The Economic and Financial Crimes Commission (EFCC) has secured the final forfeiture of multiple properties and cash to the Federal Government following a ruling by Justice M.O. Olajuwon of the Federal High Court sitting in Lafia, Nasarawa State.
The order, granted on Wednesday, April 1, 2026, affects assets identified as proceeds of unlawful activities linked to Theophilus Oloche Ebonyi.
The forfeited properties include a 23-room hotel and event centre known as De Thinkers Home and Apartments located in Nyanya Gwandara; a warehouse housing a sachet water factory and dispenser in Koroduma, Karu Local Government Area; two office buildings along Philip Doda Street in One-man Village, Koroduma; and Theo International Academy Primary School situated in Nyanya Gwandara. Also forfeited is the sum of N1,005,489.27 found in a First Bank account associated with the suspect.
In his judgment, Justice Olajuwon held that the EFCC presented sufficient evidence to establish that the assets were proceeds of unlawful activities. He noted that the Commission met the requirements of Section 17(1) of the Advance Fee Fraud and Other Fraud Related Offences Act.
The court further ruled that once the EFCC established reasonable suspicion regarding the origin of the assets, the burden shifted to the respondents to prove otherwise. The judge held that the respondents failed to discharge this burden, thereby justifying the final forfeiture.
The EFCC, through an affidavit deposed to by its investigator, Mary Ebute, and arguments presented by its counsel, Ibrahim Buba, told the court that a Keystone Bank account linked to Theobarth Global Foundation served as the primary channel through which funds were received from victims of a Ponzi scheme. The funds were subsequently used in acquiring the forfeited properties.
