Wale Igbintade

Justice Dehinde Dipeolu of the Federal High Court in Lagos has ordered the final forfeiture of shares worth over N5 billion traced to former Group Managing Director of Nigerian Army Properties Limited (NAPL), Major General Umar Mohammed, and businessman Kayode Oladipupo Filani.

The order, delivered on Tuesday, followed an application by the Economic and Financial Crimes Commission (EFCC), which told the court that the 245,568,137 shares were purchased with proceeds of unlawful activities carried out during Mohammed’s tenure as head of the Army’s property company.

EFCC counsel, Hanatu Kofanaisa, explained that a Special Court Martial had already convicted Mohammed on 14 out of 18 counts of stealing and related offences. She added that the Commission had met all legal requirements for final forfeiture, including the mandatory newspaper publication, without any objection being filed.

In granting the application, Justice Dipeolu held that the EFCC had proved its case and ordered the shares permanently forfeited to the Federal Government, in favour of the Nigerian Army Properties Limited.

The application was brought under Section 44(2)(b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

According to court documents, the forfeited shares were held through Rowet Capital Management Limited and Resort Securities & Trust Limited, in the name of Awhua Resources Limited, a company linked to Mohammed.

Details shortly.

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