Close Menu
    Facebook X (Twitter) Instagram
    Trending
    • Court Documents Reveal How Truck Driver, Foreign Nationals Defraud Dangote Of Billions
    • Coalition Wobbles: ADC Faces Uncertainty Without Atiku, Obi’s Commitment
    • Nigeria: Why Brazil. Yes, Brazil – By Sunday Dare
    • Who Spoke, Who Stayed Silent?: 48 Reps, 5 Senators Recorded Zero Contributions In One Year, Report Reveals
    • ‘Kauyawa’ And ‘Ajo’ Wedding Parties Now Forbidden’, Taraba Muslim Leaders Announce Ban
    • Nigerian Air Force Kills 35 ISWAP Fighters In Precision Strikes Near Cameroon Border
    • Obasanjo, Malema, Over 20,000 Lawyers Converge On Enugu For 2025 NBA Conference
    • Nigeria Is Full Of Single Girls – By Funke Egbemode
    Facebook X (Twitter) Instagram
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    • HOME
    • NEWS

      Court Documents Reveal How Truck Driver, Foreign Nationals Defraud Dangote Of Billions

      August 24, 2025

      Coalition Wobbles: ADC Faces Uncertainty Without Atiku, Obi’s Commitment

      August 24, 2025

      Who Spoke, Who Stayed Silent?: 48 Reps, 5 Senators Recorded Zero Contributions In One Year, Report Reveals

      August 24, 2025

      ‘Kauyawa’ And ‘Ajo’ Wedding Parties Now Forbidden’, Taraba Muslim Leaders Announce Ban

      August 24, 2025

      Nigerian Air Force Kills 35 ISWAP Fighters In Precision Strikes Near Cameroon Border

      August 24, 2025
    • COLUMN

      Nigeria Is Full Of Single Girls – By Funke Egbemode

      August 24, 2025

      Bye Elections And The Reality Check – By Jonathan Nda-Isaiah

      August 23, 2025

      Putin As The President’s Medicine – By Azu Ishiekwene

      August 22, 2025

      AI As The New Indolence, That Netanyahu Call, Salah’s Tweet And Our Kwam Mentality (1) – By Dr Hassan Gimba

      August 18, 2025

      From KWAM 1 To KWAM 2: How Not To Run A Nation – By Kazeem Akintunde

      August 18, 2025
    • EDUCATION

      FG Names Prof. Adamu Acting Vice-Chancellor To Steer UniAbuja For Three Months

      August 9, 2025

      13 Countries Offering Free Or Low-Cost PhD Programmes For Non-Citizens

      January 25, 2025

      NECO: Abia, Imo Top Performing States In Two Years, Katsina, Zamfara Come Last

      October 3, 2024

      NBTE Accredits 17 Programmes At Federal Polytechnic Kabo

      August 20, 2024

      15 Most Expensive Universities In Nigeria

      May 19, 2024
    • INTERNATIONAL

      Israeli Attacks Kill 63 As Troops Push Deeper Into Gaza City

      August 24, 2025

      Russia Claims More Ukraine Land As Hopes For Peace Agreement Fade

      August 24, 2025

      Dutch Prime Minister, Cabinet Members Resign Over EU’s Refusal To Sanction Israel On Gaza Genocide

      August 23, 2025

      Tension As North Korea Accuses South Korean Troops Of Firing Warning Shots Near Border

      August 23, 2025

      Israeli’s Netanyahu Approves Gaza City Seizure Despite Ceasefire Talks

      August 22, 2025
    • JUDICIARY

      FULL LIST: Judicial Council Recommends Appointment Of 11 Supreme Court Justices

      December 6, 2023

      Supreme Court: Judicial Council Screens 22 Nominees, Candidates Face DSS, Others

      November 29, 2023

      FULL LIST: Judicial Commission Nominates 22 Justices For Elevation To Supreme Court

      November 16, 2023

      Seven Key Issues Resolved By Seven Supreme Court Judges

      October 26, 2023

      FULL LIST: CJN To Swear In Falana’s Wife, 57 Others As SANs November 27

      October 12, 2023
    • POLITICS

      What Peter Obi May Lose If He Joins Coalition As VP Candidate

      May 25, 2025

      Atiku Moves To Unseat Wike’s Damagum As PDP Chairman, Backs Suswam As Replacement

      April 15, 2024

      Edo’s Senator Matthew Uroghide, Others Defect To APC

      April 13, 2024

      Finally, Wike Opens Up On Rift With Peter Odili

      April 2, 2024

      El-Rufa’i’s Debt Burden: APC Suspends Women Leader For Criticising Kaduna Gov

      March 31, 2024
    • SPORTS

      Super Eagles Striker, Victor Boniface’s AC Milan Transfer Stalls Over Fresh Knee Injury Concerns

      August 24, 2025

      Tottenham Emerge Favourites As Five English Clubs Chase Nigeria’s Forward, Ademola Lookman

      August 24, 2025

      Osimhen, Ndidi, Iwobi Return As Coach Chelle Names Squad For Crucial World Cup Qualifiers

      August 23, 2025

      Taribo West Slams NFF, Lagos FA For Abandoning Late Goalkeeper Peter Rufai’s Family

      August 23, 2025

      Former Super Eagles Forward, Brown Ideye Retires From Football At 36

      August 22, 2025
    • MORE
      • AFRICA
      • ANALYSIS
      • BUSINESS
      • ENTERTAINMENT
      • FEATURED
      • LENS SPEAK
      • INFO – TECH
      • INTERVIEW
      • NIGERIA DECIDES
      • OPINION
      • Personality Profile
      • Picture of the month
      • Science
      • Special Project
      • Videos
      • Weekend Sports
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    Home - EFCC Secures Final Forfeiture Of Assets Tied To Multi-Billion Naira Scam Of Union Bank Customers

    EFCC Secures Final Forfeiture Of Assets Tied To Multi-Billion Naira Scam Of Union Bank Customers

    By Farouk AbbasJuly 11, 2025
    EFCC Headquarters 1

    THE Federal High Court sitting in Lagos on Friday ordered the final forfeiture of a sprawling array of assets, luxury vehicles, and cash  both in naira and dollars linked to a massive fraud scheme involving the illegal diversion of funds from Union Bank customers.

