The Federal High Court in Lagos has ordered the final forfeiture of shares worth more than N246 million traced to U.M. Mohammed, former Managing Director of Nigerian Army Properties Limited (NAPL), to the Federal Government.
Justice Dehinde Dipeolu delivered the ruling on Tuesday after hearing a motion filed by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, through its counsel, H.U. Kofarnaisa.
The order followed an earlier interim forfeiture granted by Justice Chukwujekwu Aneke, which mandated the publication of the affected shares in a national newspaper to allow any interested parties to contest the application.
According to a statement by EFCC spokesperson Dele Oyewale, Kofarnaisa argued that the shares were proceeds of unlawful activities, citing evidence gathered during the agency’s investigation.
The EFCC said its probe was triggered by a petition from NAPL alleging large-scale fraud by Mohammed, alongside Yusuf Abdullahi Abubakar and Kayode Oladipupo Filani. Investigators found that between 2015 and 2020, while serving as NAPL’s managing director, Mohammed sold off company properties and diverted the proceeds for personal gain.
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To conceal the funds, he allegedly acquired significant shares in various companies through Awhua Resources Limited. These included National Aviation Handling Company (N115.6m), Vitafoam Nigeria Plc (N81.9m), University Press Plc (N40.1m), Oando Plc (N2m), and Dangote Sugar Refinery Plc (N1m), bringing the total value to N246.3m.
Kofarnaisa submitted that it was in the interest of justice for the shares, listed in Schedules A, B, and C of the application, to be permanently forfeited.
In his ruling, Justice Dipeolu held that the EFCC’s case had merit and ordered the final forfeiture of the shares to the Federal Government.
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