A Federal High Court sitting in Lagos has ordered the final forfeiture of shares worth over N5 billion linked to Major General Umar Mohammed, the former Group Managing Director of Nigerian Army Properties Limited (NAPL).
Justice Dehinde Dipeolu delivered the ruling on Tuesday after granting an application filed by the Economic and Financial Crimes Commission (EFCC) seeking the permanent seizure of 245,568,137 shares traced to Mohammed.
The EFCC argued that the shares were acquired with proceeds of unlawful activities carried out during his tenure at NAPL.
The forfeited shares were held in accounts operated by Rowet Capital Management Limited and Resort Securities & Trust Limited, under the name of Awhua Resources Limited, a company allegedly controlled by Mohammed and his associate, Kayode Oladipupo Filani.
EFCC counsel, Hanatu Kofanaisa, told the court that a Special Court Martial had already convicted Mohammed on 14 out of 18 counts bordering on stealing and other fraudulent offences.
She maintained that all legal conditions for a final forfeiture had been satisfied, including the publication of the interim order in a national newspaper.
Notably, no opposition was filed against the application.
After considering the submissions and supporting documents, Justice Dipeolu ruled in favour of the EFCC, holding that the application was meritorious.
He therefore ordered the shares to be permanently forfeited to the Federal Government for the direct benefit of NAPL.
The ruling was anchored on Section 44(2)(b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
The forfeited stock portfolio cuts across some of Nigeria’s leading companies, including Cadbury Nigeria Plc, Conoil Plc, Dangote Sugar Refinery Plc, Eterna Plc, Flour Mills Plc, and Vitafoam Nigeria Plc.
It also includes millions of shares in Nigerian Aviation Handling Company (NAHCO), PZ Cussons Nigeria Plc, Transcorp Plc, Okomu Oil Palm Company, May & Baker Nigeria Plc, Ecobank Transnational Incorporated, Union Bank of Nigeria, and Unilever Nigeria Plc.
According to an affidavit filed by EFCC investigator Nwike Fortune, the case originated from a petition by NAPL, which alleged that properties belonging to the Army were fraudulently sold under Mohammed’s watch without board approval.
The investigator added that proceeds from the illegal sales were laundered through the acquisition of shares using Awhua Resources Limited as a front.
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