A Nigerian court on Tuesday ordered the final forfeiture of shares valued at over N5 billion (approximately $6 million) linked to a former army general convicted of corruption.
Justice Dehinde Dipeolu of the Federal High Court in Lagos ruled that 245 million shares traced to Major General Umar Mohammed, former Managing Director of Nigerian Army Properties Limited (NAPL), were acquired with illicit funds and must be surrendered to the Federal Government.
The decision followed an application by the Economic and Financial Crimes Commission (EFCC), which alleged that Mohammed used proceeds from the fraudulent sale of military-owned properties to acquire the shares through accounts held by his company, Awhua Resources Limited.
The EFCC noted that a special court martial had earlier convicted Mohammed on 14 out of 18 counts of stealing and related offences. Five properties linked to him had already been confiscated.
The forfeited shares span major Nigerian companies, including Cadbury, Conoil, Dangote Sugar, Flour Mills, Oando, Transcorp, Union Bank, Ecobank, and Unilever. Additional holdings were identified in Vitafoam, May & Baker, Okomu Oil, NAHCO, and PZ Industries.
According to EFCC investigator Nwike Fortune, the transactions were concealed using accounts managed by Rowet Capital Management Limited and Resort Securities & Trust Limited. He argued that the investments were made using funds derived from fraudulent property deals under Mohammed’s leadership at NAPL.
Justice Dipeolu noted that all legal requirements for final forfeiture had been met, including the publication of the interim order in a national daily with no objections filed.
The court granted the EFCC’s application, ordering the permanent forfeiture of the shares to the Federal Government for the benefit of the Nigerian Army Properties Limited.
