Court orders forfeiture of N5bn in shares linked to Army General to FG
Court orders forfeiture of N5bn in shares linked to Army General to FG
The Federal High Court in Lagos has ordered the final forfeiture of over N5 billion in shares to the Federal Government, linking the assets to Major General Umar Mohammed, the former Group Managing Director of Nigerian Army Properties Limited (NAPL), and businessman Kayode Filani.
Justice Dehinde Dipeolu’s ruling on Tuesday followed an application by the Economic and Financial Crimes Commission (EFCC), which argued that the 245,568,137 shares were acquired with proceeds from illegal activities committed during Mohammed’s tenure at the Army’s property company.
The court heard that a special court-martial had already convicted Mohammed on 14 counts of stealing and related offenses.
According to EFCC counsel Hanatu Kofanaisa, the commission had met all legal requirements for the forfeiture, and no opposition had been filed.
In her ruling, Justice Dipeolu determined that the EFCC’s application was “meritorious” and that all statutory conditions had been met.
The shares, which were held in accounts tied to a company named Awhua Resources Limited, were therefore permanently forfeited to the Federal Government for the benefit of Nigerian Army Properties Limited.
The forfeited assets include significant holdings in some of Nigeria’s most prominent companies, such as Cadbury Nigeria Plc, Conoil Plc, Dangote Sugar Refinery Plc, Oando Plc, and Unilever Nigeria Plc.
The portfolio also contains shares in Flour Mills Plc, Transcorp, and various other major players in the Nigerian market.
According to an affidavit by an EFCC investigator, the commission received a petition from NAPL alleging that Mohammed fraudulently sold company properties without board approval.
The proceeds from these sales were allegedly diverted to acquire the forfeited shares in an attempt to conceal the illicit funds.
The ruling marks another major victory for the EFCC, which had previously secured the forfeiture of five properties also linked to Mohammed following his military conviction.
