Court Orders Forfeiture of ₦246m Shares in Zenith, UBA, GTCO Tied to Ex-Army General

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A Federal High Court in Lagos has ordered the permanent forfeiture of nearly ₦246 million worth of shares in some of Nigeria’s biggest companies linked to retired Major General Umar Mohammed, a former Managing Director of Nigerian Army Properties Limited (NAPL), and businessman Kayode Filani.

The ruling, delivered by Justice Dehinde Dipeolu, followed an application by the Economic and Financial Crimes Commission (EFCC), which argued that the shares were acquired with proceeds of unlawful activities during Mohammed’s tenure at NAPL.

The confiscated assets span several blue-chip firms, including Zenith Bank Plc, United Bank for Africa (UBA) Plc, Guaranty Trust Holding Company (GTCO) Plc, Transcorp Hotels Plc, Nigerian Breweries Plc, NAHCO, Vitafoam Nigeria Plc, University Press Plc, Oando Plc, and Dangote Sugar Refinery Plc.

The EFCC had earlier secured an interim forfeiture order, but after no legitimate claims were made within the stipulated timeframe, the court granted a final forfeiture to the Federal Government.

This judgment is being hailed as one of the most significant anti-corruption victories in recent years, showcasing the government’s resolve to recover illicit wealth and hold high-ranking officials accountable.

As of press time, neither General Mohammed nor Filani has issued a public statement on the court’s decision.