EFCC Secures Final Forfeiture of N850 Million, Luxury Properties, Vehicles in Lagos Fraud Case

The Federal High Court sitting in Lagos has ordered the final forfeiture of N850 million, luxury properties, and vehicles to the Federal Government of Nigeria in a Non-Conviction Based (NCB) forfeiture suit instituted by the Economic and Financial Crimes Commission (EFCC).

The order was granted by Justice Chukwujeku Aneke of the Lagos Judicial Division against Stanley Akaria Chinemerem, who was accused of defrauding his employer, Mr. Godwin Uche Okearafor.

The ruling followed months of investigation and legal proceedings and represents a significant milestone in the EFCC’s efforts to combat economic and financial crimes.

Counsel to the EFCC, Zeenat B. Atiku, told the court that investigations traced fraudulent transactions amounting to about N850 million from Mr. Okearafor’s bank account to several accounts operated by Chinemerem, who earned a monthly salary of N90,000.

According to the EFCC, Chinemerem abused his position as an employee of Okearafor, a Lagos-based cosmetics entrepreneur, by manipulating post-dated cheques issued by clients and diverting the proceeds into his personal accounts without authorisation.

The assets forfeited include a fully detached six-bedroom duplex located at Nnabuinyi Street, Amuwo-Odofin, two undeveloped plots of land in Onireke Town, Amuwo-Odofin, and two luxury vehicles—a 2012 black Toyota Highlander and a 2018 red Toyota Venza. Also forfeited were 28 bank accounts maintained across several financial institutions, including Access Bank, FCMB, Zenith Bank, Globus Bank, PalmPay, and Fidelity Bank.

In its affidavit, the EFCC detailed the scheme allegedly employed by Chinemerem, noting that he laundered the funds through multiple bank accounts, converted portions into digital assets, and used the proceeds to acquire high-value properties and vehicles.

The Commission further disclosed that following an interim forfeiture order granted on December 12, 2025, Chinemerem voluntarily surrendered some of the properties and vehicles to EFCC custody.

Justice Aneke had earlier directed the EFCC to publish the interim forfeiture order in a national newspaper to enable any interested parties to contest the action. The Commission complied by publishing the order in The Punch newspaper on January 8, 2026. No objections or competing claims were filed.

Consequently, on February 10, 2026, the court granted the final forfeiture order, vesting ownership of the funds, properties, and vehicles in the Federal Government of Nigeria in favour of Mr. Godwin Uche Okearafor, thereby preventing Chinemerem from benefiting from the proceeds of the alleged fraud.

The EFCC welcomed the decision, underscoring the importance of Non-Conviction Based forfeiture as an effective legal tool for asset recovery, particularly in cases where criminal conviction is yet to be secured.

In support of its application, the EFCC relied on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, No. 14 of 2006, and Section 44(2)(b) of the 1999 Constitution of the Federal Republic of Nigeria, arguing that the forfeited assets were reasonably suspected to be proceeds of unlawful activities and that the action served the interest of justice.