Alltimepost.com Sincerity of Purpose
Justice James Omotosho delivered the ruling on Wednesday after granting an application filed by the Economic and Financial Crimes Commission (EFCC), according to the News Agency of Nigeria.
A Federal High Court in Abuja has ordered the final forfeiture of multi-billion-naira assets and investments belonging to former Acting Accountant-General of the Federation, Chukwunyere Nwabuoku, to the Federal Government following his conviction for money laundering.Justice James Omotosho delivered the ruling on Wednesday after granting an application filed by the Economic and Financial Crimes Commission (EFCC), according to the News Agency of Nigeria.
The judge held that the application was meritorious and ruled that proceeds of crime must naturally be forfeited after conviction in money laundering cases.
According to the court, Nwabuoku would not be allowed to continue benefiting from properties and investments established to have been acquired through unlawful activities.
Justice Omotosho said, “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 court dismissed arguments by Nwabuoku’s counsel that the forfeiture should not proceed because an appeal had already been filed against the conviction.
Justice Omotosho ruled that filing a notice of appeal did not stop the court from making a final forfeiture order, describing forfeiture as part of the sentencing process after conviction.
“Forfeiture in this instance is seen as part of the judgment. In fact, it is similar to the sentencing handed down by the court,” the judge said.
“The aim of it is to stop the convict from enjoying the proceeds of his unlawful activity. Consequently, this forfeiture order will be granted regardless of the filing of a notice of appeal.”
The court also rejected claims that the EFCC application amounted to an abuse of court process, noting that the defence failed to provide evidence showing that another forfeiture proceeding involving the same properties was pending elsewhere.
Justice Omotosho subsequently ordered the confiscation and forfeiture of assets listed in Schedules 1, 2 and 3 of the EFCC application.
The forfeited assets include several bank balances linked to companies allegedly associated with Nwabuoku.
Among them are ₦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 Ltd’s account.
The court also forfeited ₦220 million earlier refunded by Nwabuoku into an EFCC recovery account domiciled with the Central Bank of Nigeria.
Also forfeited is a five-bedroom duplex located at No. 20 City Gate Estate, Kukwaba, Abuja, valued at ₦64 million, alongside an additional ₦3 million infrastructure levy paid on the property.
According to the EFCC, the property key had been voluntarily handed over by Nwabuoku as restitution.
The court equally ordered the forfeiture of massive stock investments owned by the former acting AGF.
The shares include 10 million units in Access Holdings, 7.5 million units in First Bank of Nigeria Holdings Plc, 4.5 million units in Guaranty Trust Holding Company, and over 10 million units in UBA Plc.
Other forfeited investments include shares in Zenith Bank Plc, Dangote Sugar Refinery Plc, Dangote Cement Plc, Cadbury Plc, Berger Paint Nigeria Plc, United Capital Plc and several others.
The EFCC told the court that the current market value of the stock portfolio stood at approximately ₦1.94 billion as of March 29, 2026.
Following the ruling, EFCC counsel, Ogechi Ujam, and defence lawyer, Isodore Udenko, thanked the court for what they described as a well-delivered judgment.
Nwabuoku had earlier been convicted on March 23 by the same court on a nine-count money laundering charge brought by the EFCC.
Justice Omotosho sentenced him to 72 years imprisonment after finding him guilty on all counts. However, the judge ordered that the sentences run concurrently.
SOURCE: SAHARA REPORTERS
