A Federal High Court in Abuja has taken another decisive step in Nigeria’s intensifying anti-corruption campaign, approving the interim forfeiture of ₦30.7 million allegedly traced to a complex fraud scheme with links to the Nigerian National Petroleum Company Limited (NNPCL).
The ruling reinforces the judiciary’s growing role in asset recovery, particularly in cases involving public institutions critical to Nigeria’s fiscal stability and energy governance.
Court backs EFCC’s asset-freeze request
Justice Emeka Nwite granted the order on Monday after upholding an ex parte application filed by the Economic and Financial Crimes Commission (EFCC). The judge ruled that the anti-graft agency established prima facie grounds that the funds were reasonably suspected to be proceeds of unlawful activity.
Under the order, the money is to remain in the custody of the Federal Government pending the conclusion of investigations and possible final forfeiture. The court further directed the EFCC to publish a forfeiture notice in a national newspaper, giving interested parties 14 days to show cause why the funds should not be permanently confiscated.
The case has been adjourned to January 22, when the EFCC is expected to report compliance with the publication directive.
Transaction trail flags multi-billion-naira flows
According to court filings, the investigation was triggered by a transaction ledger submitted by a Bureau de Change (BDC) operator identified as Yakubu. The records detailed extensive foreign exchange transactions and customer instructions that allegedly revealed over ₦4 billion in transfers to individuals and corporate accounts.
The EFCC told the court that the transactions were allegedly executed on the instructions of Ibrahim Sani, a staff member of the Federal Inland Revenue Service (FIRS), whose name appeared repeatedly in the ledger.
Investigators said the ₦30.7 million now subject to forfeiture remained in Yakubu’s possession and formed part of funds he claimed were handed to him by Sani. Sani was invited by the EFCC on September 15, 2025, after which he made a voluntary statement.
Ownership denied as legal battle looms
In his statement, Sani reportedly admitted to using the BDC operator to channel funds to multiple beneficiaries, explaining that he routinely deposited large sums of foreign currency, with Yakubu transferring the naira equivalent to accounts specified by him.
However, the EFCC noted that Sani failed to verify the source of the funds, which investigators suspect may be linked to illicit activities. Crucially, both Sani and Yakubu have denied ownership of the ₦30.7 million at the centre of the forfeiture order.
Relying on provisions of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, the EFCC argued that the funds qualify as suspected criminal proceeds and should be preserved pending final judicial determination.
Under Nigeria’s asset recovery framework, interim forfeiture orders are designed to ring-fence disputed assets, ensuring they are not dissipated while affected parties are given a fair opportunity to contest the claims before the court.
As scrutiny around financial flows in public-sector-linked transactions deepens, the case is being closely watched for what it signals about enforcement standards, inter-agency accountability, and the evolving compliance landscape around Nigeria’s most strategic state-owned enterprises.