Court Orders Interim Forfeiture of N1.3 Billion Hotel Linked to ICC Chairman Over Alleged Fraud

The Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of a hotel allegedly linked to the Managing Director of the Ikeja Chamber of Commerce, Industry and Agriculture, Edward Olutoke, over suspected proceeds of fraud.

Justice A.O. Owoeye issued the order 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, and is valued at approximately N1.3 billion.

Moving the application before the court, EFCC counsel C.C. Okezie informed the judge that the request for interim forfeiture was supported by an affidavit sworn to by an EFCC investigator, Obed Tanko.

In the affidavit, Tanko stated that Olutoke allegedly obtained billions of naira from unsuspecting investors under the guise of operating a capital-guaranteed forex trading and investment scheme.

According to the investigator, several petitioners invested substantial sums after being assured that the company involved was duly registered and authorised to engage in forex trading and investment operations.

However, investigations by the anti-graft agency revealed that neither the suspect nor the organisation possessed the regulatory approvals required to operate such an investment scheme.

Tanko further disclosed that proceeds from the alleged fraudulent investments were traced to the acquisition of high-value assets, including the hotel now placed under interim forfeiture.

Okezie argued before the court that the property was reasonably suspected to have been acquired with proceeds of unlawful activities and, therefore, liable to forfeiture.

After reviewing the application and supporting evidence, Justice Owoeye granted the request and ordered the interim forfeiture of the property to the Federal Government of Nigeria.

The judge also directed the EFCC to publish the order in a national newspaper to allow any interested parties to appear before the court and show cause why the hotel should not be permanently forfeited to the Federal Government.