The Federal High Court in Lagos has mandated the provisional confiscation of a multi-billion naira hotel asset associated with Edward Olutoke, the Chief Executive Officer of the Ikeja Chamber of Commerce, Industry, and Agriculture. This action follows claims that the asset was acquired using funds misappropriated from individuals through a fraudulent investment and forex scheme.
As per a declaration from the EFCC, Justice A.O. Owoeye of the Federal High Court convened in Ikoyi, Lagos, on Wednesday, March 12, 2026, decreed that the “Responsible Leaders Hotel,” located at 1, Ostra Close, Jobi Fele Way in the Alausa district of Ikeja, be transferred to the government temporarily. The property is estimated to be valued at around N1.3 billion.
The directive emerged subsequent to the Economic and Financial Crimes Commission (EFCC) approaching the court with an expedited request. The agency’s attorney, C.C. Okezie, submitted proof indicating that the hotel was likely acquired via unlawful methods.
While presenting the plea for provisional confiscation, Okezie informed the court that it was supported by an affidavit affirmed by Obed Tanko, an investigator with the EFCC.
According to the commission, Olutoke purportedly persuaded numerous Nigerians to invest billions of naira. He allegedly guaranteed a capital-secured forex trading and investment program, reassuring them that their funds were secure and that substantial returns were assured.
“The accused purportedly acquired billions of naira from unsuspecting investors under the pretense of managing a capital-secured forex trading and investment initiative,” the declaration stated.
He indicated that the claimants were believed to have invested various amounts after receiving assurances that the entity was registered and certified to perform forex trading and investment operations.
However, when the EFCC conducted further inquiries, it found that neither the accused nor his organization possessed the legal licenses necessary to operate an investment business. Instead of trading the funds as promised, the EFCC asserts that the money was funneled into purchasing luxurious properties.
During the court hearing, the EFCC attorney, Okezie, contended that the hotel should be confiscated as the property was reasonably suspected to have been procured with proceeds from illicit activities.
Upon scrutinizing the evidence, Justice Owoeye concurred with the commission’s petition. The judge remarked that the evidence was sufficiently compelling to warrant the takeover of the asset while the case is ongoing.
In addition to the confiscation, the judge instructed the EFCC to publish the court’s ruling in a national newspaper. This is to provide anyone who may have a legitimate claim to the hotel an opportunity to step forward and explain to the court why the property should not be ultimately forfeited to the Federal Government of Nigeria.
