The Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of a hotel valued at about ₦1.3 billion linked to alleged forex and investment fraud.
Justice A.O. Owoeye granted the order on March 12, 2026, following an ex parte application filed by the Economic and Financial Crimes Commission.
The property, identified as Responsible Leaders Hotel, is located at 1 Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos.
The application was moved by EFCC counsel C.C. Okezie.
The request relied on an affidavit sworn by Obed Tanko, an investigator with the commission.
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According to the affidavit, the property is linked to Edward Olutoke.
Investigators alleged that the suspect obtained large sums of money from investors through a capital-guaranteed forex trading and investment scheme.
However, investigations reportedly showed that neither the suspect nor the organisation had the regulatory approval required to operate such a scheme.
After reviewing the evidence, the court granted the interim forfeiture request.
Justice Owoeye also directed the EFCC to publish the order in a national newspaper.
