The Economic and Financial Crimes Commission has secured a Federal High Court order for the interim forfeiture of $150,000 linked to Emmanuel Okoh, Director of Vetifly Global Inc.
The commission announced the development on Thursday via its official X account.
The court order follows allegations that Okoh reneged on a $1.5 million investment agreement, prompting the EFCC to take legal action to recover the funds.
What the EFCC is saying
According to the EFCC, the interim forfeiture was granted by Justice Yellim Bogoro of the Federal High Court, Ikoyi, Lagos, on Wednesday, January 14, 2026.
The order stems from an investment dispute dating back to February 2022, when a petitioner invested $1.5 million in Vetifly Global Inc.’s aviation business, with an agreed return of 100% payable exactly 365 days from the investment date.
“Justice Yellim Bogoro of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, January 14, 2026, ordered the interim forfeiture of the sum of $150,000.00 (One Hundred and Fifty Thousand Dollars) linked to one Emmanuel Okoh, Director, Vetifly Global Inc,” the statement read in part.
The commission stated that Okoh allegedly failed to honor the agreement and traveled abroad with the funds, leaving the petitioner with no recourse.
Breakdown of the investment dispute
According to the statement, investigations revealed an “Aircraft Services Agreement” between Vetifly Limited and Xejet Limited.
Under the agreement, Vetifly was to fund an air cargo operation, while Xejet was responsible for regulatory, operational, and technical management.
- The EFCC noted that $1,499,990 was lodged by REMX Capital Limited, associated with Vetifly Limited, into Vetifly’s First Bank account on March 2, 2022, consistent with supporting Swift documents provided by the petitioner.
- EFCC counsel A.M. Dambuwa filed a motion ex parte, requesting interim forfeiture of the $150,000, which is suspected to be proceeds of unlawful activity.
- Justice Bogoro also directed the EFCC to publish the order in a national newspaper, allowing any interested party to contest the forfeiture.
The court has adjourned the case until February 11, 2026, for a report of compliance with the interim order.
What you should know
This report of forfeiture aligns with the EFCC’s broader financial recoveries, which include N566 billion, $411 million, and 1,502 properties recovered over the past few years.
Between October 2023 and September 2025, the commission received over 19,000 petitions, conducted 29,240 investigations, filed 10,525 cases in court, and secured 7,503 convictions.
During the same period, it also recovered foreign currencies, including £71,306.25 and €182,877.10.
These figures illustrate the scale of financial and economic crimes handled by the EFCC and the agency’s sustained effort to recover misappropriated funds.
