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

The Federal High Court in Abuja has ordered the final 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, issued the confiscation order in a case brought by 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, a purported foreign exchange trader, had approached the petitioner and victim, Ibrahim Amusan, to conduct a foreign exchange transaction involving the purchase of US dollars.

Alleged fraud

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

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

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

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The EFCC stated that Joisen Holdings Ltd transferred N630 million to Hamilton Resources International, which then transferred the naira equivalent to Mrs Ezenwa’s Unity Bank account on her instructions in exchange for US dollars. In total, the petitioners transferred N1.904 million to Mrs Ezenwa’s company in foreign currency, which she did not provide as agreed, EFCC said.

Loss

EFCC lawyer Ibrahim Buba earlier obtained an interim confiscation order, which was publicly announced to invite potential rightful owners of the assets to file a case to claim them. As no objections were raised within the period stipulated by the court, the EFCC sought and obtained the final confiscation order.

Defense lawyer Jerry Musa argued that the matter was a breach of contract outside the jurisdiction of the EFCC.

However, Justice Ekwo dismissed this argument and affirmed the authority of the EFCC to investigate and prosecute the case under Section 6 of its Establishment Law.

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) subsequently ordered that they be finally released to the victims through the Federal Government,” the EFCC said in its statement.

confiscated assets

The seized assets, according to EFCC, include a four-bedroom en-suite apartment in Guzape, a select 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 Hummer Jeep H3, 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 quickly facilitate the release of the assets to them.

Reaction

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

Oyewale said the ruling is important to the EFCC’s ongoing efforts to fight financial crimes.

“This ruling marks an important milestone in our commitment to ensuring that justice is done and that the proceeds of crime are recovered and returned to the legitimate victims,” Oyewale said.