The Federal High Court in Lagos on Tuesday ordered the final forfeiture of 245,568,137 shares worth over N5 billion traced to former Group Managing Director of Nigerian Army Properties Limited (NAPL), Major General Umar Mohammed, and businessman Kayode Filani.
Justice Dehinde Dipeolu issued the ruling following an application by the Economic and Financial Crimes Commission (EFCC), which alleged that the shares were purchased with proceeds of unlawful activities during Mohammed’s leadership of the Army’s property company.
EFCC counsel, Hanatu Kofanaisa, told the court that Mohammed had already been convicted by a Special Court Martial on 14 out of 18 counts bordering on stealing and related offences. She noted that the Commission had fulfilled all legal requirements for the forfeiture order, including publication in a national daily, and that no objections were raised against the application.
Justice Dipeolu, in granting the request, held that the EFCC had established its case and that the statutory conditions for final forfeiture were satisfied. The judge ruled that the assets should be permanently forfeited to the Federal Government, for the benefit of Nigerian Army Properties Limited.
The EFCC revealed that Mohammed diverted proceeds from the illegal sale of Army properties into stock acquisitions in the names of his company, Awhua Resources Limited, operated through Rowet Capital Management Limited and Resort Securities & Trust Limited.
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The forfeited portfolio includes shares in top Nigerian companies such as Cadbury, Dangote Sugar, Conoil, Flour Mills, Eterna, Oando, Transcorp, PZ Industries, Unilever, Ecobank, Union Bank, Vitafoam, and NAHCO.
An EFCC investigator, Nwike Fortune, stated in an affidavit that Mohammed used the funds to conceal illicit proceeds from the fraudulent disposal of Army assets. He said:
“Proceeds of the sales of the properties were used in the acquisition of shares in different companies now sought to be finally forfeited.”
This ruling follows an earlier EFCC victory securing the forfeiture of five properties linked to Mohammed after his military court conviction.
