Court asks FG to take permanent ownership of Ikoyi N13bn (Updated)

A Federal High Court has ordered the Federal Government to take full possession of the $43.4 million, £27,800, N23.2 million uncovered by the Economic and Financial Crimes Commission (EFCC) in a flat in Osborne Towers, Ikoyi, Lagos, recently.

The order was given by Justice Hassan on Tuesday, while ruling on the application brought before it by the anti-graft agency.

The EFCC had in April discovered the monies, amounting to about N13 billion in a private residence on Gerrard Road, Ikoyi, Lagos, following a tip-off by a whistle-blower.

The Commission had on April 13, got an interim court order for the funds to be temporarily forfeiting to Federal Government.

The presiding Justice Hassan had while giving that order given a period of 14 days within which any person interested in the funds must appear before the court to show reason why the Federal Government would not be asked to take full ownership of the money.

While nobody came up to claim the money when the matter came up on May 5, 2017, Olukoya Ogungbeje, a private legal practitioner, however, approached the court and prayed it to defer proceedings on the final forfeiture of the funds until Acting President Yemi Osinbajo’s led panel, set up by President Muhammadu Buhari to investigate the matter turns in its report.

Ogungbeje’s application was contended by the EFCC who asked the judge to sack his prayer and proceed with ruling on the matter.

Having adjourned the case till Tuesday, the judge in his ruling when the case came up as scheduled the next day, ruled in favour of the EFCC, branded Ogungbeje’s application as lacking in merit and subsequently dismissed it.

Justice Hassan held, “I am in complete agreement with the submission of the learned counsel for the applicant (EFCC) that the property sought to be attached are reasonably suspected to be proceeds of unlawful activities and that by every standard this huge sum of money is not expected to be kept without going through a designated financial institution; more so, nobody has shown cause why the said sum should not be forfeited to the Federal Government of Nigeria. Having regard to the foregoing, I have no other option but to grant this application as prayed.

“For the avoidance of any doubt, I hereby make the following orders: 1. A final order is made forfeiting the sums of $43,449,947 found by the Economic and Financial Crimes Commission at Flat 7B of No. 16 Osborne Road, Osborne Towers, Ikoyi, Lagos, which sum is reasonably suspected to be proceeds of unlawful activities to the Federal Government of Nigeria.”

The same order also goes for the £27,800 and N23,218,000.
 

RipplesNigeria ….without borders, without fears

Click here to download the Ripples Nigeria App for latest updates

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now