Court orders final forfeiture of Lagos property linked to N89m Sterling Bank fraud

Justice Dehinde Dipeolu of the Federal High Court in Lagos has ordered the final forfeiture of a storey building located at No. 26 Tolu Road, Olodi Apapa, in the Ajeromi Ifelodun Local Government Area of Lagos State.

The property is suspected to have been acquired using proceeds of unlawful activities, specifically linked to the unauthorized transfer of N89 million from Sterling Bank Plc, allegedly caused by a system glitch.

The forfeiture order was granted following a motion filed and argued by Hanatu Kofarnaisa, counsel to the Economic and Financial Crimes Commission (EFCC). The EFCC brought the application under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, No. 14 of 2006, and Section 44(2)(b) of the 1999 Constitution.

The application, dated April 8, 2025, filed under Suit No: FHC/L/MISC/795/2024, sought the final forfeiture of the property to the Federal Government of Nigeria, on behalf of Sterling Bank Plc.

Investigations by the EFCC revealed that the building was allegedly developed or acquired using proceeds of unlawful activities. The Commission maintained that the funds used for the purchase are reasonably suspected to be linked to criminal conduct.

In an affidavit supporting the motion, Gyal Maina Gapani, an EFCC operative, detailed findings from the investigation. According to him, the EFCC received a petition from Sterling Bank on July 18, 2022, reporting unauthorized transfers and criminal conversion of N295,916,201.02, following a system glitch.

One of the suspects, Ojora Sulaimon Kehinde, was alleged to have fraudulently obtained N89 million through PayAttitude Global Ltd, an e-wallet service operated by the bank. Further investigations showed that Kehinde transferred significant sums to his wife, Aminat Olatanwa Ojora, via her Sterling Bank account (0072889319), allegedly using the proceeds to purchase the forfeited property.

Additional findings revealed that Aminat transferred N17 million to Chuksy Odozy Osazuwa (Zenith Bank account 1006927656), who facilitated the acquisition of the property. To conceal the illicit origin of the funds, Kehinde also enlisted his brother, Muritala Sulaimon Kehinde, to act as a front in executing the deed of assignment. A memorandum of understanding was reportedly signed by Osazuwa and five of his relatives to formalize the transaction.

The court had earlier granted an interim forfeiture order on January 10, 2025, directing that notice be published in a national newspaper to allow interested parties to contest the forfeiture. The notice was subsequently published in The Punch newspaper.

With no opposition filed against the application, the EFCC urged the court to make the forfeiture final, arguing that it served the interest of justice.

Justice Dipeolu, satisfied with the EFCC’s submissions, granted the application and ordered the final forfeiture of the property to the Federal Government.