Court orders final forfeiture of N246m shares linked to ex-Nigerian Army Properties MD

Justice Dehinde Dipeolu of the Federal High Court in Ikoyi, Lagos, on Tuesday, ordered the final forfeiture of shares worth N246.3 million linked to a former Managing Director of the Nigerian Army Properties Limited (NAPL), Major General U.M. Mohammed (rtd.), to the Federal Government.

The ruling followed a motion on notice filed by the Lagos Zonal Directorate I of the Economic and Financial Crimes Commission (EFCC) through its counsel, H.U. Kofarnaisa.

Justice Chukwujekwu Aneke had earlier granted an interim forfeiture of the shares and directed that the order be published in a national newspaper to enable interested parties to show cause why the assets should not be permanently seized.

Moving the application for final forfeiture, EFCC lawyer Kofarnaisa told the court that the request was supported by an affidavit deposed to by Nwike Fortune, an investigating officer with the Commission.

Fortune stated that investigations into a petition from NAPL revealed alleged large-scale fraud perpetrated by Mohammed, alongside Yusuf Abdullahi Abubakar and Kayode Oladipupo Filani. He alleged that while serving as NAPL’s Managing Director between 2015 and 2020, Mohammed fraudulently sold company properties and diverted proceeds for personal use.

According to the affidavit, Mohammed used the misappropriated funds to acquire shares in Awhua Resources Limited. Some of the identified investments include: National Aviation Handling Company (N115.5m), Oando Plc (N2m), Dangote Sugar Refinery (N1m), Vitafoam Nigeria Plc (N81.9m), and University Press Plc (N40.1m).

Kofarnaisa argued that the assets should be permanently forfeited as they were reasonably suspected to have been acquired with proceeds of unlawful activities.

In her ruling, Justice Dipeolu held that the prosecution had established sufficient grounds and subsequently ordered the final forfeiture of the shares to the Federal Government of Nigeria.