News
Again! Court Forfeits Another $1.4m Linked To Ex-CBN Boss, Emefiele
By Kayode Sanni-Arewa
Justice Ayokunle Faji, of a Lagos Federal High Court, on Wednesday, ordered interim forfeiture of the sum of $1, 426, 175.14 million, linked to the former governor of the Central Bank of Nigeria (CBN) Godwin Ifeanyi Emefiele.
Apart from forfeiting the mentioned sum, Justice Faji also, ordered the EFCC to published the interim forfeiture order in a national newspaper, for anyone interested in the money sought to be forfeited to appear before the Court and show cause within 14 days, why the final order of forfeiture of the said sum should not be made in favour of the Federal Government of Nigeria.
Justice Faji, made the above orders, while granting an Exparte motion marked FHC/L/CS/232/2024, moved by Mrs. Bilikisu Buhari-Bala, lawyer to the Economic and Financial Crimes Commission (EFCC).
The money forfeited in the interim is said to be in Donatone Limited’s account number: 2000000500 domiciled in Titan Bank Limited.
In asking the court for the orders, Mrs. Buhari-Bala, told the court that the orders sought for are pursuant to Section 17 of the Advance Fee Fraud and other fraud-related Offences Act No. 14, 2006, and Section 44 (2)(B) of the 1999 Constitution of the Federal Republic of Nigeria.
She also informed the court the grounds for the orders are: “that this honourable court has the statutory powers under the provisions of section 17 of the Advance Fee Fraud and Other Related Offences Act, 2006 to grant the reliefs being sought.
“That the funds sought to be forfeited are reasonably suspected to be proceeds of unlawful activities.”
Mrs. Buhari-Bala also told the court that he motion Exparte is supported with an affidavit deposed to by one David Jayeoba, an investigator with the EFCC.
In the affidavit, the deponent stated that his commission received a credible and directed intelligence which led to the tracing of funds reasonably suspected to be proceeds of unlawful activities warehoused in the Donatone Limited (DL) Titan Trust Bank account, which funds are reasonably suspected to be part of proceeds of unlawful activities.
The deponent stated that the EFCC, whilst investigating the monumental fraud carried out by the erstwhile Centra Bank of Nigeria Governor, Mr Godwin Emefiele (GE) and his Cronies, discovered a huge amount of money warehoused and concealed in the account of Donatone Limited, domiciled in Titan Trust Bank.
He stated that investigation revealed that some of the brains behind the fraudulent concealment of funds reasonably suspected to have been proceeds of unlawful activities of the erstwhile Central Bank of Nigeria’s Governor, Mr Godwin Emefiele, are the natural persons behind Donatone Limited, Uzeobo Anthony and Adebanjo Olurotimi, who are directors Donatone Limited.
The deponent further stated the followings: “Between 2021 and 2022, when accessibility to Forex in Nigeria was difficult, several international entities operating in Nigeria had to resort to different means to source Forex.
“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.
“That the said credits came into the account of 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 firm, the balance standing in the said account as at 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. And 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. And that based on our investigation findings, the funds sought to be forfeited are proceeds of unlawful activities of (GE) and his cronies. And that it is in the interest of justice to grant this application.”
Justice Faji, after granted the orders, adjourned the matter to June 25, for hearing of the final forfeiture of the money.
It would be recall that Justice Yelim Bogoro had on May 25, 2024, ordered interim forfeiture of $4.7m, N830m, and some properties assets linked to Emefiele
The monies forfeited to the Federal Government in the interim were said to be warehoused in First Bank; Titan Bank and Zenith Bank, being operated by Omoile Anita Joy, Deep Blue Energy Service Limited, Exactquote Bureau De Change Ltd; Lipam Investment Services Limited, Tatler Services Limited, Rosajul Global Resources Ltd and TIL Communication Nigeria Ltd.
