A Federal High Court sitting in Abuja has issued an interim order for the forfeiture of N30.7 million, which is suspected to be the proceeds of fraudulent activities connected to officials of the Nigerian National Petroleum Company Limited (NNPCL).
Court Grants EFCC's Ex Parte Application
Justice Emeka Nwite of the Federal High Court in Abuja granted the order on Monday, January 5, 2026. The ruling came after the Economic and Financial Crimes Commission (EFCC) filed an ex parte application seeking the non-conviction-based forfeiture of the funds.
The judge directed that the money be provisionally surrendered to the Federal Government. He also ordered the anti-graft agency to publish the forfeiture order in a national newspaper. Furthermore, the court gave any individual or entity claiming ownership of the funds 14 days to appear before it and show cause why the money should not be permanently forfeited to the state.
Justice Nwite subsequently scheduled January 22, 2026, as the date to review compliance with the interim order.
EFCC Details the Trail of Suspected Fraudulent Funds
According to court documents, the EFCC's application, marked FHC/ABJ/CS/2775/2025, was filed on December 23, 2025, and formally presented on January 2, 2026. The commission's counsel, Emenike Mgbemele, informed the court that the application was brought under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.
EFCC investigator Bilkisu Abubakar, in an affidavit, stated that the probe began following petitions alleging fraudulent practices by top NNPCL officials. The investigation involved intelligence gathering, bank verification, and analysis of financial documents.
The commission revealed that the N30.7 million was paid into its recovery account at United Bank for Africa (UBA) via four managers' cheques. Three cheques were for N10 million each, and one was for N700,000, all issued under the description "M/C Draft Outstanding Account."
Bureau de Change Operator Central to Financial Trail
The EFCC's investigation identified a bureau de change operator, Adamu Yakubu, as a key figure in the financial dealings. Yakubu voluntarily appeared before the commission on September 2, 2025, and provided a written statement and transaction records.
A review of these records indicated that over N4 billion had been channelled to various individuals and corporate entities. The funds were allegedly moved based on directives from Ibrahim Sani, an employee of the Federal Inland Revenue Service (FIRS).
Sani reportedly admitted to using Yakubu as an intermediary to transfer funds. The process involved Sani lodging foreign currency with the BDC operator, who would then credit the naira equivalent into bank accounts supplied by Sani. The EFCC stated that Yakubu did not verify the source of these funds.
Both Yakubu and Sani have disclaimed ownership of the specific N30.7 million now under forfeiture. It was from Yakubu's possession that the four managers' cheques in favour of the EFCC were issued.
The interim forfeiture is part of a broader crackdown on corruption within the oil and gas sector. This development follows recent reports of the EFCC questioning a former Group Chief Executive Officer of the NNPCL, Mele Kyari, over an ongoing probe into a $7.2 billion refineries' turnaround maintenance project. A court had previously ordered a temporary freeze on four bank accounts linked to Kyari over fraud allegations.
