Court Orders Interim Forfeiture of Syndicate’s $222,729 Digital Wallet Assets

Feb. 4, 2025

Justice A. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, on ordered the interim forfeiture of digital wallet assets valued at $222,729.86 to the Federal Government of Nigeria.

The digital wallet assets were recovered from an alleged syndicate of 792 cryptocurrency investment and romance fraudsters who were arrested on December 10, 2024 by operatives of the the Economic and Financial Crimes Commission, EFCC, during a surprise operation at 7, Oyin Jolayemi Street, Victoria Island, Lagos.

The Judge gave the order, following an ex parte application filed and moved by the EFCC through its lawyer, Zeenat Atiku,

pursuant to Section 44 (2) (b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act 2006.

Moving the application for interim forfeiture of the recovered digital wallet assets, Atiku argued that the Commission had received intelligence about a large-scale fraud involving foreign nationals operating in Lagos.

According to her, the syndicate financed its operations through a company, Genting International Co. Limited (GICL).

Atiku further submitted that the digital wallet assets were “reasonably suspected to be proceeds of an unlawful activity.”

After listening to the EFCC counsel, Justice Owoeye ordered the interim forfeiture of the digital asset wallets.

The Judge also directed the EFCC to publish the order in a national newspaper to allow anyone with an interest in the digital wallet assets to appear before the court within 14 days to show cause why it should not be permanently forfeited to the Federal Government.

The court adjourned the matter till March 7, 2025 for a “compliance report”.