Court Orders Final Forfeiture of N204.8 Million, 15 Properties in Favor of Fraud Victims

The Federal High Court, Abuja, has ordered the permanent forfeiture of N204.8 million, 15 properties and eight luxury cars linked to fraudulent activities perpetrated against some Nigerian companies.

THE Economic and Financial Crimes Commission (EFCC) obtained the judgment against Jedidiah Ezenwa and his companies and in favor of the victims of the alleged crimes.

The judge, Inyang Ekwo, made the forfeiture order in a case initiated by the EFCC against Ms. Ezenwa, Jedidiah Cement Industry Ltd, Omega Global Resources, Jedidiah Universal Transport Hephz Ltd, Afriinvest Asset Management Ltd, The Guguru Company Ltd and Josien Holdings Ltd.

The first respondent, an alleged foreign exchange trader, had contacted the petitioner and victim, Ibrahim Amusan, for a foreign exchange transaction involving the purchase of US dollars.

Suspected fraud

According to a statement by the EFCC Head of Media and Publicity, Dele Oyewale, on Tuesday, apart from Mr. Amusan, other victims of the alleged crimes are Afri Invest Ltd, Joisen Holdings Ltd and Jack Welch Petroleum Services Ltd.

Mr Oyewale said the case began when the victims filed an application alleging conspiracy, obtaining money under false pretenses, fraudulent conversion of funds and money laundering against Ms Ezenwa.

Investigations, according to the EFCC, revealed that Ms. Ezenwa solicited funds for foreign currency transactions but instead diverted them for personal use, acquiring numerous properties and vehicles.

The EFCC said Joisen Holdings Ltd transferred N630 million to Hamilton Resources International, who then transferred the naira equivalent to Ms Ezenwa’s Unity Bank account on her instructions in exchange for US dollars. In total, the petitioners transferred N1.904 billion to Ms. Ezenwa’s company for foreign exchange, which she failed to deliver as agreed, the EFCC said.

Confiscation

EFCC lawyer Ibrahim Buba had earlier obtained an interim confiscation order, which was publicly announced to invite potential rightful owners of the assets to file for recovery. As no objection was raised within the time allowed by the court, the EFCC applied for and obtained the final confiscation order.

Defense lawyer, Jerry Musa, argued that this was a breach of contract not within the jurisdiction of the EFCC.

However, the judge, Mr. Ekwo, rejected this argument, affirming the power of the EFCC to investigate and prosecute the matter under Section 6 of its Establishment Act.

Mr. Ekwo ruled that the assets were proceeds of crime and ordered their final forfeiture to the victims through the Federal Government.

“He (the judge) then ordered that they be permanently forfeited to the victims through the Federal Government,” the EFCC said in its statement.

Assets confiscated

The confiscated assets, according to the EFCC, include a four-bedroom en-suite apartment in Guzape, a prime area in Abuja, a five-bedroom semi-detached duplex in Chevy View Estate, Ajah, Lagos, and several other residential properties in Lagos, Delta. State and Abuja.

The confiscated luxury vehicles include a white Mercedes Benz SLK 350, a black Jeep H3 Hummer, a wine red BMW X6 SUV, a black Mercedes Benz CLS 63, a black and white BMW Z40 IL and a black Mercedes Benz G-Wagon SUV. .

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With the final confiscation order issued in favor of the victims of the alleged crimes, the EFCC is now expected to expeditiously facilitate the return of assets to them.

Reaction

The commission described the move as a crucial step in its efforts to combat financial crimes and bring justice to defrauded parties.

Mr. Oyewale said the decision is significant for the EFCC’s continued efforts to combat financial crimes.

“This decision marks an important milestone in our commitment to ensuring that justice is served and that proceeds of crime are recovered and returned to rightful victims,” Mr Oyewale said.