COURT ORDERS FINAL FORFEITURE OF LAGOS PROPERTY LINKED TO N89M STERLING BANK FRAUD
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By Aishat Momoh. O.
A Federal High Court sitting in Lagos has ordered the final forfeiture of a storey building located at No. 26 Tolu Road, Olodi Apapa, suspected to have been acquired with proceeds of a N89 million fraud linked to Sterling Bank Plc.
Justice Dehinde Dipeolu granted the final forfeiture order following a motion filed by the Economic and Financial Crimes Commission (EFCC), which argued that the property was developed using funds unlawfully obtained through a system glitch at the bank.
According to the EFCC, the funds were part of a larger sum—N295.9 million—allegedly transferred and converted by some bank customers in 2022 without authorization.
One of the suspects, Ojora Sulaimon Kehinde, allegedly received N89 million via PayAttitude Global Ltd, an e-wallet platform, and funneled part of the illicit funds through his wife, Aminat Olatanwa Ojora, who then facilitated the purchase of the forfeited property.
Court documents revealed that N17 million was transferred by Aminat to a third party, Chuksy Odozy Osazuwa, who helped secure the property, while Kehinde’s brother, Muritala Sulaimon Kehinde, was used to execute the deed of assignment in an attempt to conceal ownership.
An interim forfeiture was granted on January 10, 2025, and subsequently published in *The Punch* newspaper to allow interested parties to contest the order. However, with no objections filed, the EFCC requested the court to finalize the forfeiture in line with Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution.
Justice Dipeolu, satisfied with the EFCC’s submission, ruled in favor of the final forfeiture of the property to the Federal Government of Nigeria on behalf of Sterling Bank.
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