Court Orders Final Forfeiture of ₦2bn Worth of Cash, Luxury Vehicles, and Property Linked to Union Bank Fraud
Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of properties, luxury vehicles, and substantial cash sums linked to an alleged ₦2 billion fraud involving Union Bank accounts.
The decision came after a motion filed by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), represented by counsel H.U. Kofarnaisa.
Among the forfeited assets are a three-bedroom bungalow located at No. 8 Grace Crescent, Efab Queens Estate, Gwarinpa, Abuja; a Mercedes Benz C300; a gray BMW 3 Series SUV; a black 2012 Range Rover; three Toyota Hilux trucks (models 2008, 2010, and 2014); a black 2016 BMW SURXI; and two other Range Rover vehicles. Also forfeited were ₦326.4 million and $480,000 in cash.
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Justice Osiagor had earlier granted an interim forfeiture order and directed the EFCC to publish it in a national newspaper to allow any interested parties to come forward. With no objections received, the Commission filed for a final forfeiture, which the court granted.
According to an affidavit by EFCC investigator Sulaiman Aminu Muhammad, the Commission acted on a petition from a commercial bank about suspicious transactions involving over ₦1.4 billion in customer funds. A follow-up report raised the figure to ₦2.007 billion, allegedly withdrawn without customer consent.
The EFCC’s investigation revealed that ₦681.2 million was transferred to Atus Homes Limited through 126 separate customer accounts, while Fav Oil & Gas Limited received ₦1.388 billion from 429 customer accounts. A total of ₦887.4 million was also traced to accounts in other financial institutions.
The Commission argued that the assets and funds were proceeds of unlawful activities, with no link to any legitimate businesses. Kofarnaisa further informed the court that the key suspect in the case has been arraigned and is currently facing trial.
Ruling in favour of the EFCC, Justice Osiagor declared that the agency had established sufficient grounds for the forfeiture and ordered that all the listed assets and funds be permanently transferred to the Federal Government.
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