RismadarVoice Reporters, March 13, 2026
Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, has ordered the interim forfeiture of a hotel valued at about ₦1.3 billion, allegedly linked to Edward Olutoke, Managing Director of the Ikeja Chamber of Commerce, Industry and Agriculture.
The property, identified as Responsible Leaders Hotel, is located at No. 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos. The order was granted on Wednesday, March 12, 2026, following an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC) through its counsel, C.C. Okezie.
While moving the application, Okezie informed the court that the request for interim forfeiture was supported by an affidavit deposed to by Obed Tanko, an EFCC investigator.
According to the affidavit, the suspect allegedly obtained billions of naira from unsuspecting investors under the guise of operating a capital-guaranteed forex trading and investment scheme. Investors were reportedly persuaded to commit funds after being assured that the company was duly registered and accredited to conduct such activities.
However, investigations by the anti-graft agency revealed that neither the suspect nor the organization had the required regulatory approvals to run the investment scheme. The probe further indicated that funds collected from investors were allegedly diverted to acquire luxury assets, including the hotel in question.
Okezie told the court that the property was reasonably suspected to have been acquired with proceeds of unlawful activities, urging the court to grant the interim forfeiture order.
Justice Owoeye, having considered the evidence presented, granted the application and ordered the temporary forfeiture of the property to the Federal Government of Nigeria.
The court also directed the EFCC to publish the interim forfeiture order in a national newspaper, inviting any interested parties to appear and show cause why the property should not be permanently forfeited to the government.
