The Economic and Financial Crimes Commission has secured a final court order for the permanent forfeiture of shares valued at over five billion naira, which were traced to a former Group Managing Director of Nigerian Army Properties Limited, Major General Umar Mohammed.
Justice Dehinde Dipeolu of the Federal High Court in Lagos issued the order on Tuesday, following a successful application by the anti-graft agency.
The shares, held in the name of Awhua Resources Limited and linked to Mohammed and a businessman, Kayode Oladipupo Filani, were found to have been acquired with proceeds from unlawful activities.
EFCC counsel, Hanatu Kofanaisa, informed the court that a Special Court Martial had already convicted Major General Mohammed on 14 out of 18 counts of stealing and related offences in October 2023.
The commission argued that the 245,568,137 shares, spread across leading Nigerian companies, were purchased with funds illegally obtained during his tenure as head of the army’s property company.
The forfeited portfolio includes substantial holdings in blue-chip firms such as Cadbury Nigeria Plc, Dangote Sugar Refinery Plc, Flour Mills Plc, Conoil Plc, Oando Plc, and Unilever Nigeria, among others.
Justice Dipeolu, having confirmed that all legal requirements were met—including a mandatory publication that drew no objections from any party—held that the EFCC had satisfactorily proved its case and ordered the shares permanently forfeited to the Federal Government.
According to an affidavit sworn by EFCC investigator Nwike Fortune, the proceeds came from the illegal sale of army-owned properties. The funds were then channelled into acquiring the vast stock portfolio in an attempt to disguise their illicit origin. The court was told that Major General Mohammed illegally sold strategic Nigerian Army assets and used the proceeds to build a personal investment empire.
His convicted charges included the theft of $1,045,400 paid by shipping companies for the use of a Nigerian Army jetty in Lagos, and the diversion of $430,800 from an army domiciliary account. He was also found guilty of confiscating N74 million from the proceeds of a sold army property in Ikoyi, Lagos.
This forfeiture order represents a significant recovery of assets for the Federal Government and is the latest in a series of sanctions against the convicted general. The EFCC had previously secured the forfeiture of five properties linked to him following his military conviction.
The shares are to be transferred to the Federal Government in favour of the Nigerian Army Properties Limited, the very entity from which the funds were originally stolen. The ruling concludes a major chapter in the case, delivering a measure of restitution for the institution defrauded by its former managing director.
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