A retired senior officer, Maj. Gen. U.M. Mohammed, has asked the Federal High Court in Lagos to overturn an order granting the Economic and Financial Crimes Commission (EFCC) final forfeiture of shares valued at about N5 billion.
The disputed 246,305,544 shares, held in several blue-chip companies including Cadbury Nigeria Plc, Conoil Plc, Dangote Sugar Refinery Plc, Eterna Plc, Flour Mills Plc, Japaul Gold & Ventures Plc, NASCON Allied Industries Plc, Oando Plc, University Press Plc, and Vitafoam Nigeria Plc, were forfeited to the Federal Government on August 26, 2025.
The EFCC argued that the shares were acquired with proceeds from fraudulent sales of Nigerian Army Properties Limited (NAPL) assets during Mohammed’s tenure as managing director.
The agency cited Section 44(2)(b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud and Other Related Offences Act, 2006, as the legal basis for the forfeiture.
However, in a motion on notice filed before the court, Mohammed maintained that the investments were legitimately acquired long before his appointment as NAPL head in October 2015.
An affidavit deposed by Joseph Effiong stated that the shares were purchased between September 2007 and September 2015.
“The shares listed in the schedules to the motion ex parte do not represent proceeds of crime.
They were acquired years before his posting to NAPL,” the affidavit read.
The retired officer also faulted the forfeiture process, alleging he was denied fair hearing.
He claimed his affidavit to show cause, filed on July 29, was ignored when the case, initially scheduled for October 8, was suddenly taken before a vacation judge without notice to him or his counsel.
Mohammed further argued that the EFCC failed to comply with the mandatory timelines under the law, insisting the application for final forfeiture was not filed within 60 days of the interim order granted on May 7, 2025.
He is now seeking an order setting aside both the proceedings and the final forfeiture in Suit No: FHC/L/MISC/404/.
The court has yet to fix a date for hearing the application.