The Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of digital wallet assets valued at $222,729.86 to the Federal Government of Nigeria.
Justice A. Owoeye issued the ruling on Monday following an ex parte application by the Economic and Financial Crimes Commission (EFCC), which cited provisions of Section 44 (2)(b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act 2006.
Representing the EFCC, counsel Zeenat Atiku informed the court that the digital assets were recovered from a syndicate of 792 suspected cryptocurrency investment and romance fraudsters. The suspects, including foreign nationals, were apprehended on December 10, 2024, during an EFCC raid at 7, Oyin Jolayemi Street, Victoria Island, Lagos.
According to the anti-graft agency, intelligence reports linked the syndicate to Genting International Co. Limited (GICL), a firm allegedly used for fraudulent operations. The EFCC argued that the seized assets were suspected to be proceeds of unlawful activities.
Granting the interim forfeiture, Justice Owoeye directed the EFCC to publish the court order in a national newspaper, allowing any interested party to appear within 14 days to contest the final forfeiture. The case was adjourned to March 7, 2025, for a compliance report.
