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In a contentious legal battle, non-interest banking services provider TAJBank Limited has challenged a federal high court’s final forfeiture order regarding a property valued at over N1.2 billion. The disputed asset, Apartment No. 1103, Belmonte, located at 40 Bourdillon Road, Ikoyi, Lagos, was seized by the Economic and Financial Crimes Commission (EFCC).
On November 29, 2023, Justice Tijjani Ringim ordered the property’s final forfeiture to the Federal Government, responding to the EFCC’s request in case number FHC/CS/1818/2023. In retaliation, TAJBank has filed a Motion on Notice through its lawyer, Anthony Ibekwe, seeking to overturn the forfeiture and prevent the EFCC from any further interference with the property.
The bank’s motion includes demands for the removal of the forfeiture notice from the property’s front door and a restraining order against the EFCC from handling the property. Akeem Abubakar, a legal officer of TAJBank, detailed the bank’s acquisition process in a 25-paragraph affidavit, asserting that they bought the property in June 2023 for N1.271 billion from Blessed Rageous Integrated Services Limited after thorough due diligence.
Despite taking possession and beginning preparations to use the property, TAJBank was stunned on March 25, 2024, when a letter affixed to the property’s front door informed them of the final forfeiture order issued months earlier. The bank claims this forfeiture notice came without prior indication of any legal encumbrances during their purchase process.
TAJBank has engaged the Opal Law Office to investigate the circumstances leading to the forfeiture order. The bank argues that the EFCC’s actions jeopardize its rights to the property and its significant investment.
The presiding judge, Justice Kehinde Ogundare, has scheduled a hearing for June 3, 2024, to address TAJBank’s application. This court confrontation underscores the escalating tension between TAJBank and the EFCC over the contested property.
