A Federal High Court, Lagos, yesterday ordered the forfeiture of multi-billion naira assets belonging to four companies charged alongside former Enugu State governor, Dr. Chimaroke Nnamani.
Among the forfeited assets are undeveloped properties and transmission equipment of Rainbownet Nigeria Limited; properties of Hill Gate Investment Limited/Cuena Phones Limited; assets of Cosmo 105.5FM, and 22 duplex buildings at Ebeano Estate (now Fidelity Estate).
Others are Rainbownet shares in Zenith Bank and Guarantee Trust Bank, with a combined account balance of N4.6million; as well as monies in its bank accounts, and the balances in different accounts with GTBank (total of N313,700); Sterling Bank (N986,958); EcoBank (N24.5million); First City Monument Bank (N3.8million) and Zenith Bank (N761,156).
The Economic and Financial Crimes Commission, EFCC, which arraigned the firms and Nnamani in court, said it was awaiting details of balances in Rainbownet’s 10 accounts with Access Bank.
The former governor was charged along with his former aide, Sunday Anyaogu, and six firms – Rainbownet, Hillgate Nigeria, Cosmos FM, Capital City Automobile Nig Ltd, Renaissance University Teaching Hospital and Mea Mater Elizabeth High School.
Justice Mohammed Yunusa had earlier ordered separate trial of Nnamani from his co-accused as he was abroad receiving treatment, following an application for such by the anti-graft agency.
The EFCC had re-arraigned them on a 105-count charge of money laundering and economic crimes involving about N4.5billion state funds.
Part of the alleged laundered money was from the Excess Crude Oil Funds meant for some local government areas, including Aninri, Enugu South, Agwu, Igbo Etiti and Isi Uzor, which was allegedly transferred to Nnamani’s bank account in the United States.
The crime was allegedly committed while Nnamani was governor between 1999 and 2007. The defendants pleaded not guilty to the offences.
However, after the trial was split, four of the companies namely: Rainbownet, Cosmos FM, Capital City Automobile and Renaissance University Teaching Hospital, through their lawyer, Mr. Ricky Tarfa, SAN, had on May 19, pleaded guilty to a 10-count amended charge through their counsel.
The companies were alleged to have failed to comply with lawful inquiry made by the EFCC.
On June 11, Justice Yunusa adjourned to July 7 after EFCC’s lawyer Kelvin Uzozie told the court that he was still working to get a list of all the companies’ assets.
Yesterday, he prayed the court to convict the companies in view of their plea.
He also urged the court to make an order of the assets’ forfeiture, and for the commission to be involved in their management.
Justice Yunusa held: “It is hereby ordered that the properties listed in the schedule be forfeited to the Federal Government.”
The judge adjourned the matter till November 12, 2015 for the trial of the rest accused persons.

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