The Federal High Court in Lagos has initiated proceedings to seize over $222,000 in digital assets believed to be the proceeds of fraudulent activities orchestrated by a network of Chinese and Filipino nationals operating within Nigeria. Justice Alexander Owoeye granted an interim forfeiture order following an application by the Economic and Financial Crimes Commission (EFCC). The court’s directive mandates the EFCC to publicize the order, granting any individual with a legitimate claim to the assets a 14-day window to contest the forfeiture. This legal action represents a significant step in the EFCC’s ongoing efforts to combat cybercrime and financial fraud within the country. The investigation leading to this forfeiture order stemmed from intelligence received by the EFCC regarding a large-scale fraud operation involving foreign nationals.
The EFCC’s investigation, as detailed in an affidavit by investigator Owolabi Taiwo, unveiled a complex web of fraudulent activities. A sting operation resulted in the apprehension of 792 suspected cybercriminals and the confiscation of a vast array of electronic devices, including routers, SIM cards, computers, and mobile phones. The investigation revealed that the arrested individuals were part of a syndicate engaged in cryptocurrency investment fraud and romance scams. This syndicate channeled their illicit gains through Genting International Co. Limited (GICL), a Nigerian-registered company, effectively using it as a conduit for money laundering. The EFCC’s analysis of GICL’s bank records revealed transactions exceeding N2.26 billion ($6.12 million USD based on the official exchange rate of N369.25/$ as of December 30, 2024, though the actual exchange rate may vary) between April and December 2024. Key inflows into GICL’s account originated from cryptocurrency vendors who admitted, under caution, to receiving millions of dollars in USDT from the syndicate via peer-to-peer trading.
Further investigations, including blockchain analysis, linked these funds to known fraudulent online platforms. The EFCC’s findings highlighted the instrumental role of GICL, established by foreign nationals, in laundering the proceeds of these scams. Adding to the gravity of the situation, many of the individuals involved were operating within Nigeria without valid work permits, in clear violation of the country’s immigration laws. The court has scheduled a compliance report from the EFCC for March 7, 2025, marking a critical juncture in the legal proceedings. This case underscores the growing challenges posed by transnational cybercrime and the importance of international cooperation in combating these sophisticated criminal networks.
In a parallel development, the EFCC has charged 57 foreign nationals, comprising Chinese and Filipino citizens, before the Federal High Court in Lagos. The charges range from fraud and cybercrime to more serious allegations of attempting to destabilize Nigeria’s constitutional order. Of the 57 individuals initially brought before the court, 42 were arraigned before four different judges: Justices Ayokunle Faji, Chukwujekwu Aneke, Denide Dipeolu, and Alexander Owoeye. The charges stem from an EFCC operation codenamed “Eagle Flush Operation” conducted on December 10, 2024, at a location in Victoria Island, Lagos. The operation targeted a syndicate accused of engaging in a range of illicit activities, including cyberterrorism, cryptocurrency fraud, identity theft, and romance scams, often exploiting Nigerian youths to carry out their fraudulent schemes.
The defendants, whose names include individuals identified by aliases used in their online operations, all pleaded not guilty to the charges brought against them. Following their arraignment, the court ordered their remand in correctional facilities pending trial. Female defendants were sent to the Kirikiri Correctional Centre, while their male counterparts were remanded at the Ikoyi Correctional Centre. The EFCC’s prosecution hinges on sections of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015 (as amended in 2024), along with accusations of providing false information to investigators and engaging in activities aimed at undermining Nigeria’s constitutional stability.
The EFCC has assembled a prosecution team comprising several lawyers to handle the complex legal proceedings. The cases have been adjourned to various dates in February and March 2025 for trial. These cases represent a significant effort by Nigerian authorities to address the growing threat of cybercrime and to hold those responsible accountable, regardless of their nationality. The outcomes of these trials will likely set important precedents for future cybercrime prosecutions within the country and send a strong message about Nigeria’s commitment to combating transnational criminal activities. Moreover, these cases highlight the need for continuous vigilance and robust legal frameworks to address the evolving nature of cybercrime in an increasingly interconnected world.
