Court Forfeits Ex-AGoF’s ₦1.9bn Assets and Investments After Conviction

The Federal High Court in Abuja has ordered the confiscation and forfeiture of assets and investments worth over ₦1.9 billion belonging to Chukwunyere Nwabuoku, the convicted former acting Accountant-General of the Federation. Justice James Omotosho ruled that proceeds of crime must be forfeited as a natural consequence of a money laundering conviction. Despite a pending appeal, the judge held that final forfeiture orders can be granted alongside sentencing. He dismissed claims of abuse of court process, noting no existing court order on the same properties and reaffirming the court’s control over the matter. The forfeiture includes cash in multiple bank accounts, a five-bedroom duplex in Abuja’s City Gate Estate, and Nwabuoku’s extensive stock portfolios across major Nigerian banks and companies. The EFCC had identified funds totalling over ₦1.9 billion and valued the Abuja property at ₦64 million plus levies. Nwabuoku was previously sentenced to 72 years’ imprisonment for nine counts of money laundering. The forfeited assets will now vest in the Federal Government of Nigeria.

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