Home » Nigerian businessman Arthur Eze recovers stolen assets worth millions of dollars

Nigerian businessman Arthur Eze recovers stolen assets worth millions of dollars

Court upholds final forfeiture order in landmark case

by Timilehin Adejumobi
Arthur Eze

Key Points:

  • Arthur Eze, CEO of Atlas Oranto Petroleum, recovered millions in assets post court ruling on alleged theft.
  • The EFCC upheld the forfeiture of 20 properties, 10 vehicles, and luxury watches to Eze, dismissing appeals by his brothers.
  • Eze, prominent in oil and gas, expands African operations with recent Uganda license extension, affirming regional influence.

Nigerian businessman Arthur Eze, founder and CEO of Atlas Oranto Petroleum, a leading Nigerian oil exploration and production company, has recovered assets worth millions of dollars following a court ruling.

The Economic and Financial Crimes Commission (EFCC), a law enforcement agency established to combat financial crimes confirmed that the Court of Appeal in Nigeria’s capital city, Abuja, upheld a decision to forfeit 20 properties, 10 vehicles, and three luxury watches to Eze. His brothers, Olisaebuka Eze and Onyeka Nnadozie Eze, were accused of stealing the assets.

EFCC spokesperson Dele Oyewale said the final forfeiture order was issued on June 7. A three-judge panel dismissed appeals filed by Olisaebuka and Onyeka Eze, who claimed the assets were legitimately acquired. Ibrahim Buba represented the EFCC in the case.

Eze recovers assets in alleged theft case

The properties, all located in Abuja, were allegedly purchased with funds stolen from Eze’s business ventures. Court documents detailed specific plots of land and addresses, including 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 everyday models, such as Toyota Camrys and a Honda Accord, alongside a Mercedes-Benz GLE and a Kia SUV. Three luxury watches, including a gold Piaget with a unique serial number, were also seized.

Arthur Eze expands reach

Arthur Eze, a Nigerian oil and gas magnate, established Atlas Oranto Petroleum in 1991. The company is the largest privately held explorer and producer in Nigeria’s oil sector, with a growing African footprint. It holds licenses in 22 countries.

Eze’s business ventures extend beyond oil. He capitalized on Nigeria’s 1992 airline deregulation by founding Triax Airlines. In December 2023, Uganda extended his exploration license for two years, allowing for further drilling.

His recent legal victory not only restores assets wrongfully taken from Arthur Eze but also marks the culmination of a legal battle he initiated due to suspected financial misconduct. His brothers contested the initial high court ruling but were ultimately unsuccessful in their appeals.

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