Nigeria, Aug. 26 -- The Federal High Court in Lagos has ordered the final forfeiture of about 246 million shares in blue-chip companies traced to Umar Mohammed, a former Group Managing Director of Nigerian Army Properties Limited (NAPL), and businessman Kayode Oladipupo Filani.

Delivering the ruling on Tuesday, the judge, Dehinde Dipeolu, granted the application filed by the Economic and Financial Crimes Commission (EFCC), which alleged that the 245,568,137 shares were purchased with proceeds of unlawful activities during Mr Mohammed's tenure as head of the NAPL, the Nigerian Army's entity that oversees its real estate investments.

EFCC's lawyer, Hanatu Kofanaisa, told the court that a Special Court Martial had already convicted Mr Moha...