Court orders forfeiture of $50m found in Ikoyi

A federal high court in Lagos has ordered the interim forfeiture of the $50m cash discovered in an apartment in Ikoyi, Lagos on Wednesday.

The Economic and Financial Crimes Commission (EFCC) had raided the apartment, after it got a tip-off from a whistle-blower.

But the monies – $43m, £27, 000 and N23m – have not been claimed by anyone. All the persons reportedly linked to them have denied ownership.

Reports had linked Esther Nnamdi-Ogbue, an ex-staff member of the Nigeria National Petroleum Corporation (NNPC), to the wads, but she denied ownership.

The money was recovered by the Economic and Financial Crimes Commission (EFCC) from an apartment in the Ikoyi area of Lagos on Wednesday.

The EFCC had in an ex parte application, sought an interim order of the court to forfeit the money to the federal government.

In a ruling on Thursday, the court, presided over by Muslim Hassan, a jusge, ordered that the funds be temporarily forfeited to the federal government.

The judge adjourned until May 5, for anyone interested in the funds to show up before him, to show cause why the money should not be permanently forfeited.

The judge made the forfeiture order shortly after entertaining an ex parte application filed by counsel for the EFCC, Rotimi Oyedepo.

Hassan also granted the anti-graft agency’s prayer to advertise or publish the interim forfeiture order in any national newspaper for any concerned party to see it.

He adjourned till May 5, 2017 to allow such a person to come before him to give reasons why the money should not be permanently forfeited to the federal government.