By Nkechi Eze
Justice A. Owoeye of the Federal High Court in Ikoyi, Lagos, has ordered the temporary seizure of digital wallet assets worth $222,729.86, which will be forfeited to the Federal Government of Nigeria. This decision was made on Monday, February 3, 2025.
The digital wallet assets were seized from a suspected syndicate of fraudsters, consisting of 792 individuals allegedly involved in cryptocurrency investment and romance scams. They were arrested on December 10, 2024, by EFCC operatives during a raid on a location at 7, Oyin Jolayemi Street, Victoria Island, Lagos.
According to a statement signed and made available to newsmen by the commission’s spokesperson Dele Oyewale, the Judge gave the order, following an ex parte application filed and moved by the EFCC through its lawyer, Zeenat Atiku, pursuant to Section 44 (2) (b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act 2006.
Moving the application for interim forfeiture of the recovered digital wallet assets, Atiku argued that the Commission had received intelligence about a large-scale fraud involving foreign nationals operating in Lagos.
According to her, the syndicate financed its operations through a company, Genting International Co. Limited (GICL).
Atiku further submitted that the digital wallet assets were “reasonably suspected to be proceeds of an unlawful activity.”
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”.
