A Federal High Court in Lagos has ordered the final forfeiture of over N2 billion, $480,000, and luxury assets linked to a massive fraud scheme that targeted Union Bank customers.
Justice Daniel Osiagor, presiding over the case, on Friday granted the order following a formal application filed by the Economic and Financial Crimes Commission (EFCC), sealing the fate of assets linked to the elaborate banking fraud.
The EFCC had earlier secured an interim forfeiture in May after uncovering fraudulent withdrawals from 575 dormant and “no-debit” accounts in the bank, amounting to N2,007,000,000.
According to the commission, the funds were diverted using unauthorized and unconventional methods designed to bypass Union Bank’s internal controls.
In a detailed affidavit deposed by EFCC investigating officer, Sulaiman Muhammad, it was revealed that the fraud was discovered after Union Bank petitioned the agency on October 24, 2022. A follow-up audit in July 2023 exposed even more staggering figures, bringing the total stolen funds to over N2 billion.
The EFCC identified two firms—Actus Homes Limited and Fav Oil and Gas Limited—as central to the scam. Investigations showed that Actus Homes received N681.2 million from 126 accounts, while Fav Oil and Gas received N1.388 billion from 429 accounts.
The companies had no known transactions or commercial relationship with the affected customers.
“These firms had neither obtained loans nor rendered any services to the bank or customers. The funds were simply siphoned and laundered through property acquisitions and luxury vehicles,” the EFCC officer stated.
The assets now forfeited to the Federal Government include:
N326.4 million and $480,000 in cash
A 3-bedroom bungalow at Macedonia Street, Queens Estate, Karsana Gwarimpa, Abuja
A house at No. 8 Grace Crescent, Efab Queens Estate, Gwarimpa, Abuja
Several luxury vehicles, including Mercedes Benz C300, BMW SUVs, Range Rovers, and three Toyota Hilux pickups
A black Escalade SUV, in which a large sum of cash was also recovered
The EFCC further disclosed that it traced an additional N887.4 million scattered across various accounts. Union Bank, meanwhile, was able to recover N519.1 million, which remained untouched in flagged accounts.
The key suspects involved in the fraudulent operation are currently facing separate criminal prosecution.
This ruling is seen as a significant win in the ongoing battle against financial crimes in Nigeria’s banking sector and serves as a cautionary tale about the vulnerability of dormant accounts in financial institutions.
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