In a significant victory against cybercrime and internet fraud, the Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of digital assets totalling $222,729.86 USDT.
The substantial sum recovered from Chinese nationals implicated in cyber-terrorism and elaborate internet fraud schemes marks a pivotal moment in Nigeria's fight against digital illicit activities.
Justice Alexander Owoeye issued the forfeiture order, following an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC) through its counsel, Zeenat Atiku.
The digital assets represent a portion of the extensive recoveries made during the EFCC's "Eagle Flush Operation" on December 10, 2024, which led to the arrest of 792 alleged cryptocurrency investment and romance fraud syndicate members in Lagos.
During the court proceedings, Atiku presented an affidavit deposed by Muazu Abdulrahman, an investigating officer with the EFCC.
Abdulrahman’s testimony shed light on the syndicate's sophisticated financing mechanisms, revealing that their operations were largely funded through a Nigerian-registered company, Genting International Co. Limited (GICL).
According to the affidavit, GICL's Union Bank account received an astonishing sum of over N2.268 billion between April 12, 2024, and December 23, 2024.
An analysis of the company's bank statements identified two primary cryptocurrency vendors, Chukwuemeka Okeke and Alhassan Aminu Garba, as the main sources of these inflows.
Both Okeke and Garba, upon questioning by the EFCC, admitted to receiving a combined USDT value of $2,386,642 from the syndicates, acquired through peer-to-peer trading.
They further provided crucial information regarding the specific wallet addresses used by the group for transferring the illicit USDT funds.
Arguing for the forfeiture, Ms Atiku submitted that the digital assets were reasonably suspected to be instruments of computer-related fraud and money laundering, and therefore, should be forfeited to the Federal Government of Nigeria.
In his ruling, Justice Owoeye concurred with the EFCC's submission.
"I have read the motion and attachments and found sufficient merit in the application.
"Consequently, the motion succeeds and is hereby granted," Justice Owoeye declared.
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