Ex–AGF Nwabuoku loses N1.9bn shares, Abuja mansion as court orders final forfeiture

A Federal High Court in Abuja has ordered the final forfeiture of assets worth about N1.9 billion linked to Chukwunyere  Nwabuoku, former Acting Accountant-General of the Federation, following his conviction for money laundering and abuse of office.

James Omotosho, who presided over the matter at the Federal High Court in Abuja, delivered the ruling on Wednesday, granting the application filed by the Economic and Financial Crimes Commission for the confiscation of the assets to the Federal Government.

The court ordered the forfeiture of N1.9 billion worth of shares, N288.5 million in funds traced to multiple companies, as well as a five-bedroom duplex located at No. 20 City Gate Estate, Kukwaba, Abuja.

The ruling followed Nwabuoku’s conviction and sentencing on March 23, 2026, after the court found him guilty on all nine counts bordering on money laundering and abuse of office.

Following the conviction, the EFCC, through a Motion on Notice dated April 1, 2026, sought an order of the court for the confiscation and final forfeiture of assets listed in three schedules attached to the application.

According to the anti-graft agency, the first schedule comprised funds linked to several companies, including Temeeo Synergy Concept Limited, Turge Global Investment Limited, Laptev Bridge Limited and Arrafura Transnational Afro Ltd.

The schedule also included N220 million reportedly refunded by the convict into the EFCC Recovery Account domiciled with the Central Bank of Nigeria.

The total amount contained in the accounts and recovery funds stood at N288,590,749.

The second schedule contained the five-bedroom duplex situated at City Gate Estate, Kukwaba, Abuja, while the third schedule listed stocks acquired by the former AGF in various security companies, valued at N1,941,805,342 as of March 29, 2026.

In his ruling, Omotosho held that the court was satisfied that the assets and funds were proceeds of unlawful activities.

The judge subsequently ordered that all the assets listed in the schedules be finally forfeited to the Federal Government of Nigeria.