The Federal High Court in Lagos has ordered the permanent forfeiture of 245,568,137 shares, valued at over ₦5 billion, traced to former Group Managing Director of Nigerian Army Properties Limited (NAPL), Maj. Gen. Umar Mohammed (rtd), and businessman, Kayode Filani.
Justice Dehinde Dipeolu issued the ruling on Tuesday following 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 the Army’s property company.
In his judgment, Justice Dipeolu held that the anti-graft agency had established a compelling case for forfeiture, noting that no objection was filed.
“Having reviewed the application, together with the affidavit evidence and the absence of any opposition, I am satisfied that the applicant has fulfilled the statutory requirements for a final forfeiture order,” the judge ruled.
The EFCC informed the court that a Special Court Martial had earlier convicted Mohammed on 14 out of 18 counts of stealing and related offences. Properties belonging to NAPL were allegedly fraudulently sold under his leadership, with proceeds diverted into share acquisitions to disguise the source of funds.
Investigations revealed that the forfeited shares were held through Awhua Resources Limited, linked to Mohammed, and managed by Rowet Capital Management Limited and Resort Securities & Trust Limited.
The holdings cut across major companies, including Cadbury Nigeria Plc, Conoil Plc, Dangote Sugar Refinery Plc, Eterna Plc, Flour Mills Plc, NASCON Allied Industries Plc, Oando Plc, Vitafoam Nigeria Plc, Japaul Gold & Ventures Plc, PZ Cussons Nigeria Plc, Transcorp Plc, Okomu Oil Palm Plc, May & Baker Plc, Ecobank Transnational Incorporated, Union Bank of Nigeria, Nigerian Aviation Handling Company Plc, Unilever Nigeria Plc, and University Press Plc.
The ruling follows an earlier forfeiture order on five properties linked to Mohammed after his conviction by a military court martial.
