Court Orders Final Forfeiture of Businessman’s Property Over Multimillion-Naira Fraud


A Federal High Court in Lagos, presided over by Justice Yellim Bogoro, has ordered the final forfeiture of a three-story building linked to businessman Ademola Louis Akinyemi over allegations of multimillion-naira fraud. 

The property, located at No. 2, Etsoye Close, Off 1, Shonibare Estate, Onigbongbo, Maryland, Ikeja, Lagos, is now to be forfeited to the Police Special Fraud Unit (PSFU) of the Nigeria Police, Milverton, Ikoyi, Lagos.

In addition to the forfeiture, the court directed the PSFU to indemnify the victims of the alleged fraud using the proceeds from the confiscated property. 

The victims, Imeh Jimmy Ikpaisong and Kate Ichieko were reportedly defrauded of ₦20.43 million and ₦12.3 million, respectively.

Justice Bogoro issued the ruling in response to a final forfeiture application filed under suit number FHC/L/CS/372/2023. 

The application was brought under various provisions of Nigerian law, including Section 6(6) of the 1999 Constitution (as amended), the Administration of Criminal Justice Act of 2015, the Police Act of 2020, and the Proceeds of Crime (Recovery and Management) Act of 2022.

The PSFU, represented by Chief Superintendent of Police (CSP) Justin Enang, sought an order from the court to permanently transfer ownership of the property to the Nigeria Police Force through the Commissioner of Police, Police Special Fraud Unit, Ikoyi, Lagos.

The police further requested the court to ensure that the victims were compensated before the property was fully taken over. 

Specifically, the court directed that Imeh Jimmy Ikpaisong should receive ₦20,430,000 as reimbursement for his losses and that Kate Ichieko should be indemnified with ₦12,300,000.

The motion for forfeiture was supported by an 18-paragraph affidavit sworn by Inspector Patrick Oporom, an investigator with the PSFU.

The businessman, Ademola Louis Akinyemi, was not the sole respondent in the case. His co-respondents included Temitope Abiodun Akinyemi, Farmcenta Global Investment Limited, Centavestse Limited, and Denvic Integrated Services Nig. Limited.

Despite an interim forfeiture order being granted on October 28, 2024, none of the respondents filed a counter-motion or challenged the forfeiture order. 

This interim order also included placing a lien on Akinyemi’s accounts to prevent the dissipation of assets.

Delivering judgment on the motion for final forfeiture, Justice Bogoro noted that the respondents failed to contest the claims against them. 

The judge emphasized that their failure to respond or counter the allegations led to the court granting the police’s reliefs in full.

As a result, the property has been officially forfeited to the Nigeria Police, ensuring that the defrauded victims will receive their due compensation.


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