The Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of digital wallet assets worth $222,729.86 to the Federal Government of Nigeria.
Justice A. Owoeye issued the order following an ex parte application by the Economic and Financial Crimes Commission (EFCC). The assets were recovered from an alleged syndicate of 792 cryptocurrency investment and romance fraudsters arrested on December 10, 2024, during an EFCC operation at 7, Oyin Jolayemi Street, Victoria Island, Lagos.
EFCC counsel, Zeenat Atiku, argued that intelligence linked the syndicate, which operated under Genting International Co. Limited (GICL), to large-scale fraud involving foreign nationals. The assets, she stated, were “reasonably suspected to be proceeds of an unlawful activity.”
Justice Owoeye directed the EFCC to publish the order in a national newspaper, allowing interested parties 14 days to contest the forfeiture. The case was adjourned to March 7, 2025, for a compliance report.
