Court orders final forfeiture of N5bn shares linked to ex-Army chief

The Federal High Court in Lagos has issued a final forfeiture order for shares valued at N5 billion linked to former Army chief, Umar Mohammed. The shares were traced to Mohammed and businessman Kayode Filani, with the court ruling that they were acquired through unlawful activities during Mohammed's tenure as the head of the Nigerian Army Properties Limited.

The Economic and Financial Crimes Commission (EFCC) had applied for the forfeiture, citing Mohammed's conviction in a special court martial for stealing offenses. The court found the EFCC's application meritorious and directed the shares to be permanently forfeited to the federal government for the benefit of the Nigerian Army Properties Limited.

The shares include holdings in companies like Cadbury Nigeria Plc, Conoil Plc, and Dangote Sugar Refinery Plc. Investigations revealed that Mohammed diverted proceeds from illegal sales of Army property to acquire shares in Awhua Resources Limited through accounts operated by Rowet Capital Management Limited and Resort Securities Trust Limited.

This ruling comes after the EF.