Justice A.O. Owoeye of the Federal High Court, Ikoyi, Lagos, on Wednesday ordered the interim forfeiture of Responsible Leaders Hotel, valued at N1.3 billion, linked to Edward Olutoke, Managing Director of Ikeja Chamber of Commerce, Industry and Agriculture.
The property at 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, was seized following an ex parte motion by the Economic and Financial Crimes Commission (EFCC), moved by counsel C.C. Okezie and supported by investigator Obed Tanko’s affidavit.
Tanko detailed how Olutoke allegedly defrauded unsuspecting investors of billions of naira through a fictitious capital-guaranteed forex trading and investment scheme, falsely claiming regulatory accreditation.
Victims reportedly handed over various sums after assurances of registration and legitimacy, but investigations confirmed neither Olutoke nor his organisation held required approvals from the Securities and Exchange Commission or Central Bank of Nigeria.
Proceeds from the scam were allegedly laundered into luxury assets, including the high-end hotel now under interim forfeiture as suspected crime proceeds.
Justice Owoeye, satisfied with the EFCC’s evidence, granted the motion as prayed and directed publication of the order in a national newspaper.
The notice allows interested parties 21 days to show cause why the property should not be permanently forfeited to the Federal Government.
Olutoke, a prominent figure in Lagos commerce circles, faces potential charges of obtaining by false pretences, money laundering, and operating illegal investment schemes—offences carrying lengthy jail terms under the Advance Fee Fraud Act and Investments and Securities Act.
The case underscores escalating EFCC crackdowns on unregulated forex platforms that have bilked Nigerians of trillions amid economic hardship, with over 50 such schemes collapsed since 2025.
No response has emanated from Olutoke or Ikeja Chamber as investigations continue, with the hotel sealed pending final determination.
The interim order signals intensified asset recovery drives targeting business elites entangled in Ponzi-style capital flight operations disguised as legitimate investments.
