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Home General EFCC Secures Final Forfeiture of N246m Shares Ex-Army General
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EFCC Secures Final Forfeiture of N246m Shares Ex-Army General

By
Prnigeria
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August 26, 2025
EFCC Nigeria

EFCC Secures Final Forfeiture of N246m Shares Ex-Army General

The Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of shares worth N246,305,544 traced to a former Managing Director of the Nigerian Army Properties Limited (NAPL), Major-General U.M. Mohammed (retd.)

The order was delivered on Tuesday by Justice Dehinde Dipeolu, following an application by the Economic and Financial Crimes Commission (EFCC).

According to a statement released by the EFCC on its official X handle, the forfeiture followed an investigation conducted by its Lagos Zonal Directorate I, which was triggered by a petition alleging large-scale fraud committed by Mohammed while serving as NAPL’s Managing Director between 2015 and 2020.

The EFCC told the court that Mohammed allegedly diverted proceeds from the fraudulent sale of NAPL properties and invested them in shares of various companies to disguise the illicit funds.

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Earlier, Justice Chukwujekwu Aneke had ordered the interim forfeiture of the shares and directed their publication in a national newspaper, inviting any interested parties to contest the application before the final order.

In an affidavit presented to the court, EFCC investigating officer Nwike Fortune stated that Mohammed used the misappropriated funds to purchase shares in Awhua Resources Limited. The breakdown of the investments includes:

National Aviation Handling Company – N115,567,906

Oando Plc – N2,000,000

Dangote Sugar Refinery – N1,000,000

Vitafoam Nigeria Plc – N81,901,651

University Press Plc – N40,155,291

The EFCC argued that the shares were acquired with proceeds of unlawful activities and urged the court to order their final forfeiture to the Federal Government in the interest of justice.

Delivering his ruling, Justice Dipeolu agreed with the EFCC’s submission and held that the application had merit. He consequently ordered that the shares be permanently forfeited to the Federal Government of Nigeria.

By PRNigeria

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  • TAGS
  • Army General
  • efcc
  • Lagos Federal High Court
  • Major-General U.M. Mohammed (retd.)
  • Nigerian Army Properties Limited
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