Manny Ita –
A Federal High Court sitting in Ikoyi, Lagos, has ordered the interim forfeiture of a hotel valued at about N1.3 billion allegedly linked to a forex and investment fraud involving Edward Olutoke, the Managing Director of the Ikeja Chamber of Commerce, Industry and Agriculture.
The order was granted by Justice A. O. Owoeye of the Federal High Court of Nigeria sitting in Ikoyi, following an ex parte application filed by the Economic and Financial Crimes Commission (EFCC).
In a statement posted on its official X account on Friday, the EFCC disclosed that the court directed the temporary seizure of Responsible Leaders Hotel located at 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos, which investigators believe was acquired with proceeds from unlawful investment activities.
The anti-graft agency, through its counsel C.C. Okezie, supported the application with an affidavit deposed to by EFCC investigator Obed Tanko, who detailed the alleged scheme and the basis for the request for interim forfeiture.
According to the affidavit, Olutoke allegedly collected billions of naira from unsuspecting investors by promoting what was presented as a capital-guaranteed forex trading and investment programme.
The EFCC said the scheme assured investors that the company behind the investment operation was fully registered and accredited to conduct forex trading and related financial activities, prompting individuals to commit various sums of money.
“Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, March 12, 2026, ordered the interim forfeiture of a hotel, Responsible Leaders Hotel, linked to Edward Olutoke, Managing Director, Ikeja Chamber of Commerce, Industry and Agriculture,” the statement read.
“The property, located at 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos, is valued at about N1.3bn,” the statement added.
Investigations by the EFCC allegedly revealed that neither Olutoke nor the organisation had the required regulatory approvals to operate the forex trading and investment scheme through which funds were raised from members of the public.
The agency further alleged that proceeds obtained from the investment scheme were diverted and used to acquire luxury assets, including the Ikeja hotel now subject to the forfeiture order.
Counsel to the EFCC told the court that the property was reasonably suspected to have been purchased with proceeds of unlawful activities, warranting the interim forfeiture.
Justice Owoeye subsequently granted the order and directed the commission to publish the forfeiture in a national newspaper to allow any interested party to appear before the court and show cause why the property should not be permanently forfeited to the Federal Government.
The development forms part of the EFCC’s broader asset recovery drive targeting proceeds of financial crimes across the country.
Recent figures released by the commission indicate that the agency recovered about N364.5 billion, $326.5 million and numerous assets, including vehicles, land and cryptocurrencies, alongside securing 4,111 convictions.
In one of its largest recoveries, the commission seized an estate in Abuja containing 753 duplexes linked to former Godwin Emefiele following a ruling by the Federal High Court.
Over a two-year period, the anti-graft agency also reported recovering N566 billion, $411 million and about 1,502 properties connected to suspected financial crimes, with some assets subsequently allocated for public use or disposed of through government programmes.
