Justice James Omotosho of the Federal High Court in Abuja has ordered the final forfeiture of multi-billion naira assets and investments belonging to former Acting Accountant-General of the Federation, Chukwunyere Nnabuoku, to the Federal Government.
The ruling followed a motion filed by the Economic and Financial Crimes Commission (EFCC), which sought the confiscation of properties and funds identified as proceeds of unlawful activities.
Delivering judgment, Justice Omotosho held that the EFCC’s application was meritorious, noting that forfeiture of assets derived from crime is a legal consequence once a conviction has been secured.
He cited Supreme Court precedents, stating that proceeds of crime are automatically liable to forfeiture after conviction.
The judge also addressed arguments from the defence that an appeal had been filed, clarifying that the mere filing of an appeal does not prevent the court from granting a final forfeiture order.
According to him, such an order does not interfere with the outcome of any pending appeal.
Justice Omotosho further dismissed claims that the application amounted to an abuse of court process, noting that no evidence was presented showing a prior or duplicate forfeiture order involving the same assets.
He subsequently ordered the forfeiture of all properties listed in Schedules 1, 2, and 3 of the EFCC’s application to the Federal Government.
The assets include funds held in multiple bank accounts, a five-bedroom duplex located at City Gate Estate in Abuja, and several shareholdings in major Nigerian companies.
The court noted that the house was voluntarily surrendered to the EFCC as restitution during investigations.
The forfeited investments include shares in major listed companies such as Access Holdings, First Bank Holdings, Guaranty Trust Holding Company, UBA, Zenith Bank, Dangote Cement, Dangote Sugar, Nascon Allied Industries, and others.
The EFCC stated that the total value of the seized stock investments was estimated at nearly ₦1.94 billion as of March 29.
The anti-graft agency had earlier sought the forfeiture of the assets, arguing that they were acquired through illicit means linked to financial misconduct.
With the ruling, all listed properties and investments have now been permanently transferred to the Federal Government.
