The Federal High Court in Lagos has ordered the permanent forfeiture of shares valued at over N5 billion traced to a convicted former Group Managing Director of Nigerian Army Properties Limited (NAPL), Maj. Gen. Umar Mohammed, and a businessman, Kayode Filani.
Justice Dehinde Dipeolu delivered the ruling on Tuesday after granting an application filed by the Economic and Financial Crimes Commission (EFCC).
The anti-graft agency alleged that the shares, totalling 245,568,137 units, were acquired with proceeds of unlawful activities during Mohammed’s tenure at the Army’s property company.
The court noted that no objections were filed against the application, which had earlier been publicised in a national daily, and held that the EFCC had satisfied all statutory requirements for a final forfeiture order.
“I am satisfied that the applicant has fulfilled the statutory requirements for a final forfeiture order.
The motion is therefore meritorious and succeeds,” Justice Dipeolu ruled, directing that the assets be forfeited to the Federal Government for the benefit of NAPL.
EFCC counsel, Hanatu Kofanaisa, told the court that Mohammed had already been convicted by a Special Court Martial on 14 out of 18 counts of stealing and related offences.
She said investigations revealed that NAPL properties were fraudulently sold under his watch, with the proceeds diverted into the acquisition of shares across several blue-chip companies.
The forfeited holdings include stakes in 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.
Others are shares in Nigerian Aviation Handling Company, PZ Cussons Nigeria Plc, Transcorp Plc, Okomu Oil Palm Plc, May & Baker Plc, Ecobank Transnational Incorporated, Union Bank of Nigeria, and Unilever Nigeria Plc.
According to the EFCC, the assets were acquired through Awhua Resources Limited, a company linked to Mohammed, using accounts managed by Rowet Capital Management Limited and Resort Securities & Trust Limited.
In an affidavit, EFCC investigator Nwike Fortune stated that the commission acted on a petition from NAPL, which accused Mohammed and others of illegally selling Army properties.
He said preliminary investigations confirmed that the proceeds were channelled into stock acquisitions in an attempt to disguise their origin.
The latest forfeiture order follows an earlier judgment directing the confiscation of five properties linked to Mohammed after his conviction by the military court.