A Federal High Court in Abuja has ordered the final forfeiture of 48 properties valued at about N212 billion and linked to former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, in a major victory for the Economic and Financial Crimes Commission (EFCC).
Justice Joyce Abdulmalik, who delivered the judgment on Tuesday, granted the EFCC’s application for the final forfeiture and dismissed objections filed by Malami, members of his family and several companies claiming ownership of the assets.
The judge ruled that the objections lacked merit, stressing that the central issue before the court was not the identity of the owners but the legitimacy of the funds used to acquire the properties.
“The issue before the court is not who owns the property, but how legitimate the funds used to acquire the properties are,” Justice Abdulmalik held.
The court’s ruling means that 48 of the 57 properties initially seized under an interim forfeiture order will now be permanently forfeited to the Federal Government.
The assets are spread across the Federal Capital Territory, Abuja, as well as Kebbi, Kano and Kaduna states. They include luxury hotels, high-end duplexes, residential estates, shopping plazas, warehouses, commercial shops and large expanses of land acquired over several years.
Among the properties listed are the Meethaq Hotels in Maitama and Jabi, Abuja; a luxury duplex in Maitama; a large commercial building formerly occupied by Harmonia Hotels in Garki; terraces in Asokoro; residential properties in Gwarimpa and Apo Legislative Quarters; shopping units in Wuse; and several commercial and residential developments in Birnin Kebbi, Kano and Kaduna.
Court documents indicated that some of the properties had appreciated significantly in value after acquisition. For instance, a luxury duplex in Maitama purchased for N500 million in 2022 was valued at about N5.95 billion after enhancement, while the Meethaq Hotel in Maitama, acquired for N430 million in 2018, is now valued at approximately N12.95 billion following rehabilitation.
The EFCC had argued that the assets were acquired with proceeds of unlawful activities and sought their permanent forfeiture to the Federal Government after obtaining an interim forfeiture order.
The ruling marks one of the largest asset forfeiture cases in Nigeria, with the affected properties collectively valued at about N212 billion. Nine of the 57 properties listed in the interim forfeiture proceedings were not included in the final forfeiture order.