While the properties forfeited in the interim are: His properties forfeited to the Federal Government include 94 Units of an 11-floor building under Construction at 2, Otunba Elegushi 2nd Avenue (Formerly Club) Road, iKoyi, Lagos; AM Plaza, 11-floor office space, situate on 1E, Otunba Adedoyin Crescent, Lekki Peninsula Scheme 1, Lagos; Imore Industrial Park 1, Esa Street, Imoore Land purchased with (Deep Bive Industrial Town, Oriade LCDA, Amuwo Odofin LGA, Lagos, Mitrewood and Tatler Warehouse (Furniture Plant at Bogije) near Elemoro Lagos, Owolomi Village, ibeju-Lekki LGA, Lagos and two properties purchased from Chevron Nigeria, Closed PFA Fund, Block B. Lot twin completed property in Lakes Estate, Lekki, Lagos.
The Tertiary Education Trust Fund (TETFUND) has threatened to cut financial support to beneficiary tertiary institutions that fail to meet performance benchmarks or mismanage allocated funds.
The agency said it would de-list such tertiary institutions from its support programmes.
Executive Secretary of TETFUND, Sonny Echono gave the warning at a one-day strategic engagement with heads of institutions, bursars, and heads of procurement of the agency’s beneficiary institutions in Abuja on Monday.
Echono said the policy was not meant to punish, but rather safeguard the credibility and impact of TETFUND interventions.
He said: “Let me be clear, institutions that consistently fail to access, utilise or retire funds appropriately, or that fall short of enrollment and academic performance thresholds, risk being delisted as TETFUND beneficiary institutions.”
He also disclosed the intention of TETFUND to ensure that its resources were directed towards institutions that were committed to high standards of governance, transparency, and accountability.
Echono said the strategic engagement was targeted at addressing recurring challenges in Nigeria’s tertiary education sector, improving project execution, and enhancing the quality of education.
A key focus, he said, was the Academic Staff Training and Development (AST&D) intervention.
He said due to rising costs and incidents of scholars absconding, the foreign component of the TETFUND Scholarship for Academic Staff (TSAS) was suspended as of January 1, 2025 with emphasis now shifted to cost-effective, locally driven training.
Echono said this year’s intervention budget prioritises consolidation, sustainability, and the completion of abandoned projects.
He added: “This engagement is not merely a meeting but a strategic convergence. It is designed to address recurring issues of concern, streamline project implementation, and enhance the overall quality of tertiary education delivery in our nation.
“As we move forward, let us approach today’s discussions with openness, collaboration, and a shared vision to elevate our institutions and the students we serve.
“Together, we can strengthen accountability, drive innovation, and ensure that the legacy of TETFUND remains impactful, equitable and enduring for generations to come.”
Executive Secretary of the National Universities Commission (NUC), Professor Abdullahi Ribadu emphasised the importance of the meeting for evaluating the implementation and impact of TETFUND – supported projects in higher education institutions.
The NUC chief, who was represented by Dr. Joshua Atah appreciated TETFUND’s vital role in improving infrastructure, research, staff development, and academic quality, stating that without its support, public education would struggle to survive.
Prof. Ribadu acknowledged the adaptability of TETFUND’s policies, such as suspending international scholarships to reallocate resources more effectively.
He urged tertiary institutions to be more responsive and ensure that interventions were relevant and efficiently executed.
Ribadu encouraged judicious and timely use of funds and called for open and constructive dialogue during the engagement.
“This calls for greater responsiveness also on the part of the institutions. This responsiveness also includes the areas of the design and implementation of these interventions to ensure that they remain relevant, impactful, and aligned with the future of education in Nigeria.
“It’s also important that we judiciously utilise these resources, and not just judicious utilisation but also in a timely manner so that we don’t lose the fund,” he said.
Suspected Boko Haram terrorists have attacked a Nigerian Army base in Marte , the headquarters of Marte Local Government Area of Borno State with casualties
The terrorists attacked the 153 Task Force Battalion’s Forward Operation Base (FOab) at around 3am on Monday, according to the locals and security sources.
They said the terrorists also burnt armoured tanks and seized arms and ammunition from the base during the attack.
