Section 48: Forfeiture of property where there is no prosecution for an offence.

(1) Where in respect of any property seized under this Act there is no prosecution or conviction for an offence under this Act, the Chairman of the Commission may, before the expiration of twelve months from the date of the seizure, apply to a Judge of the High Court for an order of forfeiture of that property if he is satisfied that such property had been obtained as a result of or in connection with an offence under sections 8 to 19.
(2) The Judge to whom an application is made under subsection (1) shall direct to be published a notice in the Gazette and in at least two newspapers circulating in Nigeria, which shall be in English Language calling upon any person who claims to have an interest in the property to attend before that court on a date specified in the notice, to show cause why the property should not be forfeited to the Government.
(3) Where the Judge to whom an application is made under subsection (1) is satisfied-
(a) that the property is the subject-matter of or used in the commission of an offence under this Act; and
(b) there is no purchaser in good faith for valuable consideration of the property, he shall make an order for the forfeiture of the property.
(4) Any property in respect of which no application is made under subsection (1) shall, after the expiration of twelve months from the date of its seizure, be released to the Person from whom it was seized.