Court upturns Interim, final forfeiture EFCC earlier obtained against Goodwill Private School

The Federal High Court sitting at Court 10, Ikoyi, has thrown out the forfeiture orders EFCC obtained through concealment of material facts against Goodwill Private Schools Ltd, Ikorodu, sometime in October 2024 and January 21, 2025.

In a ruling delivered on Friday, 4th July, 2025, Hon. Justice A. O. Owoeye held that the facts placed before the court by the EFCC to obtain the Interim Order of forfeiture did not indicate that the property is a proceed of unlawful activity. The Court further held that owners of Goodwill Private Schools Ltd Ikorodu have shown that the money used for the construction of the property was legitimate.

His Lordship held that the final forfeiture order was made contrary to the provision of Section 17(4) of the Advance Fee Fraud Act, 2006. The judge then set aside both the Interim and Final forfeiture orders made against Goodwill Private Schools Ltd.

The EFCC stormed the property of Goodwill School in Ikorodu in March, created pandemonium that left many children and staff in shock and distress.

The EFCC invasion was a fallout of a contractual dispute between First City Monument Bank and Mrs Olabisi Victoria Olaiya.

According to a petition addressed to the EFCC by the law firm of Ronke Adekoya & Co on behalf of Mrs Olaiya, she accused FCMB of reneging on a contractual agreement in the purchase of a property mortgaged to FCMB.

The property, which was part of Goodwill School, was reportedly used to secure a loan facility some years back. When the property owner decided that the property could be sold to offset the debt, FCMB, however, did not follow the due process of advertising it for the highest bidder, instead choosing to sell to Mrs Olaiya. After the property owner pointed out the error, FCMB, it was gathered, halted the transaction. But when she petitioned EFCC to recover her money from FCMB, EFCC applied for an ex parte order by concealment of material facts in the transaction to secure both interim and final forfeiture of the property. The court has now upturned the orders.