Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
A legal battle over 52 luxury terrace and maisonette units in Lagos' upscale Lekki Peninsula has entered a new phase, as the developer and associated firms have filed an appeal at the Court of Appeal, Lagos Division, seeking to overturn a Federal High Court judgment that ordered the final forfeiture of the properties to the Federal Government. Fieldreams Limited, its promoter Ifeanyi Nweke, and Amex Savings and Loans Limited are challenging the July 14, 2026 ruling by Justice Alexander Owoeye, which permanently vested the 52 units at Mercyville Estate in the Federal Government, concluding nearly two years of forfeiture proceedings initiated by the Economic and Financial Crimes Commission.
The appellants, through their counsel Victor Ukutt, have filed a motion on notice asking the appellate court to stay the execution of the forfeiture order pending the determination of their appeal. In the alternative, they are seeking an order preserving the property and maintaining the status quo until the appeal is resolved. The respondents in the appeal include the Chairman of the EFCC, Dr. Kennedy Okonkwo, and 17 other individuals listed as beneficiaries under the disputed forfeiture order.
In their notice of appeal, the appellants challenged the trial court's judgment on several grounds, including alleged lack of jurisdiction, erroneous interpretation of the forfeiture provisions, and denial of fair hearing. They maintained that there was no evidence before the trial court establishing that the properties were proceeds of unlawful activities under the Advance Fee Fraud and Other Related Offences Act, the Money Laundering Act, or any other law enforceable by the EFCC. They argued that the funds used to acquire and develop the Mercyville Estate project were derived from legitimate business transactions, including land and property sales, as well as other lawful commercial activities carried out in line with the Companies and Allied Matters Act and the corporate objectives of the companies involved.
A central argument in the appeal is that the Federal High Court's order effectively transferred ownership of the 52 housing units to private individuals, contrary to Section 17 of the Advance Fee Fraud and Other Related Offences Act, which the appellants contend permits forfeited assets to vest only in the Federal Government. The appellants also faulted the trial judge for allegedly failing to consider their affidavit evidence and documentary exhibits, including a 2007 Deed of Assignment relating to the acquisition of the land. Another major ground of appeal is the allegation that the trial court failed to determine their objection that the dispute was essentially contractual and civil in nature, with arbitration clauses governing disagreements between the parties. They further contended that related suits involving the same parties and subject matter were already pending before another judge of the Federal High Court, raising issues of abuse of court process that were ignored.
The appellants expressed concern over what they described as the EFCC's hurried enforcement of the judgment, alleging that commission officials stormed the estate despite having been served with the notice of appeal and motion for stay of execution on July 15, 2026, even though settlement of the record had been fixed for July 24. According to the appellants, EFCC personnel disrupted activities in the estate and directed residents to vacate the premises by Monday, describing the action as an abuse of authority.
The EFCC had secured the final forfeiture order after arguing that the 52 housing units were reasonably suspected to be proceeds of unlawful activities. The commission's investigation had traced the properties to a scheme involving fraudulent land transactions and money laundering. The forfeiture brought to a close proceedings that began with an interim order granted by Justice Akintayo Aluko in August 2024, following an ex parte application filed by the anti-graft agency.
The properties in question are located at Mercyville Estate, Covenant Way, off New Road, Ilasan, Lekki, Lagos. The judgment was hailed by the EFCC as a milestone in its asset recovery efforts, with the commission describing it as one of its latest achievements in the fight against corruption and financial crimes.
The appeal and stay of execution application have set the stage for a fresh legal showdown at the Court of Appeal, where the appellants are urging the court to set aside the final forfeiture judgment and grant an injunction restraining the respondents from taking possession of or otherwise dealing with the 52 residential units pending the final determination of the appeal. The case highlights the tension between the EFCC's asset recovery mandate and the rights of property owners and developers who argue that their legitimate business transactions are being unfairly targeted. As the legal battle continues, the fate of the 52 Lekki housing units—and the residents who occupy them—hangs in the balance.
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