A Federal High Court in Abuja has ordered the interim forfeiture of N342,545,933.75 traced to a Nigerian accused of fraudulently diverting £2,000,000 from a UK-based company. The Economic and Financial Crimes Commission (EFCC) filed a motion ex parte, leading to this development.
The EFCC’s investigation revealed that the suspect, Ayomide Otubanjo Oluseun, diverted funds from Lineroom Limited to his company, VHC (Nigeria) Limited. He allegedly executed a loan agreement without authorization and used the funds for personal investments.
Justice Emeka Nwite granted the interim forfeiture order and directed the publication of the order in a national daily. Interested parties have 14 days to show cause why the funds should not be forfeited to Lineroom Limited through the Federal Government of Nigeria.
The case highlights the importance of transparency and accountability in financial transactions. It also serves as a warning to individuals engaging in fraudulent activities.
The case is adjourned to November 5, 2024, for further hearing. The EFCC continues to investigate financial crimes and prosecute offenders to ensure justice is served.
The EFCC’s successful forfeiture order in this fraud case demonstrates the agency’s commitment to combating financial crimes in Nigeria. It sends a strong message to individuals engaging in fraudulent activities that they will be held accountable for their actions.
EFCC’s successfully obtained an interim forfeiture order of N342 million in a fraud case involving a Nigerian accused of diverting funds from a UK-based company. Justice is served as the court takes action against financial crimes.
