Court Rescinds Forfeiture Order on Saraki’s Ikoyi Properties

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Court Rescinds Forfeiture Order on Saraki’s Ikoyi Properties
Obiajulu Joel Nwolu

The Federal High Court that sat in Lagos reversed its order of interim forfeiture on the properties of Senator Olubukola Saraki, situated on 17 and 17A MacDonald Road, Okoyi, Lagos State.

The judgement followed the submissions by counsel for the Economic and Financial Crimes Commission, EFCC, Mr Nnaemeka Omewa and counsel for Saraki, Mr Kehinde Ogunwumiju, SAN, who had adopted their respective written addresses for and against the final forfeiture order sought by the EFCC.

According to Justice Abdullah Liman, the essence of an interim order of forfeiture was to preserve the property from being squandered by the suspect and the responsibility was on the EFCC to prove to the court that the properties were acquired with unlawful or illegal funds under the corruption laws.

Liman held that the anti-graft agency in its affidavit in support of its motion for final forfeiture stated that the properties sought to be forfeited were purchased with a personal loan that Saraki obtained from Guaranty Trust Bank.

“The evidence of the transactions presented by the applicant was in respect of transactions made after he had purchased the property and the proceeds used for the purchase were legal; that is loan.

“The applicant failed to prove its entitlement to the relief of final forfeiture of the respondent’s properties,” he said.

Liman, therefore, dismissed the application and vacated the interim forfeiture order it made on October 21, 2019.

This post was written by Obiajulu Joel Nwolu.

The views expressed here belong to the author and do not necessarily reflect our views and opinions.

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