Court Orders Final Forfeiture of Ex-Acting Accountant-General Nnabuoku’s Multi-Billion Naira Assets
By Erewunmi Peace
A Federal High Court in Abuja has ordered the final forfeiture of multi-billion naira assets and investments linked to the former Acting Accountant-General of the Federation, Chukwunyere Nnabuoku, to the Federal Government.
The ruling followed an application by the Economic and Financial Crimes Commission (EFCC), which sought the permanent forfeiture of assets believed to be proceeds of unlawful activities.
Justice James Omotosho granted the order, directing that the assets be permanently forfeited to the Federal Government after establishing their link to alleged financial crimes.
The forfeited properties reportedly include funds in several bank accounts, a residential property in Abuja, and investments in shares of major Nigerian companies such as Access Holdings, UBA, First Bank Holdings, GTCO, among others.
Reports indicate that the stock investments alone are valued at approximately ₦1.94 billion.
The court held that assets traced to proceeds of crime cannot be retained by convicted individuals, reinforcing existing anti-corruption laws guiding asset recovery and forfeiture in Nigeria.
The EFCC has continued efforts to recover stolen public funds and ensure that proceeds of corruption are returned to government coffers.
Further details are expected as enforcement and recovery processes continue.
