EFCC Appeals Ruling On ₦2billion Ponzi Scheme Properties

The Economic and Financial Crimes Commission (EFCC) is contesting a recent ruling by the Federal High Court in Yenagoa, Bayelsa State, that restrains the agency from seizing properties linked to Bliss Multinational Perfections Limited and its founder, Arch Oyinmiebi Bribena, over an alleged Ponzi scheme.

The judgment, delivered on September 4 by Justice Isa H. A. Dashen, came as a shock to the EFCC, which claims it was not given prior notice of the hearing or the judgment date.

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EKO HOT BLOG reports that this, according to the EFCC, deprived it of the opportunity to present its case.

In a statement released by the EFCC’s Head of Media and Publicity, Dele Oyewale, the commission expressed its disappointment with the ruling, emphasizing that they were effectively denied a fair hearing.

Oyewale noted that the properties in question are believed to be proceeds from a Ponzi scheme that defrauded 123 investors of over ₦2 billion by promising a 25 percent return on their investments, none of which were realized.

“The September 4 ruling was unexpected as the EFCC had no knowledge of the judgment date. The lack of a hearing notice amounts to denying the Commission a fair opportunity to present its case,” said Oyewale.

The EFCC has announced plans to appeal the decision, stating that it remains within the legal timeframe to do so. The agency is also appealing a similar case involving the same defendants at the appellate court in Port Harcourt.

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Despite this setback, the EFCC reaffirmed its commitment to upholding the rule of law, stating that it will continue to fight financial crimes while respecting court decisions.

The Commission remains focused on securing justice for the 123 victims who lost their investments in the fraudulent scheme.

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