Court Orders Interim Forfeiture Of 5.3bn Naira Linked To Firm In Kwara

Date: 2021-09-02

A Federal High Court in Lagos has ordered the interim forfeiture of the sum of #5,318,517,789 warehoused in a new generation bank.

Justice Tijjani Ringim made the order on Wednesday following an ex parte motion filed and argued by counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo.

Oyedepo linked the sum to a firm, Kaiser Strategic Services Ltd, located at 9, Orioko Ilorin Kwara State.

He added that it was reasonably suspected to be proceeds of unlawful activity as the firm has no known business endeavor.

He told the court that the money was deposited in three bank accounts in tranches of #1,407,182,797.00, #2,275,525,493.17 and #1,635,809,499.31.

The lawyer asked the judge to forfeit the sum to the Federal Government for 14 days in the interim and subsequently, permanently.

To this end, he applied for an order of court "directing the publication in any national newspaper the interim order...to enable any interested party in the sum sought to be forfeited to appear before the court to show cause within 14 days why the final order of forfeiture of the funds should not be made in favour of the Federal Government of Nigeria".

Oyedepo backed his application with a four-page affidavit sworn to by an EFCC investigator, Adamu Usman Yusuf.

Justice Ringim in a bench ruling granted the application.

He then adjourned till September 29, for a report of compliance.

According to the affidavit, Kaiser Strategic Services Ltd was incorporated on November 18, 2010, with a registered address at No. 9. Orioko Ilorin, Kwara State.

Yusuf said: "That there is no business endeavour in the said address. That the Company is not carrying out any legitimate business but rather was primarily procured to retain proceeds of unlawful activities.

"Upon incorporation of the Kaiser Strategic Services Ltd, a corporate account was opened. The account started witnessing huge cash deposits which are not proceeds of a legitimate business but rather represent funds reasonably suspected to be proceeds of unlawful activities.

"We invited the Managing Director of Kaiser Strategic Services Ltd vide a letter dated 3rd August 2021 which letter was acknowledged by one A. Muhamed.

"Till date, we have not received any objection or opposition from Kaiser Strategic Services Ltd to the Commission's decision proceeding against the funds sought to be forfeited to the Federal Government of Nigeria, same having been reasonably suspected to be proceeds of unla wewful activities."

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Lawal Arinola Kudirat     Owo Isowo     Musibau Akanji     Funmilayo Zubair     Alapansapa     Quareeb Islamic Association     Abubakar Abdullahi Bata     Ganiyu Taofiq     Omotoso     Tanke     Abdulkareem Alabi     Bond     Raymond Olaitan     Oke-Ero     Ibrahim Oniye     Mary Arinde     Afolabi-Oshatimehin     Allocation     Opolo Global Innovation Limited     Bilikisu Gambari     Abdulrahman Onikijipa     SSA Youth     Lai Gobir     Mukhtar Shagaya     Fatimah Abdulkadir     Ayobami Seriki     Sebastine Obasi     Kubra Kazum     Emir Of Kano     Iyiola Oyedepo     Habeeb Saidu     Ajibola Ademola Julius     Alabi Lawal     Trader Moni     Abdulazeez Uthman     Baruba     Computer Based Test     Islamic Development Bank     Olateju Lukman     Oloriegbe     Arandun     Kawu     Adam Abdullahi Al-Ilory     UNIFEMGA     Old Oyo     CLAY POT     Trade Lenda SME Fair     Facemasks     Kisra     TESCOM 2025     SAPZ Project     Raimi Iyanda     Osinbajo     Onikijipa     Government High School Adeta     Hassan Abdulazeez Elewu     Medinat Folorunsho Salman     Saliu Alamoyo     Kwara Hotel     Salmon Babatunde Salmon     Suleiman Yahya Alapansapa     Ilesha-Baruba     Kaosarah Adeyi     Kwara     Oasis Muslim Care Foundation     Ilorin Like-Minds     Yekeen Alabi     Folajimi Aleshinloye     Ministry Of Women Affairs And Social Development     Emir Of Ilorin     Tayo Awodiji     Erin-ile     Baaziki Sulaiman     Abdullahi AbdulMajeed     Arik     Gwanara     Kolawole Akande    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Ilorin East     SSUCOEN     Council Of The Wise     NYSC     Amos Justus Sayo     Muhammed Abdullahi     Binta Sulyman     Plat Technologies Limited     Simon Sayomi     Ayedun     Kpotum Mohammed Baba     Coronavirus     Oniwasi Agbaye     Kale Bayero     Sunday Otokiti     Omar Gambari     Elerin Of Adanla Irese     Aliyu Salihu     Colleges Of Education Academic Staff Union     Ishaq Salman     Oloye     Bamidele Adegoke Oladimeji     Tinubu Legacy Forum     Dar-Al-Handasah Consultants Ltd     Turaki     Igbomina     Abubakar Abdullahi Bata     Mustapha Olanipekun     Solomon Edojah     John Olajide Adedipe     March 18     Chief Imam Of Ilorin     Elewu     Ayobami Seriki     Saliu Alamoyo     Oja-Oba     Muslim Cementary     Muhammed Taofeeq Abdulrazaq     Sobi     Mutawali     Ajike People Support Centre     Balogun Fulani     Sidikat Uthman Ajibola     Alliance For Democracy     Playing Host     Kazeem Gbolagade     Ahmed Bolaji Nagode     Funmilayo Zubair     Moshood Mustapha     Yahaya Muhammad     Ajayi Okasanmi     Abdulganiyu Salahudeen     Kwara State Fire Service     Abdulrazaq Adebayo     Oya State     Biliaminu Aliu     Suleiman Rotimi Iliasu     Quareeb     Col. Taiwo     Umar Bayo Abdulwahab     Akanbi-Oke     Dar-Al-Handasah Consultants     Doyin Awoyale     Nnazua     Alfa Modibbo Belgore     Tope Daramola     Galadima     IYA YUSUF     Baba Issa Awoye     Olaiya Lawal     Unilorin FM     Adegoke Bamidele     Matthew Okedare     Congress For National Consensus     Alfa Yahaya Road     Royal FM     Mohammed Katsina Ahmed