Former Army General Forfeits ₦5B Shares — Court Order

Maj‑Gen Umar Mohammed Former Army General Forfeits ₦5B Shares across 17 firms after EFCC links holdings to Army property fraud.

In a sweeping blow against financial impunity, a Federal High Court in Lagos has permanently forfeited ₦5 billion worth of shares tied to retired Major General Umar Mohammed and businessman Kayode Filani. It’s a verdict that speaks to accountability—and shows just how far watchdog agencies will go to reclaim stolen assets.

Army General Forfeits ₦5B Shares

Court Orders Final Forfeiture of Illicit Shares

On August 26, 2025, Justice Dehinde Dipeolu delivered a landmark judgment. She ordered the final forfeiture of 245,568,137 shares, collectively valued at over ₦5 billion. And traced to Umar Mohammed (then Group Managing Director of Nigerian Army Properties Limited, NAPL) and the businessman Filani.

The Economic and Financial Crimes Commission (EFCC) requested the forfeiture after proving that Mohammed funded the shares with proceeds from unlawful property sales during his tenure.

Conviction Preceded Asset Seizure

The court ordered the forfeiture after convicting Mohammed in a court-martial. Where he was found guilty on 14 of 18 counts, including stealing, conspiracy, and unauthorized diversion of Army property.

The EFCC previously secured interim forfeiture and published the court order in a national newspaper. Justice Dipeolu ruled in favor of the final forfeiture after no one raised objections, confirming that the statutory conditions were met and the action served the public interest.

Wide-Ranging Portfolio Forfeited

The stakeholdings cut across 17 of Nigeria’s largest companies. They include major players such as:

Cadbury Nigeria Plc, Dangote Sugar Refinery Plc, Flour Mills Plc, Eterna Plc, Oando Plc, Japaul Gold & Ventures Plc
NASCON Allied Industries Plc, University Press Plc, Vitafoam Nigeria Plc, Conoil Plc
Nigerian Aviation Handling Company (NAHCO), PZ Cussons Nigeria Plc, Transcorp, Okomu Oil Palm Plc, May & Baker, Ecobank Transnational Incorporated, Union Bank of Nigeria, Unilever Nigeria Plc

Awhua Resources Limited masked the holdings by channeling them through accounts at Rowet Capital Management Limited and Resort Securities & Trust Limited.

EFCC’s Steadfast Pursuit of Justice

The EFCC, represented by counsel Hanatu Kofarnaisa, argued that the evidence—especially the affidavit by investigator Nwike Fortune—clearly linked the shares to criminal activity. Mohammed had fraudulently disposed of Army properties and redirected proceeds into stocks to conceal illicit gains.

Justice Dipeolu ruled that the EFCC met all constitutional and statutory requirements. Notably under Section 44(2)(b) of the Nigerian Constitution and Section 17 of the Advance Fee Fraud. And Other Fraud Related Offences Act, 2006.