Court orders forfeiture of N246m shares linked to ex-army general.

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

According to a statement today by the Economic and Financial Crimes Commission on its X account, the ruling was delivered by Justice Dehinde Dipeolu.

The forfeiture stems from an investigation initiated by the EFCC’s Lagos Zonal Directorate 1, following a petition alleging monumental fraud perpetrated by Mohammed during his tenure as MD from 2015 to 2020.

Justice Chukwujekwu Aneke had earlier ordered the interim forfeiture of the shares and publication of same in a national newspaper for any interested parties to show cause why the properties should not be finally forfeited to the Federal Government.

“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.

“In a bid to conceal proceeds of unlawful activities, he acquired shares in Awhua Resources Limited using misappropriated funds. “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).”

EFCC added that Kofarnaisa, thereafter, submitted that “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.”

Justice Dipeolu, in his ruling, held that the argument had merit and ordered the final forfeiture of the shares to the Federal Government of Nigeria.