By John Kefas
The Federal High Court sitting in Abuja has ordered the final forfeiture of properties, bank funds and stocks linked to former Acting Accountant-General of the Federation, Anamekwe Nwabuoku, following his conviction over an N868.4 million fraud case.
Justice James Omotosho delivered the ruling on Wednesday, granting an application filed by the Economic and Financial Crimes Commission seeking the seizure of assets traced to the convicted former government official.
Nwabuoku was convicted on March 23 on a nine-count charge bordering on money laundering and sentenced to eight years imprisonment without the option of fine.
Among the assets forfeited to the Federal Government were millions of naira found in multiple bank accounts linked to companies associated with the convict.
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 over ₦51.2 million in Arafura Transnational Afro Ltd’s account.
The court also ordered the forfeiture of ₦220 million domiciled in an EFCC recovery account with the Central Bank of Nigeria, which investigators said had been refunded by Nwabuoku.
Justice Omotosho equally approved the forfeiture of a five-bedroom detached 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, Nwabuoku voluntarily handed over the house keys to the commission while negotiating a plea bargain arrangement.
The court further ordered the seizure of the former Acting AGF’s extensive stock investments spread across several major Nigerian companies and financial institutions.
The holdings include 10 million shares in Access Holdings, 7.5 million shares in First Bank of Nigeria Holdings, 4.5 million shares in Guaranty Trust Holding Company and over 10 million shares in United Bank for Africa.
Other affected investments include shares in Zenith Bank, Dangote Cement, Dangote Sugar Refinery, Cadbury Nigeria and several others.
The EFCC told the court that the estimated market value of the stocks stood at about ₦1.94 billion as of March 29.
In his ruling, Justice Omotosho held that forfeiture of proceeds of crime is a natural consequence of conviction in money laundering cases.
“The convict here will not be allowed to enjoy properties derived from proceeds of illegal activities,” the judge ruled.
He rejected arguments by the defence that granting the forfeiture order while an appeal was pending would amount to judicial overreach.
According to the judge, the filing of a notice of appeal does not prevent the court from making final forfeiture orders, stressing that such orders form part of the judgment, just like sentencing.
“The aim is to stop the convict from benefiting from unlawful activities,” he added.
Although the cumulative prison sentence on all counts amounted to 72 years, the court ordered that the terms run concurrently, meaning Nwabuoku will serve only eight years.
Nwabuoku was appointed Acting Accountant-General of the Federation in May 2022 after the suspension of former AGF, Ahmed Idris, who is also facing trial over alleged diversion of about ₦80.2 billion in public funds.
However, the EFCC later accused Nwabuoku of engaging in financial misconduct before his appointment, leading to investigations that culminated in his removal from office in July 2022, barely weeks after assuming the position.
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