Union Bank Asks Court to Vacate Forfeiture Order on Ikoyi Flat

Union Bank of Nigeria Plc has asked Justice Saliu Saidu of a Federal High Court in Lagos to vacate an interim order of forfeiture placed on Flat 7B Osborne Towers, Ikoyi, Lagos where the sums of $43,449,947, £27,800 and N23, 218,000 (about N13billion) were discovered by the Economic and Financial Crimes Commission (EFCC) on April 12, in iron cabinets and “Ghana-must-go” bags.

The judge had on November 9, made the order while granting an ex-parte application filed by the anti-graft agency.

A firm, Chobe Ventures Limited, was joined as the respondent in the suit.

Granting the ex-parte order, Justice Saidu directed the EFCC to notify the respondent in whose possession the property was found to appear before him in a fortnight to show cause why it should not be permanently forfeited to the federal government.

The anti-graft agency was also directed to publicise the interim order in a national daily for the respondent or anyone interested in the property to show cause within two weeks why a final forfeiture order should not be made on the property.

However, at the resumed hearing of the matter yesterday, Union Bank through its lawyer, A. A. Aribisala (SAN), drew the court’s attention to an application seeking to vacate the interim order of forfeiture.

In an affidavit in support of the application deposed to by one, Alfred Olukayode Edun, the bank argued that the forfeited flat was part of the property situated at 16 Osborne Road, Ikoyi, Lagos, belonging to one, Alhaji Ahmadu Adamu Muazu, by virtue of a certificate of occupancy dated September 27, 2009 and registered as 97/97/2009 in the Lands Registry Office, Alausa, Lagos.