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Thursday, 19 December 2019

Court orders final forfeiture of six properties linked to Petroleum Equalisation Fund’s GM

Court orders final forfeiture of six properties linked to Petroleum Equalisation Fund’s GM

The federal high court in Abuja has ordered the final forfeiture of six properties owned by Goddy Nnadi, the general manager (corporate services) at the Petroleum Equalisation Fund (Management) Board.

In a statement released on Thursday by Wilson Uwujaren, its head of media and publicity, the Economic and Final Crimes Commission (EFCC) said the judgement was delivered by Folashade Giwa.

Nnadi was prosecuted by the EFCC for offences bordering on conspiracy, bribery and money laundering.

TheCable had previously reported that Nnadi is running a private business against civil service rules and regulations.

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He was subsequently arrested by the special presidential investigation panel for the recovery of public property (SPIP) on allegations of corrupt enrichment, living beyond his legitimate earnings and abuse of office

“He is alleged to have some time in 2006, used the names of some proxies to incorporate Galbani Nigeria Limited with the Corporate Affairs Commission, CAC, after which he opened the company’s bank accounts with Zenith Bank Plc and Ecobank Plc,” the statement released by the EFCC read.

The properties to be forfeited include a two-storey plaza, located on Plot C46, 5221 Road, Block xxiic Gwarimpa II, Estate Abuja and four detached bungalows, located on Plot NO 77, 525 Road, A Close, Kubwa Estate, Phase iv, Abuja.

In the application, E.E. Iheanacho, counsel to the EFCC, said: “No cause has been shown as to why the properties under interim forfeiture should not be finally forfeited to the federal government of Nigeria,” and moreover, they are “reasonably suspected to be proceeds of unlawful activities”.

Iheanacho, further posited that the EFCC has complied with the order of the court to publish the interim forfeiture order in a national daily by doing so in Leadership newspaper.

Delivering his judgement, Giwa granted the prayers contained in the EFCC’s application, dated December 2, 2019, having been convinced that the properties were acquired with proceeds of crime.

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