Court seizes Nnamani’s multi-billion naira asset

Paul Dada

The Federal High Court in Lagos has ordered that the multi-billion naira assets allegedly belonging to a former Enugu State Governor Dr Chimaroke Nnamani be forfeited to government.

The forfeited assets include 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.

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 which is prosecuting Nnamani says  it is 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.

But presiding judge, Justice Mohammed Yunusa later split Nnamani’s trial from from that of his co-accused persons because the former Enugu helmsman was abroad receiving medical treatment.

He is alleged to be involved in money laundering and other economic crimes worth N4.5 billion of state funds.

Part of the allegedly laundered money was said to be 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.

But the governor and the other accused persons initially  pleaded not guilty.

But after the trial was split, four of the companies on May 19 pleaded guilty to a 10-count amended charge through their counsel.

The companies are Rainbownet, Cosmos FM, Capital City Automobile and Renaissance University Teaching Hospital.

They were alleged to have failed to comply with lawful inquiry made by the Commission.

On Tuesday, EFCC counsel, Kelvin Uzozie  prayed the court to convict the companies in view of their plea.
He urged the court to make an order of the assets’ forfeiture, and for the commission to be involved in their management.

Justice Yunusa  in his ruling stated: “It is hereby ordered that the properties listed in the schedule be forfeited to the Federal Government.”