BY FRONTLINE REPORTERS
Former Acting Accountant-General of the Federation, Chukwunyere Anamekwe Nnabuoku,
Justice James Omotosho of the Federal High Court in Abuja has ordered the final confiscation and forfeiture of multi-billion naira assets and investments linked to former Acting Accountant-General of the Federation, Chukwunyere Anamekwe Nnabuoku, to the Federal Government.
The ruling followed a motion on notice filed by the Economic and Financial Crimes Commission seeking the forfeiture of properties and investments identified as proceeds of unlawful activities.
Delivering judgment, Justice Omotosho held that the anti-graft agency had presented sufficient grounds for the application to succeed, stressing that proceeds of crime cannot be retained by a convicted person.
Citing previous decisions of the Supreme Court, the judge declared, “In crimes such as money laundering, forfeiture of the proceeds of crime is deemed to be a natural consequence of conviction.”
The court further held that assets acquired through proceeds of criminal activities are legally liable to forfeiture once a conviction has been secured.
Justice Omotosho also dismissed objections raised by counsel to the former AGoF, who argued that the matter was already before the Court of Appeal and that granting the forfeiture request would amount to an abuse of court process.
The judge ruled that the mere filing of a notice of appeal does not stop the court from making a final forfeiture order, noting that such an order would not interfere with the outcome of the pending appeal.
On the allegation of abuse of court process, the judge held that the defence failed to provide evidence showing that another forfeiture order had already been granted or was being pursued over the same assets.
“In final analysis, the properties of the convict which have been identified to be purchased from proceeds of crime in this matter are hereby finally forfeited to the Federal Government of Nigeria,” the judge ruled.
The court subsequently ordered the confiscation of all assets listed in Schedules 1, 2 and 3 of the EFCC application.
The forfeited assets include several bank balances linked to companies allegedly connected to Nnabuoku. Among them are ₦12.5 million in Temeeo Synergy Concept Limited’s Zenith Bank account, ₦4.1 million in Turge Global Investment Limited’s account, ₦682,904 in Laptev Bridge Limited’s account, and over ₦51.2 million in Arafura Transnational Afro Ltd’s account.
The court also ordered the forfeiture of ₦220 million reportedly refunded by Nnabuoku and domiciled in the EFCC Recovery Account with the Central Bank of Nigeria.
Also forfeited is a five-bedroom standalone duplex located at No. 20, City Gate Estate, Kukwaba, Abuja, valued at ₦64 million, alongside an additional ₦3 million infrastructural development levy paid on the property.
According to the EFCC, the house keys were voluntarily surrendered by the former AGoF as part of restitution.
In addition, the court ordered the forfeiture of extensive stock investments belonging to the convict across several major Nigerian companies and financial institutions.
The shares include 10 million units in Access Holdings Plc, 7.5 million shares in First Bank of Nigeria Holdings Plc, 4.5 million shares in Guaranty Trust Holding Company, and over 10 million shares in United Bank for Africa Plc.
Other investments forfeited include shares in Zenith Bank Plc, Berger Paints Nigeria Plc, Cadbury Nigeria Plc, Dangote Sugar Refinery Plc, Nascon Allied Industries Plc, Dangote Cement Plc, Africa Prudential Plc, and United Capital Plc.
The EFCC disclosed that the total market value of the confiscated stock portfolio stood at approximately ₦1.94 billion as of March 29, 2026.
ADVERTISEMENTS
2026-05-13