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.

Rebecca Olanrewaju     Ado Bayero     Ilorin General Hospital     Mary Arinde     Usman Rifun     Muhammed Danjuma     Muhammed Aliyu     Alabe     Rasaq Jimoh     Folorunsho Erubu     Neuropsychiatric Hospital     Ilorin Metro Park     Balogun Gambari     Allocation     United Nigeria Airline     Olateju Lukman     Democracy Day     Yakubu Dogara     Emir Of Ilorin     Moronfoye     Saduki Lafiagi     Olatunji Moronfoye     Aishat Sulu-Gambari     Eleyele     Wale Oladepo     Ishak Mohammed Sabi     Kola Shittu     Ilorin Durbar     Abdulrahman Onikijipa     Joana Nnazua Kolo     Yoonus Kola Olatinwo     Ike Ekweremadu     Sardauna     Abdulrazaq Aiyelabegan     Jimba Babatunde     Lukman Oyebanji Fagbemi     Abraham Ojo     MATTA Girls Foundation     Awili Pedro     Ilorin Emirate     Amule     Abdullahi Adisa Akodudu     Mubarak Oladosu     Halimah Perogi     Mahe Abdulkadir     TETFUND     Millennium Development Goals     David Oyerinola Adedunmoye     Danladi     Baba Issa     Rotimi Oyedepo     Abdulkadir Remi Hawawu     Lanre Issa-Onilu     General Tunde Idiagbon International Airport     Onilorin     Oniwasi Agbaye     Ganiyu Abolarin     Ubandoma     Ilorin Curfew     Abdulmumini AbdulRazaq     Nigeria Association Of Women Journalists     Oba Mogaji Abdulkadir     Sunset Workers     Amuda Musbau     Women Radio     Toyin Saraki     Valsolar     Aminu Adisa Logun     Saidu Isa     Bureau Of Lands     Bashir Badawi     Muhammad Toyin Sanusi     Medinat Folorunsho Salman     Samuel Adaramola     Toun Okewale-Sonaiya     Funmilayo Mohammed     Gbajabiamila    

Cloud Tag: What's trending

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

Yusuf Aiyedun     Bayer Nigeria Limited     Jimba Babatunde     Local Government Pension Board     Sa\'adu Gambari     Allocation     Ita-Ore     Olabode George Towoju     Yusuf Olaolu Ali     Suleiman Mora Omar     Mohammed Danjuma     Adamu Atta     Saliu Alamoyo     AbdulRazaq Abubakar Jiddah     Rotimi Atere     Olatunde Oyeyiola     Alapansapa     Akume     Toyin Saraki     Abdulhakeem Adelaja Amao     Ajibike Katibi     Mohammed Katsina Ahmed     Olabode Towoju     Ronke Adeyemi     Durbar     Wahab Femi Agbaje     Oba-Solagberu     Abdullahi Adisa Akodudu     Olatunji Ibrahim     Elesie Of Esie     Salman Jawondo     Bashirat Bola Bello     Hajj     Abdulhakeem Amao     Amada Jidda     Abdulraheem Olesin     Galland Marcias     Elerinjare     Erin-ile     Musbau A. Akanji     Monthly Sanitation Exercise     Muslim Media Watch Group Of Nigeria     Mufutau Olatinwo     Afeyin-Olukuta     Tanke Flyover Bridge     Akeem Olatunji     Olumide Daniel Ibitoye     Danhawa     Bilikis Oladimeji     Abubakar Olusola Saraki     Baaziki Sulaiman     Yakubu Shaaba     Abdulwahab Olarewaju Issa     Abdulrosheed Okiki     COVID-19 Palliatives     Afolayan     Musibau Akanji     Sherif Shagaya     Bank Of Industry     Dan Masanin     Yahya Mohammed     Abiodun Jacob Ajiboye     Surajudeen Akanbi     Valsolar-Kwara Company Limited     Esinrogunjo     Kwara State Football Association     Rebecca Olanrewaju     Oba Abu     Segun Olawoyin     Taofeeq Olateju     Suleman Abubakar     Kwara Central     New Model Police Station     Orire     RTEAN     College Of Arabic And Islamic Legal Studies     Umar Bayo Abdulwahab