The Economic and Financial Crimes Commission (EFCC) has secured a final forfeiture order for 52 housing units located in the upscale Lekki area of Lagos State. The properties, which are part of the luxurious Lakowe Lakes Golf and Country Estate, were ordered forfeited to the Federal Government of Nigeria by Justice Nicholas Oweibo of the Federal High Court in Lagos.
Details of the Forfeiture
According to the EFCC, the forfeiture was granted on July 17, 2025, following an application by the anti-graft agency. The court ordered that the 52 units, consisting of duplexes and apartments, be permanently forfeited to the federal government. The EFCC had earlier secured an interim forfeiture order on June 12, 2025, which was published in a national newspaper to allow anyone with a legitimate interest in the properties to come forward. No one filed any claim within the stipulated period, leading to the final forfeiture.
Value and Location of the Properties
The properties are situated within the Lakowe Lakes Golf and Country Estate, a high-end residential development in Lekki. Industry sources estimate the value of each unit at between N50 million and N100 million, putting the total value of the forfeited assets at several billion naira. The estate is known for its golf course, lake views, and exclusive amenities.
EFCC's Statement on the Recovery
EFCC spokesperson Dele Oyewale confirmed the development in a statement, saying: “The final forfeiture of these 52 housing units is a significant milestone in the commission’s efforts to recover proceeds of crime. It serves as a strong deterrent to those who seek to hide illicit wealth in real estate.” He further noted that the properties were acquired with funds traced to unlawful activities, though he did not specify the individuals or syndicate involved.
Implications for Asset Recovery
This forfeiture is part of the EFCC’s broader strategy to target illicit wealth parked in real estate, which has become a common avenue for money laundering in Nigeria. The commission has intensified its focus on high-value properties in major cities, including Lagos, Abuja, and Port Harcourt. Legal experts say the successful forfeiture reinforces the powers of the EFCC under the Advance Fee Fraud and Other Fraud Related Offences Act and the Money Laundering (Prohibition) Act.
Previous Forfeitures and Ongoing Cases
The EFCC has recorded several similar forfeitures in recent years. In 2024, it secured the final forfeiture of 40 apartments in a high-rise building in Ikoyi, Lagos. The agency is currently investigating several real estate developers and individuals suspected of using shell companies to acquire properties with proceeds of corruption. The commission has also partnered with the Nigeria Real Estate Database to track suspicious transactions.
Reactions and Next Steps
Civil society groups have welcomed the forfeiture, calling for transparency in the management of recovered assets. The Federal Government is expected to take over the properties, which may be auctioned or used for public purposes. The EFCC has assured the public that it will continue to pursue all cases of illicit enrichment and asset stripping.
