Court Orders Forfeiture of N246m Shares Linked to Ex-Army General<\/p>\n
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.)<\/p>\n
The order was delivered on Tuesday by Justice Dehinde Dipeolu, following an application by the Economic and Financial Crimes Commission (EFCC).<\/p>\n
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\u2019s Managing Director between 2015 and 2020.<\/p>\n
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.<\/p>\n
<\/p>\n
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.<\/p>\n
<\/p>\n
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:<\/p>\n
<\/p>\n
National Aviation Handling Company \u2013 N115,567,906<\/p>\n
<\/p>\n
Oando Plc \u2013 N2,000,000<\/p>\n
<\/p>\n
Dangote Sugar Refinery \u2013 N1,000,000<\/p>\n
<\/p>\n
Vitafoam Nigeria Plc \u2013 N81,901,651<\/p>\n
<\/p>\n
University Press Plc \u2013 N40,155,291<\/p>\n
<\/p>\n
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.<\/p>\n
<\/p>\n
Delivering his ruling, Justice Dipeolu agreed with the EFCC\u2019s submission and held that the application had merit. He consequently ordered that the shares be permanently forfeited to the Federal Government of Nigeria.<\/p>\n","protected":false},"excerpt":{"rendered":"
Court Orders Forfeiture of N246m Shares Linked to 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 […]<\/p>\n","protected":false},"author":2,"featured_media":145139,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[263,552,132,2115],"class_list":["post-148081","post","type-post","status-publish","format-standard","has-post-thumbnail","category-featured","tag-army","tag-court","tag-efcc","tag-mohammed"],"yoast_head":"\n