NNAMANI LOSES MULTI-BILLION NAIRA ASSETS TO FG OVER CORRUPTION

The Federal High Court in Lagos, Tuesday ordered the forfeiture of multi-billion naira properties allegedly belonging to a former Enugu State Governor Dr. Chimaroke Nnamani.
The assets include undeveloped landed 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 N4.6 million; as well as monies in its bank accounts.
Besides, 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) are also to be forfeited to the government.

EFCC said it is awaiting details of balances in Rainbownet's 10 accounts with Access Bank.
At the resumed proceedings on Tuesday, Kelvin Uzozie, EFCC counsel, while  reviewing the facts of the case, tendered various exhibits, including the schedule of the companies' assets, which the court accordingly admitted in evidence against the accused companies.
He prayed the court to "in view of their guilty plea and all the exhibits tendered before the court, convict the companies in line with Section 20(b) of the EFCC Establishment Act, 2004 and to make an order forfeiting their properties."
The trial judge, Yunusa, accordingly convicted the companies.
Justice Yunusa held: "It is hereby ordered that the properties listed in the schedule be forfeited to the Federal Government."
He adjourned till November 12 for the trial of the remaining accused persons.
The former senator 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.