Court has reversed Teleology Forfeiture and slammed EFCC for concealing ₦55bn Keystone Bank judgment.
NewsOnline Nigeria reports that the Federal High Court in Abuja has set aside the temporary forfeiture of properties belonging to Teleology Nigeria Limited and reprimanded the Economic and Financial Crimes Commission (EFCC) for concealing material facts, including a ₦55.7 billion judgment already secured by Keystone Bank against the company and an ongoing appeal.
Justice Emeka Nwite, in a ruling delivered on September 23, 2025, held that the EFCC had no legal authority to act as a debt recovery agent for Keystone Bank under the guise of alleging unlawful activities or proceeds of crime.
The court declared that Teleology’s disputed assets — Plot 467, Cadastral Zone, Durumi District, Abuja; MH 401, Maitama Heights, Plot 47, Maitama District; and MH 601, Maitama Heights, Plot 47, Maitama District — were not acquired from criminal proceeds.
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Nwite, while rejecting EFCC’s bid for a final forfeiture, criticised the anti-graft agency for suppressing vital information. He noted that Keystone Bank had already obtained a ₦55.7 billion judgment against Teleology in Suit No. FHC/L/CS/297/2023 at the Lagos Division of the Federal High Court, making EFCC’s application “a clear case of double jeopardy.”
“I do not believe the EFCC was unaware of this material fact before approaching this court. Its claim of ignorance is watery, insincere, and a gross non-disclosure,” Justice Nwite said in the certified true copy of the ruling.
The judge stressed that EFCC’s duty as a financial crimes watchdog requires thorough due diligence and full disclosure in ex parte applications. He further ruled that diverting loan funds for alternative use, as alleged by the Commission, does not constitute a criminal offence under Nigerian law.
Citing the Supreme Court’s decision in Melrose General Services Ltd vs EFCC & Ors (2024) LPELR-62733 (SC), Teleology’s counsel, Femi Atteh SAN, had earlier argued that EFCC’s case was purely commercial and outside its mandate.
In dismissing the forfeiture application, Justice Nwite concluded:
“Teleology has sufficiently established that the properties in dispute were not procured from unlawful activities or proceeds of crime. The interim forfeiture is hereby set aside.”
The case stemmed from a long-standing loan dispute between Teleology and Keystone Bank. In April 2023, the Lagos Federal High Court ordered Teleology to repay ₦55.7 billion, a judgment currently under appeal.
Teleology, which acquired 9mobile in 2018 through a CBN/NCC-supervised process after the telecom’s previous owners defaulted on bank loans, has since faced boardroom tussles and restructuring challenges.
