Court orders interim forfeiture of $150,000 linked to Vetifly Global director
SKAiF NewsNG SNN
The Federal High Court sitting in Ikoyi, Lagos, has ordered the interim forfeiture of $150,000 allegedly linked to Emmanuel Okoh, a Director of Vetifly Global Inc.
Justice Yellim Bogoro made the order on Wednesday, January 14, 2026, after hearing an ex parte application filed by the Economic and Financial Crimes Commission (EFCC) and argued by its counsel, A.M. Dambuwa.
In presenting the application, Dambuwa told the court that the sum was connected to an alleged failed aviation investment, explaining that the petitioner had invested $1.5 million in Vetifly Global Inc. in February 2022 with an agreed 100 per cent return on investment after 365 days.
According to him, Okoh “reneged on the terms of the agreement and travelled out of the country with the investment funds,” forcing the petitioner to report the matter to the EFCC.
He further stated that investigations into an Aircraft Services Agreement between Vetifly Limited and Xejet Limited revealed that Vetifly was to provide funding for an air cargo service, while Xejet was responsible for providing aircraft and handling regulatory, operational and technical requirements.
Dambuwa told the court that “on March 2, 2022, the sum of $1,499,990 was lodged into the First Bank account of Vetifly Limited,” adding that the transaction “correlates with the SWIFT document submitted by the petitioner.”
The EFCC urged the court to grant an interim forfeiture order on the grounds 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 order in a national newspaper.
She ordered that the publication should allow “any interested party to show cause why the final order of forfeiture should not be made in favour of the Federal Government of Nigeria.”
The judge adjourned the matter until February 11, 2026 for a report of compliance.
Court orders interim forfeiture of $150,000 linked to Vetifly Global director
