EFCC told the court the shares were bought with proceeds of fraud.
The Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of shares worth ₦246,305,544 linked to retired Major-General U.M. Mohammed, a former Managing Director of the Nigerian Army Properties Limited (NAPL).
The order was issued by Justice Dehinde Dipeolu following an application by the Economic and Financial Crimes Commission (EFCC). The anti-graft agency alleged that Mohammed, while serving as NAPL MD between 2015 and 2020, fraudulently sold company properties and diverted the proceeds for personal use.
According to EFCC, the funds were used to acquire shares in companies including NAHCO (₦115.5m), Vitafoam (₦81.9m), Dangote Sugar (₦1m), and others.
“It is in the interest of justice to finally forfeit the said shares, as they were acquired with funds reasonably suspected to be proceeds of unlawful activities,” EFCC submitted.
Justice Dipeolu agreed and ordered the shares forfeited to the Federal Government.