N326.4M, $480K, Luxury cars seized in massive Lagos bank fraud bust

Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of N326.4 million, $480,000, two properties, and several vehicles to the Federal Government of Nigeria, following a bank fraud investigation by the Economic and Financial Crimes Commission (EFCC).

The forfeited assets include a three-bedroom bungalow and a property at No. 8, Grace Crescent, Efab Queens Estate, Gwarimpa, Abuja, along with a Mercedes Benz C300, a gray BMW 3 Series SUV, a black 2012 Range Rover, a 2016 BMW SURXI, two additional Range Rovers, and three Toyota Hilux vehicles (2008, 2010, and 2014 models). The cash sums involved are N326.4 million and $480,000.

The ruling followed a motion on notice filed by the EFCC’s Lagos Zonal Directorate 1, presented by counsel H.U. Kofarnaisa.

The motion was supported by an affidavit from EFCC investigating officer Sulaiman Aminu Muhammad, who detailed a petition from a first-generation bank alleging fraud totaling N1.4 billion, later revised to N2.007 billion in an addendum dated July 24, 2023. The fraud involved unauthorized debits from customer accounts, prompting an internal bank investigation.

Investigations revealed that Atus Homes Limited fraudulently received N681.2 million from 126 customer accounts, while Fav Oil & Gas Limited obtained N1.388 billion from 429 accounts.

Additionally, N887.5 million of the stolen funds was transferred to various accounts in other banks.

Kofarnaisa argued that the accounts receiving these funds were linked to proceeds of unlawful activities, with no ties to legitimate business ventures.

Justice Osiagor had previously ordered the interim forfeiture of the assets and mandated its publication in a national newspaper, allowing interested parties to contest the forfeiture.

No objections were raised. Kofarnaisa also noted that the alleged mastermind of the fraud is currently facing trial in a separate Federal High Court case.

Finding merit in the EFCC’s application, Justice Osiagor ordered the final forfeiture of the properties, vehicles, and cash to the Federal Government, marking a significant step in addressing the large-scale bank fraud.