The Federal Government has taken possession of several share units valued at ₦246 million, belonging to the former Managing Director of Nigerian Army Properties Limited (NAPL), Major-General U.M. Mohammed (retd.), following a ruling by the Federal High Court sitting in Ikoyi, Lagos.
The forfeiture ordered by Justice Dehinde Dipeolu followed a motion on notice filed by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, through its lawyer, H.U. Kofarnaisa.
Justice Chukwujekwu Aneke had earlier ordered the interim forfeiture of the shares and publication of same in a national newspaper for any interested parties to show cause why the properties should not be finally forfeited to the Federal Government.
Moving the application for the final forfeiture, Kofarnaisa on Tuesday, told the court that the application was supported by an affidavit deposed to by Nwike Fortune, an investigating officer of the EFCC.
In the affidavit, Nwike stated that he had investigated a petition from the NAPL “regarding monumental fraud perpetrated by General U.M. Mohammed (Retd), Mr. Yusuf Abdullahi Abubakar, and Mr. Kayode Oladipupo Filani”, adding that “ Investigation revealed that Mohammed, while serving as NAPL’s Managing Director between 2015 and 2020, fraudulently sold company properties and diverted the proceeds for personal use.
“In a bid to conceal proceeds of unlawful activities, he acquired shares in Awhua Resources Limited using misappropriated funds.
“Some of the shares include: National Aviation Handling Company(N115,567,906); Oando Plc ( N2,000,000); Dangote Sugar Refinery ( N1,000,000); Vitafoam Nigeria Plc (N81,901,651) and University Press (N40,155,291).”
Kofarnaisa, thereafter, submitted that “It is in the interest of justice to finally forfeit the said shares contained in Schedules A, B, and C of this application, as they were acquired with funds that are reasonably suspected to be proceeds of unlawful activities.”
Justice Dipeolu, in his ruling, held that the argument had merit and ordered the final forfeiture of the shares to the Federal Government of Nigeria.
