The Federal High Court in Lagos has ordered the final forfeiture of shares valued at over N5 billion traced to former Group Managing Director of Nigerian Army Properties Limited (NAPL), Major General Umar Mohammed, and businessman Kayode Oladipupo Filani.
Justice Dehinde Dipeolu gave the order on Tuesday following an application by the Economic and Financial Crimes Commission (EFCC), which said the 245,568,137 shares were acquired with proceeds of unlawful activities during Mohammed’s tenure at NAPL.
EFCC counsel, Hanatu Kofanaisa, told the court that Mohammed had already been convicted by a Special Court Martial on 14 out of 18 counts of stealing and related offences. She added that the anti-graft agency had complied with all statutory requirements for final forfeiture, including the mandatory newspaper publication, without objection.
Justice Dipeolu ruled that the EFCC had established its case and ordered the shares permanently forfeited to the Federal Government, for the benefit of NAPL.
According to court documents, the forfeited shares were held through Rowet Capital Management Limited and Resort Securities & Trust Limited in the name of Awhua Resources Limited, a company linked to Mohammed. The assets include shares in major Nigerian firms such as Cadbury Nigeria Plc, Dangote Sugar Refinery Plc, Flour Mills Plc, Conoil Plc, Oando Plc, Japaul Gold & Ventures Plc, NAHCO, Vitafoam Nigeria Plc, Transcorp, Union Bank of Nigeria, and Unilever Nigeria.
The EFCC said Mohammed diverted proceeds from the illegal sale of army-owned properties into stock acquisitions to conceal the source of funds. The court also noted that five properties linked to him had earlier been forfeited following his military conviction.
On October 4, 2023, a Special Court Martial found Mohammed guilty of offences including stealing, forgery, conspiracy, and unauthorised diversion of army assets. He was convicted of offences such as diverting over $1 million from shipping companies using the Nigerian Army Jetty in Lagos and withdrawing N74 million from the sale of an army property in Ikoyi.
The tribunal, however, acquitted him of allegations involving the sale of property worth N200 million in Lagos, the theft of N750 million from an army housing estate project in Abuja, and forgery of a Deed of Agreement.
