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The Federal High Court in Abuja has ordered the final forfeiture of multi-billion naira assets, bank balances and investments belonging to the convicted former Acting Accountant-General of the Federation (AGoF), Chukwunyere Nnabuoku, to the Federal Government.
Delivering the ruling on Wednesday, Justice James Omotosho granted the motion on notice filed by the Economic and Financial Crimes Commission (EFCC), describing the application as meritorious. The judge relied on established Supreme Court decisions, stating that forfeiture of proceeds of crime is a natural consequence of conviction, particularly in money laundering cases.
He held that assets proven to have been acquired through unlawful activities are liable to confiscation, adding that the purpose of forfeiture is to ensure that a convicted person does not benefit from the proceeds of crime.
Justice Omotosho dismissed arguments from the defence that the matter was subject to appeal and that granting the forfeiture order would amount to abuse of court process. He ruled that the filing of a notice of appeal does not prevent the court from issuing a final forfeiture order, explaining that forfeiture forms part of the sentencing process.
“The convict will not be allowed to enjoy those properties which have been established to emanate from proceeds of illegal activities,” the judge said, adding that the order would not affect the outcome of any appeal.
The court subsequently ordered the confiscation and forfeiture of assets listed in Schedules 1, 2 and 3 of the EFCC’s application.
Schedule 1 includes funds in several bank accounts, among them over N12.5 million in Temeeo Synergy Concept Limited’s Zenith Bank account, over N4.1 million in Turge Global Investment Limited’s account, and over N51 million in Arafura Transnational Afro Ltd’s account. It also covers N220 million in an EFCC Recovery Account at the Central Bank of Nigeria, allegedly refunded by Nnabuoku.
Schedule 2 covers a five-bedroom duplex located at No. 20 City Gate Estate, Kukwaba, Abuja, valued at N64 million, with an additional N3 million paid as infrastructural development levy. The EFCC said the house key was voluntarily submitted by the convict as part of restitution.
Schedule 3 lists investments in shares across several major companies. According to the EFCC, the total market value of the stocks as of March 29 was estimated at N1.94 billion.
The court noted that Nnabuoku was convicted on March 23 on nine counts of money laundering after the EFCC proved the charges beyond reasonable doubt. Justice Omotosho sentenced him to eight years imprisonment on each count, amounting to 72 years, to run concurrently from the date of conviction.
Counsel for both the EFCC and the convict commended the court for the ruling after the decision was delivered.
