The Federal High Court in Lagos on Monday ordered the temporary forfeiture of a total of N827.6m recovered from one Matthew Edevbie by the Economic and Financial Crimes Commission (EFCC).
The anti-graft agency told the court that it was investigating an intelligence report against Edevbie, said to be the owner of Flank Power Resources.
It said the funds were suspected to have been diverted from the coffers of the Federal Government.
Counsel for the EFCC, Rotimi Oyedepo, told Justice C. J. Aneke that the application was urgent, adding that delay could lead to the funds being dissipated.
The judge granted the forfeiture request and told the anti-graft agency to publish same in a national newspaper.
He adjourned till June 29 for anyone interested in the funds to appear in court and convince him why the money should not be permanently forfeited to the Federal Government.