Court Orders Final Forfeiture of Multi-Billion Naira Assets Linked to Ex-Acting AGF Nnabuoku
The Federal High Court in Abuja has ordered the final forfeiture of assets worth billions of naira linked to former Acting Accountant-General of the Federation, Chukwunyere Nnabuoku, after his conviction on corruption charges.
Justice James Omotosho issued the ruling on May 13, 2026, granting an application by the Economic and Financial Crimes Commission to seize properties and investments identified as proceeds of unlawful activity. The judge said existing Supreme Court decisions back the forfeiture of criminally acquired assets once a conviction is secured, noting that forfeiture is a natural consequence of money laundering and related offences.
Nnabuoku’s counsel had argued that the matter was on appeal and that the forfeiture order would amount to an abuse of process. The court rejected that position, holding that an appeal does not prevent a final forfeiture order and that the ruling would not interfere with the pending appeal.
The assets forfeited include several bank accounts and investments held in the names of Temeeo Synergy Concept Limited, Turge Global Investment Limited, Laptev Bridge Limited, and Arafura Transnational Afro Ltd. The court also ordered the forfeiture of a five-bedroom duplex at City Gate Estate, Kukwaba, Abuja, valued at about ₦64 million, plus a ₦3 million infrastructural levy. According to the EFCC, Nnabuoku had voluntarily surrendered the house keys as part of restitution.
In addition, the order covers millions of shares in major firms including Access Holdings, First Bank of Nigeria Holdings, Guaranty Trust Holding Company, UBA, Zenith Bank, Dangote Cement, Dangote Sugar Refinery, and Cadbury Nigeria. The EFCC said the stocks were worth roughly ₦1.94 billion as of March 29, 2026.
The ruling adds to recent high-profile corruption cases, coming weeks after a court sentenced former Minister of Power Saleh Mamman to 75 years in prison over alleged fraud tied to the Zungeru-Mambilla hydroelectric projects.
