Lagos, Nigeria – On Friday, 11 July 2025, Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos, ordered the final forfeiture of two properties, several vehicles, and substantial sums of money to the Federal Government of Nigeria, following a significant bank fraud case prosecuted by the Economic and Financial Crimes Commission (EFCC).
The forfeited assets include a three-bedroom bungalow and a property at No. 8, Grace Crescent, Efab Queens Estate, Gwarimpa FCT, Abuja. The vehicles comprise a Mercedes Benz C300, a grey BMW 3 Series SUV, a black 2012 Range Rover, three Toyota Hilux models (2008, 2010, and 2014), a black 2016 BMW SURXI, and two additional Range Rovers. Additionally, cash amounting to ₦326.4 million and $480,000 was seized.
The ruling came after a motion filed by the EFCC’s Lagos Zonal Directorate 1, presented by lawyer H.U. Kofarnaisa. The court had previously issued an interim forfeiture order and mandated its publication in a national newspaper, allowing interested parties to contest the forfeiture. No objections were raised, leading to the final order.
According to an affidavit by EFCC investigator Sulaiman Aminu Muhammad, the case originated from a petition by a major Nigerian bank alleging fraud totalling ₦1.4 billion across customer accounts. A subsequent addendum dated 24 July 2023 raised the figure to ₦2.007 billion, revealing unauthorised debits from customer accounts. The bank’s internal audit uncovered irregular transactions, prompting further investigation.
The EFCC’s probe revealed that Atus Homes Limited fraudulently received ₦681.2 million from 126 customer accounts, while Fav Oil & Gas Limited obtained ₦1.388 billion from 429 accounts. Additionally, ₦887.5 million of the stolen funds was transferred to various accounts in other banks. Kofarnaisa argued that these accounts held proceeds of unlawful activities, unconnected to legitimate business.
The EFCC confirmed that the mastermind of the fraud faces ongoing trial at a Federal High Court. Justice Osiagor, finding merit in the EFCC’s case, ordered the forfeiture, marking a significant step in Nigeria’s fight against financial crime.
