Federal High Court Orders Final Forfeiture of ₦1.94bn Assets Linked to Ex‑AGF Chukwunyere Nwabuoku
A Federal High Court in Abuja has ordered the final forfeiture of multi-billion-naira assets and investments linked to former Acting Accountant-General of the Federation, Chukwunyere Nwabuoku, following his conviction for money laundering.
Justice James Omotosho delivered the ruling on Wednesday after granting an application filed by the Economic and Financial Crimes Commission.
The court held that proceeds of crime must be forfeited after conviction in money laundering cases, stressing that Nwabuoku could not continue to benefit from assets acquired through unlawful activities.
“The convict here will not be allowed to enjoy those properties which are being sought to be forfeited. He has been convicted and those properties have been established to emanate from proceeds of illegal activities,” Justice Omotosho ruled.
The judge dismissed arguments by Nwabuoku’s lawyer that the forfeiture should be suspended because an appeal had already been filed against the conviction.
According to the court, filing a notice of appeal does not stop the issuance of a forfeiture order, describing forfeiture as part of the sentencing process after conviction.
“Forfeiture in this instance is seen as part of the judgment. In fact, it is similar to the sentencing handed down by the court,” the judge said.
He added that the purpose of the order was to prevent the convict from enjoying the proceeds of unlawful activities.
The court also rejected claims that the EFCC application constituted an abuse of court process, noting that the defence failed to show evidence of any similar forfeiture proceedings involving the same properties elsewhere.
Justice Omotosho subsequently ordered the confiscation of assets listed in the EFCC application, including several bank balances linked to companies allegedly associated with Nwabuoku.
Among the forfeited funds are ₦12.5 million in Temeeo Synergy Concept Limited’s Zenith Bank account, ₦4.1 million in Turge Global Investment Limited’s account, ₦682,904 in Laptev Bridge Limited’s account, and ₦51.2 million in Arafura Transnational Afro Ltd’s account.
The court also ordered the forfeiture of ₦220 million earlier refunded by Nwabuoku into an EFCC recovery account domiciled with the Central Bank of Nigeria.
Also seized was a five-bedroom duplex located at No. 20 City Gate Estate, Kukwaba, Abuja, valued at ₦64 million, alongside a ₦3 million infrastructure levy paid on the property.
According to the EFCC, Nwabuoku voluntarily handed over the property key as restitution.
The court further ordered the forfeiture of massive stock investments belonging to the former acting AGF, including 10 million units in Access Holdings, 7.5 million units in First Bank Holdings, 4.5 million units in GTCO, and more than 10 million units in UBA.
Other affected investments include shares in Zenith Bank, Dangote Sugar, Dangote Cement, Cadbury, Berger Paints and United Capital.
The EFCC told the court that the stock portfolio was valued at about ₦1.94 billion as of March 29, 2026.
Following the ruling, EFCC counsel, Ogechi Ujam, and defence lawyer, Isodore Udenko, commended the court for the judgment.
Nwabuoku had earlier been convicted on March 23 on a nine-count money laundering charge filed by the EFCC.
Justice Omotosho sentenced him to 72 years imprisonment after finding him guilty on all counts, although the sentences are to run concurrently.
