Ikoyi property: Union Bank challenges permanent forfeiture

Union Bank of Nigeria Plc has challenged the permanent forfeiture of the property known as Flat 7b No 16, Osborne Road Ikoyi, Lagos. The property had been linked to the dismissed Director General of the National Intelligence Agency, Ambassador Ayo Oke where the EFCC recovered the sums of $43,449,947.00, €27,800 and N23,218,000.00 on the 12th […]

Union Bank of Nigeria Plc has challenged the permanent forfeiture of the property known as Flat 7b No 16, Osborne Road Ikoyi, Lagos.

The property had been linked to the dismissed Director General of the National Intelligence Agency, Ambassador Ayo Oke where the EFCC recovered the sums of $43,449,947.00, €27,800 and N23,218,000.00 on the 12th of April, 2017.

At the resumed hearing of the matter on Thursday at the Federal High Court in Lagos, Union Bank said that the flat and the building came into its possession following a mortgage agreement between the bank, the original owner of the property, former PDP Chairman, Adamu Muazu and Tripple A Properties Investment Ltd.

Tripple A which is believed to be owned by Mr Muazu had allegedly used the property to secure a loan from Union Bank sometimes in 2011.

Justice Saliu Saidu had earlier issued the interim order for forfeiture following an ex-parte application initiated by the Economic and Financial Crimes Commission (EFCC).

The anti-graft agency had mentioned the wife of the sacked Director General (DG) of the Nigeria Intelligence Agency, Mrs. Folashade Oke, as the owner of the flat.

The Commission had insisted that it found out that Mrs. Oke made a cash payment of 1.6 million dollars for the purchase of the flat between Aug. 25 and Sept.3, 2015.

The EFCC had further argued that Mrs. Oke allegedly purchased the property in the name of a company, Chobe Ventures Ltd, to which she and her son, were directors.

Payments were said to have been therefore made to one Fine and Country Ltd.

The anti-graft agency explained that Mrs. Oke made the cash payment in tranches of 700,000 dollars , 650,000 dollars, and 353,700 dollars, to a Bureau de Change company, Sulah Petroleum and Gas Ltd.

The company was said to have later converted the sums into N360 million and subsequently paid it to Fine and Country Ltd for the purchase of the property.

The judge had adjourned the case until today 30 for any interested party to appear and show cause why the interim order should not be made final.