By Nkechi Eze
Justice Alexander Owoeye of the Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of digital assets worth $222,729.86 USDT (Tether) to the Federal Government of Nigeria. The funds were recovered from a syndicate of Chinese nationals and their collaborators allegedly involved in cyber-terrorism and large-scale internet fraud.
The forfeiture order, granted on Monday, July 21, 2025, follows an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC) through its counsel, Zeenat Atiku, on July 18. The motion was supported by an affidavit deposed to by EFCC investigating officer, Muazu Abdulrahman.
According to a statement signed by the Commission’s spokesperson, the forfeited assets are part of the proceeds recovered from a massive crackdown on December 10, 2024, when EFCC operatives arrested 792 suspected cryptocurrency investment and romance fraudsters in Lagos during a coordinated sting operation tagged “Eagle Flush Operation.”
In the affidavit presented to the court, Abdulrahman revealed that the syndicate financed its fraudulent operations through a Nigerian-registered company known as Genting International Co. Limited (GICL). Investigations showed that between April 12 and December 23, 2024, the company’s Union Bank account (number 0225100403) received total inflows of over ₦2.26 billion.
Further financial analysis traced the majority of these funds to cryptocurrency transactions conducted by two vendors identified as Chukwuemeka Okeke and Alhassan Aminu Garba. According to the EFCC, both men were invited for questioning and gave voluntary statements under caution.
“They reported that they received a total USDT valued at $2,386,642 from the syndicates, resulting from USDT purchased through peer-to-peer trading,” Abdulrahman stated. “They also identified the wallet addresses used by the group for transferring funds (USDTs).”
During the court session, Atiku argued that the funds were reasonably suspected to be proceeds and instruments of computer-related fraud and money laundering. She urged the court to permanently forfeit the digital assets to the Nigerian government, in accordance with the provisions of the law.
In his ruling, Justice Owoeye upheld the EFCC’s application, stating: “I have read the motion and attachments and found sufficient merit in the application. Consequently, the motion succeeds and is hereby granted.”
