Court seize Responsible Leaders Hotel in Ikeja over alleged forex fraud

The Federal High Court successful Lagos has ordered the impermanent seizure of a multi-billion naira edifice spot tied to Edward Olutoke, the Managing Director of the Ikeja Chamber of Commerce, Industry, and Agriculture. The determination follows allegations that the spot was bought utilizing wealth stolen from radical done a fake concern and forex scheme.

According to a connection by the EFCC, Justice A.O. Owoeye of the Federal High Court sitting successful Ikoyi, Lagos, connected Wednesday, March 12, 2026, ruled that the “Responsible Leaders Hotel,” located astatine 1, Ostra Close, Jobi Fele Way successful the Alausa country of Ikeja, beryllium handed implicit to the authorities for the clip being. The gathering is estimated to beryllium worthy astir N1.3 billion.

The bid came aft the Economic and Financial Crimes Commission (EFCC) approached the tribunal with an urgent application. The agency’s lawyer, C.C. Okezie, presented grounds showing that the edifice was apt acquired done amerciable means.

While moving the exertion for impermanent seizure, Okezie told the tribunal that it was backed by an affidavit sworn to by Obed Tanko, an researcher with the EFCC.

According to the commission, Olutoke reportedly convinced galore Nigerians to put billions of naira. He allegedly promised them a capital-guaranteed forex trading and concern scheme, assuring them th...