A Federal High Court in Lafia, Nasarawa State, has ordered the permanent forfeiture of several properties and cash worth millions to the Federal Government, following an Economic and Financial Crimes Commission (EFCC) application.
Justice M.O. Olajuwon, in his ruling, affirmed that the EFCC presented compelling evidence linking the assets to unlawful proceeds from activities allegedly masterminded by Theophilus Oloche Ebonyi.
The forfeited items comprise a 23-room hotel and event centre known as De Thinkers Home and Apartments in Nyanya Gwandara; a warehouse and sachet water factory in Koroduma, Karu Local Government Area; two office buildings on Philip Doda Street in the area; and Theo International Academy Primary School in Nyanya Gwandara.
The court also mandated the surrender of N1,005,489.27 from a First Bank account connected to Ebonyi.
Justice Olajuwon held that the EFCC satisfied the requirements of Section 17(1) of the Advance Fee Fraud and Other Fraud Related Offences Act, declaring, “The Commission has placed sufficient materials before the court to prove that the assets are proceeds of unlawful activity.”
He stressed that after the EFCC raised reasonable suspicion, the respondents bore the onus to prove the assets’ legitimacy but failed to do so.
EFCC investigator Mary Ebute had earlier deposed in an affidavit that a Keystone Bank account under Theobarth Global Foundation funneled victims’ funds into a Ponzi scheme, with proceeds laundered via the properties.
Counsel Ibrahim Buba pressed the court to approve final forfeiture, asserting direct traceability to the fraud.
The judge granted the plea, vesting ownership in the Federal Government.
