₦airaland Forum

A Federal High Court in Lagos reportedly ordered an interim forfeiture of the multi -billion naira Safetowers Estate located at Ikate, Lekki. The project is being promoted by Safetrust Mortgage Bank Limited and Macbosh Properties Limited.
Justice Sule Hassan made the order last week while ruling on the ex-parte application filed by Nkereuwem Anana, counsel to the Economic and Financial Crimes Commission (EFCC).

According to the EFCC, the property sought to be attached are reasonably suspected and traceable to be connected to economic and financial crimes that is instrument of fraud. The application is supported by a 19 –paragraph affidavit deposed to by one Isaac Gong, an investigative officer of the EFCC

In the affidavit, Gong contended that he was one of the team of operatives of the applicant assigned with the responsibility of conducting investigation on a petition received by the commission showing that the respondents herein are in possession of properties used in defrauding the victim.He averred that upon the receipt of the said petition, same was analysed and found worthy of investigation.

The EFCC contended that the petition itself revealed that Safetrust Mortgage Bank Limited proposed to construct 3 high-rise buildings within a construction and delivery period of 24 months. According to the anti-graft, the 3rd respondent thereafter offered to sell one of the high rise building to the victim, Mr. Kunle Ogunmefun at an agreed sum of N710 million.

EFCC also averred that a non-disclosure agreement was thereafter executed between the victim and Macbosh properties Limited on the understanding that Macbosh, the second respondent is an agent of the 3rd respondent.It was also the submission of the EFCC that the victim made a total deposit payment of the sum of N550 million with the understanding that the property will be delivered within the specified period of 24months from the date of the execution of the memorandum of understanding .


Akintayo Oloko, the Managing Director of Safetrust Mortgage Bank was recently arrested and investigated following a petition filed by the 3rd respondent to EFCC because of fraud and massive diversion of funds on the Safetower project. Safetrust Mortgage Bank is a 25-year old bank chaired by Akinmolu Opeodu, who is also on the board of several companies like Mutual Benefits Assurance, CMC Connect Limited, Multinational Energy Services, Kemson International School, Regal College, Integrated Autocare Limited, and Multinational Technologies Limited.

Mr Akintayo Oloko is an alumnus of the prestigious Lagos Business School and IMD in Switzerland.

Akintayo Oloko, recently lost his court case on the alleged fraud against investor Kunle Ogunmefun who paid up to 550 Million for the development of SafeTowers Estate. Akintayo plans to frustrate the EFCC from prosecution and a likely arrest for failing to deliver on the project as agreed to the investor.

Legal moves by the Chief Executive Officer of Safetrust Mortgage Bank, Mr. Akintayo Oloko at the Federal High Court, Lagos to frustrate his arrest and possible prosecution by the Economic and Financial Crimes Commission (EFCC) over alleged scam on the multi-billion naira Safetowers Estate project, Lagos has hit the rock following the court’s judgment on Friday.

See full link here: https://guardian.ng/property/679116/