- Court orders confiscation of multi-billion naira assets linked to ex-AGF Chukwunyere Nnabuoku after corruption conviction
- Justice Omotosho cites Supreme Court rulings supporting forfeiture of criminally acquired properties post-conviction
- Forfeiture includes bank accounts, a ₦64 million Abuja property, and shares worth ₦1.94 billion in various firms
FCT, Abuja – Justice James Omotosho of the Federal High Court in Abuja has ordered the confiscation and final forfeiture of multi-billion naira assets linked to former Acting Accountant-General of the Federation, Chukwunyere Nnabuoku, following his conviction in a corruption-related case.
The ruling followed a motion filed by the Economic and Financial Crimes Commission seeking the seizure of properties and investments identified as proceeds of unlawful activities.
Source: Twitter
Justice Omotosho held that the anti-graft agency’s application had merit and should be granted.
Judge cites Supreme Court decisions
While delivering the ruling, the judge said existing Supreme Court judgments support the forfeiture of properties acquired through criminal proceeds after conviction.
“In crimes such as money laundering, forfeiture of the proceeds of crime is deemed to be a natural consequence of conviction,” Justice Omotosho stated.
The court further noted that assets traced to criminal activities remain subject to forfeiture once guilt has been established.
Appeal does not stop forfeiture, court rules
Counsel to the former government official had argued that the matter was already on appeal and that granting the forfeiture order would amount to an abuse of court process.
However, Justice Omotosho rejected the argument, saying the filing of an appeal does not prevent the court from making a final forfeiture order.
The judge maintained that the order would not interfere with the outcome of the pending appeal.
“In final analysis, the properties of the convict which have been identified to be purchased from proceeds of crime in this matter are hereby finally forfeited to the Federal Government of Nigeria,” the judge ruled.
Bank funds and Abuja property forfeited
The court ordered the forfeiture of several bank accounts and investments listed in the EFCC’s application.
Among the funds affected were millions of naira held in accounts linked to different companies, including Temeeo Synergy Concept Limited, Turge Global Investment Limited, Laptev Bridge Limited and Arafura Transnational Afro Ltd.
Also forfeited was a five-bedroom duplex located at City Gate Estate, Kukwaba, Abuja, reportedly valued at ₦64 million, alongside an additional ₦3 million infrastructural levy attached to the property.
According to the EFCC, the house keys had earlier been voluntarily surrendered by Nnabuoku as part of restitution efforts.
Stocks worth billions affected
The forfeiture order also covered large investments in several Nigerian companies and financial institutions.
The assets included millions of shares in Access Holdings, First Bank of Nigeria Holdings Plc, Guaranty Trust Holding Company, UBA Plc and Zenith Bank Plc.
Other affected investments included shares in Dangote Cement Plc, Dangote Sugar Refinery Plc and Cadbury Nigeria Plc.
The EFCC disclosed that the estimated market value of the stocks stood at about ₦1.94 billion as of March 29.
Source: Legit.ng