A federal high court in Lagos has ordered the final forfeiture of the sum of N1.9bn belonging to billionaire business woman Muinat Bola Shagaya to the Economic and Financial Crimes Commission.
The forfeiture was confirmed by EFCC’s acting spokesman, Tony Orilade, according to the report. The N1.9bn was alleged to be proceeds of corruption which was found in one of the bank accounts of Shagaya. The forfeiture is part of the process in the unfolding investigations in allegations of money laundering against Shagaya and a former first lady Patience Jonathan.
EFCC investigations allegedly discovered N3.3bn received by Shagaya from a deal on kerosene product and she made payments totaling over N1.2bn to a proxy for Patience Jonathan and kept the remaining over N2bn. EFCC traced N1.9bn of that sum to one of Shagaya’s accounts and the anti-corruption went to court.
The court granted the agency an interim forfeiture order in 2016, which was challenged by Shagaya in another lawsuit. But the court dismissing Shagaya’s challenge on grounds that she could not explain how she came about the money she wanted to keep. Meanwhile, Legit.ng reported recently that in another case, Rear Admiral Tahir Yusrf (retd.), a former director of Navy accounts, temporarily forfeited a total of N510m, which was in naira, dollars, and pounds, to the Economic and Financial Crimes Commission (EFCC).
Justice Ijeoma Ojukwu of a federal high court sitting in Abuja granted the interim forfeiture order after a motion was filed by Elizabeth Alabi on behalf of the EFCC. In February the court had granted an ex parte motion filed by the commission seeking the freezing of the seven accounts.