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.

Prince Bola Ajibola     Okin Malt     Salami Adekunle     Road Transport Employers Association Of Nigeria     Opolo Global Innovation Limited     Issa Baba     Sun Qing Rong     Ojo Isekuse     Oke-Odo     Maryam Nurudeen     Abdulraufu Mustapha     Idris Garuba     Owo Arugbo     Ilesha Gwanara Road     Ubandoma     Adebayo Mohammed Kamaldeen     Oluranti Idowu     Abdulganiyu Oladosu     Olofa Of Offa     Adekunle David Dunmade     Ganmo Electricity Sub-Station     Christopher Tunji Ayeni     Abubakar Baba     Abdulhakeem Adelaja Amao     Congress For National Consensus     Nigerian Supreme Council For Islamic Affairs     Ramadan     Abubakar Imam     Aminu Adisa Logun     Saka Balikis Kehinde     ITP     Afusat Nike Ibrahim     Kwara Coalition Of Business And Professional Associations     Oba Abdulkadir La\'aro     Al-Hikmah Radio     Abdulrosheed Okiki     Kwara NIPR     Yusuf Zulu-Gambari     Flights To Ilorin     Oro Grammar School     Rashidi Yekini     Saudat Abdulbaqi     Ademola Kiyesola     Olabimpe Olani     Harmony Holdings     Abdulahi Abubakar Bata     Adegoke Bamidele     Hauwa Nuru     Oke-Ogun     Eghe Igbinehin     Hassan A. Saliu     Taofeek Ibraheem     Bola Ahmed Tinubu     Aro Yahaya     Hassan Taiye Salam     KW-GIS     Ajakaye     Baruba     Chartered Institute Of Personnel Management Of Nigeria     Jamila Bio Ibrahim     Tinubu Legacy Forum     Obayomi Azeez     Ibrahim Mashood     All Peoples Party     Sam Okaula     Abdulazeez Uthman     Suleiman Yahya Alapansapa     Sa\'ad Alanamu     Odogun Olushola Gabriel     Adeniyi Ojo     GRA     Justina Oha     Ilorin South     Kehinde Baale     Nigeria Computer Society     Moronfoye     TIC    

Cloud Tag: What's trending

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

Kola Olota     Offa Grammer School     Ibrahim Mashood     Esinrogunjo     Toyin Saraki     Ahmad Ali     Muhammad Sirajo Aliyu     Soffiyyallah Kamaldeen     Mamman Saba Jibril     Yunus Lawal     Bashir Adigun     Ilorin Talaka Parapo (ITP)     Kwara State Fire Service     Oladimeji Thompson     Ubandoma     Sulyman Age AbdulKareem     Oke-Odo     Hamid Bobboyi     Dan Masanin     Yusuf Lawal     Busari Alabi Alausa     John Dara     Isiaka Danmeromu     KWASSIP     Eghe Igbinehin     Owo Arugbo     Umar Gunu     Ethical College     Ibrahim Abikan     Paul Odama     Taofeek Sanusi     Bank Of Industry     Sambo Murtala     Ilorin Water Reticulation     Kayode Bankole     Facemasks     Bamidele Aluko     Solomon Edoja     College Of Education     Olohungbebe     Mustapha Olanipekun     Toyin Olayinka Tejidini     TESCOM     Musa Ayinla Yeketi     Usman Rifun     Zulkifli Ibraheem     Khadijat Ayoola Yusuf     Jimoh Saadudeen Muhammed     Adedipe     Sa\'adu Gambari     Yoruba     General Hospital, Ilorin     Nigerian Correctional Service     Ali Ahmad     Joshua Adeyemi Adimula     Modibbo Kawu     Harmony Holdings     Cornelius Adebayo     Mohammed Katsina Ahmed     Fatima Abolore Jimoh     Ghali Alaaya     Toyosi Thomas     Ayinde Oki     Universal Basic Education Commission     Aminat Ahmed     Yahaya Abdulkareem Babaita     Trader Moni     Tunde Akanbi     Razak Atunwa     Mansurat Amuda-Kannike     Ahmed Alhasssan     Adesoye     Jimoh Olusola Imam     Ridwan Agboola     Moshood Kashimawo Abiola     Diagnostic Centre     Yusuf Abubakar