EFCC bank fraud asset forfeiture finalised as court orders seizure of ₦326m, \$480k, vehicles, and properties tied to illegal transfers from bank accounts

The Federal High Court in Ikoyi has granted the EFCC bank fraud asset forfeiture request, finalising the seizure of cash and properties tied to a ₦2 billion fraud.

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Justice Daniel Osiagor ordered the forfeiture of ₦326.4 million, \$480,000, two properties in Abuja, and several luxury vehicles. The ruling followed a motion by EFCC counsel H.U. Kofarnaisa, supported by sworn evidence from investigator Sulaiman Aminu Muhammad.

EFCC traced the funds to Atus Homes Limited and Fav Oil & Gas Limited. Investigators revealed that both companies fraudulently received over ₦2 billion through unauthorised bank transfers from 555 customer accounts.

Muhammad stated, “The movement of over ₦887 million through unrelated accounts showed clear intent to conceal illicit origin.”

Vehicles recovered include multiple Range Rovers, BMWs, and Toyota Hilux trucks. Justice Osiagor had previously issued an interim order and gave time for public objections. None were filed.

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The EFCC confirmed that the fraud’s alleged mastermind is undergoing a separate trial. The judge concluded that the funds and properties were linked to unlawful activity and approved their final transfer to the Federal Government.