PSFU Secures Court Order to Forfeit ₦8.58 Billion Linked to Alleged Fraud Scheme in Lagos

The Police Special Fraud Unit (PSFU) in Ikoyi, Lagos, has obtained a Federal High Court forfeiture order involving an alleged ₦8.585 billion fraud case linked to multiple individuals and companies under investigation for conspiracy, obtaining money by false pretence, stealing, and money laundering.
According to a statement issued by the Unit, the order covers bank accounts and assets linked to Plaude Technologies Limited, Omberra Commodities Limited, and several suspects including Olatomiwa Adebayo Idowu, Osikoya Oladayo Joshua, and Ibunkun Oluwa Boluwatife Adebayo.
How the case began
The investigation followed a petition from a financial institution, which alleged that the suspects conspired to obtain large sums of money through false representations and fraudulent business dealings.
Police detectives say they immediately launched an intelligence-driven investigation, tracing transactions across multiple financial institutions and engaging relevant regulatory authorities.
Findings of the investigation
Preliminary findings by the PSFU reportedly revealed that Plaude Technologies Limited lacked the operational and financial capacity to fulfil the obligations it presented to investors and business partners.
Investigators also alleged that one of the company’s directors, Osaretin Jonathan, was involved in laundering proceeds of the suspected fraud through multiple bank accounts.
Court action and forfeiture order
Following the investigation, the Police Special Fraud Unit approached the Federal High Court and secured an order for the interim forfeiture of the identified bank accounts and assets linked to the suspects, pending the conclusion of the case.
The Unit described the forfeiture as a preventive measure aimed at preserving suspected proceeds of crime while investigations continue.
Police reaction
The Commissioner of Police of the PSFU, Eloho Edwin Okpoziakpo, commended the investigative team for what he described as professionalism, diligence, and resilience in handling the case.
He reiterated the Unit’s commitment to tackling sophisticated financial crimes and safeguarding the integrity of Nigeria’s financial system.
The press release was signed by the Police Public Relations Officer, Ovie Kenneth Ewhubare, on May 11, 2026.