By Nkechi Eze
Justice Yellim Bogoro of the Federal High Court sitting in Ikoyi, Lagos, has ordered the interim forfeiture of the sum of $150,000 linked to one Emmanuel Okoh, Director of Vetifly Global Inc., following allegations of investment fraud and unlawful financial dealings.
The order was made on Wednesday, 14 January 2026, after the court granted a motion ex parte filed by the Economic and Financial Crimes Commission (EFCC) through its counsel, A. M. Dambuwa. The development was disclosed in an official statement signed by the Commission’s spokesperson, Dele Oyewale.
Moving the application, Dambuwa told the court that the petitioner had, sometime 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 from the date of issuance.
According to the EFCC counsel, Okoh allegedly reneged on the terms of the agreement and subsequently travelled out of the country with the investment sum of $1.5 million. He added that all efforts by the petitioner to reach Okoh proved unsuccessful, prompting a petition to the EFCC.
Dambuwa further informed the court 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 honoured the invitation and volunteered a statement to the Commission.
In his statement, Iza disclosed that Okoh had approached Xejet Limited in July 2021, seeking a partnership for cargo air services. He explained that an Aircraft Services Agreement was subsequently executed, under which Vetifly Limited was to provide funding for the air cargo operation, while Xejet Limited was responsible for providing the cargo aircraft and handling regulatory, operational and technical aspects of the service.
The EFCC counsel also revealed that on March 2, 2022, the sum of $1,499,990 was lodged into the First Bank account of Vetifly Limited by REMX Capital Limited, an entity belonging to Vetifly. He noted that the lodgement correlated with the Swift document submitted by the petitioner as part of the transaction trail.
On the basis of the evidence presented, Dambuwa urged the court to grant an interim forfeiture of the $150,000, describing the funds as property reasonably suspected to be proceeds of unlawful activities.
In her ruling, Justice Bogoro granted the application and ordered 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 permanently forfeited to the Federal Government of Nigeria.
The court adjourned the matter to February 11, 2026, for a report of compliance.