    Justice Daniel Osaigor granted the Economic and Financial Crimes Commission’s (EFCC) application for a non-conviction-based final forfeiture of the assets following detailed investigations which uncovered a fraudulent withdrawal of over ₦2 billion from the accounts of 575 unsuspecting customers of the bank.

    The application was argued by EFCC’s counsel, Hanatu Kofar-Naisa, who 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).

    TAZKIYAH UNIVERSITY

    In her submissions, the counsel emphasised 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.

    Among the properties and funds forfeited to the Federal Government are: A 3-bedroom bungalow at Macedonia Street, Queens Estate, Karsana Gwarimpa, FCT, Abuja, a house at No. 8 Grace Crescent, Efab Queens Estate, Gwarimpa, Abuja, and multiple high-end vehicles including a Mercedes Benz C300, BMW SUVs, Range Rovers, and three Toyota Hilux pickups.

    UBA

    Also forfeited is the sum of ₦326.4 million and $480,000 in cash recovered during the course of investigation.

    The EFCC’s application was supported by a detailed affidavit deposed to by Sulaiman Aminu Muhammad, an investigating officer of the anti-graft agency, who described the scale of the fraud as “monumental,” and said the operation targeted dormant or “no-debit” accounts within Union Bank.

    Happy Birthday

    According to the affidavit, the EFCC launched its investigation after receiving a formal petition from Union Bank on October 24, 2022, detailing how its systems had been fraudulently manipulated to facilitate unauthorised debits on customer accounts.

    By July 2023, a follow-up petition revealed that the total stolen funds had increased to ₦2,007,000,000, prompting a deeper forensic investigation.

    Nigerian TAX Reform - Federal Goverment

    The probe uncovered that the bank’s audit unit had identified suspicious transactions involving 575 accounts placed on a “no debit” status, which were nonetheless debited using methods inconsistent with normal banking procedures.

    Two companies — Actus Homes Limited and Fav Oil and Gas Limited  were said to be central to the scheme.

    Funds from the compromised accounts were funneled into these entities without any legitimate commercial relationship with the customers.

    National Orientation Agency Page UP
    National Orientation Agency - Down

    Actus Homes Limited was said to have received N681.2 million from 126 customer accounts, while Fav Oil and Gas Limited was said to have received a cumulative ₦1.388 billion from 429 accounts.

    Further investigations showed that neither company had applied for or received loans from the bank, nor did they render any service that would justify the inflow of such large sums.

    The funds were subsequently used to acquire real estate and luxury automobiles, all now forfeited by the court.

    The EFCC said it was able to trace ₦887.4 million that had been transferred into various bank accounts, and also recovered large cash sums, including those discovered in a black Escalade vehicle  now forfeited.

    Union Bank managed to salvage ₦519.1 million, which remained untouched in some of the accounts flagged during the audit.

    In line with legal requirements for non-conviction-based forfeiture, Justice Osiagor had earlier granted an interim forfeiture order on May 16, 2025, and directed the EFCC to publish the court order in a national newspaper.

    The publication on June 5, 2025, invited interested parties to show cause within 14 days why the properties should not be permanently forfeited. No objections were received.

    Having complied with due process and satisfied the court of the connection between the assets and proceeds of fraud, Justice Osiagor granted the EFCC’s final forfeiture request.

    The EFCC also said that the main suspects in the fraudulent scheme are already facing trial in a separate criminal proceeding.

    Court EFCC Union Bank
    Share. Facebook Twitter WhatsApp LinkedIn Telegram Email

    Related Posts

    Court Documents Reveal How Truck Driver, Foreign Nationals Defraud Dangote Of Billions

    August 24, 2025

    Coalition Wobbles: ADC Faces Uncertainty Without Atiku, Obi’s Commitment

    August 24, 2025

    Who Spoke, Who Stayed Silent?: 48 Reps, 5 Senators Recorded Zero Contributions In One Year, Report Reveals

    August 24, 2025

    ‘Kauyawa’ And ‘Ajo’ Wedding Parties Now Forbidden’, Taraba Muslim Leaders Announce Ban

    August 24, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Latest Posts

    Court Documents Reveal How Truck Driver, Foreign Nationals Defraud Dangote Of Billions

    August 24, 2025

    Coalition Wobbles: ADC Faces Uncertainty Without Atiku, Obi’s Commitment

    August 24, 2025

    Nigeria: Why Brazil. Yes, Brazil – By Sunday Dare

    August 24, 2025

    Who Spoke, Who Stayed Silent?: 48 Reps, 5 Senators Recorded Zero Contributions In One Year, Report Reveals

    August 24, 2025

    ‘Kauyawa’ And ‘Ajo’ Wedding Parties Now Forbidden’, Taraba Muslim Leaders Announce Ban

    August 24, 2025
    Advertisement
    WIDGET ADS
    News Point NG
    © 2025 NEWS POINT NIGERIA Developed by ENGRMKS & CO.
    • Home
    • About us
    • Disclaimer
    • Our Advert Rates
    • Privacy Policy
    • Terms of Use

    Type above and press Enter to search. Press Esc to cancel.

    Join Us On WhatsApp