Kehinde Fajobi
A Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of digital wallet assets worth $222,729.86 to the Nigerian government.
Justice A. Owoeye issued the ruling following the Economic and Financial Crimes Commission’s (EFCC) recovery of the assets from an alleged syndicate of 792 cryptocurrency investment and romance fraudsters arrested in Lagos on December 10, 2024.
The EFCC’s counsel, Zeenat Atiku, filed an ex parte application seeking the forfeiture, citing intelligence on a large-scale fraud scheme involving foreign nationals.
According to Atiku, the syndicate funded its activities through a company named Genting International Co. Limited (GICL), and the seized assets were “reasonably suspected to be proceeds of unlawful activities.”
During the hearing, legal representatives discussed the role of cryptocurrency in facilitating financial crimes.
Justice Owoeye directed the EFCC to publish the forfeiture order in a national newspaper, giving any interested parties 14 days to challenge it.
The case was adjourned to March 7, 2025, for a compliance report.