The 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.
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, known as Responsible Leaders Hotel, is located at 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos.
The EFCC, through its counsel C. C. Okezie, told the court that the application was supported by an affidavit deposed to by an EFCC investigator, Obed Tanko.
According to the affidavit, Olutoke allegedly obtained billions of naira from unsuspecting investors under the guise of operating a capital-guaranteed forex trading and investment scheme.
The investigator stated that several petitioners invested large sums after being assured that the company was duly registered and accredited to conduct forex trading and investment activities.
However, investigations by the commission reportedly revealed that neither the suspect nor the organisation had the necessary regulatory approval to operate such an investment scheme.
The EFCC further alleged that funds collected from investors were diverted and used to acquire luxury assets, including the hotel in question.
Based on the evidence presented, the court granted the commission’s request for an interim forfeiture of the property.
Justice Owoeye also directed the EFCC to publish the interim forfeiture order in a national newspaper to allow any interested parties to appear before the court and show cause why the property should not be permanently forfeited to the Federal Government.
- Navy destroys illegal crude oil storage site in Rivers - March 13, 2026
- EFCC to arraign Sule Lamido, sons over N1.3bn fraud April 1 - March 13, 2026
- Court orders interim forfeiture of N1.3bn hotel linked to Ikeja chamber MD - March 13, 2026
