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.

Waziri Yakubu Gobir     Elesie Of Esie     Sam Okaula     Oba Abu     AbdulHakeem Ajibola Akanbi     Owo Isowo     Aishatu Ahmed Gobir     ASKOMP     Odo-Owa     BIR     Mutawalle     Bello Abubakar     Ajeigbe     Olaitan Buraimoh     Sardauna Of Ilorin     Buhari     Academic Staff Union Of Universities     Code Of Conduct Tribunal     Ajikobi     Ilorin East/South Federal Constituency     Yusuf Amuda Aluko     Pategi     Yusuf Amuda Abubakar     Samuel Elizabeth Keatswa     Tunde Mukaila Mustapha     Kubra Kazum     Ayekale     Ita-Ore     Gamji Members Association     PAACO-PCL Consortium     Edret Sabi Abel     AbdulRasaq Abdulmajeed Alaro     Iyabo Dupe Adekeye     Muyiwa Oladipo Kanu     Nagode     Noah Yusuf     Fareedah Dankaka     AbdulRaheem Ahmad Shayi     Segun Adeniyi     Yakubu Danladi     Abdullahi Dasilva Yussuf     Haliru Yahaya     UNILORIN Alumni Association     Mufutau Gbadamosi Esuwoye     Samari     IsDB     KWSIEC     Isin     Lawal Olohungbebe     Amule Elementary School     Reuben Paraje     N-Power     Umar Adelodun     Bolaji Aladie     Tsaragi/Share     Agboola Abdulraheem     Joshua Adeyemi Adimula     Raliat Elelu-Habeeb     Sun Qing Rong     Apata Ajele Secondary School     Tunji Olawuyi     Okin Biscuit     Hikmah AbdulKareem     Abdulrazaq Akorede     Kwara State Branch Of The National Library     Alaaya     Abdulrahman Abdulrazak     IQRA College     Abdulkadir Bolakale Sakariyah     Bashiru Makama     Isa Aremu     Amos Sayo     Esinrogunjo     Igbomina     Omoniyi Ayinla     Nigeria Association Of Women Journalists     Ike Ekweremadu    

Cloud Tag: What's trending

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

Sheikh Ridhwanullah     Federal Neuro-Psychiatric Hospital     Jumoke Gafar     Bola Ahmed Tinubu     Igosun     Olaosebikan     Abatemi Usman     Niguel Gallando Marcias     Suleiman Yahya Alapansapa     Adolescent Girls Initiative For Learning And Empowerment     Kayode Oyin Zubair     Sanitation Exercise     Titus Ashaolu     Adamu Jemilat-Baki     Madawaki Of Ilorin     Kaiama     Kabir Shagaya     Olugbense     Kazeem Gbolagade     Matthew Okedare     Saka Aleshinloye     Sulu Babaita Isiaka     Aliyu U. Tilde     Owu Fall     Damilola Yusuf Adelodun     Aliyu Umar     Fawenu     Bayo Mohammed Onimode     Aremu Odolaye     Onilorin     Farouk Salim     SARS     Shehu Jimoh     Raliat Islamic Foundation     Bola Shagaya     Magaji Nda     Oyun     AGF Abdulrazaq     Sabitiyu Grillo     Gwanara     General Hospital, Offa     Bilikisu Oniyangi     Kola Shittu     Folorunsho Alao     Yahaya Oloriegbe     Kwara State Fish Farmers Association     Salman Suleiman     Mohammed Danjuma     Laboratory-to-Product     NNPP     Abubakar Lah     LEAH Charity Foundation     Kwara Consultative Forum     Idi-Ape     Aro Yahaya     Oba Abdulkadir La\'aro     Mamatu Abdullahi     AbdulFatai Adeniyi Dan-Kazeem     Laolu Saraki     April 11     Gbenga Adebayo     Rafiu Ibrahim     Volunteers Of Ilorin Community And The Emirate     Ibrahim Abdullahi     Suleiman Idris     Bolakale Ayo     Muazam Nayaya     Abubakar Kawu Baraje     Simeon Sayomi     Ola Falade     Oye Tinuoye     Y.A. Abdulkareem     Tanke Road     Mohammed Alabi Lawal     Standard Organization Of Nigeria     Jamiu Oyawoye     Abdulrasaq Alaro