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.

Igbaja     Ahmed Bolaji Nagode     Shehu Alimi Foundation For Peace And Development     Markaz Arabic And Islamic Training Institute, Agege     Tosho Yaqub     Mohammed Khadijat Kubura     Onilu     Shehu Raheem Adaramaja     Muhammad Ghali Alaaya     Yahaya Seriki     Hausa     Ayinke Saka     Odolaye Aremu     Raliat Islamic Foundation     IEDPU     Mansurat Amuda-Kannike     Halimah Perogi     Old Oyo     Isau     Abubakar Atiku     Ayodele Shittu     Abdulraheem Yusuf     Olatunji Bamgbola     Muhammed Danjuma     Suraj Tunji Oyewale     AbdulQowiy Olododo     Oko-Erin     Saad Belgore     Saheed Popoola     Saad Omo Iya     KW-GIS     Simon Sayomi     Federal Neuro-Psychiatric Hospital     Bature Bello     Mohammed Ajia Ibrahim     Michael Nzekwe     Elekoyangan     Ibrahim Mashood     Borgu     Umar Saro     Ahmed     Suleiman Rotimi Iliasu     Ola Falade     Oyin-Zubair     Press Release     Yakubu Mohammed Abdullahi     Valsolar     Gurei     Abatemi-Usman     Mary Kemi Adeosun     Bukola Saraki     Olokoba Sulyman     Sulu Babaita Isiaka     NSCIA     Gafaru Olayiwola Olorisade     Taibat Ayinke Ahmed     Olomu     Ubandoma     Olokoba     Kunle Suleiman     Sunday Popo-Ola     International Vocational Centre     Omotoso Musa     Imodoye Writer’s Enclave     Ilorin Descendants Progressive Union     Kwara State Fire Service     AbdulRazaq Abubakar Jiddah     Jalala     Adamu B. Yaqubu     GAMA     Sobi FM     Forgo Battery     Bayo Onimago     Presidential Election     Abdulmutalib Shittu     Ilorin Emirate Staff Association     Joseph Daudu    

Cloud Tag: What's trending

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

Taibat Ayinke Ahmed     Ile Arugbo     Ahmad Uthman     Ganmo Electricity Sub-Station     Imodoye Writer’s Enclave     Lateef Fagbemi     Kwara 2023     Sardauna     Sheikh Ridhwanullah El-ilory     Tinubu Legacy Forum     KFA     Hijaab     Kwara State Governor     Aishatu Ahmed Gobir     CACOVID Palliatives     A.O. Belgore     Waziri Yakubu Gobir     Fulani     Ladi Hassan     Adewuyi Funmilayo     Segun Olawoyin     NULGE     Issa Baba     Budo-Egba     Hassan Taiye Salam     Abdulhakeem Adelaja Amao     Mamatu Abdullahi     AbdulKareem Yusuf Danhawa     Unicontinental Construction Company     Ola Falade     IESA     Hakeem Idris     Eleja     Isiaka Gold     Erubu Oba Zubair     Sunday Otokiti     Abdulrazaq Magaji     Ibrahim Taiwo     Otoge     Riskat Opakunle     SAPZ Project     Junior Secondary School Certificate Examinations     Pacify Labs     Coronavirus     Muhammad Toyin Sanusi     Sheriff Olanrewaju     Mahmud Babatunde Baker     Agor Market     Valsolar Consortium     Oja-Oba     Women Radio     Olomu     Gobirawa     CACOVID     Hakeem Lawal     Ayo Opadokun     Mohammed Abduraheem     Offa     Maryam Nurudeen     Abdulrazaq Sanni     Lafiagi     Yoonus Lawal     Abdulrasheed Akogun     Kale Kawu     Emmanuel Olatunji Adesoye     Democracy Day     Overland     Baruten     Arik     Elerinjare-Ibobo     Oro Grammar School Old Students Association     Azeez Bello     Rice Farmers Association Of Nigeria     Kale Belgore     Principal Private Secretary     Saadu Yusuf     Ilorin Amusement Park