The Federal High Court in Abuja has ordered the final forfeiture of multi-billion naira assets and investments linked to former Acting Accountant-General of the Federation, Chukwunyere Nnabuoku, following his conviction over financial crimes.
Delivering the ruling, Justice James Omotosho held that the application filed by the Economic and Financial Crimes Commission (EFCC) was valid and supported by law.
The court ruled that proceeds of crime are legally subject to confiscation after conviction, citing previous Supreme Court decisions on money laundering and unlawful enrichment.
Justice Omotosho dismissed arguments by the defence that the pending appeal should stop the forfeiture process, stating that filing a notice of appeal does not prevent the court from granting a final forfeiture order.
Among the forfeited assets are millions of naira held in multiple corporate bank accounts, a five-bedroom duplex in Abuja valued at ₦64 million, and extensive stock investments across major Nigerian companies.
The shares include holdings in Access Holdings, First Bank Holdings, GTCO, UBA, Zenith Bank, Dangote Cement, Dangote Sugar, Cadbury, Berger Paints, United Capital, and other firms.
According to the EFCC, the total market value of the forfeited stock portfolio stood at approximately ₦1.94 billion as of March 29.
The anti-graft agency stated that the assets were traced to proceeds of unlawful activities and sought their confiscation through suit number FHC/ABJ/CR/240/2024.
The ruling marks another major anti-corruption victory for the EFCC in its ongoing crackdown on financial crimes involving public officials.
