An order for the final confiscation and forfeiture of multi-billion naira assets linked to former Acting Accountant-General of the Federation, Chukwunyere Nnabuoku, has been issued by a Federal High Court in Abuja following his conviction on money laundering charges on March 23, 2026.
Delivering the ruling on Wednesday, Justice James Omotosho granted the application filed by the Economic and Financial Crimes Commission, EFCC, holding that the assets were proven to be proceeds of unlawful activities.
The judge held that under established legal principles, forfeiture is a direct consequence of conviction in financial crime cases, noting that allowing a convicted person to retain assets acquired through criminal conduct would defeat the purpose of justice.
Justice Omotosho dismissed objections by Nnabuoku’s counsel that the pending appeal should halt the forfeiture proceedings, stressing that the filing of an appeal does not invalidate the court’s authority to enforce orders forming part of its judgment.
He further rejected claims that the application constituted an abuse of court process, stating that no evidence was presented to show that a similar forfeiture request involving the same assets was already before another court.
The forfeited assets include substantial sums held in multiple bank accounts, a five-bedroom duplex in Kukwaba, Abuja, and extensive stock investments across major Nigerian companies, collectively valued at over 1.9 billion naira.
The court noted that some of the recovered funds had already been refunded, while the Abuja property was voluntarily surrendered by the convict as restitution.
The ruling follows Nnabuoku’s earlier conviction on a nine-count money laundering charge, for which he was sentenced to 72 years imprisonment. However, the sentences are to run concurrently, meaning the convict will serve an effective prison term of eight years.
Editor: Ada Ononye
