RismadarVoice Reporters
January 16, 2026
The 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 motion filed and argued by the Economic and Financial Crimes Commission (EFCC) through its counsel, A. M. Dambuwa.
Moving the application, Dambuwa told the court that a 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 to be paid within 365 days.
He stated that Okoh allegedly reneged on the agreement and subsequently travelled out of the country with the investment funds, prompting the petitioner to seek the intervention of the EFCC after repeated attempts to reach him proved unsuccessful.
According to the EFCC counsel, 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 volunteered a statement to the Commission.
In his statement, Iza reportedly disclosed that Okoh had approached Xejet Limited in July 2021 for a partnership on air cargo services, leading to the execution of the Aircraft Services Agreement. Under the agreement, Vetifly Limited was to provide funding for the cargo operations, while Xejet Limited would supply the aircraft and handle regulatory, operational and technical responsibilities.
Dambuwa 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. He said the transaction correlated with the Swift transfer documents submitted by the petitioner.
The EFCC therefore 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 ordered the EFCC to publish the interim forfeiture order in a national newspaper to enable any interested party to show cause why a final forfeiture order should not be made in favour of the Federal Government of Nigeria.
The case was adjourned to February 11, 2026, for a report of compliance.
