The Police Special Fraud Unit has secured a Federal High Court forfeiture order over assets and bank accounts linked to an alleged N8.58 billion fraud case, moving to freeze property tied to what investigators describe as a network of false investment and money laundering schemes.
The order, obtained on May 12, 2026, covers Plaude Technologies Limited, Omberra Commodities Limited, three named individuals and several bank accounts connected to the alleged fraud, police said. The case involves allegations of conspiracy, fraudulent conversion, obtaining money by false pretence, stealing and money laundering.
Police said the investigation started after a financial institution petitioned the PSFU over suspected fraud involving about N8,585,852,300. The institution alleged that suspects obtained funds through false representations and deceptive investment arrangements, prompting detectives to widen their inquiries to several financial institutions and Nigeria’s apex financial regulatory authority.
Investigators said Plaude Technologies Limited did not have the operational or financial capacity to meet obligations it allegedly made to investors and business partners. Police also alleged that Osaretin Jonathan, identified as a director in the company, laundered funds through multiple bank accounts.
The forfeiture order was secured while the investigation was still open, underscoring that the case has not yet reached a final conclusion even as assets have already been restrained. CP Eloho Edwin Okpoziakpo praised the detectives for their professionalism, dedication and persistence, a recognition that reflects how heavily the unit is leaning on the case as it tracks where the money moved next.
For the people named in the order, the immediate consequence is clear: the assets and accounts are now under court control while police continue to build the case. The next step is the completion of the investigation, which will determine whether the allegations hold up in court and whether the forfeiture becomes permanent.
