FG secures final forfeiture of N5bn worth of shares linked to ex-army properties director

Delivering the ruling on Tuesday, Dehinde Dipeolu, the
presiding judge, granted the request of the Economic and Financial Crimes
Commission (EFCC), which claimed that the shares were purchased with proceeds
of crime.

Hanatu Kofanaisa, counsel to the EFCC, told the court that
Mohammed had been convicted by a special court martial on 14 out of 18 counts
bordering on stealing and related offences.

She added that all statutory conditions for final forfeiture
had been met, including the publication of the interim order in a national
newspaper, with no objections filed against the application.

After reviewing the motion, Dipeolu held that the EFCC’s case
was meritorious and ordered the shares permanently forfeited to the federal
government for the benefit of NAPL.

The application was filed under section 44(2)(b) of the 1999
Constitution and section 17 of the Advance Fee Fraud and Other Fraud Related
Offences Act, 2006.

HOW THE SHARES WERE ACQUIRED

The forfeited assets were held in accounts operated by Rowet
Capital Management Limited and Resort Securities & Trust Limited, under
Awhua Resources Limited, a company linked to Mohammed.

They include stakes in some of Nigeria’s biggest companies
such as Cadbury Nigeria, Conoil, Dangote Sugar, Eterna, Flour Mills, Japaul
Gold, NASCON, Oando, University Press, Vitafoam, NAHCO, PZ Cussons, Transcorp,
Okomu Oil, May & Baker, Ecobank, Union Bank, and Unilever.

According to the EFCC, Mohammed abused his position as head
of NAPL by selling properties belonging to the Nigerian Army, and diverting the
proceeds into share acquisitions.

In an affidavit deposed by investigator Nwike Fortune, the
commission said: “Preliminary investigations revealed that proceeds of the
sales of the properties were used in the acquisition of shares in different
companies now sought to be finally forfeited.”

“The stocks contained in the attached schedules were
acquired with part of the funds fraudulently obtained by Maj. Gen. Mohammed’s
unlawful activities whilst managing director of Nigerian Army Properties
Limited.”

To conceal the origin of the funds, the commission added
that Mohammed used Awhua Resources to acquire the shares through accounts
operated by Rowet Capital Management Limited and Resort Securities & Trust
Limited.

Tuesday’s order comes after the EFCC secured the forfeiture
of five properties linked to Mohammed, following his conviction by the military
court martial.