Fraud: Court Orders Final Forfeiture Of Convicted Ex-AGoF’s Multi-Billion Naira Assets, Investments
Justice James Omotosho of the Federal High Court, Abuja, has ordered the confiscation and forfeiture of multi-billion naira assets and investments belonging to Chukwunyere Nnabuoku, the convicted former Acting Accountant-General of the Federation (AGoF), to the Federal Government.
Justice James Omotosho of the Federal High Court, Abuja, has ordered the confiscation and forfeiture of multi-billion naira assets and investments belonging to Chukwunyere Nnabuoku, the convicted former Acting Accountant-General of the Federation (AGoF), to the Federal Government.
In a ruling on a motion on notice filed by the Economic and Financial Crimes Commission (EFCC), Justice Omotosho held that the application was meritorious.
Citing previous Supreme Court decisions, Justice Omotosho said, “In crimes such as money laundering, forfeiture of the proceeds of crime is deemed to be a natural consequence of conviction.”
According to Justice Omotosho, the decisions of the Supreme Court clearly show that properties obtained through proceeds of crime are liable to forfeiture after the owner has been convicted.
The judge observed that counsel to the convict raised the issue that the matter was subject to appeal and argued that the forfeiture order ought not to be granted because the application amounted to an abuse of court process.
Responding, the judge said the mere filing of a notice of appeal does not preclude the court from granting a final forfeiture order on the properties.
The judge added that granting the forfeiture order would not affect the likely outcome of the appeal.
On whether it amounted to an abuse of court process, Justice Omotosho said the convict failed to attach any court process showing that a final forfeiture order had already been granted or that such an order was being sought against the same properties and the same convict.
“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, therefore, ordered the confiscation and forfeiture of the assets and properties described in Schedules 1, 2, and 3 of the EFCC’s application to the Federal Government, having been established as proceeds of unlawful activities.
The anti-graft agency had, in the motion marked FHC/ABJ/CR/240/2024 and filed on April 1, sought an order of the court confiscating and forfeiting the assets and properties listed in the schedules of the application to the Federal Government as proceeds of unlawful activities.
Schedule 1 contains monies in different bank accounts.
These include ₦12,526,206.55 in Temeeo Synergy Concept Limited’s Zenith Bank account number 1016901286; ₦4,102,570.25 in Turge Global Investment Limited’s Zenith Bank account number 1016901279; and ₦682,904.36 in Laptev Bridge Limited’s Zenith Bank account number 1016727695.
It also includes ₦51,279,067.53 in Arafura Transnational Afro Ltd’s Zenith Bank account number 1016727640 and ₦220,000,000 in the EFCC Recovery Account domiciled with the Central Bank of Nigeria (CBN), which was allegedly refunded by Nnabuoku.
In Schedule 2, the property forfeited is a five-bedroom standalone duplex at No. 20, City Gate Estate, Kukwaba, Abuja, valued at ₦64,000,000, with an additional ₦3,000,000 paid as infrastructural development levy on the property.
The EFCC said the house key was voluntarily submitted to the commission by Nnabuoku as restitution.
Schedule 3 contains the convict’s investments in stocks domiciled in different banks and companies.
They include 10,000,000 shares in Access Holdings; 7,521,860 shares in First Bank of Nigeria Holdings Plc; 4,500,000 shares in Guaranty Trust Holding Company; and 10,045,035 shares in UBA Plc.
They also include 5,000,000 shares in Zenith Bank Plc; 279,620 shares in Berger Paints Nigeria Plc; 140,183 shares in Cadbury Plc; 1,000,000 shares in Dangote Sugar Refinery Plc; and 500,000 shares in Nascon Allied Industries Plc.
The schedule equally contains 551,039 shares in Dangote Cement Plc; 500,754 shares in Africa Prudential Registrar Plc; 410,603 shares in United Capital Plc; and 395,000 shares in Dunlop.
According to the EFCC, the total current market value of Nnabuoku’s stocks as of March 29 stood at ₦1,941,805,342.
