The Federal High Court in Lagos has ordered the interim forfeiture of digital wallet assets valued at $222,729.86 traced to a suspected internet fraud syndicate, including 792 foreign nationals and Nigerians arrested in Lagos in December 2024.
The judge, Alexander Owoeye, issued the order on Monday following an ex parte application by the Economic and Financial Crimes Commission (EFCC).
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According to an EFCC press statement shared via the agency’s official X handle on Tuesday, the commission’s lawyer, Zeenat Atiku, told the court that the syndicate financed its operations through a company, Genting International Co. Limited (GICL).
GIGCL has been named in multiple charges the commission has so far filed against some members of the syndicate.
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Ms Atiku told the court on Monday that “the digital wallet assets were reasonably suspected to be proceeds of an unlawful activity.”
On 10 December 2024, the EFCC arrested the suspects for alleged cryptocurrency investment and romance fraud during a raid on their hideout on Oyin Jolayemi Street, Victoria Island, Lagos.
Ms Atiku applied, under Section 44 (2) (b) of the Nigerian constitution and section 17 of the Advance Fee Fraud Act 2006, for the interim forfeiture of the digital assets traced to them.
The judge, Mr Owoeye, granted the ex-parte application directing the EFCC to publish the order in a national newspaper to allow anyone interested in the digital wallet assets to present their claim in court.
Such an interested party has 14 days to appear before the court to explain why the assets should not be permanently forfeited to the federal government, the judge ordered.
The judge then adjourned the case until 7 March for a report of compliance with the ruling.
Background
On 10 December, the EFCC arrested a group of 792 suspects including Nigerians, Chinese, Arab and Filipino nationals involved in alleged cryptocurrency investment fraud and romance scams.
The commission announced that the arrest came after months of surveillance.
It said its findings showed that the foreign nationals recruited Nigerian youths to scout for victims online, targeting Americans, Canadians, Mexicans, and several others from European countries.
So far, the EFCC has arraigned two batches of the suspects at the Federal High Court in Lagos on various charges of cybercrimes, cyber-terrorism, possession of documents containing false pretence, and identity theft, among others.
On Friday, arraigned 12 foreign nationals from the alleged syndicate. Forty-two of them were similarly arraigned on Monday.
READ ALSO: EFCC arraigns more foreigners from among 792 internet fraud suspects arrested in Lagos
EFCC accused them of *using* computer systems with the intent of destabilising Nigeria’s constitutional structure, and employing Nigerian youths for identity theft to gain financial advantages which violates Sections 18 and 27 of the Cybercrimes (Prohibition, Prevention, Etc) Act, 2015 (As Amended) 2024.
The various judges before whom the defendants appeared for arraignment remanded them in Ikoyi and Kirikiri correctional centres in Lagos.
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