Court Orders Interim Forfeiture of Ikeja Hotel Linked to Olutoke Over Alleged Forex Scam
The Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of a hotel connected to Edward Olutoke, managing director of the Ikeja Chamber of Commerce, Industry and Agriculture, over allegations of involvement in a forex-related scam.
Justice A.O. Owoeye granted the order following an ex parte application filed by the Economic and Financial Crimes Commission (EFCC) through its lawyer, C.C. Okezie.
The ruling covers the Responsible Leaders Hotel, located at 1 Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos, a property valued at approximately N1.3 billion.
According to the EFCC’s affidavit, deposed by investigator Obed Tanko, Olutoke allegedly raised billions of naira from investors under the pretense of running a licensed forex trading and investment operation. Investigations, however, reportedly revealed that neither Olutoke nor his company had regulatory approval to operate such a scheme.
The affidavit further stated that funds collected from investors were allegedly diverted to acquire assets, including the hotel. EFCC counsel Okezie told the court that the property was suspected to have been purchased with the proceeds of unlawful activities.
Justice Owoeye subsequently granted the interim forfeiture order and directed that it be published in a national newspaper to allow any interested party to appear in court and show cause why the property should not be permanently forfeited to the Federal Government.
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