Justice Chuka Austin Obiozor of the Federal High Court in Lagos has ordered the interim forfeiture of a property worth the sum of N204,200,000 to the Federal Government.
The property, which is located at 20, Cameron Street in Ikoyi area of Lagos, was recovered from one Joy Obiageli Oti by the Economic and Financial Crimes Commission (EFCC).
According to a statement by the EFCC spokesman Wilson Uwujaren on Friday, the judge gave the interim forfeiture order following an ex-parte application filed by the Commission.
The respondent was alleged to have sold 3.02 hectares of land belonging to a company, Industrial Support Services Limited, to P.S. Investment Limited in the sum of N300,000,000.00.
In the bid to cover up the alleged fraud, the respondent reportedly opened an account domiciled in a bank in the name of Industrial Support Services, where she purportedly made herself the sole signatory to the account.
Consequently, the Chairman of P.S. Investment Limited, Mr Patrick Ugboma, allegedly issued a bank manager of another bank a cheque in favour of Industrial Support Services on October 22, 2007.
The respondent, upon maturity of the cheque, allegedly bought the said property from the proceeds of the crime.
In his ruling on Wednesday, Justice Obiozor ordered an interim forfeiture of the property to the Federal Government.
The judge further directed the EFCC to publish the interim forfeiture order in a national newspaper within 14 days from the day of ruling for the respondent or anyone who is interested in the property to show cause why it should not be permanently forfeited to the Federal Government.
The case was adjourned till May 15 for the hearing of the motion on notice for final forfeiture.
