High Court in Abuja has ordered the final forfeiture of multi-billion-naira assets linked to convicted former Acting Accountant-General of the Federation, Chukwunyere Nnabuoku, to the Federal Government.
Justice James Omotosho gave the ruling while delivering judgment on a motion filed by the Economic and Financial Crimes Commission, holding that the assets were proceeds of unlawful activities and therefore liable to confiscation.
The judge said existing Supreme Court decisions support the forfeiture of assets acquired through criminal proceeds, noting that in money laundering cases, confiscation is a natural consequence of conviction.
He rejected the argument by the convict’s legal team that the pending appeal should prevent the forfeiture order, ruling that the filing of a notice of appeal does not stop the court from granting final forfeiture. He also dismissed claims that the application amounted to an abuse of court process.
Among the assets forfeited are funds in several corporate bank accounts, including over N12.5m in an account linked to Temeeo Synergy Concept Limited, N4.1m in Turge Global Investment Limited’s account, N51.2m in Arafura Transnational Afro Ltd’s account, and N220m already lodged in an EFCC recovery account as part of restitution.
The court also ordered the forfeiture of a five-bedroom duplex located at City Gate Estate, Kukwaba, Abuja, valued at N64m, with an additional N3m paid as infrastructure levy.
The EFCC said the property key had been voluntarily handed over by Nnabuoku during the investigation.
In addition, the judgment covers a wide portfolio of stock investments held by the former official, including millions of shares in major firms such as Access Holdings Plc, First Bank Holdings Plc, Guaranty Trust Holding Company Plc, United Bank for Africa Plc and Zenith Bank Plc.
The anti-graft agency said the total market value of the shares stood at about N1.94bn as of March 29, adding to the scale of assets now forfeited to the government.
The ruling marks another major anti-corruption victory for the EFCC in its ongoing recovery of assets linked to convicted public officials.
