A Federal High Court in Lagos has ordered the temporary seizure of $150,000 linked to Emmanuel Okoh, a director of Vetifly Global Inc, following an ex parte application by the Economic and Financial Crimes Commission (EFCC). The order was made by Justice Yellim Bogoro on January 14, 2026, after the EFCC’s counsel, A.M. Dambuwa, presented the application.
The application stems from a petition filed in February 2022, in which an investor alleged that they had invested $1.5 million in Vetifly Global’s aviation business with a promised 100 per cent return on investment after 365 days. However, the petitioner claimed that Mr Okoh breached the agreement, took the investment funds, and left the country, making him unreachable. This prompted the petitioner to report the matter to the EFCC.
Investigations by the EFCC revealed that Vetifly Limited had entered into an Aircraft Services Agreement with Xejet Limited, where Vetifly was to fund an air cargo service, while Xejet would provide the aircraft and handle the regulatory, operational, and technical aspects of the business. It was also discovered that on March 2, 2022, $1,499,990 was lodged into Vetifly Limited’s First Bank account by REMX Capital Limited, which correlated with the Swift document submitted by the petitioner.
The EFCC’s counsel argued that the funds were reasonably suspected to be proceeds of unlawful activities and urged the court to grant an interim forfeiture order. Justice Bogoro granted the application, directing the EFCC to publish the interim forfeiture order in a national newspaper and inviting any interested party to show cause why a final forfeiture order should not be made in favour of the Federal Government. The matter has been adjourned to February 11, 2026, for a report of compliance.
The EFCC’s action is part of its efforts to combat financial crimes and protect investors in Nigeria. The commission has been working to recovering proceeds of crime and ensuring that those who engage in unlawful activities are held accountable. The outcome of this case will be closely watched, as it may set a precedent for similar cases in the future.
