The Economic and Financial Crimes Commission (EFCC) has obtained a final forfeiture order against multiple high-value properties and cash traced to the alleged fraudulent activities of Theophilus Oloche Ebonyi.
Justice M.O. Olajuwon of the Federal High Court sitting in Lafia, Nasarawa State, granted the order on Wednesday, April 1, 2026, following an application by the anti-graft agency, according to a statement issued on Thursday by, Dele Oyewale, head, media and publicity.
The ruling covers a 23-room hotel and event centre known as De Thinkers Home and Apartments, located along the Abattoir Road First Gate in Nyanya Gwandara, Nasarawa State, as well as a warehouse and sachet water factory situated at No. 20 Philip Doda Street, Koroduma, Karu Local Government Area.
Also forfeited are two office buildings, along Philip Doda Street near the Chapel of Redemption Church in One-man Village, Koroduma, Karu, alongside Theo International Academy Primary School located at the Second Gate, Balogun Street, beside a football field in Nyanya Gwandara.
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The court also ordered the forfeiture of the sum of ₦1,005,489.27 found in a First Bank account (2033640394) linked to the suspect.
Delivering judgment, Justice Olajuwon held that the EFCC placed sufficient materials before the court to establish that the assets were proceeds of unlawful activity, in compliance with 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 that the assets were linked to unlawful activity, the burden shifted to the respondents to disprove the allegations.
It held that the respondents failed to provide any credible explanation, leading to the final forfeiture order.
The EFCC, through an affidavit deposed by investigator Mary Ebute and arguments presented by counsel Ibrahim Buba (now a Federal High Court judge), told the court that a Keystone Bank account belonging to Theobarth Global Foundation was allegedly used as the main conduit for funds obtained from victims of a Ponzi scheme, which were subsequently laundered into acquisition of the forfeited properties.
The commission said the ruling represents a major step in recovering proceeds of crime and dismantling financial structures linked to fraudulent investment schemes.
