Court Orders Interim Forfeiture of $150,000 in Vetifly Case
Justice Yellim Bogoro of the Federal High Court, Ikoyi, Lagos, on Wednesday, January 14, 2026, ordered the interim forfeiture of $150,000 linked to Emmanuel Okoh, Director of Vetifly Global Inc.
The order followed a motion ex parte filed by the Economic and Financial Crimes Commission (EFCC) and argued by its counsel, A.M. Dambuwa.
Moving the application, Dambuwa told the court that a petitioner invested $1.5 million in Vetifly Global Inc’s aviation business in February 2022, with an agreement that a 100 percent return on investment would be paid after 365 days. He said Okoh allegedly breached the agreement and left the country with the funds.
According to the EFCC, investigations into an Aircraft Services Agreement between Vetifly Limited and Xejet Limited revealed that Vetifly was to provide funding for air cargo operations, while Xejet would supply the aircraft and handle regulatory, operational and technical aspects.
The commission further stated that on March 2, 2022, the sum of $1,499,990 was lodged into Vetifly Limited’s First Bank account through REMX Capital Limited, a transaction said to correlate with a Swift document provided by the petitioner.
Dambuwa urged the court to grant interim forfeiture of the funds, which he said were reasonably suspected to be proceeds of unlawful activity.
In her ruling, Justice Bogoro granted the application and ordered the EFCC to publish the interim forfeiture order in a national newspaper, inviting interested parties to show cause why the funds should not be finally forfeited to the Federal Government.
The case was adjourned to February 11, 2026, for a report of compliance.
