Court Orders Final Forfeiture of N850m, Duplex, Plots and Cars in Lagos Employee Fraud Case
The Federal High Court in Lagos has ordered the final forfeiture of about N850 million, landed properties and vehicles linked to an employee accused of defrauding his employer in a cosmetics business.
Justice Chukwujeku Aneke granted the order after a Non-Conviction Based forfeiture application brought by the Economic and Financial Crimes Commission against Stanley Akaria Chinemerem.
The court ruling followed investigations which showed that large sums of money were moved from the employer’s account into several accounts operated by the employee over a period of time.
Investigators told the court that the suspect earned a monthly salary of N90,000 but allegedly diverted about N850 million belonging to his employer through manipulation of post-dated cheques received from customers.
The funds were said to have been paid into multiple bank accounts under his control without authorization from the business owner.
According to court filings, the money was later moved through different accounts, converted into digital assets and used to acquire properties and vehicles.
The assets affected by the forfeiture include a six-bedroom detached duplex on Nnabuinyi Street in Amuwo Odofin, two undeveloped plots of land in Onireke Town in the same area, and two vehicles — a 2012 black Highlander and a 2018 red Venza.
The order also covers 28 bank accounts spread across several financial institutions.
The court had earlier granted an interim forfeiture and directed that the order be published publicly to allow anyone with interest in the assets to challenge it.
After the publication, no individual or organisation came forward to contest the forfeiture.
Some of the properties and vehicles were also voluntarily handed over to investigators after the interim order.
With no objections received, the judge granted the final forfeiture, transferring ownership of the assets to the Federal Government.
The anti-graft agency said the case highlights how non-conviction forfeiture can be used to recover suspected proceeds of crime even without a criminal conviction.
The application for the forfeiture was backed by provisions of existing fraud laws and the Constitution, which allow assets reasonably suspected to be proceeds of unlawful activity to be seized in the interest of justice.