Justice A. Owoeye of the Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of digital wallet assets valued at $222,729.86 to the Federal Government of Nigeria.
This ruling follows the recovery of the assets from an alleged syndicate of 792 cryptocurrency investment and romance fraudsters arrested by the Economic and Financial Crimes Commission (EFCC) during a surprise operation on December 10, 2024.
The EFCC’s legal counsel, Zeenat Atiku, filed an ex parte application for the forfeiture, citing intelligence on a large-scale fraud operation involving foreign nationals in Lagos.
The court was informed that the syndicate financed its activities through a company named Genting International Co. Limited (GICL).
Atiku argued that the seized digital wallet assets were reasonably suspected to be proceeds of unlawful activities.
During the hearing, which was attended by legal representatives from various agencies, discussions centered around the implications of cryptocurrency in facilitating fraud.
Justice Owoeye directed the EFCC to publish the forfeiture order in a national newspaper to allow any interested parties to appear before the court within 14 days to contest the decision.
The court has adjourned the matter until March 7, 2025, for a compliance report.
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