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.

Nupe     Abraysports FC     Mohammed Ghali Alaaya     Lateef Ademola Olatunji     Wasiu Onidugbe     Olofa Of Offa     Moro     SUBEB     Afeyin-Olukuta     Rachael Obisesan     March 18     Osuwa     Moses Afolayan     Fulani     Yoonus Lawal     Federal Road Maintenance Agency     Olatunde Michaels     Garuba Alikinla Shittu     Oni Adebayo     Kale Kawu     Overland     Association Of Kwara State Online Media Practitioners     Saliu Shola Taofeek     Niyi Osundare     Nigeria Computer Society     Aliyu Kora-Sabi     Ganiyu Abolarin     Wahab Olasupo Egbewole     Kwara State Governor     Rafiu Ajakaye     Olabimpe Olani     Suleiman Abubakar     Muyideen Ajani Bello     Kisra     George Funsho Adebayo     Apaokagi     Abdulmalik Bashir Mopelola Risikatullahi     Dan Iya     National Pilot     Afolabi-Oshatimehin     Ayinde Oki     Owo Arugbo     Oba-Solagberu     UITH     Abubakar Baba     Muhammed Abdullahi     Olaitan Adefila     Sabitiyu Grillo     Kumbi Titilope     Apata Ajele Secondary School     Computer Based Test     NIPOGA     Gbemisola Saraki     Park     Issa Memunat Moyosore     Saadu Alanamu     Oba Of Jebba     AbdulQowiy Olododo     Bashir Omolaja Bolarinwa     Rex Olawoye     Alore     Yunus Oniboki     Baba Issa     Umar Danladi Shero     Bahago     Kwara State Television (KWTV)     Ashiru     Forgo Battery     Stephen Fasakin     Towobola Abdulrahman Toyin     Read With Me     Abdulrazaq Adebayo     Oko     ENetSuD     Ita-Nmo Market     Salman Suleiman     Prince Bola Ajibola    

Cloud Tag: What's trending

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

Ahmed Idris Mohammed     Zara Umar     Kwara State Printing And Publishing Corporation     Bolakale Saka     Abdulganiyu Oladosu     Quran     Seni Saraki     Voices Of Tomorrow     Taofeeq Olateju     Akanji     Suleiman Rotimi Iliasu     Adesoye     Laduba     Innocent Okoye     Danhawa     Ibrahim Agboola Gambari     Oyawoye     Twitter     Minimum Wage     Vasolar Consortium     Jawondo     NTA Ilorin     Tunde Mukaila Mustapha     Gobir Organization Foundation     Charles Ibitoye     Babaita     Fola Consultant     Kamaldeen Ajibade     Yahaya Seriki     Saheed Popoola     Aliyu Kora Sabi     Kwara 2023     Iyabo Adewuyi     Jumoke Monsura Gafar     Okin Biscuit     Mashood Abdulrafiu Agboola     Oba Abdulraheem     Bola Tinubu     Gbajabiamila     Rueben Parejo     Risikat Lawal     Olatunde Michaels     Oba-Solagberu     Ajakaye     Tuesday Assayomo     Owu Fall     Labaeka     Kehinde Baale     High Court     Benin Republic     Adam Abdullahi Al-Ilory     Yahaya Oloriegbe     Aliyu Salihu     Hameed Oladipupo Ali     Kumbi Titiloye     Pilgrims Board     National Union Of Road Transport Workers     Tinubu     Edu     KwaraLearn     Prince Mahe Abdulkadir     Kwara State Coalition Of Business And Professional Associations     Razaq Ayobami Akanbi     Akanbi-Oke     Islamiya Abdulraheem     Abdulquawiy Olododo     Idris Amosa Saidu     NIPR     Neuropsychiatric Hospital     Age AbdulKareem     Saidu Isa     Alabere     Babaloja-General     Seun Bolaji     Egbejila     Awoye     KWASEIC