A Federal High Court sitting in Ikoyi, Lagos, has ordered the interim forfeiture of $150,000 allegedly linked to the Director of Vetifly Global Incorporated, Emmanuel Okoh, over suspected proceeds of unlawful activities.
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.
The EFCC said a petitioner invested $1.5 million in February 2022 in Vetifly Global’s aviation business, based on an agreement that promised a 100 percent return on investment within 365 days.
The commission told the court that Okoh allegedly breached the agreement, failed to refund the invested funds and subsequently travelled out of the country with the funds.
Dambuwa informed the court that all attempts by the investor to reach Okoh proved abortive, prompting a petition to the EFCC and a subsequent investigation.
The EFCC disclosed that investigations into an aircraft services agreement between Vetifly Limited and Xejet Limited led to the invitation of Xejet’s managing director and one Emmanuel Ayuba Iza, who volunteered a statement to the commission.
In his statement, Iza reportedly said Okoh approached Xejet Limited in July 2021 for a partnership to provide air cargo services.
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Under the agreement, Vetifly Limited was to provide funding, while Xejet Limited would supply the cargo aircraft and handle regulatory, operational and technical aspects of the business.
The commission 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, a transaction it said correlated with a Swift document 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 activities.
In her ruling, Justice Bogoro granted the application and directed the EFCC to publish the interim forfeiture order in a national newspaper, inviting interested parties to show cause why the money should not be finally forfeited to the Federal Government.
The case was adjourned till February 11, 2026, for a report of compliance.
