The Federal High Court in Lagos has ordered the final forfeiture of 245,568,137 shares, valued at over ₦5 billion, traced to retired Major General Umar Mohammed, former Group Managing Director of Nigerian Army Properties Limited (NAPL), and businessman Kayode Oladipupo Filani.
Justice Chukwujekwu Aneke granted the order following an application by the Economic and Financial Crimes Commission (EFCC), which argued that the shares were purchased with proceeds of unlawful activities carried out during Mohammed’s tenure as head of the Army’s property company.
Join our WhatsApp ChannelThe EFCC, represented by counsel H.U. Kofarnaisa, told the court that Mohammed had already been convicted by a Special Court Martial on 14 out of 18 counts bordering on stealing and related offences. Counsel further submitted that all statutory requirements for the interim forfeiture had been satisfied, including publication in a national newspaper, with no objections filed against the application.
READ ALSO:
- Beta Glass Reduces Impact Of Cost On Revenue As Turnover Rises 63.37%
- DMO Raises ₦136bn In August Bonds As Investors Show Interest
- CBN Gives Banks October 31 Deadline To Comply With Payment Messaging Standard
In his ruling, Justice Aneke held that the Commission’s case was meritorious. He ordered that the shares be permanently forfeited to the Federal Government for the benefit of NAPL, stressing that all legal conditions had been met and no opposition was raised.
Investigations by the EFCC revealed that Mohammed, who led NAPL between 2015 and 2020, fraudulently sold Army properties without the approval of the company’s board and diverted the proceeds into stocks to conceal their origins. According to EFCC investigator Nwike Fortune, who deposed to an affidavit in support of the application
“The Commission received a petition from Nigerian Army Properties Limited against FCCNAPL Properties Limited, Alhaji Muhammadu Dahiru Wada, Maj. Gen. U.M. Mohammed, Yusuf Abubakar Abdullahi and Kayode Oladipupo Filani. The petition chronicled how properties belonging to NAPL were fraudulently sold without recourse to the Board by Maj. Gen. Mohammed, who was the Managing Director at the time.”
He added that preliminary investigations confirmed that the proceeds of the sales were funneled into the acquisition of shares through Awhua Resources Limited, a company linked to Mohammed, and managed via accounts operated by Rowet Capital Management Limited and Resort Securities & Trust Limited.
Among the shares now forfeited are significant holdings in Nigerian Aviation Handling Company (₦115.6m), Vitafoam Nigeria Plc (₦81.9m), University Press Plc (₦40.1m), Oando Plc (₦2m), and Dangote Sugar Refinery Plc (₦1m). Others include stakes in Cadbury Nigeria Plc, Flour Mills Plc, Conoil Plc, NASCON Allied Industries, Japaul Gold & Ventures, Eterna Plc, PZ Cussons, Transcorp, Ecobank, Union Bank, Unilever Nigeria Plc, Okomu Oil Palm, and May & Baker.
The EFCC also noted that Mohammed had previously forfeited five properties tied to him after his conviction by the military court martial.
This latest ruling goes beyond numbers it is a clear demonstration of the government’s determination to recover stolen assets, no matter how well hidden. It reinforces the EFCC’s ability to follow illicit wealth into complex financial portfolios and ensures that resources siphoned from public institutions are returned to the state. Most importantly, it sends a strong signal of accountability in the management of military-owned property and underscores that even top-ranking officers are not beyond the reach of justice.
Amanze Chinonye is a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria. With a unique voice that blends tradition with modernity, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday Nigerian life, from the bustling markets of Lagos to the quiet villages of the countryside. With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
