The Federal High Court in Abuja has ordered the forfeiture of assets and investments worth billions of naira, belonging to Chukwunyere Nnabuoku, the convicted former acting Accountant-General of the Federation (AGoF), to the Federal Government. The ruling followed a motion filed by the Economic and Financial Crimes Commission (EFCC) and was delivered by Justice James Omotosho on Wednesday.
Justice Omotosho affirmed that the EFCC’s application was valid, referencing past Supreme Court decisions that highlighted the importance of forfeiting proceeds from crimes such as money laundering. He explained that the forfeiture of Nnabuoku’s assets was a necessary consequence of his conviction, aimed at ensuring he does not benefit further from his illicit activities.
“The essence of this ruling is to ensure that the convict does not enjoy the properties that have been established to be derived from proceeds of crime,” Justice Omotosho stated.
Despite the defense raising concerns about the matter being subject to appeal, the judge ruled that the filing of an appeal did not prevent the court from granting a final forfeiture of the assets. He likened the forfeiture to a sentencing order, affirming that the court’s judgment remains valid regardless of any appeal.
“The purpose of this order is to prevent the convict from benefiting from his unlawful actions,” the judge added.
The forfeiture applies to assets detailed in the EFCC’s application, including various bank accounts and properties, which were linked to proceeds of illegal activities. The EFCC’s application listed a total of three schedules detailing Nnabuoku’s assets, including funds in multiple bank accounts and stocks in several companies.
Among the assets listed in Schedule 1 of the EFCC’s application are large sums in different bank accounts, including ₦12.5 million in Temeeo Synergy Concept Limited’s Zenith Bank account, ₦4.1 million in Turge Global Investment Limited’s Zenith Bank account, and ₦51.2 million in Arafura Transnational Afro Ltd’s Zenith Bank account. Additionally, Nnabuoku is also noted to have a property in the City Gate Estate, Abuja, worth ₦64 million, which was voluntarily surrendered to the EFCC by Nnabuoku himself as part of the restitution process.
Schedule 3 contains Nnabuoku’s significant investments in stocks across various companies, with a total current market value of over ₦1.94 billion. The investments include holdings in well-known companies such as Access Holdings, UBA Plc, Zenith Bank Plc, and Dangote Cement Plc.
The court’s decision to order the final forfeiture of these assets underscores its commitment to ensuring that those convicted of financial crimes cannot retain the benefits of their illicit activities. The ruling marks another significant step in the fight against corruption in Nigeria.
Justice Omotosho also emphasized that the confiscation of the assets would serve as a deterrent to others involved in similar illegal practices, adding that the court would continue to monitor the situation to ensure the integrity of the process.
Nnabuoku was convicted on March 23, 2026, after the EFCC successfully proved that he was involved in money laundering activities, amounting to billions of naira. He was sentenced to a total of 72 years in prison, with each of the nine counts running concurrently. The judge had previously ruled that the EFCC had provided sufficient evidence to convict Nnabuoku beyond a reasonable doubt.
