Court orders interim forfeiture of $150,000 linked to Vetifly Global director
Court orders interim forfeiture of $150,000 linked to Vetifly Global director
A Federal High Court sitting in Ikoyi, Lagos, has ordered the interim forfeiture of $150,000 linked to Emmanuel Okoh, a director of Vetifly Global Inc.
Justice Yellim Bogoro made the order on Wednesday, January 14, 2026, following an ex parte application filed by the Economic and Financial Crimes Commission (EFCC) through its counsel, A.M. Dambuwa.
Moving the application, Mr Dambuwa told the court that a petitioner had, in February 2022, invested $1.5 million in Vetifly Global’s aviation business under an agreement that promised a 100 per cent return on investment after 365 days.
He said Mr Okoh allegedly breached the agreement, travelled out of the country with the investment funds and became unreachable, prompting the petitioner to report the matter to the EFCC.
According to him, investigations into an Aircraft Services Agreement between Vetifly Limited and Xejet Limited revealed that Vetifly was to fund an air cargo service, while Xejet would provide the aircraft and handle regulatory, operational and technical aspects of the business.
Mr Dambuwa added that on March 2, 2022, the sum of $1,499,990 was lodged into Vetifly Limited’s First Bank account by REMX Capital Limited, a transaction he said correlated with the Swift document submitted by the petitioner.
He urged the court to grant an interim forfeiture order on the funds, which he said 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 forfeiture order in a national newspaper, inviting any interested party to show cause why a final forfeiture order should not be made in favour of the Federal Government.
The judge adjourned the matter to February 11, 2026, for a report of compliance.
