A 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., following an application by the Economic and Financial Crimes Commission (EFCC).
Yellim Bogoro (Justice) made the order on Wednesday, January 14, 2026, after granting a motion ex parte filed and argued by the EFCC through its counsel, A.M. Dambuwa.
The court held that the funds are reasonably suspected to be proceeds of unlawful activities and should be temporarily forfeited pending further proceedings.
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According to the EFCC, the case arose from a petition by an investor who, in February 2022, reportedly invested $1.5 million in the aviation business of Vetifly Global Inc.
The Commission told the court that the investment was made under an agreement that promised a return on investment (ROI) of 100 per cent, to be paid exactly 365 calendar days from the date the funds were issued.
However, the EFCC alleged that Okoh failed to honour the terms of the agreement and subsequently travelled out of the country with the investment funds.
All attempts by the petitioner to reach him were unsuccessful, prompting a formal complaint to the Commission.
Dambuwa explained that investigations by the EFCC focused on an “Aircraft Services Agreement” executed between Vetifly Limited and Xejet Limited.
A statement by Dele Oyewale, Head, Media and Publicity, EFCC, noted that as part of the probe, the Managing Director of Xejet Limited and one Emmanuel Ayuba Iza were invited for questioning.
In his petition to the Commission, Iza disclosed that Okoh had approached Xejet Limited in July 2021, seeking a partnership to provide air cargo services.
“This led to the execution of an Aircraft Services Agreement under which Vetifly Limited was to provide funding for the air cargo operation, while Xejet Limited was responsible for providing cargo aircraft and handling the regulatory, operational and technical aspects of the service”, the statement read.
The EFCC further informed the court that on March 2, 2022, the sum of $1,499,990 was lodged into a First Bank account belonging to Vetifly Limited by REMX Capital Limited.
The Commission said the transaction correlated with a SWIFT document submitted by the petitioner, further linking the funds to the disputed investment.
Based on these facts, the EFCC urged the court to grant an interim forfeiture order on the $150,000 traced to Okoh, pending the conclusion of investigations and possible recovery of the alleged proceeds of crime.
In her ruling, Bogoro granted the application and ordered the EFCC to publish the interim forfeiture order in a national newspaper.
She directed that the publication should invite any interested party to appear before the court and show cause why a final forfeiture order should not be made in favour of the Federal Government of Nigeria.
The judge adjourned the matter to February 11, 2026, for a report on compliance with the court’s directives.
