Justice A. Owoeye of the Federal High Court in Ikoyi, Lagos, has ordered the interim forfeiture of digital wallet assets worth $222,729.86 to the Federal Government of Nigeria.

The ruling follows the recovery of the assets from an alleged syndicate of 792 cryptocurrency investment and romance fraudsters arrested by the Economic and Financial Crimes Commission (EFCC) during a December 10, 2024, sting operation.

EFCC counsel Zeenat Atiku filed an ex parte application for the forfeiture, citing intelligence on a large-scale fraud scheme involving foreign nationals in Lagos. The court was informed that the syndicate funneled its funds through a company named Genting International Co. Limited (GICL).

Atiku argued that the seized digital assets were likely proceeds of unlawful activities. During the hearing, legal representatives from multiple agencies discussed cryptocurrency’s role in facilitating financial crimes.

Justice Owoeye directed the EFCC to publish the forfeiture order in a national newspaper, allowing any interested parties 14 days to contest the decision.

The case has been adjourned until March 7, 2025, for a compliance report.