Nigerian Government Secures Forfeiture Of N5 Billion In Shares Linked To Former Army Director.
The Federal Government of Nigeria has successfully secured the final forfeiture of 245,568,137 shares, valued at over N5 billion, linked to Major General Umar Mohammed, former Group Managing Director of Nigerian Army Properties Limited (NAPL), and businessman Kayode Filani. The ruling, delivered by Justice Dehinde Dipeolu at the Federal High Court in Lagos on 26 August 2025, marks a significant victory for the Economic and Financial Crimes Commission (EFCC) in its ongoing fight against corruption.
The EFCC, represented by counsel Hanatu Kofanaisa, presented evidence that the shares were acquired with proceeds from unlawful activities during Mohammed’s tenure at NAPL between 2015 and 2020. Investigations revealed that Mohammed fraudulently sold army properties and diverted the proceeds into stock acquisitions through Awhua Resources Limited, using accounts managed by Rowet Capital Management Limited and Resort Securities & Trust Limited. The forfeited shares include holdings in major Nigerian companies such as Cadbury Nigeria, Conoil, Dangote Sugar Refinery, Oando, Vitafoam, and Transcorp, among others.
Kofanaisa informed the court that Mohammed had been convicted by a Special Court Martial in October 2023 on 14 of 18 counts related to stealing, forgery, and conspiracy. The court martial also ordered him to refund $2.18 million and N1.65 billion to NAPL and the Nigerian Army. The EFCC’s application for forfeiture, supported by an affidavit from investigator Nwike Fortune, met all statutory requirements, including publication of an interim forfeiture order in a national newspaper, with no objections filed.
Justice Dipeolu, ruling in favour of the EFCC, declared the application meritorious and ordered the shares permanently forfeited to the Federal Government for the benefit of NAPL. This follows a previous forfeiture of five properties linked to Mohammed, reinforcing the government’s commitment to recovering illicitly acquired assets. The ruling, grounded in Section 44(2)(b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, underscores Nigeria’s resolve to tackle financial misconduct.
The successful forfeiture has been hailed as a step towards greater accountability, with the EFCC reaffirming its dedication to ensuring justice. The recovered assets are expected to bolster NAPL’s resources, supporting its mandate to manage army properties effectively. This development sends a strong message to public officials about the consequences of abusing positions of trust, as Nigeria continues to strengthen its anti-corruption framework.
