Ikoyi flat: Court throws out Union Bank’s claim

Ikoyi flat: Court throws out Union Bank’s claim

By Tunde Osho

The Federal High Court in Lagos has dismissed the claim of Union Bank Plc to Flat 7B, Osborne Towers, Ikoyi, Lagos.

The court described the bank as a busybody, just as it ordered the permanent forfeiture of the property to the Federal Government.

The flat attracted public attention in April last year when large sums of money – $43,449,947, £27,800 and N23, 218,000 (about N13bn) – were recovered from it.

The money, according to the Economic and Financial Crimes Commission, was stashed away in iron cabinets and “Ghana-must-go” bags in the apartment.

The anti-graft agency later traced the ownership of the apartment to Mrs. Folashade Oke, the wife of the suspended Director General of the National Intelligence Agency, Ayodele Oke.

It claimed that its investigations revealed that Folashade bought the properties with proceeds of fraud by her husband.