The Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of $222,729.86 worth of digital assets—primarily in USDT cryptocurrency—linked to a vast international cyberterrorism and romance scam network involving 792 suspects. The assets were recovered from a syndicate led by Chinese nationals, with operations traced through a Nigerian front company.
Presiding Judge Alexander Owoeye granted the order on Monday, July 22, 2025, following an application by the Economic and Financial Crimes Commission (EFCC) filed on July 18 through its counsel, Zeenat Atiku. The forfeited crypto assets were identified as proceeds of cybercrime committed by the suspects, who used fake online personas to defraud unsuspecting individuals across several continents.
According to the EFCC, the syndicate ran its operations through Genting International Co. Limited—a company registered in Nigeria with a Union Bank account numbered 0225100403. Between April and December 2024 alone, the account reportedly received over ₦2.26 billion in deposits from cryptocurrency transactions.
An affidavit by EFCC investigator Muazu Abdulrahman revealed that two crypto vendors—Chukwuemeka Okeke and Alhassan Aminu Garba—acted as facilitators. They admitted to receiving a total of USDT valued at over $2.38 million from the syndicate via peer-to-peer transactions and helped investigators trace wallet addresses used in laundering the funds.
In granting the EFCC’s request, Justice Owoeye ruled: “I have read the motion and attachments and found sufficient merit in the application,” effectively ordering the permanent forfeiture of the funds to the Federal Government.
The forfeiture follows a high-profile crackdown on December 10, 2024, when EFCC operatives raided a seven-storey building—Big Leaf Building—located at No. 7 Oyin Jolayemi Street, Victoria Island, Lagos. The building, disguised as a corporate office, was exposed as the hub for training Nigerian youth in romance and crypto investment fraud. During the operation, 792 suspects were arrested, including Chinese, Arab, Filipino, and Nigerian nationals.
According to EFCC’s Director of Public Affairs, Wilson Uwujaren, the foreign masterminds recruited Nigerian youths with strong computer skills and trained them for online impersonation via WhatsApp, Instagram, and Telegram. Each recruit was assigned a desktop, mobile phone, and a fake identity—often posing as women to lure foreign victims into emotional relationships or fraudulent investment schemes.
The scam was highly structured: while Nigerian recruits handled initial chats to gain victims' trust, the foreign leaders would later assume control, lock out the Nigerians, and finalize the scam. Most of the local participants never met the ringleaders, had no employment contracts, and were paid irregularly via cash or third-party accounts.
EFCC Chairman Ola Olukoyede revealed that some floors in the building contained over 500 active SIM cards, dozens of devices, and scripts for online manipulation. He emphasized that the operation reflects a growing trend of foreign syndicates exploiting Nigeria’s global image to camouflage illicit networks.
“This operation proves that Nigeria will not remain a haven for international fraudsters,” Olukoyede stated. “Contrary to the belief that Nigerians are always the masterminds, we are increasingly discovering foreign operatives using Nigeria as a front.”
The EFCC is now working with international partners to trace additional accomplices and uncover the full extent of the scam’s global footprint. Also speaking at the media briefing, Lagos Zonal Director Michael Wetkas urged the media to continue supporting the fight against economic crimes, highlighting the role of accurate reporting in shaping public accountability.
Recovered items from the operation include computers, mobile phones, and several vehicles. The agency assured the public that prosecutions would continue and pledged transparency in recovering and managing seized assets.
