The Economic and Financial Crimes Commission (EFCC) has secure a final forfeiture order of the Federal High Court Lagos against a $1.4 million allegedly linked to the former governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

This is coming days after another court sitting in Lagos ordered final forfeiture of N11,140,000,000.00 worth of properties and N1.04 billion traced to Emefiele by the EFCC.

The anti-graft agency stressed that the monies, which allegedly amount to proceeds of crime, are domiciled in Titan Bank to the knowledge of the embattled CBN governor.

In the motion exparte filed by counsel to the EFCC, Bilikisu Buhari-Bala, the ex-CBN Governor was accused of contravening Section 44 (2)(B) of the 1999 Constitution.

That section states that no moveable property or any interest in an immovable property shall be taken possession of compulsorily except for the imposition of penalties or forfeiture for breach of any law, whether under civil process or after conviction for an offence.

The lawyer had argued that between 2021 and 2022, when accessibility to foreign exchange in Nigeria was difficult, several international entities operating in Nigeria had to resort to different means to source Forex.

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

The lawyer stated,

“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.

On Tuesday, the EFCC urged the court to permanently forfeit the funds.

After hearing the prosecution on Tuesday, Justice Ayokunle Faji ordered the final forfeiture of the money.

“Having been satisfied with the application and submission of Counsel, I hereby grant the prayer finally forfeiting the said funds in question,” the judge said, Channels Television reports.

The federal executive council (FEC) has approved N1.99 billion for the purchase of 33 vehicles powered by compressed natural gas (CNG) to boost the operations of the National Drug Law Enforcement Agency (NDLEA).

The council gave the approval on Tuesday at its meeting presided over by President Bola Tinubu in Abuja.

Speaking with State House correspondents after the meeting, Lateef Fagbemi, the attorney-general of the federation (AGF) and minister of justice, said the council also approved the procurement of firearms and ammunition worth $1.442 billion to strengthen the NDLEA’s fight against drug trafficking.

Fagbemi said the FEC approved N985 million to purchase body scanners at all the country’s international airports.

“We submitted three items to the council on NDLEA,” he said.

“FEC approved the procurement of 33 Mikano motor vehicles CNG to boost the operation of NDLEA.

“Approval for NDLEA for procurement of firearms, ammunition, and counter-narcotics for the sum of $1.442 billion.

“The procurement of two units of body scanners for use both at Abuja and International Airports at N985 million.”

The naira has weakened further against the US Dollar, falling to N1,500.79/$1 on the official market on June 25, 2024.

This marks the lowest exchange rate since May 16, 2024, when it was recorded at N1,533.99/$1.

According to the FMDQ data for the NAFEM window, the naira’s depreciation on June 25 represents a 0.71% decline from the previous day’s rate of N1,490.2/$1.

This crash occurred amid the claim by the Governor of the Central Bank, Yemi Cardoso, that the country has already experienced the worst of naira volatility regarding foreign exchange. 

The naira traded at a high of N1,507/$1 and a low of N1,426/$1, indicating significant volatility in the foreign exchange market. The significant difference between the high and low exchange rates indicates considerable volatility in the foreign exchange market.

The FX turnover for the day stood at $136.75 million, a significant drop of 10.03% compared to the previous day’s $152 million.

The latest figures indicate a troubling trend for the Nigerian currency, which has been under continuous pressure.

This decline comes amid efforts by the Central Bank of Nigeria (CBN) to stabilize the currency through various interventions.

The CBN earlier permitted eligible International Money Transfer Operators (IMTOs) to sell foreign exchange (FX) on Nigeria’s official window. This directive, effective immediately, is part of CBN’s plan to ensure greater remittance flows through formal channels and improve the liquidity of the foreign exchange market.

This move by the CBN comes at a time when the official market is struggling with FX liquidity. For about a month, the value of FX turnover on the NAFEM window has been between the range of $83 million and $390 million.

A similar move was made last month as the CBN allowed International Oil Companies (IOCs) to sell 50% balance of their repatriated export proceeds to authorized forex dealers.