Justice A. Owoeye of 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.
The ruling, issued on Monday, followed an ex-parte application by the Economic and Financial Crimes Commission (EFCC).
The digital assets were allegedly linked to a syndicate of 792 individuals involved in cryptocurrency investment and romance fraud. The official of the EFCC apprehended the suspects during a raid on December 10, 2024, at 7, Oyin Jolayemi Street, Victoria Island, Lagos.
Presenting the case before the court, EFCC counsel Zeenat Atiku argued that intelligence reports had exposed a large-scale fraud scheme operated by foreign nationals in Lagos.
While arguing further, Atiku stated that the suspects ran their financial transactions through a company known as Genting International Co. Limited (GICL).
“The digital wallet assets are reasonably suspected to be proceeds of an unlawful activity,” Atiku submitted, urging the court to grant the interim forfeiture order in line with Section 44 (2) (b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act 2006.
After hearing the submission, Justice Owoeye granted the EFCC’s request and directed that the interim forfeiture be widely publicized.
“The Commission must publish this order in a national newspaper, allowing any interested party to appear before the court within 14 days to show cause why the assets should not be permanently forfeited to the Federal Government,” the judge ruled.
However, the matter was adjourned until March 7, 2025, for a compliance report from the EFCC.
