Court Orders Interim Forfeiture of Syndicate’s $222,729.86 Digital Wallet Assets
Justice A. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, has ordered the interim forfeiture of digital wallet assets valued at $222,729.86 to the Federal Government of Nigeria. The assets were seized from an alleged syndicate involved in cryptocurrency investment and romance fraud.
The assets were recovered during a surprise operation carried out by operatives of the Economic and Financial Crimes Commission (EFCC) on December 10, 2024, when 792 individuals suspected of fraudulent activities were arrested at a location on Oyin Jolayemi Street, Victoria Island, Lagos.
The order for the interim forfeiture was issued following an ex parte application by EFCC counsel Zeenat Atiku. The application cited Section 44(2)(b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act 2006 as the legal basis for the request.
Atiku informed the court that the EFCC had received intelligence regarding a large-scale fraud scheme involving foreign nationals operating within Lagos. She revealed that the syndicate financed its fraudulent operations through Genting International Co. Limited (GICL), a Nigerian-registered company, and that the digital wallet assets were suspected to be the proceeds of unlawful activities.
Justice Owoeye, after listening to the EFCC’s arguments, granted the interim forfeiture order and instructed that the decision be published in a national newspaper. This would give any interested parties an opportunity to come forward within 14 days to contest the permanent forfeiture of the assets to the Federal Government.
The court adjourned the matter until March 7, 2025, for a “compliance report.”
