EFCC Secures Final Forfeiture of Former Acting AGF’s Assets to FG

EFCC Secures Final Forfeiture of Former Acting AGF’s Assets to FG

The Federal High Court sitting in Abuja has ordered the final forfeiture of multibillion-naira assets, bank funds, luxury property and stock investments belonging to former acting Accountant-General of the Federation, Chukwunyere Nnabuoku, to the Federal Government after his conviction for money laundering.

Justice James Omotosho delivered the ruling on Wednesday while granting an application filed by the Economic and Financial Crimes Commission (EFCC), which sought the confiscation of properties and investments identified as proceeds of unlawful activities.

The judge held that forfeiture naturally follows conviction in financial crime cases, especially where the assets were acquired with proceeds traced to illegal activities.

According to Justice Omotosho, allowing the convict to retain the assets after conviction would amount to permitting him to continue benefiting from crime.

“The convict here will not be allowed to enjoy those properties which are being sought to be forfeited. He has been convicted and those properties have been established to emanate from proceeds of illegal activities,” the judge ruled.

The court dismissed objections raised by counsel to the former acting AGF, who argued that the forfeiture proceedings should not continue because an appeal had already been filed against the conviction.

Justice Omotosho, however, clarified that the filing of a notice of appeal does not stop the court from making forfeiture orders, describing confiscation of criminal proceeds as part of the sentencing process.

“Forfeiture in this instance is seen as part of the judgment. In fact, it is similar to the sentencing handed down by the court,” he stated.

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The court subsequently ordered the confiscation and permanent forfeiture of all assets listed in the EFCC application filed under suit number FHC/ABJ/CR/240/2024.

Among the assets forfeited are millions of naira found in multiple bank accounts allegedly linked to companies associated with Nnabuoku.

The funds include ₦12.5 million in Temeeo Synergy Concept Limited’s Zenith Bank account, ₦4.1 million in Turge Global Investment Limited’s account, ₦682,904 in Laptev Bridge Limited’s account and ₦51.2 million in Arafura Transnational Afro Limited’s account.

The court also approved the forfeiture of ₦220 million previously refunded by Nnabuoku into an EFCC recovery account domiciled with the Central Bank of Nigeria (CBN).

Also forfeited is a five-bedroom standalone duplex located at No. 20 City Gate Estate, Kukwaba, Abuja, valued at ₦64 million, alongside an additional ₦3 million paid as infrastructural development levy.

According to the EFCC, the house keys were voluntarily handed over by the convict as part of restitution during investigations.

In addition to the cash and property forfeiture, the court also ordered the seizure of Nnabuoku’s extensive stock investments across several major Nigerian companies.

The forfeited shares include 10 million units in Access Holdings Plc, 7.5 million shares in First HoldCo Plc, 4.5 million shares in Guaranty Trust Holding Company Plc and over 10 million shares in United Bank for Africa Plc.

Other investments affected by the court order include shares in Zenith Bank Plc, Dangote Sugar Refinery Plc, Dangote Cement Plc, Cadbury Nigeria Plc, Berger Paints Nigeria Plc and several other firms.

According to the EFCC, the total market value of the forfeited investments stood at approximately ₦1.94 billion as of March 29, 2026.

The forfeiture order comes weeks after Justice Omotosho convicted Nnabuoku on a nine-count charge bordering on money laundering involving about ₦868 million.

The former acting Accountant-General was sentenced to a cumulative 72-year prison term without an option of fine after the court found him guilty on all counts. However, the sentences are to run concurrently, meaning he is expected to serve eight years imprisonment.

The EFCC had accused the former government official of diverting public funds while serving as Director of Finance and Accounts in the Ministry of Defence between 2019 and 2021.

Investigators alleged that the diverted funds were laundered through proxy companies, investments and other financial channels before being traced by the anti-graft agency.

Nnabuoku briefly served as acting Accountant-General of the Federation in 2022 following the suspension of former AGF Ahmed Idris over separate corruption allegations before he was later removed from office.

The latest ruling is being regarded as one of the most significant recent asset recovery cases involving a former senior public finance official in Nigeria.

EFCC Secures Final Forfeiture of Former Acting AGF’s Assets to FG