The Economic and Financial Crimes Commission (EFCC) has secured the final forfeiture of multiple properties and cash linked to alleged unlawful activities to the Federal Government.
The order was granted on Wednesday, April 1, 2026, by Justice M.O. Olajuwon of the Federal High Court, sitting in Lafia, Nasarawa State.
The forfeited assets were said to belong to one Theophilus Oloche Ebonyi and include a 23-room hotel and event centre, De Thinkers Home and Apartments, located in Nyanya Gwandara; a warehouse and sachet water factory in Koroduma, Karu Local Government Area; two office buildings in the same area; and Theo International Academy Primary School in Nyanya Gwandara.
Also forfeited is the sum of N1,005,489.27 found in a First Bank account linked to the respondent.
In his ruling, Justice Olajuwon held that the EFCC provided sufficient evidence to establish that the assets were proceeds of unlawful activities. He noted that the Commission met the requirements of Section 17(1) of the Advanced Fee Fraud and Other Fraud Related Offences Act.
The judge further ruled that upon establishing reasonable suspicion that the assets were proceeds of crime, the burden shifted to the respondents to justify their ownership. He held that the respondents failed to discharge that burden, paving the way for the final forfeiture.
The EFCC, through an affidavit deposed to by its investigator, Mary Ebute, and arguments presented by its counsel, Ibrahim Buba, told the court that a Keystone Bank account linked to the second respondent, Theobarth Global Foundation, was used to collect funds from victims of a Ponzi scheme.
According to the Commission, the proceeds were subsequently laundered through the acquisition of the forfeited properties.
