EFCC Secures Final Forfeiture Of Assets Tied To Multi-Billion Naira Bank Scam

In a major breakthrough in the fight against financial crimes, Justice Daniel Osiagor of the Federal High Court, Lagos, on Friday, ordered the final forfeiture of multiple properties, luxury vehicles, and large sums of money linked to a multi-billion naira fraud involving the illegal diversion of funds from Union Bank customer accounts.

The ruling followed an application filed by the Economic and Financial Crimes Commission (EFCC) for the non-conviction-based forfeiture of the assets, after investigations revealed the fraudulent withdrawal of over N2 billion from 575 dormant and “no-debit” customer accounts.

Filed under Suit No. FHC/L/MISC/396/2025, the motion was argued by EFCC counsel Hanatu Kofar-Naisa, who submitted that the assets were proceeds of unlawful activity and should be permanently forfeited to the Federal Government. She cited Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution (as amended) in support of the application.

Kofar-Naisa emphasised that the suit was not against any individuals but against properties acquired through illicit means. “Failure to forfeit these assets,” she argued, “would amount to rewarding criminal conduct.”

Justice Osiagor granted the EFCC’s request and ordered the final forfeiture of a 3-bedroom bungalow at Macedonia Street, Queens Estate, Karsana Gwarimpa, FCT, Abuja; a property at No. 8 Grace Crescent, Efab Queens Estate, Gwarimpa, Abuja; a fleet of luxury vehicles, including a Mercedes-Benz C300, BMW SUVs, multiple Range Rovers, and three Toyota Hilux pickups; as well as N326.4 million and $480,000 in cash recovered during the investigation.

The EFCC’s case was supported by an affidavit sworn by Sulaiman Aminu Muhammad, an investigating officer, who described the fraud as “monumental.” He revealed that the Commission began investigating after Union Bank lodged a petition on October 24, 2022, alerting authorities to unauthorized debits traced to dormant accounts.

By July 2023, a follow-up petition from the bank disclosed that the total value of stolen funds had risen to N2.007 billion. A forensic investigation showed that 575 customer accounts previously flagged with “no-debit” status had been manipulated to facilitate unauthorized fund transfers.

The EFCC uncovered that two companies—Actus Homes Limited and Fav Oil and Gas Limited—were central to the fraud. Funds siphoned from the compromised accounts were funneled into these companies, which had no known business or contractual relationship with Union Bank or its customers.

According to the Commission, Actus Homes Limited received N681.2 million from 126 accounts, while Fav Oil and Gas Limited received N1.388 billion from 429 accounts. Further investigation confirmed that neither company had applied for nor received loans from the bank, nor did they provide any services justifying the cash inflow. Instead, the funds were used to acquire real estate and high-end automobiles—now the subject of the court-ordered forfeiture.

EFCC investigators were able to trace N887.4 million transferred into multiple bank accounts and recovered additional cash, including bundles of currency discovered stashed inside a black Cadillac Escalade, which is now also forfeited. Union Bank was able to salvage N519.1 million, which remained untouched in some of the flagged accounts during the audit.

Justice Osiagor had earlier granted an interim forfeiture order on May 16, 2025, directing the EFCC to publish the ruling in a national newspaper to allow interested parties an opportunity to contest the forfeiture. The public notice, published in Vanguard Newspaper on June 5, 2025, invited any claimants to show cause within 14 days why the assets should not be permanently forfeited. As no objections were filed, the court granted the EFCC’s final forfeiture application.

The suspects involved in the scheme are currently facing criminal charges in a separate trial. The EFCC hailed the ruling as a significant victory in its ongoing efforts to combat sophisticated financial fraud and recover proceeds of crime for the benefit of the Nigerian people.