A Nasarawa court has granted the Economic and Financial Crimes Commission (EFCC) final forfeiture of multiple properties and cash belonging to Theophilus Oloche Ebonyi, accused of running a Ponzi scheme.
The assets include a 23-room hotel and event centre, a water factory, two office buildings, a primary school, and over N1 million in cash.
Justice M.O. Olajuwon ruled that the EFCC provided sufficient evidence to prove the assets were proceeds of unlawful activity.
The court held that Ebonyi’s accounts, including one with Keystone Bank, were used to collect money from victims and launder it through property acquisitions.
The forfeited assets include:
- De Thinkers Home and Apartments (23-room hotel)
- A warehouse and sachet water factory
- Two office buildings
- Theo International Academy Primary School
- N1,005,489.27 in cash
The EFCC’s investigation revealed that Ebonyi’s Theobarth Global Foundation account was central to the scheme. With the court’s decision, the assets will be permanently transferred to the federal government.
