The Federal High Court in Lagos has ruled that $835,081.46 found in the dollar wallet of SDQ Facilitators Limited, also known as Rexel Nigeria Limited (Leatherback), must be permanently forfeited to the federal government. The court determined that the funds were linked to unlawful activities.
SDQ Facilitators is a registered user of Leatherback, a cross-border payment platform. The ruling came after the Economic and Financial Crimes Commission (EFCC) submitted an ex parte application requesting the forfeiture of the money.
Justice Deinde Dipeolu granted the request after reviewing an affidavit filed by EFCC investigator Abubakar Magaji. The document stated that the money was suspected to be proceeds of fraudulent activities.
On December 10, 2024, the court had initially issued an interim forfeiture order and instructed the EFCC to publish a notice in a national newspaper. The notice allowed any interested party to challenge the forfeiture within 14 days. However, no claims were made, leading to the final ruling.
The EFCC’s investigation began after receiving multiple petitions against Mr. Adegboyega Agbede, SDQ Facilitators Limited, and Rexel Nigeria Limited. The complaints accused them of deceiving individuals into believing they could provide $224,601,850.15 USD in exchange for local currency. Instead, they allegedly obtained N136,951,378,633 under false pretenses.
According to the EFCC, the suspects did not carry out the promised transactions but instead diverted the funds for personal use. The investigation also revealed that a total of $8,113,366 USD was obtained through fraudulent means.
