Alleged Forex, Investment Fraud: Court Orders Interim Forfeiture of N1.3bn Hotel Linked to Ikeja Chamber MD, Edward Olutoke

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By JUMOKE SANNI

Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, March 12, 2026, ordered the interim forfeiture of a hotel, Responsible Leaders Hotel, linked to Edward Olutoke, Managing Director, Ikeja Chamber of Commerce, Industry and Agriculture.

The property, located at 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos, is valued at about N1.3bn.

The judge gave the order, following an ex parte motion filed by the Economic and Financial Crimes Commission, EFCC, through its counsel, C.C. Okezie.

Moving the application for interim forfeiture, Okezie told the court that the application was supported by an affidavit deposed to by Obed Tanko, an investigator with the EFCC.

Tanko, in the affidavit, stated that the suspect allegedly obtained billions of naira from unsuspecting investors under the guise of operating a capital-guaranteed forex trading and investment scheme.

According to him, the petitioners allegedly invested various sums of money after being assured that the company was registered and accredited to carry out forex trading and investment activities.

Investigations, however, revealed that neither the suspect nor the organisation possessed the necessary regulatory approval to operate such an investment scheme.

Further investigation also revealed that the funds collected from several investors were allegedly diverted and used to acquire luxury assets, including the hotel.

Okezie, therefore, submitted that the property was reasonably suspected to have been acquired with proceeds of unlawful activities.

Justice Owoeye, having been fully persuaded by the evidence presented before the court, granted the application as prayed.