Oil Magnate Akinduro Takes Legal Action Against EFCC Over Unlawful Wanted Declaration

Dr. Henry Mobolaji Akinduro, the Chairman and CEO of Global Signature Hotel and Total Grace Group Limited, has initiated a N5 billion lawsuit against the Economic and Financial Crimes Commission (EFCC).

The legal action, filed on October 16, 2024, at the Federal High Court in Lagos, accuses the EFCC of unlawfully declaring him wanted without judicial intervention or constitutional safeguards. This declaration was made public on October 11, 2024, via the EFCC's official Twitter handle, now known as 'X'.

Akinduro's lawyer, Olalekan Ojo, SAN, argues that the EFCC's actions were prompted by a petition from Mr. Femi Olushakin, related to a N240 million contractual dispute between Olushakin and Akinduro.

The dispute arose from an investment agreement involving massive collateral, including Akinduro’s Global Signature Hotel valued at N500 million, three 60-Seater Yutong buses worth over N240 million, and a Toyota 4Runner SUV. Ojo claims that Olushakin sold the buses and is using the SUV for personal purposes.

Despite Akinduro's medical condition, which required him to be overseas, he maintained communication with the EFCC, expressing his willingness to cooperate upon his return to Nigeria. His legal officer regularly liaised with the commission, reaffirming this commitment.

However, the EFCC proceeded to declare him wanted, leading to reputational damage and emotional distress for Akinduro. The businessman seeks the removal of his name from the EFCC's wanted list and compensation for the alleged defamation and violation of his rights.