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.

Doyin Group     NYSC     Sulu Babaita Isiaka     Ajia-Bako     Awoye     Cornelius Adebayo     Kayode Zubair     Umar Sanda Yusuf     Malete     Ibrahim Abdullahi     Yahaya Abdulkareem Babaita     Kumbi Titiloye     Ramat Oganija     Ibrahim Abdulkadir Abikan     Atiku     Muhammad Ghali Alaaya     Elesie Of Esie     Dasuki Belgore     Paul Odama     Akanbi-Oke     Ajike People Support Centre     Okeose Christian Cementary     Labour Party     Aminat Ahmed     Oniwasi Agbaye     Asa     Salihu Alhaji Musa     Sabitiyu Grillo     Unilorin     Ayodele Shittu     Olanrewju Okanlawon Musa     Alimi Abdulrazaq     Rotimi Samuel Olujide     College Of Education     Muslimah Entrepreneurship Forum     Ilorin East/South Federal Constituency     Ilorin South     Idiagbon     Onikijipa     Lawal Jimoh     Onilorin Of Ilorin     Saliu Oluwole     March 28     HYPPADEC     Olatunji Ibrahim     Funke Adedoyin     Rotimi Oyedepo     Mohammed Katsina Ahmed     Michael Nzwekwe     Saka Isau     Galadiman Ngeri     Abikan     Wahab Issa     Bature Bello     IHS     Awodun     Quarry Royal Valley     Offa Grammer School     Aliyu Kora-Sabi     Amosa     Gamji Members Association     NULGE     Afusat Nike Ibrahim     Quareeb     Zulu Gambari     CACOVID     International Vocational Centre     Valsolar Consortium     Abdulrauf Aliyu     Ibrahim Oloriegbe     QuickWin     Mohammed Kamaludeen     Federal Polytechnic Offa     Wasiu Odewale     TESCOM 2025     ARMTI     Olokoba Abdullahi Ayinla    

Cloud Tag: What's trending

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

Ben Duntoye     Royal FM     Lithium     Kwara State Infrastructure Development Fund     Christopher Ayeni     Baba Idris     Hassanat Bello     Saliu Ajia     Aisha Buhari     Kwara Hotel     Ilorin Central Mosque     Isau     Azeez Salawu     Ohoro Of Shao     Erin-ile     Offa Poly     Alaiye     Muyiwa Oladipo Kanu     Harrison Osauwagboe     Abdulfatah Ahmed     Idi-Ape     Madawaki Of Ilorin     Abdulkadir Remi Hawawu     Air Peace     Lateef Alagbonsi     Femi Ogunsola     Kwara Muslim Pilgrims Welfare Board     Muhammad Yahya     Olaiya Zuberu     Academic Staff Union Of Universities     Muftau Akanbi Oke     Oba Of Jebba     Budo Egba     Hamidu Olowo     Muhammed Abdullahi     Col. Taiwo     Zubair Folorunsho Erubu     Ibrahim Mashood     Adeleke Ogungbe     Yusuf AbdulRasheed     Simeon Sule Ajibola     Kwara     Ganmo     Oju Ekun Sarumi     Ndama Al-hassan     Nigeria Governors\' Forum     Kwara Coalition Of Business And Professional Associations     Abdulmajeed Wahab     Offa     SSA Youth     Kayode Ogunlowo     John Olobayo     Centre For Community Empowerment And Poverty Eradication     Belgore     Femi Oladiji     Ramat Oganija     Ahmed Bayero     Ibrahim Taiwo     Ahman Patigi     IHS Towers     Aishat Sulu-Gambari     Yekini Adio     Folajimi Aleshinloye     Aliyu Muyideen     Suleiman Rotimi Iliasu     Economic And Financial Crimes Commission     Ajuloopin     NIRSAL     Folorunsho Alao     Sa\'adu Gambari     Makama Of Kaiama     Centre For Peace And Strategic Studies     Joseph Offorjama     Modupe Oluwole     ARMTI     Afolabi-Oshatimehin Adenike Harriet     Abdulrazaq Solihudeen