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A Lagos court has ordered the seizure of a hotel valued at approximately ₦1.3 billion as part of an ongoing investigation into an alleged investment fraud scheme linked to Edward Olutoke. Authorities say the property is among the assets believed to be connected to funds raised from investors, placing real estate once again at the center of financial crime probes.
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Lagos Court Seizes ₦1.3 Billion Hotel Linked to Edward Olutoke Investment Fraud Probe
A Federal High Court in Lagos has ordered the interim forfeiture of a hotel valued at approximately ₦1.3 billion linked to alleged investment fraud involving Edward Olutoke, Managing Director of the Ikeja Chamber of Commerce, Industry and Agriculture.
The order was issued by Justice A. O. Owoeye of the Federal High Court of Nigeria sitting in Ikoyi, Lagos, following an ex parte application filed by the Economic and Financial Crimes Commission (EFCC). The anti-graft agency argued that the property was acquired with proceeds from unlawful investment activities.
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FAAC Distributes ₦1.894 Trillion February Revenue to Federal, State, and Local Governments
Nigeria’s Federation Account Allocation Committee (FAAC) has shared a total of ₦1.894 trillion as revenue for February 2026 among the Federal Government, state governments, and local government councils.
According to details published by Nairametrics, the revenue allocation was finalised during the March 2026 FAAC meeting in Abuja and represents funds generated from statutory revenue, Value Added Tax (VAT), and other federally collected sources.
Delta Government Approves ₦34 Billion to Build Police Divisional Headquarters Across 25 LGAs
The government of Delta State has approved ₦34 billion for the construction of police divisional headquarters across its 25 local government areas, as part of efforts to strengthen security infrastructure and prepare for potential decentralisation of policing in Nigeria.
The approval was announced after a meeting of the Delta State Executive Council, according to the News Agency of Nigeria, the project will also include the establishment of a Special Police Protection Unit to enhance law enforcement capacity across the state.
CBN Sets ₦20,000 Transaction Limit for Newly Activated Mobile Banking Apps
The Central Bank of Nigeria (CBN) has introduced a ₦20,000 transaction limit for newly activated mobile banking applications during the first 24 hours of activation, as part of new regulatory measures aimed at strengthening the security of Nigeria’s digital payment ecosystem.
The directive was contained in a circular issued on 12 March 2026 and addressed to banks, financial institutions, and payment service providers operating within Nigeria’s financial system. The new rule forms part of a broader framework designed to mitigate fraud risks and enhance security in the country’s rapidly expanding digital banking sector.
The Nigerian Navy has dismantled an illegal crude oil storage site containing approximately 17,500 litres of suspected stolen crude oil in Rivers State, as part of ongoing operations to combat oil theft and illegal bunkering in the Niger Delta.
According to officials, the discovery and destruction of the site followed a targeted patrol by naval operatives conducting anti-crude oil theft operations in the region. The action forms part of the military’s broader campaign to protect Nigeria’s oil infrastructure and reduce economic losses caused by illegal petroleum activities.
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