By Ademuyiwa Balikis
The Federal High Court in Lagos has ordered the final forfeiture of 245,568,137 shares worth over N5 billion linked to former Group Managing Director of Nigerian Army Properties Limited (NAPL), Major General Umar Mohammed, and businessman Kayode Filani.
Justice Dehinde Dipeolu gave the ruling on Tuesday following an application by the Economic and Financial Crimes Commission (EFCC). The anti-graft agency had secured an interim forfeiture order earlier in July and published the notice in a national daily, but no objections were filed within the stipulated time.
The EFCC told the court that the shares were acquired with proceeds of unlawful activity. It explained that the assets were traced to accounts operated by Rowet Capital Management Limited and Resort Securities & Trust Limited, under the control of Awhua Resources Limited, a company linked to the former army officer.
The affected shares are spread across several major Nigerian companies, including Cadbury Nigeria, Conoil, Dangote Sugar, Eterna, Flour Mills, Japaul Gold & Ventures, NASCON, Oando, University Press, Vitafoam, NAHCO, PZ Cussons, Transcorp, Okomu Oil, May & Baker, Ecobank, Union Bank, and Unilever.
Counsel to the EFCC, Hanatu Kofanaisa, informed the court that Major General Mohammed had previously been convicted by a special court martial on 14 out of 18 counts relating to stealing and related offences.
Relying on Section 44(2)(b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, the judge ordered that the forfeited shares be permanently transferred to the federal government for the benefit of NAPL.
With this ruling, the shares are now fully under the control of the Nigerian government.
