Court Orders Final Forfeiture of $222,729.86 USDT Recovered from Chinese Nationals in Lagos

Justice Alexander Owoeye of the Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of digital assets worth $222,729.86 USDT (Two Hundred and Twenty-Two Thousand, Seven Hundred and Twenty-Nine Dollars, Eighty-Six Cents) recovered from Chinese nationals linked to cyber-terrorism and internet fraud.

The forfeiture order was issued on Monday, July 21, 2025, following an ex parte application filed by the Economic and Financial Crimes Commission (EFCC) on July 18, 2025. The application was moved by EFCC counsel, Zeenat Atiku.

The digital assets were part of the recoveries made from a syndicate of 792 suspected cryptocurrency investment and romance fraudsters arrested on December 10, 2024, during the EFCC’s “Eagle Flush Operation” in Lagos.

In a supporting affidavit deposed by EFCC investigative officer Muazu Abdulrahman, the court was informed that the syndicate operated through a Nigerian-registered company, Genting International Co. Limited (GICL). The company’s Union Bank account (No. 0225100403) reportedly received inflows totalling over ?2,268,839,161 (Two Billion, Two Hundred and Sixty-Eight Million, Eight Hundred and Thirty-Nine Thousand, One Hundred and Sixty-One Naira) between April 12 and December 23, 2024.

Abdulrahman disclosed that the primary sources of the inflows were two cryptocurrency vendors: Chukwuemeka Okeke and Alhassan Aminu Garba. Both individuals were invited for questioning and, under caution, confirmed receiving USDT valued at $2,386,642 from the syndicate via peer-to-peer trading. They also identified the wallet addresses used for the transfers.

Atiku argued that the digital assets were reasonably suspected to be proceeds of computer-related fraud and money laundering and urged the court to order their forfeiture to the Federal Government of Nigeria.

In granting the application, Justice Owoeye stated:

“I have read the motion and attachments and found sufficient merit in the application. Consequently, the motion succeeds and is hereby granted.”