Alleged N345 Million Investment Scam: Court Orders Forfeiture of Luxury Property, Bank Account and High-End Phones Linked to Suspected Fraudsters in Borno

Alleged N345 Million Investment Scam: Court Orders Forfeiture of Luxury Property, Bank Account and High-End Phones Linked to Suspected Fraudsters in Borno

The Economic and Financial Crimes Commission (EFCC) has secured court orders for the interim forfeiture of several assets, including a luxury residential property, a bank account, and expensive mobile devices, in connection with separate investigations into alleged fraud and criminal misappropriation involving hundreds of millions of naira in Borno State.

The orders were granted by judges of the Borno State High Court sitting in Maiduguri following ex parte applications filed by the Maiduguri Zonal Directorate of the anti-graft agency.

In one of the cases, Justice Babagana Karumi ordered the temporary forfeiture of a four-bedroom flat situated on a 50ft by 100ft plot of land at Dikecheri Mashamari Ward in Jere Local Government Area of Borno State. The property is believed by investigators to have been acquired with proceeds allegedly linked to a N345 million investment scam.

The property is reportedly connected to one Udda Hamid Ahmad, popularly known as Imam Dawud, who is currently under investigation by the EFCC over allegations of fraudulent investment activities.

According to court documents presented by the commission, the suspect allegedly convinced businessman Alhaji Ahmadu Idris between 2022 and 2023 that he had access to wheat offal at highly discounted rates and could generate substantial returns on investment. Acting on the representation, Idris reportedly transferred a total of N345 million to finance the proposed transactions, with an understanding that both parties would share the profits.

However, EFCC investigators allege that rather than deploying the funds for the agreed business venture, the suspect diverted the money for personal use, prompting the petition that triggered the investigation.

While moving the application before the court, EFCC counsel Mukhtar Ali Ahmed argued that the property sought to be forfeited was reasonably suspected to have been acquired through unlawful means. He informed the court that the application was supported by an eight-paragraph affidavit deposed to by EFCC investigator Maina Muhammad, who detailed findings from the ongoing probe.

The anti-corruption agency further disclosed that the investigation commenced after receiving a petition signed by K.M. Haruna on behalf of the complainant, Alhaji Ahmadu Idris, alleging the misappropriation of funds entrusted to the suspect for the wheat offal investment scheme.

After reviewing the evidence presented, Justice Karumi granted the interim forfeiture order, paving the way for the preservation of the asset pending the conclusion of investigations and possible prosecution.

In a separate but related development, another judge of the Borno State High Court, Justice Jude K. Dagat, granted an ex parte application filed by the EFCC seeking the interim forfeiture of assets linked to another suspect under investigation for alleged fraud and dishonest conversion of funds.

The court ordered the temporary forfeiture of a Keystone Bank account bearing number 6044662000 in the name of Muhammad Abubakar. Also forfeited were a Tecno Camon 40 Pro smartphone and an iPhone 17 Pro Max allegedly connected to the suspect.

The application, argued by EFCC counsel Mukhtar Ali Ahmed, was supported by a twenty-paragraph affidavit and accompanying exhibits deposed to by EFCC operative Suleiman Bawa. The commission told the court that preliminary investigations revealed grounds to suspect that the assets may be connected to proceeds of unlawful activities.

Justice Dagat subsequently directed that the bank account, all funds contained therein, and the mobile devices be forfeited to the Federal Government pending the completion of investigations into allegations bordering on criminal misappropriation and cheating.

The EFCC noted that Muhammad Abubakar remains under active investigation as part of its efforts to uncover the full scope of the alleged financial misconduct.

The latest court orders underscore the commission's continued crackdown on financial crimes and its determination to trace, recover, and preserve assets suspected to be derived from fraudulent activities. The agency has repeatedly maintained that asset forfeiture remains a critical tool in its campaign against corruption, fraud, and economic crimes across the country.