A Federal High Court in Abuja has ordered the permanent seizure of about N1.9 billion in assets belonging to Chukwunyere Nwabuoku, the former Acting Accountant-General of the Federation. Justice James Omotosho delivered the ruling on Wednesday after Nwabuoku's conviction for money laundering and abuse of office.
Nwabuoku was found guilty on all nine counts in March 2026. He received a prison sentence following the verdict.
Omotosho granted an application filed by the Economic and Financial Crimes Commission seeking asset forfeiture. The judge ruled that all seized holdings now belong to Nigeria's federal government.
The forfeited assets include shares worth N1.9 billion. They also comprise N288.5 million held across accounts linked to four companies.
A five-bedroom mansion at City Gate Estate in Kukwaba, Abuja, was also seized. The property sits at No. 20 on the estate.
According to EFCC records, the N288.5 million was traced to Temeeo Synergy Concept Limited, Turge Global Investment Limited, Laptev Bridge Limited, and Arrafura Transnational Afro Ltd. An additional N220 million was refunded by Nwabuoku into the EFCC Recovery Account at the Central Bank of Nigeria.
The stock holdings were valued at N1,941,805,342 as of March 29, 2026. They were purchased by the former official across various security companies.
In April 2026, the EFCC filed a Motion on Notice seeking the court's order for permanent confiscation. Three schedules detailed all items targeted for seizure.
Justice Omotosho stated in his judgment that he was convinced the assets represented proceeds from illegal activities. He found no reason to deny the EFCC's application.
The ruling marks the conclusion of legal proceedings on asset recovery in this case. It represents one of the largest forfeitures in recent Nigerian anti-corruption operations.
