The Federal High Court in Lagos on Friday dismissed the move by Union Bank Plc to claim Flat 7B, Osborne Towers, Ikoyi, Lagos.
About N13 billion was discovered in the flat in April last year.
The court described the bank as a busybody and ordered the permanent forfeiture of the property to the Federal Government.
The Economic and Financial Crimes Commission (EFCC) claimed the money was stashed away in iron cabinets and “Ghana-must-go” bags in the apartment.
President Muhammadu Buhari said on Tuesday all those found culpable in the Osborne Towers, Ikoyi, Lagos, scandal would be appropriately sanctioned.
Receiving a report of the panel established to review the operational, technical and administrative structure of the National Intelligence Agency (NIA), President Buhari described the discovery of monies in the flat at Osborne Towers in April as an ‘‘unfortunate incident which rightly aroused public interest and outcry.’’
‘‘All the circumstances surrounding the obtaining, keeping custody and disbursement of the funds have been examined by the vice president’s committee and all those found to be culpable will be made to account and appropriately sanctioned.
‘‘However, it must be understood that this cannot be done in a manner that jeopardises national security or exposes the operations of any intelligence agency, which must, by nature be conducted in secrecy.
‘‘Suffice it for me to assure all that justice will be done consistent with our anti-corruption policies,’’ the President said.
While commending the Presidential Review Panel on NIA led by former Minister of Foreign Affairs, Amb. Babagana Kingibe, for completing their assignment expeditiously, President Buhari expressed the hope that the recommendations of the panel and that of an earlier committee headed by Vice President Yemi Osinbajo would assist the government in improving the operations of the NIA and the overall National Security architecture.
‘‘Your panel’s recommendation, informed as they are by your collective experience and expertise in this field, should in particular help to reposition the NIA to better perform its vital functions with greater professionalism.
‘‘The Osborne Tower incident and its aftermath has also brought to the fore the need to review the entire National Security Architecture, which has now been in operation as established 31 years ago.
‘‘Once again, I thank you very much for undertaking this national assignment, ’’ he added.
The Economic and Financial Crimes Commission (EFCC) on Friday told the Federal High Court in Lagos that no one has come forward to claim the about N15 billion cash found in Flat 7B, Osborne Towers, 16, Osborne Road, Ikoyi, Lagos.
It, therefore, prayed Justice Muslim Hassan to make an order of final forfeiture of the money to the Federal Government.
The judge, while ordering a temporary forfeiture of the money on April 13, directed EFCC to advertise the order in a newspaper so that anybody who owns the money can claim it within 14 days.
EFCC’s lawyer, Rotimi Oyedepo, said no one showed up in court to show cause why the money should not be permanently forfeited.
The National Intelligence Agency (NIA) had reportedly claimed ownership of the money, following which the federal government launched a probe and suspended NIA Director-General, Ayodele Oke.
EFCC, in an affidavit in support of the application for final forfeiture of the sums, deposed to by a Detective Inspector, Mohammed Chiroma, said Oke’s wife, Folasade, allegedly owns the apartment in which the monies were found.
The Commission said Oke’s wife bought the flat from Fine and Country Limited for $1.658million between August 25 and September 3, 2015 in the name of Chobe Ventures Limited.
According to EFCC, Mrs. Oke and her son, Master Ayodele Oke Junior, were the directors of Chobe Ventures.
EFCC, which tendered the receipt of payment, said Mrs. Oke paid for the apartment in cash in tranches without going through a financial institution.
This, Oyedepo said, violates the Money Laundering Act.
She allegedly paid $700,000, $650,000 and $353,700 to a Bureau de Change (BDC) company, which converted the sums into N360,000,000 with which she bought the property from Fine and Country.
“The circumstances leading to the discovery of the huge sums stockpiled in Flat 7B, Osborne Towers, leaves no one in doubt that the act was pursuant to an unlawful activity.
