Metro

Bank Fraud: Court Orders Forfeiture Of Cash, Properties

Published

10 months ago

July 12, 2025

Editor

Justice Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, on Friday, ordered the final forfeiture of two properties, several cars and cash to the Federal Government of Nigeria.

According to a statement posted on the official X account of the Economic and Financial Crimes Commission on Friday, the Judge gave the order, following a motion on notice filed by the Lagos Zonal Directorate 1 of the EFCC, through its lawyer, H. U. Kofarnaisa.

In an affidavit deposed by the investigating officer of the EFCC, Sulaiman Muhammad told the court that the commission received a petition from a first-generation bank which complained of a monumental fraud allegedly committed on the account of some of its customers, which totalled N1,403,343,400.

The statement said, “The properties are one unit of a three-bedroom bungalow in Abuja; No. 8, Grace Crescent, Efab Queens Estate, Gwarimpa FCT, Abuja; one Mercedes Benz C300; one gray-coloured BMW 3 Series SUV, and one Black coloured Range Rover 2012.

“Others are three Toyota Hilux of 2008, 2010 and 2014 models; one black coloured BMW SURXI 2016 and two Range Rover vehicles. Other items forfeited included a cash sum of N326,400,000 and another $480,000.

“Justice Osiagor had earlier ordered the interim forfeiture of the properties and also ordered the publication of the said order in a national newspaper for any interested parties to show cause why they should not be finally forfeited to the Federal Government.”

Moving the application for the final forfeiture on Friday, Kofarnaisa told the court that the application was supported by an affidavit from Muhammad.

In the affidavit, Muhammad stated that the bank subsequently submitted an addendum to the petition dated July 24, 2023, wherein the total sum of N2,007,000,000 was fraudulently stolen from the customers of the bank.

According to him, the bank discovered that some customers’ accounts were debited in a manner other than the pattern familiar to the bank, which led to an internal investigation by the audit unit of the bank.

He further stated that the investigation revealed that Atus Homes Limited fraudulently received a total sum of N681,200,000 from 126 customers’ accounts in different tranches.

“An investigation also revealed that Fav Oil and Gas Limited fraudulently received a cumulative sum of N1,388,000,000 from 429 customers’ accounts in different tranches.

“That the total sum of N887,478,600.00 of the sum fraudulently stolen was transferred to various accounts in other banks. Kofarnaisa, thereafter, submitted that the said accounts warehousing the funds sought to be forfeited received inflows reasonably suspected to be proceeds of unlawful activities and are not proceeds of any legitimate business venture.

“She also told the court that the mastermind of this fraudulent crime had been charged before a Federal High Court and that ‘trial is ongoing.’ After listening to the EFCC counsel, Justice Osiagor held that he found merit in the argument of the applicant and ordered the final forfeiture of the properties to the Federal Government of Nigeria,” the statement added.

(PUNCH)

Metro

Ex-convict Arrested In Edo For Armed Robbery, Possession Of Firearm

Published

1 day ago

May 5, 2026

Editor

The Edo State Security Corps (ESSC) has arrested a 45-year-old ex-convict, Owen Osas, for alleged unlawful possession of firearms and suspected involvement in a robbery incident.

Osas was reportedly arrested with a cut-to-size single-barrel gun during a covert operation along Fishpond Road in Eyean, Uhunmwonde Local Government Area.

The arrest reportedly comes barely a year after he was released from prison, where he had served time for illegal possession of firearms and other criminal offences.

Osas, who confessed to the latest crime, also admitted to being a member of the Eiye Confraternity.

READ ALSO:Tragedy As Suspected Kidnappers Kill Young Entrepreneur In Edo
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Consequently, a victim of an alleged robbery incident, Reginia Izy, identified Osas as the person who robbed her a day before his arrest.
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The victim narrated that the suspect had approached her residence around 8 p.m., pretending to be familiar before carrying out the attack.
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‎The Deputy Commander Operations of ESSC, Richard Balogun, said the arrest was part of intensified efforts to rid Edo State of criminal elements.

READ ALSO:Edo South Senatorial Seat: Nothing Wrong Seeking Wike’s Support – Ogbeide-Ihama
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‎Balogun explained that operatives conduct both overt patrols and covert operations to track and apprehend suspects.
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He said, ‎“Our men are always on patrol. Some operate in plain clothes as part of covert strategies, while others are stationed at strategic locations.

“Osas, who is a former convict, was arrested with firearms and he also confessed to be a member of the Eiye Confraternity.”
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Metro

Gunmen Kidnap Businessman In Ibadan

Published

3 days ago

May 4, 2026

Editor

Gunmen suspected to be kidnappers have abducted a 60-year-old man in Ibadan, the Oyo State capital.

The victim was kidnapped on Saturday while on his way to his residence.

The incident occurred at Jinarere, Alakia in Ibadan.

Public Relations Officer of the State Police command, Olayinka Ayanlade, when contacted, confirmed the incident.

Ayanlade in a statement made available to DAILY POST on Sunday, explained that efforts are ongoing to rescue the victim.

Ayanlade said, “Preliminary information reveals that the victim, a 60-year-old male and building materials trader, was accosted while returning home along the Jinarere axis of Alakia Road by four masked armed men, who forcefully whisked him away in an unregistered ash-coloured Toyota Corolla vehicle”.

Metro

Tragedy As Suspected Kidnappers Kill Young Entrepreneur In Edo

Published

3 days ago

May 3, 2026

Editor

A 30-year-old entrepreneur and CEO of Principle Takeout, Justice Abu Oshioke, has been killed by suspected kidnappers in Ekpoma, Esan West Local Government Area of Edo State.

He was reportedly attacked by the suspected kidnappers on Saturday while on his way to pick up an order made for his child’s dedication on Sunday morning.

Eyewitnesses said the attackers attempted to force him into a nearby bush in a kidnapping attempt. However, he reportedly resisted and tried to escape.

In the course of the struggle, the assailants opened fire, shooting him multiple times.

Concerned residents quickly rushed him to a nearby medical facility, but he was confirmed dead on arrival.

The deceased was said to have recently gotten married and welcomed a baby boy.

The tragic event has turned a joyous occasion into a moment of grief for the family.

The shocking development has left the Ekpoma community in deep sorrow, with many residents expressing outrage over the growing insecurity in the area.

Edo State Police Command’s spokesperson, Eno Ikoedem confirmed the incident and said the Commissioner of Police, Monday Agbonika has ordered a “full-scale investigation and intensified manhunt for those responsible.”

According to her, the Police, in collaboration with the military, local vigilantes, and hunters, are actively pursuing the perpetrators through coordinated operations.