WATCH THE VIDEO HERE The Economic and Financial Crimes Commission (EFCC) has secured the interim forfeiture to the federal government of N485 million, which was recovered during its investigation of Dr. Umar Addo, who allegedly admitted to illegally purchasing four prime properties in Abuja. The interim forfeiture order was approved by Justice Inyang Ekwo of the Federal High Court, Abuja, on Friday, following an application by the EFCC titled “In the Matter of an Application by the Economic and Financial Crimes Commission for an Order of Interim Forfeiture of Funds Suspected to Be Proceeds of Unlawful Activity Recovered by the Commission from Dr. Umar Ardo Without Conviction Pursuant to Section 17 of the Advance Fee Fraud and Other Fraud-Related Offences Act 2006 and Under the Inherent Jurisdiction of This Court.” The suspect is said to have purchased the properties, including a six-bedroom luxury mansion in Wuse 2 and a four-bedroom detached duplex in Katampe, Abuja, from Cosgrove Investment Limited, in cash and without going through a financial institution as required by law. As submitted before the court by Abubakar Muhammad Kwaidoan, the investigating officer with the EFCC, in an affidavit, the Commission had received an intelligence report about several individuals using large amounts of cash in naira and foreign currencies to purchase prime properties in choice areas in Abuja. “Investigation revealed that the respondent purchased the above properties via cash payments to individuals and unlicensed bureau de change operators, without going through a financial institution.” “The respondent gave one Daniel Adokwu, a staff member of Cosgrove Investment Limited, the total sum of $504,200 in two tranches: $10,000 on 17th September 2019 and $494,200 on 27th September 2019, for the purchase of the seven-bedroom gated villa located at Katampe Phase 2, Lot 1 (By Minister’s Hill), Maitama, Abuja,” he added. “The EFCC accepted the application for compounding of the offence, and the respondent paid the total sum of N485,000,000 into the EFCC Recovery Account in tranches between 16th August 2024 and 4th February 2025,” he added. At the hearing on Friday, EFCC counsel G. I. Ndeh, Esq., urged the court to grant his exparte application for interim forfeiture. “I believe 21 days,” the lawyer responded. “Motion Ex-Parte dated 7th April 2025 is moved. Order as prayed,” the judge ruled, and approved the interim forfeiture.
EFCC secures N485 million forfeiture against suspect who illegally ‘purchased’ 4 Abuja properties
