Court upholds Atewe asset forfeiture
Analysis based on 12 articles · First reported Jul 22, 2026 · Last updated Aug 04, 2026
The ruling reinforces the EFCC's ability to pursue asset forfeiture independently of criminal proceedings, which may increase regulatory risk for individuals and entities involved in public contracts. The decision is unlikely to have a broad market impact but may affect sentiment in sectors dealing with government contracts.
The Nigeria — Nigerian Courts of Appeal affirmed the final forfeiture of over N293.97 million, multiple properties, and investment assets linked to retired Major General Emmanuel Jebe Atewe to the Nigeria. The assets were forfeited following an investigation by the Nigeria — Economic and Financial Crimes Commission into the alleged diversion of over N8.5 billion from the Nigeria — Nigerian Maritime Administration and Safety Agency through the Joint Task Force, Operation Pulo Shield. The court dismissed Atewe's appeal, holding that Section 123 of the Armed Forces Act did not apply as he was retired, and that civil forfeiture could proceed alongside criminal charges.
Set up alerts, explore entity relationships, search across thousands of events, and build custom intelligence feeds.
Open Dashboard