Justice Daniel Osaigor of the Federal High Court, Lagos, on Friday ordered the final forfeiture of assets linked to fraudulent activities of Union Bank Plc customers to the Federal Bank.
The assets include cash in Naira and dollars, a three-bedroom bungalow at Macedonia Street, Queens Estate, Karsana Gwarimpa, FCT, Abuja and a house at No. 8 Grace Crescent, Efab Queens Estate, Gwarimpa, Abuja.
The rest are luxury vehicles, including a Mercedes Benz C300, BMW SUVs, Range Rovers, and three Toyota Hilux pickups.
The judge gave the order in an application filed by the Economic and Financial Crimes Commission (EFCC).
He granted the commission’s application for a non-conviction-based final forfeiture of the assets following detailed investigations into the ₦2 billion fraudulent activities in the accounts of 575 unsuspecting customers of the bank.
The EFCC’s counsel, Hanatu Kofar-Naisa, in her presentation, urged the court to permanently forfeit the identified assets as proceeds of unlawful activity, pursuant to Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and Section 44(2)(b) of the 1999 Constitution (as amended).
The counsel stressed that the suit was not against any individual but rather against properties acquired through unlawful means, noting that failure to forfeit the assets would amount to rewarding criminal conduct.
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