Seized N13bn: Union Bank opposes Ikoyi flat forfeiture

Union Bank logo

Oladimeji Ramon

Union Bank Plc has urged the Federal High Court in Lagos to vacate the interim order forfeiting Flat 7B Osborne Towers, Ikoyi, Lagos to the Federal Government.

Acting on intelligence from a whistle-blower, the Economic and Financial Crimes Commission had, on April 12, raided the flat, discovering the sum of $43,449,947, £27,800 and N23, 218,000 (about N13bn) stashed away in iron cabinets and “Ghana-must-go” bags. The funds were subsequently forfeited to the Federal Government on the order of Justice Muslim Hassan.

The EFCC later approached Justice Saliu Saidu on November 9, 2017 and obtained an interim order temporarily forfeiting the flat itself to the Federal Government.