Fieldreams Limited, its promoter Ifeanyi Nweke and Amex Savings and Loans Limited have approached the Lagos division of Court of Appeal, seeking to overturn a Federal High Court judgment that ordered the final forfeiture of 52 terrace and maisonette units at Mercyville Estate, Lekki Peninsula Scheme, Eti-Osa Local Government Area of Lagos State.
The appellants are also asking the appellate court to stop the enforcement of the July 14, 2026 judgment, pending the determination of their appeal.
The Appellants in a motion filed before the Court of Appeal, through their lawyer, Victor Ukutt, are praying for an order staying the execution of the Federal High Court’s final forfeiture order.
Alternatively, they seek an order preserving the subject property and maintaining the status quo until the appeal is determined.
The respondents in the appeal include the Chairman of the Economic and Financial Crimes Commission (EFCC), Dr. Kennedy Okonkwo and 17 other individuals who were beneficiaries under the disputed forfeiture order.
According to the appellants, enforcing the judgment before the appeal is heard would render the appeal nugatory and irreparably affect their constitutional right to challenge the decision.
They argued that the Federal High Court’s order effectively transferred ownership of the 52 housing units to private individuals, contrary to Section 17 of the Advance Fee Fraud and Other Related Offences Act, which, they contend, only permits forfeited assets to vest in the Federal Government.
The Appellants in their notice of appeal, faulted the Justice Alexander Owoeye’s ruling delivered on July 14, 2026, on several grounds, including alleged lack of jurisdiction, wrongful interpretation of the forfeiture provisions and denial of fair hearing.
They maintained that there was no evidence before the trial court establishing that the properties were proceeds of unlawful activities under the Advance Fee Fraud and Other Related Offences Act, the Money Laundering Act or any other law enforceable by the EFCC.
They further argued that the funds used to acquire and develop the Mercyville Estate project were generated from legitimate business transactions, including land sales, property sales and other lawful commercial activities carried out in accordance with the Companies and Allied Matters Act and the corporate objectives of the companies involved.
They also expressed their reservation about the trial judge’s failure to consider their affidavit evidence and documentary exhibits, including a 2007 Deed of Assignment relating to the acquisition of the land.
Another major complaint is that the trial court allegedly failed to determine their objection that the dispute was essentially contractual and civil in nature, with arbitration clauses governing disagreements between the parties. While argued that related suits involving the same parties and subject matter were already pending before another judge of the Federal High Court, raising issues of abuse of court process that, according to them, were ignored.
The appellants therefore prayed the Appeal Court to set aside the final forfeiture order/judgment and grant a perpetual injunction restraining the respondents from taking possession of or dealing with the 52 residential units pending the final resolution of the dispute.
They expressed concern about the speed at which the personnel of EFCC rushed into the estate for the enforcement of the judgment, in total disregard of the notice of appeal, stay of execution filed and served on them on July 15, 2026; and the notice of appeal and stay of execution on July 15, 2026, while the record settlement has been fixed for July 24, only to disturb the peace in the estate and order residents to vacate the estate by Monday.
This in the Appellants’ view is an abuse of authority on the side of the EFCC.
