Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of a hotel linked to Edward Olutoke, managing director of the Ikeja Chamber of Commerce, Industry and Agriculture, over an alleged forex scam.
Justice A.O. Owoeye granted the order following an ex parte application filed by the Economic and Financial Crimes Commission (EFCC) through its counsel, C.C. Okezie.
The order applies to the Responsible Leaders Hotel located at 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos.
The property is valued at about N1.3 billion.
While moving the application, Counsel Okezie told the court that it was supported by an affidavit deposed to by Obed Tanko, an investigator with the EFCC.
In the affidavit, Mr Tanko said Mr Olutoke allegedly obtained billions of naira from investors under the claim of operating a forex trading and investment scheme.
According to him, the investors were told that the company was registered and approved to carry out forex trading and investment activities.
He said investigations showed that neither Olutoke nor the organisation had approval from regulators to operate such a scheme.
The investigator added that funds collected from investors were allegedly diverted and used to acquire assets, including the hotel.
Okezie told the court that the property was suspected of having been acquired with proceeds of unlawful activities.
After reviewing the application, Justice Owoeye granted the order for interim forfeiture.
The judge also directed the EFCC to publish the order in a national newspaper to allow any interested person to appear in court and show cause why the property should not be finally forfeited to the Federal Government.
