By Amofokhai Williams
Justice Yellim Bogoro of the Federal High Court, Ikoyi, Lagos, has ordered the interim forfeiture of $150,000 allegedly linked to Emmanuel Okoh, a director of Vetifly Global Inc.
The order was made on January 14, 2026, following a motion ex parte filed by the Economic and Financial Crimes Commission (EFCC) and argued by its counsel, A.M. Dambuwa.
While moving the application, Dambuwa told the court that a petitioner had, in February 2022, invested $1.5 million in the aviation business of Vetifly Global Inc under an agreement that guaranteed a 100 per cent return on investment after 365 days.
He said Okoh allegedly failed to honour the terms of the agreement and later travelled out of the country with the investment funds.
According to the EFCC, repeated attempts by the investor to reach Okoh proved unsuccessful, prompting a petition to the commission and the commencement of investigations.
Dambuwa explained that investigations into an Aircraft Services Agreement between Vetifly Limited and Xejet Limited led to the invitation of the Managing Director of Xejet Limited, Emmanuel Ayuba Iza, who volunteered a statement to investigators.
In his statement, Iza reportedly disclosed that Okoh had approached Xejet Limited in July 2021, seeking a partnership for cargo air services.
He said the agreement provided that Vetifly Limited would fund the cargo air service operation, while Xejet Limited would supply the aircraft and handle regulatory, operational and technical responsibilities.
The EFCC further told the court that on March 2, 2022, the sum of $1,499,990 was lodged into Vetifly Limited’s First Bank account by REMX Capital Limited, an amount said to correspond with a Swift document submitted by the petitioner.
Based on the facts presented, the anti-graft agency urged the court to grant an interim forfeiture order on the grounds that the funds were reasonably suspected to be proceeds of unlawful activity.
In her ruling, Justice Bogoro granted the application and directed the EFCC to publish the interim forfeiture order in a national newspaper, inviting any interested party to show cause why the funds should not be finally forfeited to the Federal Government of Nigeria.
The case was adjourned until February 11, 2026, for a report on compliance.
