Arthur Eze, the founder and CEO of Atlas Oranto Petroleum, a renowned Nigerian oil exploration and production company, has regained millions of dollars in assets as a result of a court verdict.
The Economic and Financial Crimes Commission (EFCC), a law enforcement body tasked with combating financial crimes, confirmed that the Court of Appeal in Nigeria’s capital, Abuja, affirmed a decision to forfeit 20 houses, 10 automobiles, and three luxury watches to Eze. His brothers, Olisaebuka Eze and Onyeka Nnadozie Eze, were accused of embezzling the funds.
EFCC spokeswoman Dele Oyewale stated that the final forfeiture order was issued on June 7. A three-judge court denied appeals submitted by Olisaebuka and Onyeka Eze, who argued the assets were legally acquired. Ibrahim Buba represented the EFCC in this matter.
The properties, all in Abuja, were allegedly purchased using monies taken from Eze’s business ventures. Court documents identified specific plots of land and addresses, such as Plot No. XK1057 in Apo Layout and Plot No. 188 in Cadastral Zone E12 of Orozo.
The recovered vehicles include a mix of luxury and daily models, including Toyota Camrys and Honda Accords, as well as a Mercedes-Benz GLE and Kia SUV. Three premium watches, one a gold Piaget with a unique serial number, were also confiscated.
Arthur Eze, a Nigerian oil and gas mogul, founded Atlas Oranto Petroleum in 1991. The business is the largest privately held explorer and producer in Nigeria’s oil sector, with a rising African presence. It has licenses in 22 countries.
Eze’s commercial pursuits go beyond oil. He founded Triax Airlines to take advantage of Nigeria’s airline liberalization in 1992. Uganda renewed its exploration license for another two years in December 2023, enabling for additional drilling.
His latest judicial triumph not only restores assets that were illegally taken from Arthur Eze, but it also marks the end of a legal battle he started due to suspected financial malfeasance. His brothers challenged the initial high court decision but were ultimately unsuccessful in their appeals.
