Court Grants Order Of Interim Forfeiture On Multi-Billion Naira Estate In Lekki

The Law (Photo File)

Court Orders Forfeiture Of Lekki Estate To FG

A Federal High Court sitting in Lagos has granted an order of interim forfeiture order for a multi-billion naira property known as Safe Towers Estate located at Ikate area of Lekki in Lagos State.

Naija News learnt that the court granted the order on Tuesday at the instance of the Economic and Financial Crimes Commission (EFCC) which made an ex parte application for same.

While the property is said to be promoted by Safetrust Mortgage Bank Limited and Macbosh Properties Limited, the EFCC lists Akintayo Oloko, Macbosh Properties Limited and Safetrust Mortgage Bank Limited as the respondents.

Oloko is Safetrust Mortgage Bank’s Managing Director.

In its ex parte application, anti-graft agency said the parcel of land measuring 50,027,147 square metres at Lekki Peninsula Scheme, known as Block 116, Plot 3, Ikate Ancient City, Eti Osa, with survey plan number, BAS258/2013/130-1, is a subject of investigation owing to some suspected fraudulent activity.

The EFCC’s application was supported by a 19-paragraph affidavit deposed to by an operative of the commission, Isaac Gong. Gong said he was part of a team that investigated a petition alleging that the respondents were in possession of the properties allegedly used in perpetrating fraud.

He said the petition was analysed and found worthy of investigation.

The EFCC said the petition revealed that Safetrust Mortgage Bank proposed to construct and deliver three high-rise buildings within 24 months.

It added that the bank offered to sell one of the high-rise buildings to Mr Kunle Ogunmefun at an agreed sum of N710 million.

The anti-graft agency also averred that a non-disclosure agreement was executed between Ogunmefun and Macbosh Properties Limited, on the understanding that Macbosh, the second respondent, is an agent of Safetrust Mortgage Bank.

It said Ogunmefun made a deposit of N550million with the understanding that the property would be delivered within 24 months from the date of execution of the Memorandum of Understanding (MoU).

The commission said despite making the payment, Safetrust Mortgage Bank allegedly failed to deliver the property to the complainant as agreed.

According to EFCC, further investigation revealed that the third respondent was indebted to Sterling Bank Plc and that immediately the complainant paid the N550 million to Safetrust Mortgage Bank’s account domiciled in the bank, the bank took the money.

It claimed that the third respondent allegedly “obtained” the money from Ogunmefun by pretending that the money was meant for constructing the high-rise building, but instead used it to settle his indebtedness.