Court orders interim forfeiture of N1.3bn hotel
Court orders interim forfeiture of N1.3bn hotel
Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, ordered the interim forfeiture of a hotel linked to Edward Olutoke, Managing Director of the Ikeja Chamber of Commerce, Industry and Agriculture, over alleged forex and investment fraud.
The property, identified as Responsible Leaders Hotel and located at 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos, is valued at about N1.3 billion.
The order followed an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC) through its counsel, C.C. Okezie.
While moving the application, Okezie informed the court that the motion was supported by an affidavit deposed to by Obed Tanko, an investigator with the commission.
In the affidavit, Tanko stated that the suspect allegedly obtained billions of naira from unsuspecting investors under the guise of operating a capital-guaranteed forex trading and investment scheme.
He explained that several petitioners invested different sums of money after being assured that the company was duly registered and accredited to conduct forex trading and investment activities.
However, investigations by the EFCC revealed that neither the suspect nor the organisation possessed the required regulatory approval to operate such an investment scheme.
Further investigation also showed that funds collected from investors were allegedly diverted and used to acquire luxury assets, including the hotel.
According to the EFCC, the property is reasonably suspected to have been acquired with proceeds of unlawful activities.
Justice Owoeye, after considering the evidence presented, granted the application for interim forfeiture.
The court also directed the commission to publish the order in a national newspaper to allow any interested party to appear before the court and show cause why the property should not be finally forfeited to the Federal Government of Nigeria.
Source: X | officialEFCC
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