The Federal High Court in Lagos has ordered the final forfeiture of 245,568,137 shares, valued at over N5 billion, traced to Maj. Gen. Umar Mohammed (rtd.), former Group Managing Director of Nigerian Army Properties Limited (NAPL), and businessman Kayode Filani.
Justice Dehinde Dipeolu issued the order on Tuesday after considering an application by the Economic and Financial Crimes Commission (EFCC), which alleged that the shares were acquired with proceeds of unlawful activities during Mohammed’s tenure at NAPL.
Delivering his ruling, Justice Dipeolu said:
“Having reviewed the application before me, together with the affidavit evidence and the absence of any objection, I am satisfied that the applicant has fulfilled the statutory requirements for a final forfeiture order. The motion is therefore meritorious and succeeds.”
The judge directed that the shares be permanently forfeited to the Federal Government for the benefit of NAPL.
During proceedings, EFCC counsel Hanatu Kofanaisa informed the court that a Special Court Martial had earlier convicted Mohammed on 14 out of 18 counts of stealing and related offences. She also noted that the interim forfeiture order was duly published in a national daily, and no objections were filed.
According to the EFCC, properties belonging to NAPL were fraudulently sold under Mohammed’s leadership, with the proceeds channelled into acquiring shares in various companies to disguise their source.
Investigations revealed the assets were purchased through Awhua Resources Limited, a company linked to Mohammed, using accounts managed by Rowet Capital Management Limited and Resort Securities & Trust Limited.
The forfeited shares include substantial holdings in Cadbury Nigeria Plc, Conoil Plc, Dangote Sugar Refinery Plc, Eterna Plc, Flour Mills Plc, Japaul Gold & Ventures Plc, NASCON Allied Industries Plc, Oando Plc, University Press Plc, Vitafoam Nigeria Plc, Nigerian Aviation Handling Company, PZ Cussons Nigeria Plc, Transcorp, Okomu Oil Palm, May & Baker, Ecobank Transnational Incorporated, Union Bank of Nigeria, and Unilever Nigeria Plc.
In an affidavit, EFCC investigator Nwike Fortune stated that the commission received a petition from NAPL against Mohammed and others over the unauthorised sale of Army properties. He deposed:
“Preliminary investigations revealed that the proceeds of those sales were used in the acquisition of shares in different companies now sought to be forfeited. The stocks contained in the attached schedules were purchased with funds fraudulently obtained by Maj. Gen. Mohammed during his tenure.”
The court’s decision follows an earlier forfeiture order on five properties linked to Mohammed after his conviction by the military court martial.
