Edward Olutoke, a Lagos socialite and managing director of the Ikeja Chamber of Commerce, Industry and Agriculture, is introuble over alleged fraud.
This is as the federal high court sitting in Ikoyi, Lagos, has ordered the interim forfeiture of his hotel, Responsible Leaders Hotel, estimated to worth about N1.3 billion.
Justice A.O. Owoeye granted the interim forfeiture order for the hotel located at 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos.
The order followed an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC) through its counsel, C.C. Okezie.
While presenting the application, Okezie informed the court that the motion was supported by an affidavit sworn to by Obed Tanko, an investigator with the EFCC.
In the affidavit, Tanko stated that Olutoke allegedly collected billions of naira from unsuspecting investors by presenting himself as operating a capital-guaranteed forex trading and investment scheme.
He explained that the petitioners invested various sums after being assured that the company was properly registered and accredited to conduct forex trading and investment operations.
However, investigations later revealed that neither Olutoke nor the organisation had the required regulatory approval to operate such an investment scheme.
Further findings by investigators also indicated that funds obtained from several investors were allegedly diverted and used to acquire luxury assets, including the hotel.
Okezie therefore told the court that the property was reasonably suspected to have been acquired with proceeds from unlawful activities.
Justice Owoeye, after reviewing the evidence presented, granted the application as requested.
“The judge also directed the Commission to publish the interim order in any national newspaper to enable any interested person to appear before the court and show cause why the property should not be finally forfeited to the Federal Government of Nigeria.”
