Court Orders Convicted Army General to Forfeit ₦5bn Shares in 17 Firms
The Federal High Court in Lagos has ordered the final forfeiture of shares worth ₦5 billion in 17 companies traced to Umar Mohammed, a former Group Managing Director of Nigerian Army Properties Limited, and businessman Kayode Filani. The ruling by Justice Dehinde Dipeolu followed an application by the Economic and Financial Crimes Commission (EFCC), alleging that the shares were acquired using proceeds from unlawful activities during Mohammed's tenure.
The court found the EFCC's case compelling and ruled that the shares be permanently forfeited to the Federal Government for the benefit of NAPL. The shares were acquired through transactions facilitated by Rowet Capital Management Limited and Resort Securities Trust Limited.
The companies in which the shares were held include Cadbury Plc, Conoil Plc, Dangote Sugar Refinery Plc, and others. Mohammed had already been convicted by a Special Court Martial on 14 counts of stealing-related offenses.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
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