The Federal High Court sitting in Lagos has ordered the final forfeiture of 52 terrace and maisonette housing units at Mercyville Estate, Covenant Way, off New Road, Ilasan, Lagos, following proceedings instituted by the Economic and Financial Crimes Commission (EFCC).
Justice Alexandra Owoeye granted the order on Wednesday, July 15, 2026, after considering an application filed by the EFCC concerning properties linked to Fielddreams Limited, Ifeanyi Nweke and Amex Savings and Loans Limited.
The development was disclosed in a statement issued by the EFCC’s Head of Media and Publicity, Dele Oyewale, on Saturday, July 18, 2026.
According to the Commission, the application for final forfeiture was filed and argued by counsel from its Lagos Zonal Directorate 2, Franklin Ofoma.
The EFCC had earlier secured an interim forfeiture order on August 14, 2024, before Justice Akintayo Aluko, following an ex parte application. The interim order was made in favour of real estate developer Dr. Kennedy Okonkwo, Chief Executive Officer of Capital Gardens Limited.
The court subsequently directed the Commission to publish the interim forfeiture order in a national newspaper to enable interested parties to show cause why the properties should not be finally forfeited.
Following the publication, the respondents filed an affidavit opposing the final forfeiture.
In their affidavit, the respondents initially maintained that funds used to develop the 52 housing units came from the sale of a portion of land acquired through proceeds from 29 terrace and maisonette units valued at ₦1.9 billion.
However, the EFCC pointed to inconsistencies in their explanations, noting that the respondents subsequently accused other applicants of failing to complete the housing units, despite earlier affidavit evidence suggesting that construction had been completed in 2020.
Moving the application, Ofoma informed the court that the Commission had complied with the publication requirements and that the application was supported by a 31-paragraph affidavit sworn to by Afolabi Seyi Oladele, a litigation officer in the EFCC’s Legal Department.
He argued that the properties were reasonably suspected to be proceeds of unlawful activities and urged the court to order their final forfeiture.
The EFCC counsel also alleged that Nweke had failed to appear for arraignment in two criminal proceedings, identified as Charge Nos. ID/25771C/2025 and ID/25769C/2025, pending before Justices R. A. Oshodi and Okunuga.
According to Ofoma, two warrants of arrest remained outstanding against Nweke, who allegedly breached the conditions of administrative bail earlier granted by the Commission.
In her ruling, Justice Owoeye found material contradictions in the affidavit evidence presented by the respondents.
The judge held that the court could not selectively accept portions of conflicting evidence and consequently rejected the affidavit filed by the first to third respondents.
She further held that the rejection of the respondents’ affidavit left the EFCC’s application for final forfeiture without effective opposition.
Justice Owoeye concluded that the applicants had established sufficient grounds for reasonable suspicion that the properties were proceeds of unlawful activities.
The court consequently granted the application and ordered the final forfeiture of the 52 housing units.
The ruling brings to a conclusion the forfeiture application before the Federal High Court, although the report did not indicate whether any of the affected parties intended to challenge the decision on appeal.
The forfeiture order concerns the status of the properties and should not, without more, be interpreted as a criminal conviction of every person or entity linked to them
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