The Federal High Court of Nigeria sitting in Ikoyi, Lagos, has ordered the interim forfeiture of a hotel valued at about N1.3 billion allegedly linked to Edward Olutoke, Managing Director of the Ikeja Chamber of Commerce Industry and Agriculture, over an alleged forex and investment fraud.
The order was issued on Wednesday by A.O. Owoeye following an ex parte application filed by the Economic and Financial Crimes Commission (EFCC).
The property, identified as Responsible Leaders Hotel, is located at 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos.
Counsel to the EFCC, C.C. Okezie, told the court that the application for interim forfeiture was supported by an affidavit deposed to by an EFCC investigator, Obed Tanko.
According to the affidavit, Olutoke allegedly obtained billions of naira from unsuspecting investors by promoting a purported capital-guaranteed forex trading and investment scheme.
The investigator stated that several petitioners invested substantial sums after being assured that the company was duly registered and accredited to operate forex trading and investment services.
However, investigations by the EFCC allegedly revealed that neither the suspect nor the organisation possessed the regulatory approval required to run such an investment scheme.
Further findings indicated that funds collected from investors were allegedly diverted to acquire luxury assets, including the hotel now subject to forfeiture.
Okezie argued that the property was reasonably suspected to have been acquired with proceeds of unlawful activities and urged the court to grant the interim forfeiture order.
Justice Owoeye, after considering the evidence presented, granted the application and ordered the interim forfeiture of the property.
The court also directed the EFCC to publish the order in a national newspaper to allow any interested party to appear before the court and show cause why the hotel should not be permanently forfeited to the Federal Government.
