Close Menu
    Facebook X (Twitter) Instagram
    Trending
    • Marked By Culture, Judged By Society: Nigerians With Tribal Marks Speak Out On Stigma, Pride, Pain
    • NDLEA, FG To Begin Mandatory Drug Tests For 800,000 New Undergraduates From September
    • ‘Use Your Influence To Foster Unity, Not Division’, Tinubu Tells New Media Influencers
    • ‘I Don’t Belong There’, Kemi Badenoch Renounces Nigerian Identity, Says Britain Is Her Home
    • Akwa Ibom Police Reject ₦800,000 Bribe, Arrest Robbery Suspect, Accomplice
    • Super Falcons Deserve Every Kobo: Stop The Unnecessary Debate – By Jonathan Nda-Isaiah
    • Two Years Of Tinubu: Kaduna Dialogue Signals A New Era For Northern Nigeria – By Dr. Musa Abdullahi Sufi
    • Adamawa Governor Gifts Super Falcons’ Coach ₦50m, House For WAFCON Victory
    Facebook X (Twitter) Instagram
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    • HOME
    • NEWS

      Marked By Culture, Judged By Society: Nigerians With Tribal Marks Speak Out On Stigma, Pride, Pain

      August 2, 2025

      NDLEA, FG To Begin Mandatory Drug Tests For 800,000 New Undergraduates From September

      August 2, 2025

      ‘Use Your Influence To Foster Unity, Not Division’, Tinubu Tells New Media Influencers

      August 1, 2025

      ‘I Don’t Belong There’, Kemi Badenoch Renounces Nigerian Identity, Says Britain Is Her Home

      August 1, 2025

      Akwa Ibom Police Reject ₦800,000 Bribe, Arrest Robbery Suspect, Accomplice

      August 1, 2025
    • COLUMN

      Super Falcons Deserve Every Kobo: Stop The Unnecessary Debate – By Jonathan Nda-Isaiah

      August 1, 2025

      Balkanisation, Push-Back: Can ADC Weather The Storm? – By Zainab Suleiman Okino

      July 31, 2025

      Buhari: May Our Subsequent Leaders Die At Home (2) – By Dr Hassan Gimba

      July 28, 2025

      New Wave Of Malnutrition And The Road To 2027 – By Dr Dakuku Peterside

      July 28, 2025

      Dignifying The Nigeria Police – By Kazeem Akintunde

      July 28, 2025
    • EDUCATION

      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

      FULL LIST: Tinubu Appoints Former SGF Yayale, Ex-Governor Yuguda, Muhammad Abacha, Jega In Universities’ Governing Councils

      May 18, 2024
    • INTERNATIONAL

      ‘A Death Journey’: Palestinians Describe Aid Site Turmoil In Gaza

      August 1, 2025

      Trump Deploys Nuclear Submarines In Row With Russia’s Putin

      August 1, 2025

      Palestinian Newborns Starving In Gaza As Infant Formula Runs Out

      August 1, 2025

      Microsoft Accuses Russia’s FSB Of Using Malware Against Foreign Embassies

      August 1, 2025

      Israel Starves More Palestinians To Death In Gaza As Attacks Continue

      July 31, 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

      Adamawa Governor Gifts Super Falcons’ Coach ₦50m, House For WAFCON Victory

      August 1, 2025

      Man United Plot Blockbuster Swoop For PSG’s Goalkeeper, Donnarumma

      August 1, 2025

      Super Eagles Forward, Osimhen Completes Transfer To Galatasaray In Record €75m Deal

      August 1, 2025

      AfroBasket 2025: Nigeria’s D’Tigress To Play Cameroon In Quarter-Final

      August 1, 2025

      Nigeria’s D’Tigress Await Angola, Cameroon As 2025 Afrobasket Enters Quarterfinals

      July 31, 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).

    UBA

    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.

    WIDGET ADS

    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.

    Thomas Sankara African Leadership Prize

    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

    Marked By Culture, Judged By Society: Nigerians With Tribal Marks Speak Out On Stigma, Pride, Pain

    August 2, 2025

    NDLEA, FG To Begin Mandatory Drug Tests For 800,000 New Undergraduates From September

    August 2, 2025

    ‘Use Your Influence To Foster Unity, Not Division’, Tinubu Tells New Media Influencers

    August 1, 2025

    ‘I Don’t Belong There’, Kemi Badenoch Renounces Nigerian Identity, Says Britain Is Her Home

    August 1, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Latest Posts

    Marked By Culture, Judged By Society: Nigerians With Tribal Marks Speak Out On Stigma, Pride, Pain

    August 2, 2025

    NDLEA, FG To Begin Mandatory Drug Tests For 800,000 New Undergraduates From September

    August 2, 2025

    ‘Use Your Influence To Foster Unity, Not Division’, Tinubu Tells New Media Influencers

    August 1, 2025

    ‘I Don’t Belong There’, Kemi Badenoch Renounces Nigerian Identity, Says Britain Is Her Home

    August 1, 2025

    Akwa Ibom Police Reject ₦800,000 Bribe, Arrest Robbery Suspect, Accomplice

    August 1, 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