

This appeal was made during her address at the Milken Institute Global Conference 2025, New York, USA 

She stated that Nigeria is deepening intra-African trade and investment through the African Continental Free Trade Area (AfCFTA), unlocking value across the continent. The AfCFTA’s phased implementation, Uzoka-Anite said, will reduce tariffs on 90% of goods traded within Africa, promoting intra-African trade and regional value chain development. 

This strategic move positions Nigeria for high-potential investment opportunities in key sectors such as agriculture, energy, digital economy, manufacturing, infrastructure, mining, and healthcare.

The Minister explained that Nigeria’s startup ecosystem is dynamic, with opportunities for investment in fintech, agritech, edtech, logistics, and health. *The government is committed to supporting startups through regulatory reforms, catalytic funding, and talent development,* she noted.

Dr. Uzoka-Anite emphasized that *Nigeria is actively pivoting by deepening intra-African trade and investment, particularly through mechanisms like the African Continental Free Trade Area (AfCFTA).* She noted further,  *We’re not simply seeking aid or short-term capital, but strategic collaborations that recognize the continent’s potential as the next frontier for sustainable growth and innovation.*

To achieve its economic objectives, Nigeria is streamlining the investment climate, improving infrastructure, and enhancing trade efficiency. The government is also implementing initiatives to support the startup ecosystem, including regulatory reforms and catalytic funding.

The Minister’s address to the global community underscores Nigeria’s commitment to becoming a hub for sustainable growth and innovation in Africa, presenting a compelling case for global investors to explore opportunities in the country.

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FG Seeks  Synergy  With  Traditional Institutions To Promote Economic Growth, Social  Cohesion 

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The Federal Government has reaffirmed its commitment to partnering with traditional institutions and other relevant stakeholders to drive economic growth and social cohesion in the country.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, gave the assurance today during a courtesy visit to the Lamido of Adamawa, His Royal Highness Dr Muhammadu Barkindo Aliyu Mustapha, Chairman of the Adamawa State Council of Traditional Rulers.

The Minister, who led the Top Management Staff of the Ministry on the courtesy call as part of activities lined up for the 2025 Performance Management Retreat, emphasised the importance of collaborative relationships between the Ministry and traditional institutions.

Represented by the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, the Minister highlighted the government’s determination to stabilise the nation’s economy and improve the lives of citizens, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

HM Edun outlined various efforts undertaken by the government to reposition the economy, including investing in infrastructure development; creating an enabling environment to attract domestic and foreign investment; implementing fiscal reforms to improve revenue generation and promote sustainable economic growth; supporting farmers and promoting agricultural productivity; as well as investing in education, healthcare, and skills development.

He expressed optimism that these initiatives would yield positive results and improve the lives of Nigerians.

He also thanked the Adamawa State Government and the good people of the State for agreeing to host the retreat.

The Lamido appreciated the Ministry’s initiative and pledged his support for the government’s economic growth and development efforts in Adamawa State.

This visit marked the conclusion of the 2025 Senior Management Staff Retreat and represents a significant step towards fostering collaborative relationships between the Federal Ministry of Finance and traditional institutions—driving economic growth and promoting social cohesion.

As the Ministry continues to leverage these partnerships, it remains committed to working together towards a brighter future for Nigeria

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