The Federal High Court in Lagos has officially ordered the permanent forfeiture of a substantial collection of assets, high-end vehicles, and millions in cash tied to a sophisticated fraud operation that siphoned over ₦2 billion from Union Bank customers.
The ruling, delivered by Justice Daniel Osaigor on Friday, followed a detailed investigation by the Economic and Financial Crimes Commission (EFCC) into the manipulation of dormant and restricted accounts at the bank.
The EFCC, represented by counsel Hanatu Kofar-Naisa, secured the final forfeiture on the basis of a non-conviction application, invoking Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006 and Section 44(2)(b) of the 1999 Constitution (as amended).
The EFCC argued that the suit was not targeting individuals but rather the illicitly acquired assets, and emphasized that failure to confiscate the properties would amount to validating fraud.
Among the assets now forfeited to the Federal Government are a three-bedroom bungalow on Macedonia Street in Queens Estate, Karsana Gwarimpa, Abuja, and another property at No. 8 Grace Crescent, Efab Queens Estate, also in Gwarimpa.
The forfeited fleet of vehicles includes a Mercedes Benz C300, multiple BMW and Range Rover SUVs, and three Toyota Hilux pickups. Additionally, the court forfeited ₦326.4 million and $480,000 in cash, discovered during the course of the EFCC’s investigation.
According to an affidavit submitted by EFCC investigator Sulaiman Aminu Muhammad, the fraudulent scheme came to light after Union Bank submitted a formal petition to the EFCC on October 24, 2022.
The petition described how internal systems were exploited to make unauthorized debits from dormant or “no-debit” customer accounts. A follow-up report in July 2023 indicated that the total missing funds had risen to ₦2.007 billion, prompting a more extensive forensic probe.
The investigation uncovered that a total of 575 customer accounts had been affected. Despite having been flagged and placed under restriction, the accounts were illicitly debited using irregular banking processes.
The misappropriated funds were funneled into two primary companies—Actus Homes Limited and Fav Oil and Gas Limited — both of which had no contractual or commercial engagement with Union Bank customers.
Actus Homes Limited was found to have received ₦681.2 million from 126 accounts, while Fav Oil and Gas Limited took in ₦1.388 billion from 429 separate accounts.
Neither company had applied for loans or conducted any verifiable business transactions that would justify such substantial inflows. The EFCC revealed that the laundered funds were then used to acquire properties and luxury vehicles.
A breakdown of traced funds showed ₦887.4 million had been moved into several bank accounts. Investigators also found a large quantity of cash hidden inside a black Escalade SUV, which has now been forfeited. Meanwhile, Union Bank was able to retain ₦519.1 million in customer accounts that had not been touched by the perpetrators.
In line with the legal requirements of a non-conviction-based forfeiture, Justice Osaigor had issued an interim forfeiture order on May 16, 2025. This was followed by a public notice published on June 5, 2025, calling on interested parties to show cause within 14 days why the assets should not be permanently confiscated. No one came forward to contest the forfeiture.
Having fulfilled all procedural requirements and presented sufficient evidence linking the assets to proceeds of unlawful activity, the court granted the EFCC’s final forfeiture application.
While the civil forfeiture proceedings are now concluded, the EFCC confirmed that the criminal prosecution of the individuals suspected to be behind the fraud is still ongoing in a separate legal process.
What you should know
The EFCC has successfully secured the final forfeiture of over ₦2 billion worth of properties, luxury vehicles, and cash linked to a major fraud scheme involving the unlawful withdrawal from 575 Union Bank customer accounts.
The fraud was executed using restricted accounts, with funds funneled into two front companies. While the assets have now been permanently forfeited, criminal charges against the suspects are still pending in court.