“ISWAP has taken over Marte. An unspecified number of soldiers were killed, some captured, and many others fled towards Dikwa.
“They are currently at the 24 Task Force Brigade in Dikwa,” a source said.
Recent terrorist attacks have targeted several military formations in Borno and Yobe, including Sabon Gari and Buni Yadi, with the latest being the attack on the 153 Task Force Battalion.
Attempts to reach Maj-Gen Markus Kangye, Director of Defence Media Operations, were unsuccessful as he didn’t answer calls or respond to text messages.
…Taravest 2025 to Unlock Opportunities in agric, energy, mining
…as state offers peace, resources, incentives
By Gloria Ikibah
The Federal Government and Government of Taraba State have called on the international community and private sector players to partner with Taraba in unlocking the state’s massive investment potentials across agriculture, energy, mining, and tourism.
This call comes ahead of the Taraba International Investment Summit (Taravest), with the theme: “Unlocking Taraba’s Investment Potentials, Advancing Agriculture, Energy, Mining and Industrialization for sustainable development “, scheduled for May 21, 2025, in Jalingo, Taraba state.
Speaking at the diplomatic preparatory briefing in Abuja, the Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, who was represented by Ambassador Anderson Madubike commended the initiative, describing it as a platform that aligns with Nigeria’s economic diplomacy agenda.
“I wish to commend His Excellency and indeed the Government of Taraba State for convening this timely summit, particularly at this time when the whole world is in need of creating a travelling investment climate through co-location. There is therefore the need for partnership between governments, private sector players, and civil societies,” the Minister stated.
He emphasised that Taravest represents “a collective pursuit of development and prosperity, not only for Taraba State, but indeed for the whole world.
“They have enormous resources—we’re talking about gold, we’re talking about uranium, and many others, and of course agriculture, fertile land, which you know, food, is the way to go”, he added.
Ambassador Madubike noted that the theme for the summit, themed “Unlocking Taraba’s Investment Potentials: Advancing Agriculture, Energy, Mining, and Industrialization for Sustainable Growth,” is expected to attract both local and international stakeholders.
“Our presence here signifies a commitment to making Taraba a model of investment and sustainable development,” he said.
In his address, the Executive Governor of Taraba State, Dr. Agbu Kefas, expressed gratitude to the Federal Ministry of Foreign Affairs and extended an open invitation to diplomats and investors.
Dr. Agbu highlighted the significance of the summit as the first of its kind since the state was created in 1991, and laid out three clear objectives.
“It is my great honor to welcome you to the Paivota Preparatory Meeting for the Taraba State International Investment Summit, Taravest 2025, in just nine days to come.
“To orient you to Taraba’s untapped potentials and the structure of the summit; to inspire your confidence in our security, infrastructure, and business environment; and to enlist your support in rallying investors, technical partners, and development agencies”, the governor said.
He emphasised Taraba’s strategic strengths, citing five core advantages, this is as he reassured guests about the state’s security readiness.
“Peace and security, over 44,000 km² of fertile land for agriculture, massive hydropower and solar capacity, rich mineral reserves including gold, barite, and lithium, and growing opportunities in tourism and the digital economy.
“I want to assure you that we have coordinated with the state security services, the Nigerian military, the Nigerian police, and our traditional rulers… to guarantee your safety”, he added.
The summit, he explained, will feature B2B and B2G matchmaking, policy dialogues, PPP frameworks, and guided site visits to model farms and mining zones.
“Taravest 2025 is more than a conference. It is a statement of fact that Taraba is open for transformative partnership. I invite you to leverage your good offices to mobilize your government and business communities,so that together we will convert promise into progress and unlock a future of shared prosperity”, Dr. Agbu added.
He also urged embassies to submit the names of participating investors and delegates by May 16, 2025, to ease logistics.
Taravest 2025, which will hold at the Banquet Hall of the Government House in Jalingo, aims to attract capital, expertise, and innovation to transform Taraba into a thriving investment destination and economic powerhouse.
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