Court Permanently Forfeits Ikoyi Flat To FG

Osborne Towers, Ikoyi, where the flat is situated.

Ladipo Sanusi/

A Federal High Court, in Lagos, has permanently forfeited, to the Federal Government, Flat 7B at 16, Osborne Road, Ikoyi, Lagos, where the sum of $43,449,947, £27,800 and N23, 218, 000, totaling N13 billion, was discovered on April 12, 2017, in iron cabinets and bags.

Justice Saliu Saidu gave the order of final forfeiture of the flat, after dismissing Union Bank Plc’s application as the owner.

In dismissing the Union Bank Plc’s application, Justice Saidu described the bank as a busybody.

Union Bank Plc, had on January 11, through its application, filed and argued by its lawyer, Mr. E. N. Ayuba, urged the Court not to finally forfeit the flat to the Federal Government of Nigeria, as well as urged the Court to discharge earlier interim order made on the flat on November 9, 2017.

The Economic and Financial Crimes Commission (EFCC), through its team of lawyers led by Rotimi Oyedepo, however urged the Court to discountenance Union Bank Plc’s claim.

The flat where the money was found allegedly belong to Mrs. Folashade Oke, the wife of the sacked Director General of the Nigeria Intelligence Agency (NIA), Ambassador Ayo Oke.

While urging the Court for final forfeiture of the money, the EFCC through its lawyer, Oyedepo, had argued that Section 17 of The Advance Fee Fraud and other Fraud Related Offences Act 2006 empowers the Court to order the final forfeiture of the property.

He added that Section 44 (2) (k) of the Constitution also permitted the take-over of a property in view of an enquiry.

The EFCC said the motion had its root in the Constitution and urged the Court to grant, and also argued that in view of the fact that Chobe Ventures which allegedly used proceeds of unlawful activities to acquire the property in issue had not controverted its claim as to the source of the money.

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