The Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of digital wallet assets worth $222,729.86 to the Federal Government of Nigeria. Justice A. Owoeye gave the ruling on Monday following an ex parte application filed by the Economic and Financial Crimes Commission (EFCC).
The anti-graft agency, represented by its counsel Zeenat Atiku, sought the forfeiture under Section 44 (2)(b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act 2006. EFCC recovered the digital assets from a syndicate of 792 alleged cryptocurrency investment and romance fraudsters.
It stated that the suspects were arrested on December 10, 2024, during an EFCC raid at 7, Oyin Jolayemi Street, Victoria Island, Lagos. According to Atiku, intelligence reports indicated that the syndicate, including foreign nationals, operated through Genting International Co. Limited (GICL).
She argued that the seized assets were “reasonably suspected to be proceeds of an unlawful activity.” After hearing the EFCC’s arguments, Owoeye granted the interim forfeiture and ordered the commission to publish the order in a national newspaper.
The Judge further stated that this would allow any interested parties to appear in court within 14 days to contest the final forfeiture of the assets. The case was then adjourned to March 7, 2025, for a compliance report.
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