Court Orders Interim Forfeiture of Lagos Property Over Alleged N986 Million Diesel Fraud
The Federal High Court in Lagos has issued an interim forfeiture order on a property allegedly acquired through fraudulent proceeds amounting to N986 million. The property, located at No. 29 Oyindamola Shogbesan Street, Park View Estate, Ago Palace Way, Isolo, Lagos, is now subject to forfeiture to the Federal Government.
Justice Deinde Dipeolu granted the order following an ex-parte application filed by the Economic and Financial Crimes Commission (EFCC). The anti-graft agency told the court that the property was allegedly purchased with funds linked to a fraudulent diesel supply transaction involving Mrs. Hannah Ify Nwaguzor, Ajayi Edward Olushola, and others.
How N986 Million Diesel Deal Turned Fraudulent
The EFCC explained that a petition was lodged by Prince Chukwulota Benneth Onuoha alongside G3 Solid Farms & Agro Allied Industries and Bohr Energy Ltd. The petition alleged that the suspects deceived them under the guise of supplying Automotive Gas Oil (AGO) valued at N986 million.
According to the investigation, in May 2024, the petitioners were introduced to Nwaguzor and Olushola through an associate named Irene Abidemi. Following discussions, Bohr Energy Ltd transferred N986 million to Mozann Global Merchants Ltd, but the diesel was never delivered, and the funds vanished.
Further probe revealed that N500 million of the diverted funds was transferred to Hola Jayu Nigeria Ltd, with N261 million subsequently used for purchasing the property under dispute.
EFCC Links Property Purchase to Proceeds of Crime
The EFCC contends that the property was purchased with proceeds of unlawful activity, violating provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. The Commission’s application, brought under Section 17 of the Act and Section 44(2)(b) of the Nigerian Constitution, seeks to preserve the asset pending a final forfeiture decision.
The Commission highlighted that interim forfeiture is a legal mechanism to secure suspected proceeds of crime, irrespective of criminal conviction. Referencing the Supreme Court’s ruling in Dame Patience Jonathan v. FRN, the EFCC stressed that a mere reasonable suspicion of illicit acquisition suffices for an interim forfeiture order.
Court Orders Public Notice, Sets September 2 for Final Forfeiture Hearing
Justice Dipeolu directed the EFCC to publish the forfeiture order in a national daily, inviting interested parties to contest the forfeiture within 14 days. The case has been adjourned to September 2, 2025, for a hearing on the final forfeiture motion.
In a sworn affidavit, EFCC investigator Waziri Abdullahi narrated how the funds were traced through multiple accounts, concluding with the purchase of the Isolo property. The Commission insisted that the suspects could not substantiate any legitimate source for the funds used in acquiring the asset.
The EFCC has assured the public that it remains committed to recovering assets acquired through fraudulent means and ensuring justice is served.
