Oil Magnate Files ₦5 Billion Lawsuit Against EFCC For Declaring Him Wanted

The CEO of Global Signature Hotel and Total Grace Group Limited, Henry Akinduro, has filed a ₦5 billion lawsuit against the Economic and Financial Crimes Commission (EFCC) for allegedly infringing on his fundamental rights by declaring him wanted without due process.

TrackNews Media recalls that EFCC recently announced Akinduro as wanted, following allegations of fraud made by one Mr. Femi Olushakin.

In response, Akinduro’s legal team, led by Senior Advocate of Nigeria (SAN) Olalekan Ojo, argued that EFCC’s actions were unwarranted, stating that the accusations stemmed solely from a contractual dispute.

According to Akinduro’s lawyers, the disagreement with Olushakin is already the subject of an ongoing civil lawsuit (Suit No: I/875/2024) in which Akinduro contests Olushakin’s claims.

The legal team asserts that this contractual matter was inappropriately escalated by EFCC, who allegedly declared him wanted without any judicial backing or court order.

A statement from Akinduro’s legal counsel read, “Our client considers this online publication detrimental to his reputation and believes it to be an unjustified attack by the EFCC.”

His attorneys stressed that Akinduro has responded responsibly to the dispute via formal legal channels, rather than through fraudulent actions, which he firmly denies.

The lawsuit filed by Akinduro’s team seeks to establish that the case is civil in nature, condemning the use of state resources as an act of harassment.

Meanwhile, Olushakin’s counterclaim has intensified the legal conflict by demanding significant sums he alleges are owed as returns on his investment. This demand further complicates the already contentious legal proceedings.

Akinduro, steadfast in his innocence, has called for a fair and transparent legal process, emphasizing his right to be presumed innocent until proven otherwise.

His legal team has committed to addressing what they characterize as baseless and malicious allegations, stemming from unresolved issues within their business dealings.

The legal team said: “While we acknowledge the fact that the said online publication must have caused grave concern to our client’s friends and business associates, we consider it imperatively necessary to put the records straight with a view to showing that the fraud allegations are trumped-up allegations aimed at causing incalculable damage to the hard earned but richly deserved reputation of Dr. Henry Akinduro.”

“The commercial or contractual disputes had earlier been referred to competent Court by the parties before the Publication of the name of our Client on the list of wanted persons by the Economic and Financial Crimes Commission.

“In Suit No:I/875/2024, to wit, Total Grace Group Ltd and Dr. Henry Akinduro v. Femi Olushakin, our Client claimed inter alia, a declaration that the relationship between the claimants and the defendant is that which is civil and contractual in nature, and that the continuous threat, harassment, and molestation of the claimants by the defendant, use of security state apparatus over the said disagreement is wrongful and unlawful.

“Our Client, Dr Henry Akinduro, has always responded either by way of tenable correspondences, letters, and further replies to the processes through our Office as his lawyers showing his sense of responsibility and seriousness towards the investment agreement between them.

“Our client has taken further legal actions towards establishing with compelling finality that the fraud allegations made against him are unfounded, groundless, baseless and ill-motivated.

“It is pertinent to stress that our client is presumed innocent by constitutional fiat until contrary is proved or established.

“At all material times, we will expect for your perception of our Client, to accommodate this benefit of doubt while we await the Honourable Court to judicially apportion rights and liabilities in the civil suit which Mr. Femi Olushakin, using the Economic and Financial Crimes Commission, has unilaterally, unlawfully and maliciously framed as a criminal action in a ploy to sabotage the business interests and noble person of our Client, Dr. Henry Akinduro.

“Our Client wishes to restate his confidence in the judicial process, which he believes will vindicate him.”