9 November 2017

Nigeria: Court Orders Interim Forfeiture of Ikoyi Property Where $43.3 Million Was Found

Photo: Premium Times
Money recovered from an apartment in Osborne Towers Ikoyi

Justice Saliu Saidu of a Federal High Court in Lagos on Thursday ordered the temporary forfeiture to the Federal Government of Flat 7B, Osborne Towers, Ikoyi, Lagos.

The property housed the sums of $43.3 million, £27,800, and N23 million in cash.

The judge issued the orders following an ex parte application by the Economic and Financial Crimes Commission (EFCC).

Before now, the anti-graft agency had mentioned the wife of the sacked Director-General of the Nigeria Intelligence Agency, Folashade Oke, as the owner of the flat.

The commission said it found out that Mrs. Oke made a cash payment of $1.6 million for the purchase of the flat between August 25 and September 3, 2015.

The EFCC further argued that the woman purchased the property in the name of a company, Chobe Ventures Ltd, of which she and her son, were directors.

The payments were made to Fine and Country Ltd.

The anti-graft agency explained that Mrs. Oke made the cash payment in tranches of 700,000 dollars , 650,000 dollars, and 353,700 dollars, to a subsidiary of a Bureau de Change -- Sulah Petroleum and Gas Ltd.

The company was said to have later converted the sums into N360 million and subsequently paid it to Fine and Country Ltd for the purchase of the property.

The judge adjourned the case until November 30 for any interested party to appear and show cause why the interim forfeiture should not be a permanent forfeiture. (NAN)

More on This

$43.4m - Court Orders Interim Forfeiture of Ikoyi Property

A Federal High Court in Lagos yesterday ordered the temporary forfeiture of Flat 7B Osborne Towers, Ikoyi, Lagos to the… Read more »

See What Everyone is Watching

Copyright © 2017 Premium Times. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.