“The very act of making cash payment of $1.6million without going through any financial institution by Mrs. Folashade Oke for the acquisition of Flat 7B, Osborne Towers, is a criminal act punishable by the Money Laundering (Prohibition) Amendment Act.
“I refer My Lord to sections 1(a), 16(d) and 16(2)(b) of the Money Laundering (Prohibition) Amendment Act,” Oyedepo said.
According to EFCC, Chobe Ventures was merely incorporated to retain proceeds of suspected unlawful activities.
The Presidential Investigative Panel headed by Vice President Yemi Osinbajo will submit its report to President Muhammadu Buhari on Monday.
The panel was mandated to investigate the suspended Secretary to the Government of the Federation (SGF), Babachir David Lawal over due process violations in the award of contracts under the Presidential Initiative on the North East (PINE).
The panel was also tasked to probe the suspended Director-General of the National Intelligence Agency (NIA), Ayo Oke, over his alleged link with the money discovered by the Economic and Financial Crimes Commission (EFCC) at a flat in Ikoyi, Lagos.
The panel, which was set up a fortnight ago, was given 14 days to carry out the assignment.
Apart from grilling Lawal and Oke in the past two weeks, the panel had also quizzed some top officials of relevant agencies.
A statement issued on Wednesday by the Senior Special Assistant on Media and Publicity to the Vice President, Laolu Akande, reads “The three-man Presidential Investigative Committee set up by President Muhammadu Buhari, GCFR, under the chairmanship of Vice President Yemi Osinbajo to inquire into the discovery of foreign and local currencies by the Economic and Financial Crimes Commission (EFCC) at Osborne Towers, Ikoyi, Lagos and the allegations of due process violations in the award of contracts under the Presidential Initiative on the North East (PINE) is completing its assignment today (Wednesday) and is scheduled to present its reports to the President on Monday, May 8, 2017.”
A Lagos based lawyer, Mr. Olukoya Ogungbeje, has asked the Federal High Court to stay proceedings on the forfeiture of $43,449,947 (about N13billion), N23,218,000 and £27,800 (about N10.6 million) found in a flat in Ikoyi, Lagos.
He sought an order directing the Economic and Financial Crimes Commission (EFCC) to furnish the court with a report of its preliminary or final investigation on the source of the money, its owner, and how the currencies got into the building.
He is also praying for an order compelling the EFCC, the Independent Corrupt Practices and other Related Offences Commission (ICPC) and the police to immediately begin a thorough investigation of the cash.
Justice Muslim Hassan had on April 13 ordered that the money be temporarily forfeited to the Federal Government until the owner shows up.
He directed the EFCC to advertise the forfeiture order in a newspaper so that anybody who owns the money can claim it within 14 days.
The federal government on April 19 ordered a full scale investigation on the large sums and constituted a three-man committee comprising Vice-President Yemi Osinbajo, Attorney-General of the Federation and the National Security Adviser to unravel the mystery behind the money within 14 days.
Ogungbeje, in a motion on notice, is praying for a stay of proceedings pending the outcome of the investigation by the Osinbajo panel.
According to him, the court should not order a permanent forfeiture of the money since there are claims and counter claims as to its ownership by the Rivers State government and the National Intelligence Agency (NIA).
He said the EFCC has not produced any report on the sources of the money, owners of the building and how the currencies got there.
“This honourable court has the inherent jurisdiction under Section 6 (6)(b) of the Constitution to order and direct thorough investigation on the sources of the monies, their owners, the owners of the Osborne Towers where the monies were found and how they got into the building.
“A thorough and transparent investigation of the funds will strengthen the anti-corruption crusade In Nigeria.
“Nigerians are interested in the sources, owners of the monies, owners of the building and how the monies got into Osborne Residential apartment,” he said.
In a supporting affidavit deposed to by Ogungbeje, the lawyer said it would be prejudicial for the court to order the money’s permanent forfeiture to the federal government while investigation was ongoing.