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EFCC Secures Final Forfeiture of ₦850 Million, Luxury Properties, Vehicles in Lagos Fraud Case

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The Federal High Court in Lagos has granted a final forfeiture order in favour of the Federal Government of Nigeria following a Non-Conviction Based (NCB) forfeiture suit filed by the Economic and Financial Crimes Commission (EFCC) against Stanley Akaria Chinemerem, who was accused of defrauding his employer, Mr Godwin Uche Okearafor.

The order, delivered by Justice Chukwujeku Aneke of the Lagos Judicial Division, followed months of investigation and legal proceedings, marking a significant victory for the EFCC in its fight against economic and financial crimes.

EFCC counsel, Zeenat B. Atiku, informed the court that the Commission traced massive fraudulent transactions totaling approximately ₦850 million from the account of Mr Okearafor to multiple accounts maintained by Chinemerem, who reportedly earned a monthly salary of ₦90,000.

She told the court that investigations revealed that Chinemerem exploited his position as an employee of Okearafor, a Lagos-based cosmetics business owner, to manipulate post-dated cheques from clients, diverting funds into his personal accounts without authorisation.

The properties ordered forfeited include a fully detached six-bedroom duplex on Nnabuinyi Street, Amuwo Odofin; two undeveloped plots of land in Onireke Town, Amuwo Odofin; and two luxury vehicles — a 2012 black Toyota Highlander and a 2018 red Toyota Venza. In addition, 28 bank accounts across several financial institutions, including Access Bank, FCMB, Zenith Bank, Globus Bank, PalmPay and Fidelity Bank, were forfeited.

In an affidavit filed in support of the application, the EFCC detailed the modus operandi employed by Chinemerem, stating that he laundered the funds by transferring them through multiple bank accounts and converting portions into digital assets before using the proceeds to acquire luxury properties and vehicles.

The Commission also disclosed that Chinemerem voluntarily surrendered some of the properties and vehicles to EFCC custody following an interim forfeiture order granted by the court on December 12, 2025.

Justice Aneke had earlier directed the EFCC to publish the interim forfeiture order in a national newspaper to allow any interested parties to contest the forfeiture.

The Commission complied by publishing the notice on January 8, 2026, in The Punch newspaper. No objections or competing claims were subsequently received.

The final forfeiture order, granted on February 10, 2026, transfers ownership of the properties, vehicles and funds to the Federal Government of Nigeria for restitution to Mr Godwin Uche Okearafor, effectively preventing Chinemerem from benefiting from the proceeds of the alleged unlawful activities.

The EFCC welcomed the ruling, emphasising the importance of Non-Conviction Based forfeiture proceedings as a vital tool for asset recovery, even in cases where a criminal conviction has not been secured.

In its application, the EFCC relied on Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, No. 14 of 2006, and Section 44(2)(b) of the 1999 Constitution of the Federal Republic of Nigeria, arguing that the assets were reasonably suspected to be proceeds of unlawful activities and that the forfeiture was in the interest of justice.

EFCC

FBI Commends Olukoyede, EFCC for Support in Tackling Sextortion, Cybercrime

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The Federal Bureau of Investigation (FBI) has commended the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, and the Commission for their efforts and vital role in Operation Artemis, a joint international effort to disrupt financially motivated sextortion networks targeting minors.

The commendation was conveyed in a letter signed by FBI Director Kash Patel, who praised the Commission for its collaboration with the Bureau in the arrest and extradition of suspects facing federal charges in the United States.

In the letter addressed to Olukoyede, Patel acknowledged the Commission’s contribution to the operation, stating that “the Economic and Financial Crimes Commission, EFCC, has played a vital role in Operation Artemis, a joint effort focused on disrupting financially motivated sextortion rings targeting juveniles.”

He said that, under Olukoyede’s leadership, the EFCC designated personnel to support the investigations and facilitate the transfer of suspects from Nigeria to face prosecution in the United States.

Specifically, the FBI Director commended the EFCC for apprehending Adebola Festus Adekunle and Mudashiru Afeez Olawale, who were indicted in the United States in 2023 over allegations relating to the sexual exploitation and extortion of minors.

The two suspects were extradited to the United States in August 2026, with the EFCC facilitating the process following investigations and extradition proceedings. They are facing federal charges relating to sexual exploitation in cases involving the deaths of minors.

Patel noted that the successful outcome of the cases would not have been possible without the EFCC’s assistance and commitment to international law enforcement cooperation.

“The successful outcome of these cases would not have been possible without your assistance and dedication to international law enforcement collaboration,” he said.

The FBI Director further expressed appreciation to Olukoyede and the Commission for their commitment to justice and continued cooperation, while expressing optimism about strengthening the partnership between both agencies.

“Please accept my sincere appreciation for your commitment to justice and steadfast cooperation. I look forward to the continued partnership with the EFCC,” he stated in the letter.

The extradition of Adekunle and Olawale followed FBI investigations into separate sextortion schemes targeting male minors in the United States. The investigations linked the alleged activities to two teenage victims who died by suicide after being subjected to online sexual exploitation and extortion.

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EFCC

EFCC Photo News

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The Japanese Ambassador-Designate to Nigeria, His Excellency, Hideo Suzuki Paid a Courtesy Visit to the Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede in his office today, October 28, 2026. He was accompanied on the visit by First Secretary, Security, Yuji Murakami and Senior Information Analyst, Dogara Ankut.

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EFCC

₦2.7bn Fraud: Court Jails Former Banker for 39 Years

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Justice O. O. Abike-Fadipe of the Special Offences Court sitting in Ikeja, Lagos, on Tuesday, October 27, 2026, sentenced a former banker, Christopher Jackson Edeh, to a total of 39 years’ imprisonment for his involvement in a ₦2.7 billion fraud prosecuted by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).

Edeh, who was arraigned on February 28, 2024, faced nine counts bordering on fraudulent false accounting and unauthorised access to a computer system.

The charges alleged that he altered the bank account details of several customers and government-related entities, including the Kano State Government Power Intervention Fund, NNPC Trading Limited, Stallion Vision Ltd, the Lagos State Government Blue Line, the State Contributory Pension Account and Chukwuemeka Odumegwu Ojukwu University, with intent to defraud.

During the trial, prosecuting counsel, Z. B. Atiku, called three witnesses and tendered several documents in evidence to establish the case against the defendant. The defence, in turn, called one witness.

In her judgment, Justice Abike-Fadipe held that the prosecution had proved its case beyond reasonable doubt and consequently convicted Edeh on all nine counts.

The court sentenced him to five years’ imprisonment without an option of fine on each of counts one to seven, bordering on fraudulent false accounting, and two years’ imprisonment without an option of fine on each of counts eight and nine, relating to unauthorised access to a computer system with intent to facilitate the commission of crimes.

The court ordered that all the sentences run concurrently.

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