The High Court sitting in Lagos on Friday ordered the final forfeiture of a vast collection of properties, luxury vehicles, and cash—both in naira and dollars—linked to a large-scale fraud involving the diversion of over ₦2 billion from Union Bank customer accounts.
Justice Daniel Osiagor granted the application filed by the Economic and Financial Crimes Commission (EFCC) for non-conviction-based final forfeiture, following thorough investigations that exposed fraudulent withdrawals from 575 dormant or restricted bank accounts.
EFCC counsel, Hanatu Kofar-Naisa, argued that the assets represented proceeds of unlawful activity. She urged the court to permanently transfer them to the Federal Government in line with Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution (as amended). She emphasised that the suit was not against any individual but targeted property obtained through fraudulent means.
Among the forfeited items are:
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A three-bedroom bungalow at Macedonia Street, Queens Estate, Karsana, Gwarimpa, Abuja
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A residence at No. 8 Grace Crescent, Efab Queens Estate, Gwarimpa, Abuja
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Several luxury vehicles, including Mercedes-Benz C300, BMW SUVs, Range Rovers, and Toyota Hilux pickups
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₦326.4 million and $480,000 in cash
The EFCC submitted an affidavit from investigating officer Sulaiman Aminu Muhammad, who described the fraud as “monumental.” The scheme reportedly exploited the bank’s internal systems, targeting dormant or restricted accounts.
Union Bank had filed a formal complaint with the EFCC on 24 October 2022, revealing how its system had been compromised. By July 2023, the stolen amount had risen to ₦2.007 billion, prompting a forensic investigation.
The EFCC discovered that two companies, Actus Homes Limited and Fav Oil and Gas Limited, were central to the fraud. These companies had no legitimate ties to the customers but received large sums:
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Actus Homes Limited received ₦681.2 million from 126 accounts
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Fav Oil and Gas Limited received ₦1.388 billion from 429 accounts
Further findings showed the companies neither applied for loans nor provided any services that would justify such inflows. The funds were instead used to acquire real estate and high-end automobiles.
EFCC investigators traced ₦887.4 million to various bank accounts and recovered large amounts of cash, including sums found inside a black Escalade SUV.
Union Bank recovered ₦519.1 million, which remained untouched in several of the affected accounts.
On May 16, 2025, the court had earlier issued an interim forfeiture order and directed the EFCC to publish the ruling in a national newspaper. Following the publication on 5 June 2025, no party came forward to contest the forfeiture.
Having fulfilled all legal requirements and demonstrated a clear link between the assets and proceeds of fraud, Justice Osiagor granted the final forfeiture.
The EFCC confirmed that criminal proceedings against the main suspects are already underway in a separate case.