The Federal High Court sitting in Ikoyi, Lagos, has ordered the interim forfeiture of the sum of $150,000 allegedly linked to Emmanuel Okoh, Director of Vetifly Global Inc.
Justice Yellim Bogoro made the order on Wednesday, January 14, 2026, following a motion ex parte filed and argued by the Economic and Financial Crimes Commission (EFCC) through its counsel, A.M. Dambuwa.
Moving the application, Dambuwa informed the court that a petitioner had, in February 2022, invested the sum of $1.5 million in the aviation business of Vetifly Global Inc under an agreement that promised a 100 per cent return on investment within 365 calendar days. He stated that Okoh allegedly reneged on the agreement and subsequently travelled out of the country with the investment funds.
According to the EFCC, all efforts by the petitioner to reach Okoh proved unsuccessful, prompting a petition to the Commission. Investigations into an “Aircraft Services Agreement” between Vetifly Limited and Xejet Limited led to the invitation of the Managing Director of Xejet Limited and one Emmanuel Ayuba Iza, who made a voluntary statement to the Commission.
In his statement, Iza disclosed that Okoh had approached Xejet Limited in July 2021, seeking a partnership for air cargo services. This culminated in the execution of an Aircraft Services Agreement, under which Vetifly Limited was to provide funding for the cargo air service operation, while Xejet Limited was to supply the aircraft and handle regulatory, operational and technical aspects of the business.
The EFCC further told 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 the Swift document submitted by the petitioner, raising reasonable suspicion that the funds were proceeds of unlawful activities.
Dambuwa therefore urged the court to grant an interim forfeiture order pending the conclusion of investigations.
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 matter was adjourned to February 11, 2026, for a report of compliance.
