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NEWS

Asset Forfeiture: Madueke Knows Fate October 23

June 22, 2023 • 2 min read

The fate of Diezani Alison-Madueke, former minister of petroleum resources, regarding the final forfeiture of her seized assets will be determined on October 23, according to a Federal High Court, Abuja.

In 2022, the Economic and Financial Crimes Commission (EFCC) obtained a court order for the permanent confiscation of two houses owned by Alison-Madueke, valued at $2,674,418 and N380 million.

The court also ordered the forfeiture of two luxury cars, a black BMW saloon car and a black Jaguar saloon car, worth N36 million.

On Wednesday, the presiding judge, Inyang Ekwo, scheduled the hearing for Alison-Madueke’s lawsuit challenging the forfeiture to take place on October 23.

Both Alison-Madueke’s lawyer, Benson Igbanoi, and M. D. Baraya, counsel to the EFCC, had finalized their legal processes in the case.

Alison-Madueke’s lawsuit seeks an order to extend the time frame for setting aside the EFCC’s public notice which authorized the public sale of her properties.

The suspended Chairman of the EFCC, Abdulrasheed Bawa, previously announced the recovery of $153 million and over 80 properties from the former minister.

In 2019, a Federal High Court ordered permanent forfeiture of $40 million worth of jewelry seized from Alison-Madueke’s residence.

An Abuja Federal High Court had also threatened to dismiss fraud charges against Alison-Madueke due to her continued absence.

Alison-Madueke was also under investigation in the UK for alleged financial misconduct.