The Federal High Court in Lagos has ordered the temporary seizure of a multi-billion naira hotel property tied to Edward Olutoke, the Managing Director of the Ikeja Chamber of Commerce, Industry, and Agriculture. The move follows allegations that the property was bought using money stolen from people through a fake investment and forex scheme.
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According to a statement by the EFCC, Justice A.O. Owoeye of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, March 12, 2026, ruled that the “Responsible Leaders Hotel,” located at 1, Ostra Close, Jobi Fele Way in the Alausa area of Ikeja, be handed over to the government for the time being. The building is estimated to be worth approximately N1.3 billion.
The order came after the Economic and Financial Crimes Commission (EFCC) approached the court with an urgent application. The agency’s lawyer, C.C. Okezie, presented evidence showing that the hotel was likely acquired through illegal means.
While moving the application for temporary seizure, Okezie told the court that it was backed by an affidavit sworn to by Obed Tanko, an investigator with the EFCC.
According to the commission, Olutoke reportedly convinced many Nigerians to invest billions of naira. He allegedly promised them a capital-guaranteed forex trading and investment scheme, assuring them their money was safe and that high returns were certain.
“The suspect allegedly obtained billions of naira from unsuspecting investors under the guise of operating a capital-guaranteed forex trading and investment scheme,” the statement said.
According to him, the petitioners allegedly invested various sums of money after being assured that the company was registered and accredited to carry out forex trading and investment activities.
However, when the EFCC dug deeper, it discovered that neither the suspect nor his organization had the legal permits required to run an investment business. Instead of trading the money as promised, the EFCC claims the funds were channelled into buying expensive properties.
During the court session, the EFCC lawyer, Okezie, argued that the hotel should be seized because the property was reasonably suspected to have been acquired with proceeds of unlawful activities.
After reviewing the evidence, Justice Owoeye agreed with the commission’s request. The judge noted that the evidence was strong enough to justify taking over the asset while the case continues.
In addition to the seizure, the judge ordered the EFCC to announce the court’s decision in a national newspaper. This is to give anyone who might have a legal claim to the hotel a chance to come forward and explain to the court why the property should not be finally forfeited to the Federal Government of Nigeria.
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