Federal High Court Orders Final Forfeiture of N246.3 Million Shares Linked to Former NAPL MD
By Joseph Iyaji | Akahi News
The Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of shares worth N246.3 million linked to Major-General U.M. Mohammed (Retd.), a former Managing Director of the Nigerian Army Properties Limited (NAPL), after it was revealed that the assets were acquired to conceal proceeds of unlawful activities.
The ruling, delivered on Tuesday, August 26, 2025, followed a motion on notice filed by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) through its counsel, H.U. Kofarnaisa.
The case traces back to an earlier order by Justice Chukwujekwu Aneke, which granted interim forfeiture of the shares and called on any interested parties to show cause why they should not be permanently forfeited. Moving the application for final forfeiture, Kofarnaisa stated that the shares were acquired using misappropriated funds while Mohammed served as NAPL’s MD between 2015 and 2020.
EFCC Investigation Findings
Investigation by EFCC officer Nwike Fortune revealed that Mohammed, along with associates Yusuf Abdullahi Abubakar and Kayode Oladipupo Filani, fraudulently sold company properties and diverted the proceeds for personal gain. To conceal the illicit gains, he acquired shares in Awhua Resources Limited and other companies, including:
- National Aviation Handling Company – N115,567,906
- Oando Plc – N2,000,000
- Dangote Sugar Refinery – N1,000,000
- Vitafoam Nigeria Plc – N81,901,651
- University Press – N40,155,291
EFCC stated that the shares were acquired with funds “reasonably suspected to be proceeds of unlawful activities,” urging the court to grant final forfeiture.
Court Ruling and Background
Justice Dehinde Dipeolu, after reviewing the evidence, ruled that the prosecution’s case had merit and ordered that the shares be forfeited to the Federal Government of Nigeria.
The case follows a series of events that began with Mohammed’s court-martial for fraud, where he was found guilty of stealing over $430,000 and sentenced to seven years in prison. The military tribunal also ordered him to return $2,178,900 and N1.65 billion to NAPL. Mohammed had been found guilty of 14 out of 18 counts, including theft, forgery, conspiracy, and unauthorized diversion of army property.
Earlier reports by SaharaReporters revealed that Mohammed’s tenure uncovered controversial sales of NAPL properties at 75% discounts to politicians and VIPs, allegedly approved by former Chief of Army Staff, Lt. Gen. Tukur Buratai (retd.).
The final forfeiture marks another step in EFCC’s ongoing effort to recover misappropriated public assets and hold high-ranking officials accountable.
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