A Federal High Court in Ikoyi, Lagos, has ordered the temporary seizure of a N1.3 billion hotel linked to Edward Olutoke, Managing Director of the Ikeja Chamber of Commerce, Industry and Agriculture, over an alleged forex and investment fraud.
The disclosure was contained in a statement posted on the official X account of the Economic and Financial Crimes Commission (EFCC) on Friday, March 12, 2026.
The court order applies to Responsible Leaders Hotel, located at 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos, which investigators say was acquired with proceeds from unlawful investment activities.
What EFCC is saying
The EFCC, through its counsel C.C. Okezie, filed an ex parte application for interim forfeiture, supported by an affidavit deposed by Obed Tanko, an EFCC investigator.
According to the affidavit, Olutoke allegedly collected billions of naira from unsuspecting investors under the guise of operating a capital-guaranteed forex trading and investment scheme.
- “Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, March 12, 2026, ordered the interim forfeiture of a hotel, Responsible Leaders Hotel, linked to Edward Olutoke, Managing Director, Ikeja Chamber of Commerce, Industry and Agriculture.”
- “The property, located at 1, Ostra Close, Jobi Fele Way, Alausa, Ikeja, Lagos, is valued at about N1.3bn,” the statement read in part.
The EFCC maintains that the property is reasonably suspected to have been acquired with proceeds from unlawful investment activities, justifying the interim seizure.
More insights
Investors were reportedly assured that the company was fully registered and accredited to carry out forex trading and investment activities, prompting them to invest various sums of money.
- Investigations revealed that neither Olutoke nor the organisation had the necessary regulatory approval to operate such a scheme.
- Funds collected were allegedly diverted and used to acquire luxury assets, including the Ikeja hotel.
Counsel Okezie told the court that the property is reasonably suspected to have been bought with proceeds of unlawful activities.
Justice Owoeye granted the interim forfeiture order and directed the EFCC to publish the order in a national newspaper to allow any interested person to contest the forfeiture.
What you should know
The EFCC has previously secured several major forfeiture orders and asset recoveries, reflecting its ongoing efforts to recover proceeds of unlawful activities across Nigeria.
A Federal High Court in Lagos in February 2026 ordered the final forfeiture of N178,966,938, multiple landed properties, and vehicles linked to suspected unlawful activities.
- In one of its largest recoveries, the EFCC seized a historic estate in Abuja containing 753 duplexes linked to former Central Bank Governor Godwin Emefiele, following a Federal High Court ruling.
- The commission’s annual report showed recovery of N364.5 billion, $326.5 million, and numerous assets, including vehicles, land, and cryptocurrency, alongside 4,111 convictions.
- Over a two-year period, the EFCC recovered N566 billion, $411 million, and 1,502 properties from suspected financial crimes, with some assets reinvested in government programmes or allocated for public use.
Public auctions have been used to dispose of forfeited vehicles and other movable assets following final forfeiture orders.
