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.

Alimi     Kwara     Umar Ayinla Saro     FERMA     Peter Amogbonjaye     Kale Bayero     Yoonus Kola Olatinwo     Bayer Nigeria Limited     Opobiyi     Hakeem Lawal     Odolaye Aremu     Abdulwahab Oba     Sola Saraki Educational Foundation     Najim Yaasin     Oba Abdulkadir La\'aro     Musa Yeketi     Quranic Recitation Competition     Offa Grammer School     Hajj     Okin Biscuits     Budo Egba     Countryside Emerging Leaders Fellowship     Ayo Opadokun     University Road     Baba Isale     Ahmad Lawan     IHS Towers     Aliyu Muhammed     Olokoba     Suleiman Yahya Alapansapa     Rasaq Jimoh     Gbadeyan Gbadura Yomi     IYA YUSUF     Shao     Abdulraheem Yusuf     Zulkifli Ibraheem     Abdulwahab Olarewaju Issa     Hassan Oyeleke     Pius Abioje     Olaosebikan     Kumbi Titilope     Women For Change And Development Initiative     Tinubu     Madawaki     Mukhtar Shagaya     Lateef Ademola Olatunji     Hassan Taiye Salam     Kwara State Television     Magaji Nda     AbdulRazaq Jiddah     Saudat Abdulbaqi     Markaz Arabic And Islamic Training Institute, Agege     Yemi Osinbajo     NaAllah     Aremu Odolaye     Medinat Folorunsho Salman     Aishat Sulu-Gambari     Kwara North     ER-KANG Mining     Mohammed Alabi Lawal     Kwara State Internal Revenue Service     Trade Lenda SME Fair     Yusuf Mubarak     Jumoke Monsura Gafar     Mohammed Khadijat Kubura     March 18     Oba Sulaiman Asude     Mohammed Katsina Ahmed     Taofeek Ibraheem     Alloy Chukwuemeka     College Of Health     AbdulRaheem Ahmad Shayi     Habeeb Saidu     KwaraLearn     Fareedah Dankaka     PPS     Bello Oyedepo    

Cloud Tag: What's trending

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

Mohammed Yahaya Barki     International Vocational Centre     Majlis For Sadakah, Zakat And Waqf     Universal Basic Education Commission     Rabiu Kwankwaso     Volunteers Of Ilorin Community And The Emirate     Ohoro Of Shao     Charcoal     Baboko     Yakubu Dogara     Women For Change And Development Initiative     NSCIA     Rotimi Oyedepo     COVID     Ajia-Bako     Alimi Abdulrazaq     AbdulGaniyu Kareem     2023 Elections     Aisha Buhari     Garment Factory     Mutawali     United Nigeria Congress Party     Shero     Bank Of Industry     Surajudeen Akanbi     Abubakar Olusola Saraki     Ganiyu Taofiq     Patience Jonathan     Saliu Alamoyo     Olokoba Sulyman     Temi Kolawole     Afonja     Admiralty Villa     School Of Nursing     Lucky Omoluwa     Razaq Ayobami Akanbi     Rachael Obisesan     Opaleke Bukola Iyabo     Zaratu Umar     Special Agro-Industrial Hub     Logun     Lawyers Unite Against Corruption     Tunji Ajanaku     Millennium Development Goals     Bayo Lawal     Ile Arugbo     Kwara State Governor     Kuliyan Geri     Dankaka     SDP     Samuel Olusegun Adedayo     Omar Bolaji Gambari     Jimoh Olusola Imam     Ubandawaki     Photo News     GGDSS Pakata     Eghe Igbinehi     Aminat Omodara     Folorunsho Erubu     Ojo Isekuse     Segun Adeniyi     Mope Dasuki Belgore     Madawaki     Elese Of Igbaja     Adesoye     Akume     Bayo Mohammed Onimode     Bolakale Saka     AbdulRazaq Abubakar Jiddah     Jamila Bio Ibrahim     Adewuyi Funmilayo     Sodiya     SSA Youth     Abdullah Janet Amudat     Kayode Ibrahim     Odo-Owa     Salmon Babatunde Salmon