A Federal High Court sitting in Lafia, Nasarawa State, has ordered the final forfeiture of multiple high-value assets linked to a Nigerian pastor accused of orchestrating a massive fraud scheme disguised as a humanitarian grant programme.

The ruling, delivered by Justice M.O. Olajuwon, followed an application by the Economic and Financial Crimes Commission, which established that the properties were proceeds of unlawful activities.

The court held that the pastor, identified as Theophilus Ebonyi, failed to provide credible evidence showing that the assets were legitimately acquired.

Assets Forfeited to Federal Government

The forfeited properties span several locations in Nasarawa State and include:
• A 23-room hotel and event centre known as De Thinkers Home and Apartments
• A warehouse and sachet water production factory
• Two office buildings
• A private primary school, Theo International Academy
• Cash amounting to over N1 million in a bank account

These assets, according to investigators, were allegedly financed through proceeds of fraud traced to the pastor’s activities.

How the Alleged Scheme Operated

Investigations revealed that the pastor allegedly operated a fraudulent scheme through an organisation named Theobarth Global Foundation.

He reportedly lured victims with claims that a foreign body was offering a multi-billion-dollar grant to support individuals and organisations. Victims were then required to pay substantial registration and participation fees to access the supposed funds.

Authorities disclosed that each participant paid as much as N1.8 million, with the scheme generating approximately N1.3 billion from unsuspecting individuals and organisations. 

Further findings showed that the international foundation cited in the scheme had no affiliation with the pastor or his organisation and had publicly disclaimed any connection.

Court Ruling and Legal Position

In its ruling, the court stated that the anti-graft agency met the legal threshold required under relevant financial crime laws to justify the forfeiture.

Justice Olajuwon emphasised that once credible suspicion is established that assets are proceeds of crime, the burden shifts to the defendant to prove lawful acquisition.

The pastor’s inability to “show cause” led to the court granting a permanent forfeiture order in favour of the Federal Government.

EFCC Reacts

The EFCC described the judgment as a significant step in Nigeria’s ongoing anti-corruption drive, particularly in tackling financial crimes disguised under religious or charitable platforms.

The agency warned Nigerians to exercise caution when approached with investment or grant opportunities that promise unrealistic returns, especially those requiring upfront.

Broader Implications

The case has reignited conversations around accountability within religious organisations and the need for stricter oversight of financial activities tied to faith-based institutions.

Legal analysts say the ruling reinforces a critical principle: religious status does not grant immunity from financial scrutiny or legal consequences.

It also highlights the increasing focus of Nigerian authorities on asset recovery as a strategy to deter economic crimes and restore public trust.

The post Court Orders Final Forfeiture of Hotel, School, Event Centre Linked to Pastor’s Alleged N1.3bn Fraud appeared first on Housing TV Africa.

In a formal advisory released recently, the Securities and Exchange Commission (SEC) disassociated itself from PWAN and its affiliate, PWAN MAX, stating that neither entity holds valid registration to conduct investment business or raise capital within the country.

The Commission noted that it had received a wave of complaints and disturbing reports about the company’s activities, including unreasonably high return promises and an increasing number of unfulfilled withdrawal requests, common traits seen in schemes designed to deceive.

According to SEC, these red flags strongly suggest a structure similar to that of other collapsed money-doubling operations, where early investors are paid using funds from newer ones, a hallmark of Ponzi setups.

The public was urged to exercise extreme caution and confirm the legitimacy of any investment outfit through SEC’s verification portal before engaging. “Invest at your own risk,” the advisory warned bluntly, referring to PWAN’s unauthorized status.

This latest warning trails the recent implosion of CBEX, a digital trading outfit that lured in over 600,000 Nigerians before collapsing, reportedly wiping out close to N1.2 trillion in funds. CBEX had dangled a 100% return promise within 30 days, allegedly based on AI-powered trading.

The Commission emphasized that although the firm had been registered with the Corporate Affairs Commission and listed with the EFCC’s anti-money laundering unit, it lacked the SEC’s express license to operate in the capital market.

With the recent enactment of the Investments and Securities Act (ISA 2025), signed into law by President Bola Tinubu, SEC now holds greater authority to go after peddlers of unregulated schemes. Offenders may now face up to 10 years imprisonment and a fine of N40 million.

SEC’s Director General, Emomotimi Agama, stated that the agency will no longer hesitate to enforce the new law against any individual or platform promoting fraudulent financial schemes across the country.

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