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.

Unilorin     Mujtabah Bature     Wahab Isa     IEDPU     Hamidat Sulyman-Yusuf     Kolawole Bashirat     Adanla-Irese     COVID     Offa Poly     Universal Basic Education Commission     JAAC     Abdulrasaq Alaro     Saheed Alakoso     PAACO-PCL Consortium     Rasheed Jimoh     Ahmed Bayero     Local Government     Biliaminu Aliu     Kwara State Television (KWTV)     Abdulmajeed Wahab     Ajikobi     2017 Budget     YAKOOYO     Sam Onile     Kehinde Baale     Ilesha-Baruba     Iliasu     Olayinka Oladapo Jogunola     Saka Saadu     Esinrogunjo     Mohammed Abduraheem     Hausa     Chief Imam Of Lafiagi     Shuaibu Yaman     Saidu Isa     Tayo Alao     Onilu     All Confederation Of Principals Of Secondary Schools     Okanlawon Taiwo     Abubakar Olusola Saraki     Ezekiel Yissa Benjamin     Mohammed Yahaya Barki     Isapa     Femi Gbajabiamila     2023 Elections     Mumeen Lah     Ubandoma     Shaykh Luqman Jimoh     Abdulrahman Abdulrasak     Jumoke Gafar     Presidential Election     Yusuf Olaolu Ali     Saadu Yusuf     Isiaka AbdulRazaq     Muhammad Akande Olarewaju Odunade     Offa Metropolitan Club     Naira Redesign     Oladimeji Thompson     Abdul-Rahoof Bello     Alloy Chukwuemeka     Hamza Usman     Alfa Yahaya Road     Gamji Members Association     Shuaib Olarongbe     Paul Olawoore     Muftau Akanbi Oke     African Democratic Congress     International Aviation College     Femtech     Pakata Patriots     Yemi Osinbajo     Ajike People Support Centre     Dagbalodo     Yusuf Zulu-Gambari     Ilofa     Olaiya Lawal     Al-Hikmah Radio    

Cloud Tag: What's trending

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

Share/Tsaragi     Gbadeyan Gbadura Yomi     Sanusi Abubakar     Ilesha Gwanara Road     Garba Ado Sanni     Kayode Oyin-Zubair     Yusuf Lanre Badmus     CELF     Ayinde Oyepitan     Simeon Ajibola     Babatunde Ishola Babaita     Computer Based Test     Lanre Badmus     Mohammed Ghali Alaaya     Binta Sulyman     Omoniyi     New Model Police Station     Olayinka Oladapo Jogunola     Yusuf Arowosaye     Lukman Adeloyin     LEAH Charity Foundation     Femi Gbajabiamila     Aso-ofi     Baba Issa     Mohammed Kamaludeen     Young Progressives Party     Haleeman Salman     Oniyangi     Air Peace     College Of Arabic And Islamic Legal Studies     Tope Daramola     Abdulraufu Mustapha     Yinka Aluko     Tunde Akanbi     Ilorin South     Azeez Bello     Idris Amosa Oladipo Saidu     Oko-Erin     Niguel Gallando Marcias     Olaiya Zuberu     Sulyman Age AbdulKareem     Trader Moni     Emmanuel Bello     Lai Mohammed     Iyiola Oyedepo     Abubakar Abdulraheem     Firdaos Amasa     National Union Of Road Transport Workers     Wahab Isa     Kwara State Governor     Seed Technologies     Abdulganiyu AbdulAzeez     Ambassador Kayode Laro     Elerin Of Erin-Ile     Shehu Alimi Foundation For Peace And Development     Senate     Special Adviser On Digital Innovation     Elese Of Igbaja     Christopher Tunji Ayeni     KWASSIP     Bayer Nigeria Limited     Osinbajo     Amuda Aluko     Baboko     Alikinla     James Kolo     AGILE Programme     Lukman Oyebanji Fagbemi     Kamaldeen Kehinde     Bayo Ojo     N-Power     Democracy Day     Moshood Bakare     Opolo Global Innovation Limited     Olatunji Abdulmumeen     Emir Of Shonga     Kishira