EFCC secures interim forfeiture of hotel linked to Ikeja Chamber MD

The Economic and Financial Crimes Commission (EFCC) has secured a Federal High Court order for the interim forfeiture of a hotel valued at about N1.3 billion, allegedly linked to Edward Olutoke, managing director of the Ikeja Chamber of Commerce, Industry and Agriculture, over an alleged forex and investment fraud.

The order was issued on Wednesday by Justice A. O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, following an ex parte application filed by the EFCC through its counsel, C. C. Okezie.

The property affected by the order is the Responsible Leaders Hotel, located at 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos.

In moving the application, Okezie told the court that the request was supported by an affidavit deposed to by Obed Tanko, an investigator with the anti-graft agency.

Tanko alleged in the affidavit that Olutoke obtained billions of naira from unsuspecting investors under the guise of operating a capital-guaranteed forex trading and investment scheme.

He added that several petitioners invested various sums after being assured that the company was duly registered and accredited to carry out forex trading and investment activities.

Investigations, however, reportedly revealed that neither Olutoke nor the organisation had the necessary regulatory approval to operate the investment scheme. The funds collected from investors were allegedly diverted and used to acquire luxury assets, including the hotel now subject to the forfeiture order.

Justice Owoeye, having considered the evidence, granted the EFCC’s request for interim forfeiture. The judge also directed the commission to publish the order in a national newspaper to allow any interested party to appear before the court and show cause why the property should not be permanently forfeited to the Federal Government.