The Federal High Court in Abuja on Wednesday ordered the confiscation and forfeiture of multi-billion naira assets and investments belonging to Chukwunyere Nnabuoku, the convicted former acting Accountant-General of the Federation (AGoF), to the Federal Government.
Justice James Omotosho, in a ruling on a motion filed by the Economic and Financial Crimes Commission (EFCC), held that the application was meritorious. Citing previous Supreme Court decisions, Justice Omotosho stated that in crimes such as money laundering, forfeiting the proceeds of crime is a natural consequence of conviction.
The judge noted that the Supreme Court decisions clearly show that properties obtained with proceeds of crime are liable to be forfeited after conviction. The essence of this is to ensure that the convict derives no further benefits from such properties. He emphasized that the convict would not be allowed to enjoy those properties which are being sought to be forfeited, as they have been established to emanate from proceeds of illegal activities.
The judge addressed the convict's counsel's arguments that the matter was subject to appeal and that the forfeiture order constituted an abuse of court process. Justice Omotosho stated that the mere filing of a notice of appeal does not preclude the court from granting a final forfeiture of the properties. He compared forfeiture to sentencing, noting that a person convicted is still sentenced even if an appeal is filed.
The judge further clarified that granting the forfeiture order does not disturb the likely outcome of the appeal, as its aim is to stop the convict from enjoying the proceeds of his unlawful activity. Consequently, the forfeiture order was granted regardless of the notice of appeal.
On the issue of abuse of court process, Justice Omotosho said the convict did not attach any process showing that a final order of forfeiture had been granted or was being sought against the same properties and convict. He stated that the convict was convicted by this court after a full trial, and thus the issue is within the court's control. No evidence of abuse of court process exists, and the issue was dismissed.
In final analysis, the judge ordered that the properties of the convict identified to have been purchased from proceeds of crime be finally forfeited to the Federal Government of Nigeria. The assets and properties described in Schedules 1, 2, and 3 of the EFCC's application were confiscated and forfeited.
The EFCC had filed the motion marked FHC/ABJ/CR/240/2024 on April 1, seeking an order for the confiscation and forfeiture of the assets described in the schedules as proceeds of unlawful activities.
Schedule 1 contains monies in different bank accounts, including ₦12,526,206.55 in Temeeo Synergy Concept Limited's Zenith Bank account; ₦4,102,570.25 in Turge Global Investment Limited's Zenith Bank account; ₦682,904.36 in Laptev Bridge Limited's Zenith Bank account; ₦51,279,067.53 in Arafura Transnational Afro Ltd's Zenith Bank account; and ₦220,000,000.00 in EFCC Recovery Account domiciled with the Central Bank of Nigeria (CBN), allegedly refunded by Nnabuoku.
Schedule 2 includes a five-bedroom standalone duplex at No. 20, City Gate Estate, Kukwaba, Abuja, valued at ₦64,000,000.00 with an additional ₦3,000,000.00 paid as infrastructural development levy. The EFCC stated that the house key was voluntarily submitted by Nnabuoku as restitution.
Schedule 3 contains the convict's investment in stocks, including 10,000,000 stocks with Access Holdings; 7,521,860 stocks with First Bank of Nigeria Holdings Plc; 4,500,000 stocks with Guaranty Trust Holding Company; 10,045,035 stocks with UBA Plc; 5,000,000 stocks with Zenith Bank Plc; 279,620 stocks with Berger Paint Nigeria Plc; 140,183 stocks with Cadbury Plc; 1,000,000 stocks with Dangote Sugar Refinery Plc; 500,000 stocks with Nascon Allied Industries Plc; 551,039 stocks with Dangote Cement Plc; 500,754 stocks with Africa Prudential Registrar Plc; 410,603 stocks with United Capital Plc; and 395,000 stocks with Dunlop.
According to the EFCC, the total current market value of Nnabuoku's stocks as of March 29 was ₦1,941,805,342 (one billion, nine hundred and forty-one million, eight hundred and five thousand, three hundred and forty-two naira).
After the ruling, counsel for EFCC, Ogechi Ujam, and the ex-AGoF's lawyer, Isodore Udenko, thanked the court for the well-delivered ruling.
On March 23, Justice Omotosho convicted and sentenced Nnabuoku to a 72-year jail term without an option of fine. The judge held that the EFCC, through its lawyer, Ekele Iheanacho, SAN, had proven the nine-count money laundering charge beyond reasonable doubt. Nnabuoku was convicted on all nine counts and sentenced to eight years imprisonment on each count, making a total of 72 years. The judge ordered that the sentences shall run concurrently from Monday, March 23.
