EFCC Recovers Assets Linked to N2bn Fraudulent Bank Diversion


By Egbon Treasure Patrick 



Justice Daniel Osiagor of the Federal High Court, Lagos, on Friday ordered the final forfeiture of properties, vehicles and cash linked to a massive fraud involving illegal diversion of funds from Union Bank customers.

The Economic and Financial Crimes Commission (EFCC) secured the final forfeiture following an application for a non-conviction-based forfeiture of the assets.

EFCC counsel, Ms Hanatu Kofar-Naisa, filed the application under Suit No. FHC/L/MISC/396/2025, urging the court to forfeit the assets as proceeds of unlawful activities.

She argued that the assets were acquired through unlawful means and stressed that failure to forfeit them “would amount to rewarding criminal conduct.”

Justice Osiagor granted the final forfeiture of several properties and funds, including a three-bedroom bungalow at Macedonia Street, Queens Estate, Karsana Gwarimpa, Abuja, and a house at No. 8 Grace Crescent, Efab Queens Estate, Gwarimpa, Abuja.

Also forfeited were luxury vehicles such as a Mercedes Benz C300, BMW SUVs, Range Rovers, and three Toyota Hilux pickups, along with N326.4 million and $480,000 in cash.

According to an affidavit by Sulaiman Aminu Muhammad, an EFCC investigating officer, the fraud involved unauthorized withdrawals exceeding N2 billion from the accounts of 575 Union Bank customers.

Muhammad described the fraud as “monumental,” adding that the operation targeted dormant or “no debit” accounts.

EFCC investigations began after Union Bank’s petition on October 24, 2022, detailing how its systems were manipulated for unauthorized withdrawals. A follow-up petition in July 2023 showed stolen funds had reached N2,007,000,000.

Investigations identified two companies—Actus Homes Limited and Fav Oil and Gas Limited—as recipients of the diverted funds.

Actus Homes Limited received N681.2 million from 126 accounts, while Fav Oil and Gas Limited received N1.388 billion from 429 accounts.

The funds were used to purchase real estate and luxury vehicles, now forfeited.

Justice Osiagor had earlier granted an interim forfeiture order on May 16, 2025, with a public notice published in Vanguard Newspaper on June 5, 2025. No objections were filed.

After confirming that the assets were proceeds of fraud, the court granted the EFCC’s final forfeiture request.

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