The Traffic

Court Orders Army General to Forfeit N5bn Shares in 17 Companies

In a major anti-corruption victory, the Federal High Court in Lagos has ordered the final forfeiture of over 245 million shares worth more than ₦5 billion linked to convicted Army General, Maj. Gen. Umar Mohammed, and businessman, Kayode Filani.

The ruling, delivered by Justice Dehinde Dipeolu on Tuesday, came after the Economic and Financial Crimes Commission (EFCC) proved that the assets were acquired with proceeds of unlawful activities during Mohammed’s tenure as Group Managing Director of Nigerian Army Properties Limited (NAPL).

Justice Dipeolu noted that no objection had been filed against the application, stating:

“Having reviewed the application before me, together with the affidavit evidence and the absence of any objection, I am satisfied that the applicant has fulfilled the statutory requirements for a final forfeiture order. The motion is therefore meritorious and succeeds.”

Conviction and Fraudulent Deals

The EFCC disclosed that Mohammed had already been convicted by a Special Court Martial on 14 out of 18 counts of stealing and related offences. Investigations revealed that Army properties were fraudulently sold under his watch, with the proceeds diverted into shares across 17 blue-chip companies.

To conceal the illicit funds, the former Army boss allegedly funneled proceeds through Awhua Resources Limited, working with Rowet Capital Management Limited and Resort Securities & Trust Limited as brokers.

Companies Affected

The forfeited shares cut across some of Nigeria’s biggest firms, including:

Cadbury Nigeria Plc

Dangote Sugar Refinery Plc

Flour Mills Plc

NASCON Allied Industries Plc

Oando Plc

Conoil Plc

University Press Plc

Vitafoam Nigeria Plc

Transcorp Plc

Union Bank of Nigeria Plc

Ecobank Transnational Incorporated

PZ Cussons Nigeria Plc

May & Baker Plc

Nigerian Aviation Handling Company Plc

Okomu Oil Palm Plc

Eterna Plc

Japaul Gold & Ventures Plc

Previous Forfeitures

This fresh order follows an earlier ruling mandating the forfeiture of five properties linked to Mohammed, after his military court conviction.

According to EFCC investigator Nwike Fortune, the commission acted on a petition from NAPL, which accused Mohammed and others of unauthorized sales of Army assets.

The court has now directed that all forfeited shares be transferred to the Federal Government, for the benefit of NAPL.

By Haruna Yakubu Haruna