A Federal High Court in Lagos has ordered the permanent forfeiture of 52 luxury terrace houses and maisonettes in the upscale Lekki area to the federal government.
Justice Alexandra Owoeye delivered the ruling on Wednesday following an application by the Economic and Financial Crimes Commission (EFCC), which argued that the multi-billion naira real estate project was built using the proceeds of crime.
The properties, located at Mercyville Estate in Ilasan, Lagos, were recovered from a real estate firm, Fielddreams Limited, its fugitive promoter, Ifeanyi Nweke, and Amex Savings and Loans Limited.
‘Contradictory evidence’ rejected
The anti-graft agency had secured an interim seizure of the estate in August 2024. When invited by the court to explain the source of their wealth, the developers claimed the construction funds came from a legitimate ₦1.9 billion ($1.1m) property transaction completed in 2020.
However, the respondents later contradicted themselves in court by claiming the housing units were incomplete and blaming third-party investors.
Because of these conflicting statements, Justice Owoeye rejected the developers’ defense entirely, stating that the court could not cherry-pick which version of their story to believe.
“The consequence is that there is no opposition to the motion filed for the grant of an order of final forfeiture,” the judge ruled, declaring that the EFCC had successfully established reasonable suspicion that the estate was funded through illegal activities.
Developer remains a ‘criminal fugitive’
During the proceedings, EFCC counsel Franklin Ofoma revealed that the main mastermind behind the project, Ifeanyi Nweke, has fled the law.
The court heard the following:
- Jumping bail: Mr Nweke breached the administrative bail conditions previously granted to him by the anti-graft commission.
- Arrest warrants: There are currently two active, subsisting warrants of arrest issued against him by separate judges.
- Evading trial: The developer has repeatedly refused to appear in court to face arraignment on two separate criminal charges filed against him in 2025.
With the final forfeiture order granted, ownership of the 52 housing units has been officially transferred to the federal government, while a prominent local developer, Dr Kennedy Okonkwo of Capital Gardens Limited, has been identified by the court as a primary affected stakeholder.
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