Bank Fraud: Court Orders Final Forfeiture of Properties, Cars, ₦326.4m, $480,000 To FG

JUSTICE Daniel Osiagor of the Federal High Court sitting in Ikoyi, Lagos, on Friday, 11 July 2025, ordered the final forfeiture of two properties, several cars, and cash to the Federal Government of Nigeria.

The forfeited items include: One unit of a three-bedroom bungalow in Abuja: No. 8 Grace Crescent, Efab Queens Estate, Gwarimpa, FCT, Abuja, One Mercedes Benz C300, One grey-coloured BMW 3 Series SUV, One black-coloured Range Rover (2012 model), Three Toyota Hilux vehicles (2008, 2010, and 2014 models), One black-coloured BMW SURXI (2016 model), Two Range Rover vehicles.

Others include: Cash sum of ₦326,400,000 (Three Hundred and Twenty-Six Million, Four Hundred Thousand Naira), $480,000 (Four Hundred and Eighty Thousand United States Dollars).

The judge issued the order following a motion on notice filed by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), through its counsel, H.U. Kofarnaisa.

Justice Osiagor had earlier granted an interim forfeiture of the properties and ordered the publication of the order in a national newspaper, inviting interested parties to show cause why the assets should not be permanently forfeited to the Federal Government.

While moving the application for final forfeiture, Kofarnaisa informed the court that the motion was supported by an affidavit deposed to by Sulaiman Aminu Muhammad, an EFCC investigating officer.

In the affidavit, Muhammad stated that the Commission received a petition from a first-generation bank, reporting a monumental fraud allegedly committed on the accounts of some of its customers, amounting to ₦1,403,343,400.00 (One Billion, Four Hundred and Three Million, Three Hundred and Forty-Three Thousand, Four Hundred Naira).

He further revealed that the bank submitted an addendum to the petition on 24 July 2023, reporting that the total amount stolen had risen to ₦2,007,000,000 (Two Billion, Seven Million Naira), fraudulently diverted from its customers.

According to him, the bank discovered irregular debits from several customer accounts, inconsistent with standard procedures, prompting an internal investigation by its Audit Unit.

The investigation revealed that Atus Homes Limited fraudulently received a total sum of ₦681,200,000 (Six Hundred and Eighty-One Million, Two Hundred Thousand Naira) from 126 customers’ accounts in different tranches.

It was also discovered that Fav Oil & Gas Limited received a cumulative sum of ₦1,388,000,000 (One Billion, Three Hundred and Eighty-Eight Million Naira) from 429 customers’ accounts, also in various tranches.

Muhammad stated that ₦887,478,600.00 of the stolen funds was traced to various accounts in other banks.

Kofarnaisa submitted that the accounts holding the funds sought to be forfeited had received inflows reasonably suspected to be proceeds of unlawful activity and not from any legitimate business venture.

She also informed the court that the mastermind of the fraud had been charged before a Federal High Court and that trial was ongoing.

After hearing the EFCC counsel, Justice Osiagor ruled that the application had merit and ordered the final forfeiture of the properties and funds to the Federal Government of Nigeria.