Court orders interim forfeiture of Maiduguri property in alleged N345m investment scam

A Nigerian court has ordered the interim forfeiture of a four-bedroom bungalow in Maiduguri, believed to be connected to an alleged investment scam involving N345 million. The Borno State High Court granted the order following an ex parte application by the Economic and Financial Crimes Commission (EFCC).

The property, located in the Dikecheri Mashamari Ward of Jere Local Government Area, is suspected by investigators to be proceeds of crime. The EFCC alleges that one Udda Ahmad, also known as Imam Dawud, defrauded a businessman, Ahmadu Idris, of N345 million between 2022 and 2023. Idris had reportedly transferred the funds for a promised wheat offal supply deal with discounted rates and profit-sharing, but the money was allegedly diverted for personal use.

In a related development, the Federal High Court in Maiduguri also issued an interim forfeiture order and freezing directive on assets belonging to another suspect, Muhammad Abubakar. This order, stemming from allegations of criminal misappropriation and cheating, affects a Keystone Bank account and personal electronic devices, including a Tecno Camon 40 Pro and an iPhone 17 Pro Max. These interim forfeiture orders are temporary measures to preserve assets while investigations conclude and potential prosecutions proceed.