Federal High Court Orders Interim Forfeiture of ₦1.3bn Hotel Linked to Alleged Forex Fraud
The Federal High Court sitting in Ikoyi, Lagos, has granted an interim forfeiture order against Responsible Leaders Hotel, valued at approximately ₦1.3 billion, and linked to Edward Olutoke, Managing Director of the Ikeja Chamber of Commerce, Industry and Agriculture.
The order, issued by Justice A.O. Owoeye on March 12, 2026, followed an ex parte application filed by the Economic and Financial Crimes Commission (EFCC) through its counsel, C.C. Okezie, and supported by an affidavit sworn to by EFCC investigator Obed Tanko.
According to the EFCC, Olutoke allegedly collected billions of naira from unsuspecting investors under the guise of a capital‑guaranteed forex trading and investment scheme. Investigations revealed that neither Olutoke nor his organisation had the requisite regulatory approval to operate such a scheme, and that funds were diverted to acquire luxury assets, including the Ikeja hotel.
The Commission maintains that the property is reasonably suspected to have been acquired with proceeds of unlawful activities, thereby justifying the interim seizure. Justice Owoeye directed that the forfeiture order be published in a national newspaper to enable any interested party to contest the forfeiture.
