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Federal High Court in Lagos orders forfeiture of N246.3m shares tied to ex-Army Properties boss
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EFCC proved funds used to acquire assets were proceeds of unlawful activities
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Assets now permanently transferred to Federal Government
Justice Dehinde Dipeolu of the Federal High Court, Ikoyi, Lagos, has ordered the final forfeiture of shares valued at N246,305,544 linked to retired Major-General U.M. Mohammed, former Managing Director of Nigerian Army Properties Limited (NAPL).
The order was delivered on Tuesday, August 26, 2025, following a motion on notice filed by the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC).
According to the EFCC, the assets were traced to the retired general and were determined to have been acquired through unlawful means. The anti-graft agency confirmed the development in a statement posted on its official social media handles.
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Justice Dipeolu ruled that the Commission had sufficiently proved that the funds used to purchase the shares were proceeds of illicit activities, thereby granting the application for final forfeiture to the Federal Government.
