#JANUARY 19: COURT RULES ON BANK’S CLAIM TO IKOYI FLAT

The Federal High Court in Lagos has fixed January 19, 2018 to rule on an application by Union Bank Plc opposing the move to have Flat 7B, Osborne Towers, Ikoyi, Lagos permanently forfeited to the Federal Government. The flat attracted public attention in April last year when large sums of money — $43,449,947; £27,800 and N23, 218,000 (about N13bn) — were recovered from it.

The money, according to the Economic and Financial Crimes Commission, was stashed away in iron cabinets and “Ghana-must-go” bags in the apartment. The anti-graft agency later traced the ownership of the apartment to Mrs. Folashade Oke, the wife of the suspended Director General of the National Intelligence Agency, Ayodele Oke.

It claimed that its investigations revealed that Folashade bought the property with proceeds of fraud by her husband. It, therefore, obtained a court order for the temporary forfeiture of the flat in November last year.

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