The Federal High Court in Ikoyi, Lagos, on Tuesday ordered the final forfeiture of shares worth N246,305,544 linked to a former Managing Director of the Nigerian Army Properties Limited (NAPL), Major-General U.M. Mohammed (retd.).
According to a statement by the Economic and Financial Crimes Commission (EFCC) on its X account, the ruling was delivered by Justice Dehinde Dipeolu.
The forfeiture followed investigations by the EFCC’s Lagos Zonal Directorate 1 after receiving a petition alleging monumental fraud committed by Mohammed during his tenure as NAPL Managing Director between 2015 and 2020.
Justice Chukwujekwu Aneke had earlier ordered the interim forfeiture of the shares and directed that the order be published in a national newspaper, giving room for any interested parties to show cause why the assets should not be permanently forfeited to the Federal Government.
In an affidavit deposed to by EFCC investigating officer Nwike Fortune, Mohammed was accused of fraudulently selling company properties and diverting the proceeds for personal use.
“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,” the statement read.
The EFCC further disclosed that in a bid to conceal the proceeds of his unlawful activities, Mohammed used misappropriated funds to acquire shares in Awhua Resources Limited.
“Some of the shares include: National Aviation Handling Company (N115,567,906); Oando Plc (N2,000,000); Dangote Sugar Refinery (N1,000,000); Vitafoam Nigeria Plc (N81,901,651) and University Press (N40,155,291),” the EFCC noted.
The anti-graft agency added that its counsel, Kofarnaisa, argued: “It is in the interest of justice to finally forfeit the said shares contained in Schedules A, B, and C of this application, as they were acquired with funds that are reasonably suspected to be proceeds of unlawful activities.”
In his judgment, Justice Dipeolu agreed with the EFCC’s submission, holding that the application had merit. He, therefore, ordered the final forfeiture of the shares to the Federal Government of Nigeria.
