The Economic and Financial Crimes Commission (EFCC) has obtained a Federal High Court order for the interim forfeiture of $150,000 linked to Emmanuel Okoh, a director of Vetifly Global Inc., following allegations of an unfulfilled investment agreement.
The anti-graft agency disclosed the development on Thursday through its official X (formerly Twitter) account, noting that the forfeiture order is part of efforts to recover funds allegedly tied to unlawful activity.
Court order and background
According to the EFCC, the interim forfeiture was granted by Yellim Bogoro, a judge of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, January 14, 2026.
The order stems from an investment dispute dating back to February 2022. EFCC investigations revealed that a petitioner invested $1.5 million in Vetifly Global Inc.’s aviation business under an agreement that promised a 100% return after 365 days. The commission alleged that Okoh failed to honour the terms of the agreement and subsequently travelled abroad, leaving the investor without recourse.
In a statement issued by the agency, the EFCC confirmed that the court ordered the interim forfeiture of the $150,000 suspected to be proceeds of unlawful activity, pending the determination of the substantive case.
Details of the investment dispute
Further investigations uncovered an Aircraft Services Agreement between Vetifly Limited and Xejet Limited. Under the arrangement, Vetifly was to provide funding for an air cargo operation, while Xejet was responsible for regulatory approvals, operations, and technical management.
The EFCC disclosed that $1,499,990 was paid by REMX Capital Limited, an entity associated with Vetifly Limited, into Vetifly’s First Bank of Nigeria account on March 2, 2022. The transaction was said to be supported by SWIFT transfer documents submitted by the petitioner.
EFCC counsel A.M. Dambuwa filed a motion ex parte seeking the interim forfeiture of the $150,000, which the court granted. Justice Bogoro also directed the commission to publish the forfeiture order in a national newspaper, giving any interested party the opportunity to appear and show cause why the funds should not be permanently forfeited to the Federal Government.
The matter has been adjourned until February 11, 2026, for a report on compliance with the court’s interim order.
Why this matters
The forfeiture order adds to the EFCC’s ongoing efforts to recover funds linked to financial and economic crimes. In recent years, the commission has reported recoveries totalling ₦566 billion, $411 million, and 1,502 properties, alongside significant sums in other foreign currencies.
Between October 2023 and September 2025, the EFCC received more than 19,000 petitions, conducted 29,240 investigations, filed 10,525 cases, and secured 7,503 convictions. The latest court order underscores the agency’s continued focus on tracing and recovering disputed investment funds while pursuing accountability through the judicial process.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
