The Federal High Court in Lagos has ordered the final forfeiture of over N2 billion and several luxury assets linked to a fraud scheme that illegally diverted funds from customer accounts in Union Bank Plc.
Justice Daniel Osiagor granted the final forfeiture order on Friday, following an application by the Economic and Financial Crimes Commission (EFCC). The court had earlier issued an interim forfeiture order in May.
The EFCC said its investigation uncovered the fraudulent withdrawal of N2.007 billion from 575 dormant or restricted “no-debit” customer accounts. The anti-graft agency said the funds were diverted by exploiting weaknesses in the bank’s internal controls.
EFCC counsel Hanatu Kofar-Naisa told the court that the funds and assets were proceeds of unlawful activity and urged the court to grant a final forfeiture in favour of the federal government.
Among the forfeited assets are N326.4 million and $480,000 in cash, a three-bedroom bungalow on Macedonia Street in Queens Estate, Karsana Gwarimpa, Abuja, and a house at No. 8 Grace Crescent, Efab Queens Estate, Gwarimpa, Abuja.
Also forfeited were several high-end vehicles, including a Mercedes Benz C300, BMW SUVs, Range Rovers, three Toyota Hilux pickups, and a black Escalade SUV where large sums of cash were discovered.
An affidavit filed by EFCC investigative officer Sulaiman Muhammad stated that the fraud was uncovered after Union Bank submitted a petition to the agency on October 24, 2022. A second petition in July 2023 revealed the stolen amount had risen to over N2 billion.
According to the EFCC, two companies—Actus Homes Limited and Fav Oil and Gas Limited—played key roles in the scheme. Actus Homes received N681.2 million from 126 customer accounts, while Fav Oil and Gas received N1.388 billion from 429 accounts.
The EFCC said neither company had any legitimate commercial relationship with Union Bank or the customers whose accounts were affected. The funds were allegedly used to acquire real estate and luxury vehicles.
The agency also recovered N887.4 million that had been transferred to other bank accounts and secured N519.1 million that remained untouched in flagged accounts.
The suspects behind the fraud are currently facing separate criminal proceedings.