Court orders forfeiture of $246m in shares linked to Army General
Story by Susan Mbamah
A Federal High Court in Ikoyi, Lagos, has ordered the final forfeiture of shares worth more than ₦246 million linked to a retired Nigerian Army General, Major-General U.M. Mohammed. The court ruled that the shares should be handed over to the Federal Government.
The order was delivered on Tuesday, August 26, 2025, by Justice Dehinde Dipeolu, following a motion filed by the Economic and Financial Crimes Commission (EFCC).
According to court documents, the forfeited assets are several units of shares valued at ₦246,305,544 that were traced to the former Managing Director of the Nigerian Army Properties Limited (NAPL).
The EFCC confirmed the development in a statement, saying, “The Federal High Court sitting in Ikoyi, Lagos, presided over by Justice Dehinde Dipeolu, has ordered the final forfeiture of shares worth ₦246,305,544 linked to Major-General U.M. Mohammed (rtd), former Managing Director of Nigerian Army Properties Limited, to the Federal Government.”
The anti-graft agency successfully argued that the funds used to purchase the shares were the proceeds of illegal activities. Justice Dipeolu granted the application after reviewing the evidence.
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This ruling is a significant win for the EFCC in its ongoing fight against corruption and its efforts to recover public assets believed to have been acquired unlawfully.
Major-General Mohammed (rtd.) previously headed NAPL, the corporate arm of the Nigerian Army responsible for managing its real estate and investments.
However, his time in the role has come under scrutiny due to allegations of mismanagement and diversion of resources.
The judgment is expected to fuel a larger conversation about accountability within military-owned businesses in Nigeria, which have recently faced numerous corruption allegations.
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The EFCC has reaffirmed its commitment to pursuing financial crimes and ensuring that no individual, regardless of their rank or position, is above the law.
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