Justice Dehinde Dipeolu of the Federal High Court in Lagos, yesterday, ordered the final forfeiture of 245,568,137 shares, valued at over N5 billion, traced to former Group Managing Director of Nigerian Army Properties Limited (NAPL), Major General Umar Mohammed, and businessman, Kayode Oladipupo Filani.

The order followed an application by the Economic and Financial Crimes Commission (EFCC), which alleged that the shares were acquired with proceeds of unlawful activities during Mohammed’s tenure as head of the Army’s property company.

Prosecuting counsel, Hanatu Kofanaisa, informed the court that a Special Court Martial had already convicted Mohammed on 14 of 18 counts bordering on stealing and related offences.

She argued that the anti-graft agency had met all requirements for the interim forfeiture order, including publication in a national daily, noting that no objection had been filed against the application.

After reviewing the motion, the presiding judge held that the application was meritorious and ordered the shares permanently forfeited to the Federal Government, for the benefit of the Nigerian Army Properties Limited.

The judge ruled that since the statutory conditions for final forfeiture had been satisfied and no opposition was raised; the application must succeed.

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

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

Among the forfeited holdings are millions of shares in major companies, including Cadbury Nigeria Plc; Conoil Plc; Dangote Sugar Refinery Plc; Eterna Plc; Flour Mills Plc, and Japaul Gold & Ventures Plc.

Others are NASCON Allied Industries Plc; Oando Plc; University Press Plc, and Vitafoam Nigeria Plc.

The stock portfolio also includes significant holdings in Nigerian Aviation Handling Company (NAHCO); PZ Industries; Transcorp; Okomu Oil Palm; May & Baker; Ecobank Transnational Incorporated; Union Bank of Nigeria, and Unilever Nigeria Plc.

According to EFCC investigations, properties belonging to the Nigerian Army were illegally sold under Mohammed’s leadership, with proceeds diverted into stock acquisitions to conceal the origin of the funds.

In support of the application, EFCC’s investigator, Nwike Fortune, deposed to an affidavit detailing how Mohammed abused his office.