Alleged Forex Scam: Court Orders Interim Forfeiture Of N1.3bn Hotel Linked To Ikeja Chamber MD, Edward Olutoke

A Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of a hotel valued at about N1.3 billion allegedly linked to the Managing Director of the Ikeja Chamber of Commerce, Industry and Agriculture, Edward Olutoke, over an alleged forex and investment fraud.

The order was granted on Wednesday by Justice A.O. Owoeye following an ex parte application filed by the Economic and Financial Crimes Commission (EFCC).

The property, identified as Responsible Leaders Hotel and located at 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos, is suspected to have been acquired with proceeds of unlawful activities.

Counsel to the EFCC, C.C. Okezie, while moving the application, informed the court that the motion was supported by an affidavit deposed to by an EFCC investigator, Obed Tanko.

According to the affidavit, the suspect allegedly collected billions of naira from unsuspecting investors under the pretext of running a capital-guaranteed forex trading and investment scheme.

Tanko stated that several petitioners were persuaded to invest substantial sums after being assured that the company was duly registered and accredited to carry out forex trading and investment operations.

However, investigations by the EFCC reportedly revealed that neither Olutoke nor the organisation had the required regulatory approvals to operate such an investment scheme.

The commission further alleged that funds obtained from multiple investors were diverted and used to acquire luxury assets, including the hotel now under forfeiture proceedings.

Okezie told the court that the property was reasonably suspected to have been purchased with proceeds of unlawful activities and urged the court to grant the interim forfeiture.

After considering the evidence presented, Justice Owoeye granted the application and ordered the interim forfeiture of the property to the Federal Government.

The court also directed the EFCC to publish the order in a national newspaper, inviting any interested parties to appear before the court and show cause why the property should not be permanently forfeited to the Federal Government of Nigeria.