The Economic and Financial Crimes Commission, EFCC on Monday secured an interim forfeiture order for digital assets valued at $222,729.86, over fraudulent activities allegedly linked to Chinese and Filipino nationals.
Justice Alexander Owoeye of the Federal High Court in Lagos granted the interim forfeiture order following a motion ex-parte moved by Zeenat Atiku, a prosecuting counsel with the Economic and Financial Crimes Commission (EFCC).
The motion was brought pursuant to Section 44 (2)(B) of the 1999 Constitution (as amended) and Section 17 of the Advanced Free Fraud and Other Fraud-Related Offences Act No. 14, 2016.
The court also directed the EFCC to publish the interim forfeiture order in a national newspaper, allowing anyone with an interest in the assets to appear before the court within 14 days to show cause why the assets should not be permanently forfeited to the Federal Government.
The order reads, “An interim forfeiture order of this Honourable Court forfeiting to the Federal Government of Nigeria digital assets listed in the schedule hereunder, which proceeds were traced and reasonably suspected to be proceeds of unlawful activities.”
In a 7-paragraph affidavit deposed to by one Owolabi Taiwo, an EFCC investigating officer, the Commission had received intelligence about a large-scale cryptocurrency investment fraud and dating scams involving foreign nationals operating in Lagos.
He said a subsequent sting operation led to the arrest of 792 suspected cybercriminals and the seizure of approximately 1,000 routers, SIM cards, computers, and mobile phones.
He stated that the syndicate financed its operations through Genting International Co. Limited (GICL), a Nigerian-registered company.
He stated that the company’s Union Bank account received over N2.26 billion from April to December 2024.
He added “Bank statements showed that the primary inflows into the account came from cryptocurrency vendors Chukwuemeka Okeke and Alhassan Aminu Garba, who provided statements under caution. They reported receiving a total of $2.39 million in USDT from the syndicate through peer-to-peer trading. Further blockchain analysis traced these funds to wallet addresses linked to fraudulent schemes, including Conti.vip.
“The investigation also revealed that GICL, established by foreign nationals, was used to launder the proceeds of fraudulent activities. These individuals, operating without valid work permits, are violating Nigerian laws”.
Justice Owoeye has adjourned the case to March 7, 2025, for a report on compliance.
