A Federal High Court in Ikoyi, Lagos has ordered the final forfeiture of digital assets worth $222,729.86 to the Federal Government.
The assets were recovered from a syndicate of 792 foreigners, mostly Chinese nationals, involved in alleged cyber-terrorism and internet fraud.
Justice Alexander Owoeye gave the order following an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC) on 18 July 2025. The application was moved by EFCC counsel, Zeenat Atiku, during proceedings.
The forfeited assets form part of the proceeds recovered during a sting operation code-named “Eagle Flush Operation,” which was carried out by EFCC operatives on 10 December 2024 in Lagos.
According to an affidavit deposed to by EFCC investigator Muazu Abdulrahman, the syndicate operated under a Nigerian-registered company, Genting International Co. Limited (GICL), which it used to launder proceeds from cryptocurrency investment and romance scams.
Abdulrahman disclosed that between April and December 2024, the company’s Union Bank account (number 0225100403) received over N2.26 billion, mainly from two cryptocurrency traders: Chukwuemeka Okeke and Alhassan Aminu Garba.
The two vendors were invited for questioning and, according to the EFCC, admitted to receiving USDT valued at $2.38 million from the syndicate through peer-to-peer trading. They also identified several wallet addresses used by the group to transfer the illicit funds.
EFCC counsel Atiku argued that the seized digital assets were proceeds of computer-related fraud and money laundering, and urged the court to order their forfeiture.
In his ruling, Justice Owoeye said: “I have read the motion and attachments and found sufficient merit in the application. Consequently, the motion succeeds and is hereby granted.”
The ruling marks another milestone in the EFCC’s efforts to clamp down on organised cybercrime and financial fraud in Nigeria.
