Court orders interim forfeiture of $150,000 linked to Nigerian businessman

Justice Yellim Bogoro of the Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of $150,000 reportedly linked to Emmanuel Okoh, Director of Vetifly Global Inc.

The order was made on Wednesday, January 14, 2026, following an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC) and argued by its counsel, A. M. Dambuwa.

In a statement issued on Thursday by the anti-graft agency, Dambuwa told the court that the petitioner invested $1,500,000.00 (One Million, Five Hundred Thousand United States Dollars) in February 2022 in the aviation business of Vetifly Global Inc.

According to him, the agreement between the parties stipulated a Return on Investment (ROI) of 100 percent, payable exactly 365 calendar days from the date of issuance.

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He further informed the court that Okoh allegedly breached the agreement and left the country with the investment sum of $1.5 million.

Dambuwa said, “ All efforts by the petitioner to reach Okoh were unsuccessful, hence he approached the EFCC.

“ Investigation conducted on the “Aircraft Service Agreement” between Velifly Limited and Zejet Limited led to the invitation of the Managing Director of the Xejet Limited, and one Emmanuel Ayuba Iza, who reported and volunteered a statement.

“ In his statement to the Commission, Iza said that Okoh needed Air cargo and he approached Xejet Limited for a partnership through a letter written in July, 2021 for the purpose of cargo air service.

“An agreement named “Aircraft Services Agreement” was later executed between Vetifly Limited and Xejet Limited.

“The aircraft service agreement between Emmanuel Okoh and Xejet Limited is to the effect that Vetifly Limited will provide funding for an air cargo service operation while the Xejet Limited is to provide cargo aircraft and handle the regulatory, operation and technical aspect of the service.

“ On March 2, 2022, the sum of $1,499,990.00 One Million, Four Hundred and Ninety-Nine Thousand, Nine Hundred and Ninety Dollars) was lodged by one REMX Capital Limited belonging to Vetifly Limited.

“The lodgement made to the First Bank account of Vetifly Limited on March 2, 2022 ( the sum of $1,499,990.00 (One Million, Four Hundred and Ninety-Nine Thousand, Nine Hundred and Ninety Dollars) is in correlation with the Swift document submitted by the petitioner.”

He urged the court to grant the application for interim forfeiture, stating that the funds were reasonably suspected to be proceeds of unlawful activities.

In her ruling, Justice Bogoro granted the application and directed the EFCC to publish the interim forfeiture order in a national newspaper, inviting any interested party to show cause why the funds should not be permanently forfeited to the Federal Government of Nigeria.

The matter was adjourned to February 11, 2026, for a report on compliance.