By A judge of the Federal High Court sitting in Ikoyi, Lagos, A.O. Owoeye, has ordered the interim forfeiture of a hotel valued at about ₦1.3 billion allegedly linked to Edward Olutoke, the Managing Director of the Ikeja Chamber of Commerce, Industry and Agriculture.
The property, identified as Responsible Leaders Hotel, located at 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, was ordered forfeited to the Federal Government following an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC).
The application, moved by EFCC counsel, C.C. Okezie, was supported by an affidavit deposed to by Obed Tanko, an investigator with the anti-graft agency.
In the affidavit, Tanko stated that the suspect allegedly obtained billions of naira from unsuspecting investors under the guise of operating a capital-guaranteed forex trading and investment scheme.
According to him, the petitioners were persuaded to invest various sums of money after being assured that the company was registered and accredited to carry out forex trading and investment activities.
However, investigations by the EFCC reportedly revealed that neither the suspect nor the organisation possessed the required regulatory approval to operate such an investment scheme.
The commission further alleged that funds collected from several investors were diverted and used to acquire luxury assets, including the hotel now under forfeiture proceedings.
Granting the application, Justice Owoeye directed the EFCC to publish the interim forfeiture order in a national newspaper to allow any interested party to appear before the court and show cause why the property should not be permanently forfeited to the Federal Government of Nigeria.
