The Federal High Court in Abuja has granted an interim forfeiture order for eight properties in Kano valued at over N15 billion, linked to Khalil Adel Akar, nephew of industrialist Suhail Akar. The order, obtained on August 14, 2026, is a result of an investigation into the alleged theft of the Akar family's assets. Suhail Akar, an 89-year-old industrialist and Member of the Federal Republic (MFR), had his empire allegedly stolen by his nephew Khalil.
The Akar family's empire, built through hard work and trust in kinship, was a product of Suhail Akar's entrepreneurial spirit. He founded the now-defunct African Textile Manufacturers (ATM) and other associated corporate entities. However, his nephew Khalil Adel Akar allegedly executed an unauthorized fire sale of massive corporate assets valued at over $17 million (then N15 billion). This liquidation far exceeded the N4.38 billion bank debt exposure originally earmarked for settlement.
The Economic and Financial Crimes Commission (EFCC) has begun marking the properties linked to the Akar empire for reclamation. On September 3, EFCC operatives started the process of asset tracking, marking six critical properties with red paint. To date, eight properties have been officially marked with the bold, unmistakable insignia of federal custody. These properties include Plot 53, Fagge Takudu, Kano, and Plot 5, Dorowa Road, Kano.
The Lebanese community in Kano has welcomed the development, with many expressing relief and jubilation. Mohammed Idris, a former staff member of ATM and current clothes dealer in the Fagge textile market, noted that the EFCC's actions have restored faith in the Nigerian justice system and the security of investments. The community had initially watched the dismemberment of Suhail Akar's legacy with horror and helplessness.
Suhail Akar, who had given his youth and intellect to the service of Nigeria, had spent the last few years heartbroken after being swindled by his nephew. His daughters, Dalia and Layla, staunchly stood by him throughout the ordeal. Dalia recalled the emotional moment when the family realized the state had stepped in to protect their interests. "I called my parents on a group call with Layla," she said.
The Akar family's case has sparked a cultural turning point in Kano, with many seeing the EFCC's actions as a demonstration of the government's commitment to fighting corruption. The properties marked by the EFCC include the iconic ATM Quarters and the highly coveted Maitama Sule property. These assets were allegedly shielded from recovery by Khalil Adel Akar through desperate and litigious means.
Suhail Akar's tears of joy, shed upon learning of the court's decision, signify a sense of relief and vindication for the family. The court's order and the EFCC's actions have brought an end to the Akar family's prolonged struggle to reclaim their stolen empire. The case serves as a testament to the power of the justice system in protecting citizens' rights and fighting corruption.
Key points
- The Federal High Court has granted an interim forfeiture order for eight properties linked to Khalil Adel Akar.
- The EFCC has begun marking the properties linked to the Akar empire for reclamation.
- The Akar family's case has sparked a cultural turning point in Kano, demonstrating the government's commitment to fighting corruption.
