Court freezes convicted ex-AGoF’s muilti billion-naira assets, investments

By Taiye Agbaje and Chinyere Onuorah

The Federal High Court in Abuja on Wednesday ordered the confiscating and forfeiting of multi billion naira assets and investments owned by Chukwunyere Nwabuoku, the convicted former acting Accountant-General of the Federation (AGoF), to the Federal Government.

Justice James Omotosho, ruling on a motion on notice filed by the Economic and Financial Crimes Commission (EFCC), held that the application was meritorious.

Citing previous Supreme Court decisions, Justice Omotosho said, “in crimes such as money laundering, forfeiting the proceeds of crime is deemed to be a natural consequence of conviction.”

According to Justice Omotosho, the above decisions of the Supreme Court clearly shows that properties obtained with proceeds of crime are liable to be forfeited after such person has been convicted.

“The essence of this is to ensure that the convict derives no further benefits from such properties.

“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,” he said.

The judge observed that counsel to the convict raised the issues of the matter being subject of appeal and that the order of forfeiture ought not to be granted because the application amounts to an abuse of court process.

Responding, the judge said that the mere fact that a notice of appeal had been filed does not preclude the court from granting a final forfeiture of the said properties.

“Forfeiture in this instance is seen as part of the judgment.

“In fact, it is similar to the sentencing handed down by the court.

“Where a person has been convicted and a notice of appeal has been filed, would that preclude such person from being sentenced?

“The answer to this is no, as sentencing usually follows conviction,” he said.

The judge said granting the forfeiture order does not disturb the likely outcome of the appeal.

“The aim of it is to stop the convict from enjoying the proceeds of his unlawful activity.

“Consequently, this forfeiture order will be granted regardless of the filing of a notice of appeal.”

On whether it was an abuse of court process, Justice Omotosho said the convict did not attach any process of court showing that a final order of forfeiture had been granted or process showing that an order of final forfeiture is being sought against the same properties and the same convict.

“The convict was convicted by this court after a full trial and thus, this issue is within the control of this court.

“No evidence of abuse of court process exists.

“Consequently, that issue is hereby dismissed.

“In final analysis, the properties of the convict which have been identified to be purchased from proceeds of crime in this matter are hereby finally forfeited to the Federal Government of Nigeria.”

The judge, therefore, ordered the confiscating and forfeiting of the assets and properties described in Schedules 1, 2 and 3 of the EFCC’s application to the Federal Government having been established to be proceeds of unlawful activities.

The anti-graft agency had, in the motion marked: FHC/ABJ/CR/240/2024 and filed on April 1, sought one relief.

It sought an order of the court confiscating and forfeiting the assets/properties described in Schedules 1, 2 and 3 of the application to the Federal Government of Nigeria being proceeds of unlawful activities.

Schedule 1 contains monies in diferrent bank accounts.

These include ₦12,526,206.55 in Temeeo Synergy Concept Limited’s Zenith Bank account number: 1016901286; ₦4,102,570.25 in Turge Global Investment Limited’s Zenith Bank account; 1016901279 and ₦682,904.36 in Laptev Bridge Limited’s Zenith Bank account: 1016727695.

It also includes ₦51,279,067.53 in Arafura Transnational Afro Ltd’s Zenith Bank account number: 10167277640 and ₦220,000,000.00 in EFCC Recovery Account domiciled with Central Bank of Nigeria (CBN), which was allegedly refunded by Nnabuoku.

In the Schedule 2, the property forfeited is a five bedroom (stand alone) duplex at No. 20, City Gate Estate, Kukwaba Abuja, valued at ₦64,000,000.00 (sixty four million naira) with an additional ₦3,000,000.00 (three million naira) paid as infrastructural development levy on the property.

The EFCC said that the house key was voluntarily submitted to the commission by Nnabuoku, himself, as per restitution.

Schedule 3 contains the convict’s investment in stocks, domiciled in different banks and companies.

They are 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 and 10,045,035 stocks with UBA Plc.

They also include 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 and 500,000 stocks with Nascon Allied Industries Plc.

The schedule equally contains 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 stock as at March 29, is N1, 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 who appeared for EFCC, Ogechi Ujam, and ex-AGoF’s lawyer, Isodore Udenko, thanked the court for the well-delivered ruling.

NAN reports that the judge had, on March 23, convicted and sentenced Nnabuoku to a 72-year jail term without an option of fine.

Justice Omotosho, in the judgment, held that the EFCC, through its lawyer, Ekele Iheanacho, SAN, had been able to prove the nine-count money laundering charge beyond reasonable doubt.

Jutsice Omotosho, who convicted Nwabuoku in all the nine counts, sentenced him to eight years imprisonment in each of the counts, making a total of 72 years.

The judge, however, ordered that the counts shall run concurrently beginning from Monday, March 23.

(NAN)