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.

Ilorin Like-Minds     Saliu Alamoyo     Coronavirus     Kayode Ogunlowo     Tunji Folami     Kwara State Internal Revenue Service     Iyeru Grammar School     Jimba Babatunde     Leke Ogungbe     Peculiar Allowance     KWTV     Erubu Oba Zubair     Mohammed Danjuma     Okin Biscuits     Raliat Elelu-Habeeb     KSIRS     Musibau Akanji     Ganiyu Abolarin     Afolasade Opeyemi Kemi     Adedayo Yusuf Abdulkareem     Rapheal Ashaolu     Ajakaye     2023 Elections     Alagbado     Olaitan Adefila     Dairo Kunle Paul     Victor Gbenga Yusuf     Yoruba     Tsado Manman     Oloje     Gabriel Fashanu     Isiaka Saka Opobiyi     Congress For National Consensus     New Naira Notes     Adeola Abraham     Tafidan Kaiama     IQRA College     Yemi Osinbajo     Demola Banu     Ayobami Akanbi     FERMA     Olatomiwa Williams     Ahmed Ayinla Jimoh     Nigerian Correctional Service     Sulu Gambari     State Bureau Of Internal Revenue     Balogun Gambari     Kwara Primary Health Care Development Agency     Olushola Saraki     Binta Sulyman     Suleiman Ajadi     Abdulfatah Ahmed     Alaiye     Otunba Taiwo Joseph     Senior Ibrahim Suleiman     Oloye     Olusola Saraki     Elewu     Anilelerin     Turaki     ARMTI     Special Adviser On Digital Innovation     Mashood Dauda     Muhammad Mustapha Suleiman     PAACO-PCL Consortium     Yinka Aluko     IDPU     Markaz Arabic And Islamic Training Institute, Agege     Oja-Oba     Ibrahim Mashood     Abdullahi Dasilva Yussuf     Kwara NIPR     Kayode Ibrahim     Wahab Femi Agbaje     Isiaka Danmeromu     Oloriegbe     Kwabes    

Cloud Tag: What's trending

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

Ahman Patigi     Saheed Akinwumi     Government High School (GHS), Adeta     Olaiya Zuberu     Majlis For Sadakah, Zakat And Waqf     Shuaib Jawondo     Stephen Fasakin     Sa\'adu Salau     Aliyu Olatunji Ajanaku     Read With Me     Shuaib Olarongbe     Yusuf Amuda Gobir     AbdulRazaq Abubakar Jiddah     Peter Amogbonjaye     Owo Isowo     Minimum Wage     KWASAA     Lateef Alagbonsi     Farouk Salim     Hakeem Lawal     Kupchi Hosea Maxwell     Vishvas KOZ Tractors     Abdulahi Abubakar Bata     Raymond Olaitan     Abdulsalam Firdaous Amosa     Ilorin Emirate Staff Association     Kwara Central     Doyin Group     Towobola Abdulrahman Toyin     Government House     Oko-Erin     Obuh     Omoniyi Ayinla     Federal College Of Education (Special), Afon     Yakubu Danladi     Jamila Bio Ibrahim     Kanu Agabi     Ronke Adeyemi     Owu Fall     Edret Sabi Abel     Suraj Tunji Oyewale     Abdulkadir Jimoh     Opobiyi     Orisun Igbomina     Arik     Ita-Nmo Market     Pilgrims Board     Dele Momodu     Tunde Kazeem     Bureau Of Lands     Sambo Murtala     Razaq Atunwa     Adesoye     Aso-ofi     Suleiman Yahya Alapansapa     Ajeigbe     Taiwo Joseph     Aliyu Sabi     Reuben Paraje     Chief Imam Of Ilorin     Centre For Digital Economy     Deji Ajani     Dogara     Rafiu Ibrahim     Gaa Olobi     Special Agro-Industrial Hub     Mamman Saba Jibril     Buari Edun     Lanwa     Presidential Election     Aisha Ahman Pategi     UTME     Elese Of Igbaja     Senate Presidency     Unilorin     Ojuekun Sarumi     Simeon Sule Ajibola