Justice Kehinde Ogundare of the Federal High Court in Ikoyi, Lagos, issued a final forfeiture order on Monday, May 13, 2024, for a parcel of land measuring 2348.072 square meters in Enugu State, which was recovered from Babatunde Said Adeola and Kingsley Ifeanyi Adonu. The duo, who claimed to be owners of S. Mobile Netzone Limited, Biss Networks Nigeria Limited, and Pristine Networks Mobile Networks Nigeria Limited, allegedly engaged in fraudulent activities.
Initially presenting themselves as telecommunications experts with purported lucrative ventures, including partnerships with MTN Nigeria, Adeola and Adonu were accused of conspiracy and defrauding individuals of N510,000,000.00 (Five Hundred and Ten Million Naira). The funds were invested by the petitioners into the respondents' telecom businesses.
However, instead of honoring their financial obligations to the investors, the respondents reportedly diverted the funds for personal use, acquiring various properties across the country, including the mentioned land in Enugu State.
The Economic and Financial Crimes Commission (EFCC) initiated an investigation following a petition, leading to the court's decision to seek interim forfeiture of the property through a motion ex parte. In July 2023, the court granted the interim forfeiture and ordered its publication in a national newspaper.
Despite the publication in the Punch newspaper on November 8, 2023, inviting interested parties to contest the forfeiture, no opposition was raised. Consequently, on December 13, 2023, the EFCC filed an application for the final forfeiture, which the court approved on May 13, 2024.
The ruling marks a significant step in the fight against financial fraud and underscores the judiciary's commitment to ensuring justice and accountability.
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