The Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of shares worth over N246 million linked to a former Managing Director of Nigerian Army Properties Limited, Major-General U.M. Mohammed (retd.).
The order was given on Tuesday by Justice Dehinde Dipeolu after the Economic and Financial Crimes Commission (EFCC) argued that the shares were bought with funds suspected to be proceeds of fraud.
Investigations by the EFCC revealed that while serving as MD of the Army’s property company between 2015 and 2020, Mohammed allegedly sold company properties and diverted the money for personal use.
He was said to have invested part of the funds in shares of companies such as NAHCO, Oando Plc, Dangote Sugar, Vitafoam, and University Press.The court had earlier given an interim forfeiture order and directed that the matter be published in a national newspaper for any objections.
Since no one came forward to contest ownership, Justice Dipeolu upheld EFCC’s request and ruled that the shares be permanently forfeited to the Federal Government.
