Justice Giwa Ogunbanjo of Federal High Court, Abuja has ordered the final forfeiture of N550 million and N51 million being proceeds of fraud traced to one Okunrinboye Tomsin Titus domiciled in a new generation bank.
The Economic and Financial Crimes Commission (EFCC) had on Monday filed the application.
The trio of Titus Okunrinboye, Vincent Odafen, and Muara Muhammed Gambo are being prosecuted by the anti-graft agency for allegedly running and operating companies to siphon public funds under the guise of contracts and consultancy.
The EFCC on June 28, 2019, applied for the interim forfeiture before Justice Ogunbanjo, who granted the application and ordered the commission to publish in a national newspaper.
On October 7, 2019, prosecution counsel, M.S. Abubakar, informed the court that the agency had carried out the order.
However, the judge instructed the prosecution lawyer to serve the defendant the notice on motion, urging Abubakar to verify with the Central Bank of Nigeria the account the funds are to be transferred into if seized before adjourning to October 10, 2019, for a ruling.
At the resumed hearing yesterday, the prosecution counsel urged the court to grant his client’s prayers since there was no counter-affidavit against the application.
The motion on notice filed by the EFCC reads: “A final order of this honourable court for forfeiture to the Federal Government of Nigeria of funds lying in the Zenith Bank Account No.208383581 (OKUNRINBOYE TOMSIN TITUS). A final order of this honourable court for final forfeiture to the Federal Government of Nigeria of the funds lying in the Zenith bank account No. 1004702420(OKUNRINBOYE TOMSIN TITUS).
An order of this honourable court directing Zenith Bank to forthwith transfer the forfeited funds to the Central bank of Nigeria.”
Consequently, Justice Ogunbanjo granted the application and directed the financial institution to transfer the forfeited funds into the Cash Assets Final Forfeiture of the Central Bank of Nigeria.