BREAKING: Court Orders Final Forfeiture of Luxury Assets and N326.4m to FG in Major Bank Fraud Case
. By Musbahu Basirka
Abuja-Nigeria Friday 11th July,2025
In a landmark ruling, Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of two high-end properties, several luxury cars, and a substantial sum of money to the Federal Government of Nigeria. The assets forfeited include:
1.Two properties: a three-bedroom bungalow in Abuja and a property at No. 8, Grace Crescent, Efab Queens Estate, Gwarimpa FCT, Abuja
2.Luxury cars: Mercedes Benz C300, gray-colored BMW 3 Series SUV, black-colored Range Rover 2012, three Toyota Hilux vehicles, black-colored BMW SURXI 2016, and two Range Rover vehicles
3.Cash: N326.4 million and $480,000
The Economic and Financial Crimes Commission (EFCC) had filed a motion on notice, which was supported by an affidavit deposed to by Sulaiman Aminu Muhammad, an investigating officer of the EFCC. According to Muhammad, the Commission received a petition from a first-generation bank alleging a monumental fraud of N1.403 billion, which was later discovered to be N2.007 billion.
The investigation revealed that two companies, Atus Homes Limited and Fav Oil & Gas Limited, fraudulently received N681.2 million and N1.388 billion, respectively, from 555 customers’ accounts in different tranches. The EFCC counsel, H.U. Kofarnaisa, submitted that the accounts warehousing the funds sought to be forfeited received inflows reasonably suspected to be proceeds of unlawful activities.
EFCC’s Efforts to Combat Corruption
The EFCC’s success in this case demonstrates its commitment to recovering proceeds of crime and holding perpetrators accountable. The commission’s efforts to combat corruption have yielded significant results, with several high-profile cases ongoing.
In recent times, the EFCC has intensified its efforts to investigate and prosecute financial crimes, including bank fraud, money laundering, and corruption. The commission’s collaboration with banks and other financial institutions has helped to identify and track suspicious transactions, leading to the recovery of stolen funds.
The final forfeiture of these assets is a significant step in the fight against corruption in Nigeria. It sends a strong message to would-be perpetrators that the EFCC is committed to tracking down and recovering stolen funds. The EFCC’s efforts to combat corruption have also led to increased transparency and accountability in the financial sector.
As the EFCC continues to investigate and prosecute financial crimes, it is expected that more assets will be recovered, and perpetrators will be brought to justice. This development is a welcome relief to Nigerians who are eager to see an end to corruption and financial crimes in the country.
The mastermind of this fraudulent crime has been charged before a Federal High Court, and the trial is ongoing. The EFCC’s efforts to combat corruption are ongoing, and the commission is working tirelessly to investigate and prosecute financial crimes. The final forfeiture of these assets is a significant step in the fight against corruption in Nigeria, and it is expected that more assets will be recovered as the EFCC continues its efforts to combat financial crimes.
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