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Ikoyi Loot: Court orders forfeiture of $43,449,947, £27,800 and N23,218,000 to FG

April 13, 2017


The Federal High Court in Lagos has ordered the temporary forfeiture of the sums of $43,449,947, £27,800 and N23,218,000 recovered by the Economic and Financial Crimes Commission from an apartment in the Ikoyi area of Lagos state on Wednesday.
According to Sahara Reporters, the court, in a ruling on Thursday afternoon by Justice Muslim Hassan, ordered that the funds be temporarily forfeited to the Federal Government.

The judge adjourned till May 5, 2017, for anyone interested in the funds to show up before him to show cause why the money should not be permanently forfeited to the Federal Government.
It should be remembered that the Economic and Financial Crimes Commission had announced on Wednesday the discovery of massive stash of monies in the 7th Floor of a four – bedroom apartment at Osborne Towers located at 16, Osborne road Ikoyi, Lagos.
Initial investigation by the commission reveals that the funds are suspected to be proceeds of some illegal activities.
The facility is said to be owned by Osborne Towers Resident Association and the commission concluded that investigations are still ongoing.
Earlier today, the immediate former National Chairman of the People’s Democratic Party (PDP) and former governor of Bauchi state Ahmadu Adamu Mu’azu, and sacked NNPC MD, Esther Nnamdi-Ogbue have been separately allegedly to be the owner or occupant of the Ikoyi building where the EFCC uncovered raps of money but both have since denied the allegations.

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