The Federal High Court in Lagos
yesterday ordered the final forfeiture of Flat 7B in Osborne Towers, Ikoyi,
where large
sums of money were found.
Justice Saliu Saidu ruled on an
application by the Economic and Financial Crimes Commission (EFCC) seeking the
flat’s forfeiture.
He dismissed an application by
Union Bank Plc which claimed control of the flat, describing the bank as a
“busy body”.
Large sums of money were found in
the flat, including $43,449,947, N23, 218,000 and £27,800, which were forfeited
to the Federal Government last June 6.
The EFCC accused former National
Intelligence Agency (NIA) Director-General Ayodele Oke of fraudulently converting
the agency’s funds and hiding them in the flat.
It alleged that Oke’s wife,
Folasade, used part of the funds to buy the flat through her company, Chobe
Ventures Ltd.
But, Union Bank said the flat was
part of 16, Osborne Road, Ikoyi, belonging to former two-term governor of
Bauchi State Alhaji Ahmadu Adamu Mu’azu.
The bank said Muazu mortgaged the
property to it by virtue of a tripartite deed of legal mortgage of November 1,
2011 as security for a loan granted to Tripple A Properties & Investment
Ltd.
It said the original title deed
was vested in it, adding that the loan’s tenor had expired but it was not
liquidated.
Union Bank said it sold the flat
to Chobe Ventures, owned by Oke’s wife, with an agreement that flat’s owner
would observe several “covenants”, including payment of service charges, land
use charge and levies, among others.
The bank said Flat 7B forms part
of several flats in the property and that it “cannot be severed from the other
flats in the building”.
The bank said forfeiting the flat
would be detrimental to other occupants of the property as it would not be able
to enforce the terms of its agreement with the owner.
Ruling, Justice Saidu held that
Chobe Ventures, which was the respondent, did not file anything to controvert
the EFCC’s claim that the flat was acquired with proceeds of crime.
“The interested party/applicant
has no proprietary or legal interest in the flat having divested its interest
by outright sale of the property to the respondent (Chobe Ventures).
“I find the interested
party/applicant’s motion to set aside and discharge the order of this court as
unmeritorious and same is struck out,” Justice Saidu held.
He agreed with the EFCC that the
property was reasonably suspected to have been acquired with proceeds of
unlawful activity.
Justice Saidu held: “The
respondent, Chobe Ventures, refused and neglected to file anything in this case
or to appear.
“As stated earlier, the
interested party/applicant does not have a right to the property. The Federal
Government will take over the property and all the liabilities attached to it.
“Based on the provision of
Section 44 (2) (b) of the Constitution and Section 17 of the Advance Fee Fraud
Act, I hereby order the final forfeiture to the Federal Government of Nigeria
of the property known as Flat 7B, 16 Osborne Road, Ikoyi, acquired in the name
of Chobe Ventures.”
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