Shehu Yar’adua Foundation, 29 Other Firms to Lose Properties worth N4.8bn to FG

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has moved to seize plots of land and buildings which cumulative value has been put at N4.8 billion from 30 companies operating in Nigeria.

The property to be seized includes 22.9 hectares of undeveloped land, one plaza, and a block of six two-bedroom flats located in Wuse, Zone One, Abuja belonging to Shehu Musa Yar’adua Foundation, Vibrant Issuance Brokers, Millard Fuller Foundation, Maibuhu Farm and Construction Limited, Gabcon Enterprises Limited and a host of others. In the course of investigation, the alleged owners of the properties disclaimed ownership.

The move to seize the properties spread around Abuja, followed a petition to ICPC by the Federal Inland Revenue Service (FIRS), accusing the companies of defaulting in tax payment to the tune of N288.2 million.

Section 37 of the Corrupt Practices and Other Related Offences Act 2000 empowers ICPC to seize assets alleged to be subject of an offence under the law while Section 48 authorises it to apply to a High Court for an order of forfeiture within 12 months of the date of seizure.