Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
A Federal High Court sitting in Abuja has ordered the final forfeiture of assets valued at over N2.2 billion belonging to Chukwunyere Anamekwe Nwabuoku, a former Acting Accountant‑General of the Federation (AGF), who is already serving a prison sentence for money laundering and abuse of office. Justice James Omotosho granted the forfeiture application filed by the Economic and Financial Crimes Commission (EFCC) on Wednesday, May 13, 2026, ruling that the assets were proceeds of unlawful activities. The assets include shares worth N1,941,805,342 (approximately N1.9 billion), cash totaling N288,590,749, and a five‑bedroom duplex located at No. 20 City Gate Estate, Kukwaba, Abuja.
Nwabuoku was convicted on March 23, 2026, on all nine counts of a charge bordering on money laundering and abuse of office. The court found that he had diverted billions of naira from government coffers during his tenure as Acting AGF. The conviction followed an extensive investigation by the EFCC, which traced suspicious financial transactions through several corporate accounts linked to the former top civil servant. After his conviction and sentencing, the EFCC filed a Motion on Notice dated April 1, 2026, seeking the confiscation and forfeiture of assets described in three schedules attached to the motion.
Schedule 1 of the application contained funds traced to several companies associated with Nwabuoku. These included accounts belonging to Temeeo Synergy Concept Limited, Turge Global Investment Limited, Laptev Bridge Limited, and Arrafura Transnational Afro Ltd. In addition, the schedule included the sum of N220,000,000 that Nwabuoku had voluntarily refunded into the EFCC Recovery Account domiciled at the Central Bank of Nigeria. In total, the cash component amounted to N288,590,749. The EFCC argued that these funds were directly derived from the criminal activity for which Nwabuoku had been convicted.
Schedule 2 identified a five‑bedroom duplex located at No. 20 City Gate Estate, Kukwaba, Abuja. Investigators established that the property was acquired with proceeds of unlawful activities and was beneficially owned by Nwabuoku. The duplex is situated in an upscale Abuja neighbourhood, and its market value was not specifically stated in the ruling, but the EFCC’s investigation linked its purchase to the diversion of public funds.
The most significant asset in the forfeiture order is contained in Schedule 3: a portfolio of stocks acquired by Nwabuoku in various security companies. As of March 29, 2026, the total value of these shares was calculated at N1,941,805,342. The EFCC’s forensic auditors traced the source of funds used to purchase these shares to the illegal financial activities for which Nwabuoku was convicted. The shares were held in multiple brokerage accounts and across several companies, but the court found that Nwabuoku was the ultimate beneficial owner.
Delivering his ruling on Wednesday, Justice Omotosho held that the EFCC had successfully established that the assets in question were proceeds of unlawful activity, following the judgment of March 23, 2026. “The court finds that the assets described in Schedules 1, 2, and 3 are proceeds of unlawful activity and are therefore liable to forfeiture to the Federal Government of Nigeria,” the judge declared. He ordered that the funds, the duplex, and the shares be immediately forfeited to the government. The ruling also directed the EFCC to take all necessary steps to ensure the effective transfer of the assets, including the liquidation of the shares and the disposal of the property, with the proceeds to be paid into the Consolidated Revenue Fund of the Federation.
The forfeiture of Nwabuoku’s assets marks the culmination of a long-running investigation into corruption within Nigeria’s treasury. Nwabuoku was appointed Acting Accountant‑General of the Federation in May 2022 following the suspension of the substantive AGF, Idris Ahmed. However, his tenure was short‑lived. Within weeks, petitions alleging financial impropriety led to his removal and subsequent arrest by the EFCC. The commission accused him of diverting funds meant for government projects and of using front companies to launder the proceeds. His conviction in March 2026 was hailed as a major victory in the fight against corruption, but the EFCC made it clear that the conviction was only the first step; recovering the stolen assets was equally important.
The EFCC’s spokesman, Dele Oyewale, welcomed the court’s ruling. “This final forfeiture order sends a strong signal that crime does not pay. Even after conviction, the law will pursue every kobo and every asset acquired through illegal means,” he said in a statement. He also noted that the commission would continue to work with domestic and international partners to trace and recover assets hidden by corrupt public officials. The case has been cited by anti‑graft advocates as a model for how asset recovery should follow criminal conviction.
Reactions from civil society groups have been largely positive. The Anti‑Corruption Network described the ruling as “a precedent‑setting decision that reinforces the principle that public office is a public trust.” The group called on the EFCC to intensify efforts to recover looted funds from other high‑profile convicts. Some legal analysts, however, noted that the process of liquidating the shares and disposing of the duplex could face practical challenges, including legal hurdles from third parties who might claim an interest in the assets. The EFCC has assured that it will follow due process in the disposal of the forfeited assets.
Nwabuoku, who is currently serving his prison sentence at a correctional facility in Abuja, was not present at the forfeiture hearing. His legal representatives did not oppose the EFCC’s application, and no third party came forward to challenge the ownership of the assets. The final forfeiture order now paves the way for the Federal Government to take possession of the N1.9 billion in shares, the N288 million in cash, and the five‑bedroom duplex. The total value of the forfeited assets, approximately N2.23 billion, represents only a portion of the funds that investigators believe Nwabuoku diverted. The EFCC has said that further investigations are ongoing and that additional assets may yet be traced and forfeited.
As the sun set on Wednesday, the former Acting AGF, who once sat at the pinnacle of Nigeria’s financial bureaucracy, had lost not only his freedom but also the hidden fortune he had stashed away in stocks, shell companies, and a luxury home. For the Nigerian public, the ruling was a rare moment of vindication – a sign that the long arm of the law, however slow, can eventually reach the pockets of those who steal from the commonwealth.
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