Court Orders Final Forfeiture of N246m Shares linked to Ex-Army General

The court has ordered the final forfeiture of N246 million worth of shares linked to a former Army General. The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) filed a motion notice, leading to this decision.

The EFCC lawyer, Kofarnaisa, stated that the application for final forfeiture was supported by an affidavit from investigating officer Nwike Fortune. The investigation was based on a petition regarding fraud allegedly committed by General Mohammed Retd Yusuf Abdullahi Abubakar Kayode Oladipupo Filani.

The shares in question were acquired using misappropriated funds and include holdings in companies like National Aviation Handling Company, Oando Plc (NGX: OANDO), Dangote Sugar Refinery (NGX: DANGSUGAR), Vitafoam Nigeria Plc (NGX: VITAFOAM), and University Press (NGX: UPL). Justice Dipeolu ruled in favor of the final forfeiture, stating that the argument had merit and the shares were reasonably suspected to be proceeds of unlawful activities.