The Federal High Court in Lagos has ordered the final forfeiture of 245,568,137 shares valued at over N5 billion, traced to Major General Umar Mohammed, former Group Managing Director of Nigerian Army Properties Limited (NAPL), and businessman Kayode Filani.

 

Justice Dehinde Dipeolu granted the order on Tuesday 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 tenure as head of the Army’s property company.

 

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 related offences. She noted that the Commission had fulfilled all statutory requirements for the forfeiture, including publication in a national daily, with no opposition filed against the application.

 

In her ruling, Justice Dipeolu held that the EFCC’s application was meritorious, adding that since the conditions for final forfeiture had been met and no objection raised, the shares were to be permanently forfeited to the Federal Government for the benefit of Nigerian Army Properties Limited.

 

The order was granted under 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 assets were held in accounts operated by Rowet Capital Management Limited and Resort Securities & Trust Limited, in the name of Awhua Resources Limited, a company linked to Mohammed.

 

Among the confiscated holdings are millions of shares in leading Nigerian companies including Cadbury Nigeria Plc, Conoil Plc, Dangote Sugar Refinery Plc, Eterna Plc, Flour Mills Plc, Japaul Gold & Ventures Plc, NASCON Allied Industries Plc, Oando Plc, University Press Plc, Vitafoam Nigeria Plc, NAHCO, PZ Industries, Transcorp, Okomu Oil Palm, May & Baker, Ecobank Transnational Incorporated, Union Bank of Nigeria, and Unilever Nigeria Plc.

 

According to EFCC investigations, properties belonging to the Nigerian Army were fraudulently sold under Mohammed’s leadership, with proceeds diverted into stock acquisitions to conceal their origin.

 

In an affidavit before the court, EFCC investigator Nwike Fortune detailed how Mohammed used his company, Awhua Resources Limited, to channel illicit funds into stocks through Rowet Capital Management Limited and Resort Securities & Trust Limited.

 

The ruling comes after the EFCC had earlier secured the forfeiture of five properties also linked to the embattled former Army official, following his conviction by a military court martial.