COURT ORDERS INTERIM FORFEITURE OF SYNDICATE’S $222,729.86 DIGITAL WALLET ASSETS
04-02-25
By Sadiq Aminu Justice Owoeye of the Federal High Court sitting in Ikoyi, Lagos has ordered the interim forfeiture of digital wallet assets valued at $222,729.86 to the Federal Government of Nigeria.
The digital wallet assets were recovered from an alleged syndicate of 792 cryptocurrency investment and romance fraudsters who were arrested last year December by operatives of the the Economic and Financial Crimes Commission, EFCC, at Victoria Island, Lagos.
The Judge gave the order, following an ex parte application filed and moved by the EFCC through its lawyer, Mrs Zeenat Atiku.
Mrs Atiku argued that the EFCC had received intelligence about a large-scale fraud involving foreign nationals operating in Lagos.
She said, the syndicate financed its operations through a company, Genting International Co. Limited (GICL).
After listening to the EFCC counsel, Justice Owoeye ordered the interim forfeiture of the digital asset wallets.
The Judge also directed the EFCC to publish the order in a national newspaper to allow anyone with an interest in the digital wallet assets to appear before the court within 14 days to show cause why it should not be permanently forfeited to the Federal Government.
The court adjourned the matter till March 7, 2025 for a “compliance report.