The Federal Excessive Court docket in Lagos has ordered the ultimate forfeiture of over N2 billion and a number of other luxurious belongings linked to a fraud scheme that illegally diverted funds from buyer accounts in Union {Bank} Plc.
Justice Daniel Osiagor granted the ultimate forfeiture order on Friday, following an utility by the {Economic} and {Financial} Crimes Fee (EFCC). The courtroom had earlier issued an interim forfeiture order in Could.
The EFCC stated its investigation uncovered the fraudulent withdrawal of N2.007 billion from 575 dormant or restricted “no-debit” buyer accounts. The anti-graft company stated the funds had been diverted by exploiting weaknesses within the {bank}’s inside controls.
EFCC counsel Hanatu Kofar-Naisa instructed the courtroom that the funds and belongings had been proceeds of illegal exercise and urged the courtroom to grant a last forfeiture in favour of the federal authorities.
Among the many forfeited belongings are N326.4 million and $480,000 in money, a three-bedroom bungalow on Macedonia Avenue in Queens Property, Karsana Gwarimpa, Abuja, and a home at No. 8 Grace Crescent, Efab Queens Property, Gwarimpa, Abuja.
Additionally forfeited had been a number of high-end autos, together with a Mercedes Benz C300, BMW SUVs, Vary Rovers, three Toyota Hilux pickups, and a black Escalade SUV the place massive sums of money had been found.
An affidavit filed by EFCC investigative officer Sulaiman Muhammad acknowledged that the fraud was uncovered after Union {Bank} submitted a petition to the company on October 24, 2022. A second petition in July 2023 revealed the stolen quantity had risen to over N2 billion.
In response to the EFCC, two firms—Actus Properties Restricted and Fav Oil and Gasoline Restricted—performed key roles within the scheme. Actus Properties obtained N681.2 million from 126 buyer accounts, whereas Fav Oil and Gasoline obtained N1.388 billion from 429 accounts.
The EFCC stated neither firm had any authentic business relationship with Union {Bank} or the purchasers whose accounts had been affected. The funds had been allegedly used to accumulate actual property and luxurious autos.
The company additionally recovered N887.4 million that had been transferred to different {bank} accounts and secured N519.1 million that remained untouched in flagged accounts.
The suspects behind the fraud are at the moment dealing with separate felony proceedings.
