Nigeria news : EFCC: Petroleum Equalization Fund GM loses plaza, houses in Abuja The Economic and Financial Crimes Commission, EFCC, on Thursday, secured the final forfeiture of properties belonging to one Goddy Nnadi, general manager, Corporate Service, Petroleum Equalization Fund, (PEF) and Galbani Nigeria Limited, before Justice Folashade Giwa of the Federal High Court, Abuja.
Nnadi is being prosecuted by the EFCC for offences bordering on conspiracy, bribery and money laundering.
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.
Counsel to the EFCC, E.E. Iheanacho, who filed the motion on notice for the final forfeiture, urged the judge to order that the properties be forfeited to the federal government.
They 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, the EFCC counsel argued that “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 the Leadership newspaper.
Delivering his judgment, Justice 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.