Family Betrayal: Arthur Eze’s Brothers Exposed in Massive Fraud Scandal, EFCC Recovers Looted Assets

The Court of Appeal in Abuja has affirmed the final forfeiture of properties fraudulently acquired by Arthur Eze brothers, Olisaebuka Eze and Onyeka Eze. 

This decision follows a detailed investigation and legal battle initiated by the Economic and Financial Crimes Commission (EFCC).

EFCC has secured the final forfeiture of 20 properties and 10 vehicles belonging to Arthur Eze, a Nigerian businessman and CEO of Atlas Oranto Petroleum.

In a statement released on Monday, the EFCC announced that the forfeiture order was issued by the Court of Appeal in Abuja.

The statement read, “In a final forfeiture ruling on Friday, June 7, 2024, by a three-man panel of justices, the Appeal Court, Abuja, dismissed the appeal filed by the brothers and affirmed the final forfeiture of the properties, vehicles, and other items to Arthur Eze, the nominal petitioner, as presented by the Commission’s counsel, Ibrahim Buba.

The agency also mentioned that the recovered assets, including 10 vehicles and three luxury wristwatches, were forfeited by Olisaebuka Eze and Onyeka Nnadozie Eze following a petition by Arthur Eze.

 Background

The controversy began in 2020 when businessman Arthur Eze accused the brothers, who were associated with his company Oranto Petroleum Ltd., of theft, criminal misappropriation, and money laundering involving billions of naira and millions of dollars. 

These allegations led to the EFCC securing a final forfeiture of numerous assets in 2022, including 20 properties, 10 vehicles, and three luxurious wristwatches.

Legal Proceedings

Olisaebuka and Onyeka Eze were dissatisfied with the ruling of the lower court, which ordered the final forfeiture of their properties.

They filed separate appeals seeking to overturn the decision. However, on June 7, a three-member panel of justices dismissed their appeals and upheld the forfeiture.

Justice H. A. Barka, delivering the lead judgment, stated that the appellants did not provide sufficient evidence to challenge the findings of the lower court. “The judgment of the lower court is affirmed,” Barka declared.

“The road to the final forfeiture began in 2020, when the EFCC received a petition from Arthur Eze, alleging theft, criminal misappropriation, and money laundering against the first respondent, Olisaebuka Eze who was the administrative officer of his company, Oranto Petroleum Ltd.

 “According to Arthur Eze, Olisaebuka Eze, in connivance with his brother, Nnadozie Eze, stole his money, which ran into billions of naira and millions of dollars, with which both used to acquire properties in Abuja and Enugu.

Forfeited Assets

The assets confirmed for final forfeiture include:

– A seven-bedroom duplex at Plot 1772 Cadastral Zone B06, Mabushi District

– Nine units of two-bedroom flats at Plot 375 off Ameyo Adadovah Way, Kado District

– Multiple plots of land in Abuja, including Lugbe AMAC Housing Estate and NAF Valley Estate, Asokoro

– Several high-end vehicles, including a Toyota Camry, Mercedes Benz GLE, and a Kia SUV

– Luxury wristwatches, including brands like Piaget and Just Bling

The EFCC expressed satisfaction with the court’s decision, highlighting their commitment to combating financial crimes.

They also noted the importance of this ruling in reinforcing the consequences of fraudulent activities.