Bala and his son are to temporarily forfeit the properties as ordered by two high courts in Abuja.
In a recent report by Punch Newspaper, Bala and his son are to temporarily forfeit the properties as ordered by two high courts in Abuja.
Also to be forfeited by Bala and his son are anything found in the 10 properties, which may include luxury cars, jewelleries and other valuables.
The courts also barred the both defendants from selling anything found in the properties.
Justice Okon Abang of the Federal High Court, Abuja ordered an interim forfeiture of some of the properties traced to the ex-minister pending the conclusion of investigation and determination of criminal charges against the suspects.
“The court also gives the commission power to appoint competent persons/firm to manage the assets/properties listed,” Abang added.
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In the same vein, Justice Gabriel Kolawole of the Federal High Court, Abuja, ordered that the assets be “forfeited to the Federal Government pending the conclusion of investigation and determination of the criminal charges against the suspects.”
Justice Kolawole further stated that “the court also forbids any disposal, conveyance, mortgage, lease, sale or alienation or otherwise of the property/assets.”
On February 1, 2016, the EFCC had arraigned Shamusideen for alleged fraud to the tune of N1,105,719,005.
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The EFCC also slammed 15 charges on the ex-minister’s son and four other companies.
Meanwhile, Bala is also under investigation by the House of Representatives Committee on the FCT for an alleged scam in the controversial Centenary City project.
He may soon arraign the former minister before an FCT High Court.