Court orders interim forfeiture of Maiduguri property in alleged N345m investment scam
The Borno State High Court has ordered the interim forfeiture of a property linked to an alleged investment scam involving N345 million. The Economic and Financial Crimes Commission (EFCC) claims the property was acquired with proceeds from the scam orchestrated by Udda Ahmad. Another judge also granted a separate forfeiture order on assets belonging to a different suspect, Muhammad Abubakar.
- ▪The court order pertains to a four-bedroom bungalow in Maiduguri suspected to be linked to an investment scam.
- ▪Udda Ahmad allegedly misappropriated N345 million intended for a wheat offal supply deal.
- ▪A separate ruling also led to the interim forfeiture of assets belonging to Muhammad Abubakar, including a bank account and mobile phones.
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Add us on Google The Borno State High Court in Maiduguri has ordered the interim forfeiture of a four-bedroom bungalow linked to an alleged investment scam involving N345 million. According to a statement shared with PREMIUM TIMES on Friday by the Economic and Financial Crimes Commission (EFCC) spokesperson Dele Oyewale, the judge, Babagana Karumi, granted the order following an ex parte application filed by the commission. The property, located at Dikecheri Mashamari Ward in Jere Local Government Area of Borno State, sits on a 50ft by 100ft plot of land and is suspected by investigators to have been acquired with proceeds of crime.
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