The Federal High Court in Lagos has granted an interim forfeiture order to the Economic and Financial Crimes Commission (EFCC) for digital assets valued at $222,729.86, allegedly linked to fraudulent activities involving Chinese and Filipino nationals.
Justice Alexander Owoeye granted the order on Monday following an ex-parte motion filed by EFCC counsel, Zeenat Atiku.
The motion was filed under Section 44 (2)(B) of the 1999 Constitution (as amended) and Section 17 of the Advanced Fee Fraud and Other Fraud-Related Offences Act No. 14, 2016.
The court directed the EFCC to publish the order in a national newspaper, allowing interested parties 14 days to show cause why the assets should not be permanently forfeited to the Federal Government of Nigeria.
The court order reads: “An interim forfeiture order of this Honourable Court forfeiting to the Federal Government of Nigeria digital assets listed in the schedule hereunder, which proceeds were traced and reasonably suspected to be proceeds of unlawful activities.”
According to a seven-paragraph affidavit deposed by EFCC investigator Owolabi Taiwo, intelligence reports indicated a large-scale cyber fraud operation in Lagos involving foreign nationals.
A sting operation led to the arrest of 792 suspected cybercriminals and the confiscation of over 1,000 routers, SIM cards, computers, and mobile phones.
Further investigations revealed that the suspects were part of a syndicate engaged in cryptocurrency investment fraud and dating scams.
The affidavit stated: “The syndicate financed its operations through Genting International Co. Limited (GICL), a Nigerian-registered company. Bank records showed that GICL’s Union Bank account received over ₦2.26 billion between April and December 2024.
“Statements from cryptocurrency vendors Chukwuemeka Okeke (CO) and Alhassan Aminu Garba (AA) confirmed receiving $2.39 million USDT from the syndicate via peer-to-peer trading. Blockchain analysis traced these funds to wallet addresses linked to fraudulent schemes, including Conti.vip.”
The investigation also revealed that GICL, established by foreign nationals, was used to launder fraudulent proceeds. These individuals, operating without valid work permits, were found to be in violation of Nigerian laws.
The case was adjourned to March 7, 2025, for a compliance report.
