Court Orders Final Forfeiture of N246m Shares Linked to Ex-Nigerian Army General

The Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of shares worth N246,305,544 linked to Major-General U.M. Mohammed (retd.), a former Managing Director of Nigerian Army Properties Limited (NAPL).

The ruling, delivered by Justice Dehinde Dipeolu on Tuesday, follows an investigation by the Economic and Financial Crimes Commission (EFCC) into allegations of large-scale fraud committed by Mohammed during his tenure as head of NAPL from 2015 to 2020.

In a statement released by the EFCC on its official X (formerly Twitter) account, the anti-graft agency revealed that the shares were acquired using misappropriated funds from the illegal sale of company properties.

The EFCC stated:

“Investigation revealed that Mohammed, while serving as NAPL’s Managing Director between 2015 and 2020, fraudulently sold company properties and diverted the proceeds for personal use.”

According to an affidavit sworn by EFCC investigating officer, Nwike Fortune, Mohammed allegedly attempted to conceal the illicit funds by purchasing shares in Awhua Resources Limited.

Some of the shares listed for forfeiture include:

• National Aviation Handling Company – N115,567,906
• Vitafoam Nigeria Plc – N81,901,651
• University Press – N40,155,291
• Oando Plc – N2,000,000
• Dangote Sugar Refinery – N1,000,000

An interim forfeiture order had previously been granted by Justice Chukwujekwu Aneke, with instructions for a public notice to allow any interested parties to contest the forfeiture.

EFCC counsel Kofarnaisa argued that the shares, outlined in Schedules A, B, and C, were acquired with funds suspected to be proceeds of unlawful activity.

“It is in the interest of justice to finally forfeit the said shares… as they were acquired with funds that are reasonably suspected to be proceeds of unlawful activities,” Kofarnaisa submitted.

Agreeing with the EFCC’s submission, Justice Dipeolu ruled in favor of the final forfeiture, ordering that the shares be permanently transferred to the Federal Government of Nigeria.