Court Orders Final Forfeiture Of Ex-Acting AGF Nwabuoku’s N1.9bn Shares, Abuja Duplex, Cash Assets

The Federal High Court in Abuja has ordered the final forfeiture of assets worth billions of naira linked to former Acting Accountant General of the Federation, Chukwunyere Anamekwe Nwabuoku, following his conviction for money laundering and abuse of office.

Justice James Omotosho, delivering judgment on Wednesday, granted the application filed by the Economic and Financial Crimes Commission, EFCC, seeking the confiscation of N1.9 billion worth of shares, N288 million cash assets, and a luxury five-bedroom duplex in Abuja traced to the convicted former AGF.

 

The assets were forfeited to the Federal Government after the court ruled that they were proceeds of unlawful activities.

Nwabuoku had earlier been convicted and sentenced on March 23, 2026 on a nine-count charge bordering on money laundering and abuse of office.

 

Following the conviction, the EFCC, through a Motion on Notice dated April 1, 2026, urged the court to permanently confiscate all properties and funds listed in three separate schedules attached to the application.

 

The forfeited cash assets, totaling N288,590,749, were traced to accounts belonging to Temeeo Synergy Concept Limited, Turge Global Investment Limited, Laptev Bridge Limited and Arrafura Transnational Afro Ltd. The amount also included N220 million reportedly refunded by Nwabuoku into the EFCC Recovery Account domiciled with the Central Bank of Nigeria.

 

Also forfeited was a five-bedroom duplex located at No. 20 City Gate Estate, Kukwaba, Abuja.

 

In addition, the court ordered the forfeiture of stocks and shares acquired by the convict in several security companies, valued at N1,941,805,342 as of March 29, 2026.

 

Justice Omotosho held that the court was satisfied that the assets constituted proceeds of unlawful activity, having regard to the earlier judgment convicting the former AGF.

 

He subsequently ordered that all the funds, property and shares be finally forfeited to the Federal Government of Nigeria.