Theophilus Oloche Ebonyi has lost multiple properties and cash to the Federal Government after a Federal High Court in Lafia, Nasarawa State, ordered the permanent forfeiture of assets linked to his alleged Ponzi scheme. Justice M.O. Olajuwon ruled that the Economic and Financial Crimes Commission (EFCC) provided sufficient evidence showing the assets were proceeds of unlawful activity. The court found that funds collected from victims were channelled through a Keystone Bank account, number 1011795156, belonging to Theobarth Global Foundation, and used to acquire the forfeited properties. Ebonyi and the foundation failed to counter the EFCC's case, shifting the legal burden to them under Section 17(1) of the Advanced Fee Fraud and Other Fraud Related Offences Act.
Forfeited items include a 23-room hotel and event centre called De Thinkers Home and Apartments in Nyanya Gwandara, a warehouse with a sachet water factory on Philip Doda Street, Koroduma, and two office buildings on the same street. Also seized is Theo International Academy Primary School on Balogun Street, Second Gate, Nyanya Gwandara, and N1,050,489.27 from Ebonyi's First Bank account, number 2033640394. The EFCC's case was supported by an affidavit from investigator Mary Ebute and legal submissions by Ibrahim Buba, now a serving justice of the Federal High Court.
A school, hotel, and water factory are now state property because they were built with money stolen from ordinary Nigerians. Theophilus Ebonyi's loss of assets signals that some fraudsters are finally being held accountable through diligent prosecution. This outcome may deter others who disguise criminal enterprises as legitimate businesses. For Nigerians, it means at least one set of stolen resources has been reclaimed, not just promised.
