Alleged fraud court orders temporary forfeiture of lagos hotel

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Alleged Fraud: Court Orders Temporary Forfeiture of Lagos Hotel

A Lagos High Court has ordered the temporary forfeiture of a hotel in Lagos to the Federal Government over alleged fraud. The hotel, located in the Victoria Island area of Lagos, is owned by a businessman, Mr. Olumide Ogunlana.

The court made the order following an application by the Economic and Financial Crimes Commission (EFCC) seeking the temporary forfeiture of the hotel, which is valued at N500 million. The EFCC alleged that Ogunlana used the hotel to perpetrate fraud and laundered funds through it.

The EFCC claimed that Ogunlana, who is facing trial for alleged fraud, used the hotel to receive and launder proceeds of crime. The commission alleged that the hotel was used as a conduit pipe to siphon funds from the government and other sources.

The court, in its ruling, ordered the temporary forfeiture of the hotel to the Federal Government pending the outcome of the trial. The court also ordered the EFCC to publish the order in a national newspaper to notify the public of the temporary forfeiture.

The EFCC has been investigating Ogunlana for alleged fraud and money laundering since 2019. The commission alleged that Ogunlana used his company, Olumide Ogunlana Ventures, to defraud the government and other individuals of millions of naira.

The case is still ongoing, and the court will hear further arguments on the matter in the coming weeks.