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.

Moshood Mustapha     Sanitation Exercise     Kwasu     Abdulganiyu Salahudeen     Dar-Al-Handasah Consultants     Sheikh Ridhwanullah El-ilory     Joseph Daudu     Oluronke Adeyemi     Afonja     Bashirat Bola Bello     IF-K     NULGE     AGILE Programme     Adam Abdullahi Al-Ilory     Basic Education Certificate Examination     Abdullahi Saadudeen Alikinla     Islamiya Abdulraheem     Neo Mundo Ltd     Oluwarotimi Boluwatife Adenike     Memunat Monsuma     Kayode Ogunlowo     Aliyu Sabi     Abdulahi Abubakar Bata     Dele Belgore     Saeedat Aliyu     Chief Of Staff     Muritala Olarewaju     EFCC     Amuda Aluko     Abdulkarim Adisa     Ilorin Emirate Stakeholders Forum     Bankole Omishore     Ahmed     Mumeen Lah     Okanlawon Taiwo     Isaac Gbenle     Adamu Atta     Assayomo     Ahmad Lawan     Garba Ado Sanni     George Funsho Adebayo     Eleja     Babs Iwarere     Folajimi Aleshinloye     Baruba     Abiodun Abdulkareem     Abdulwasiu Bolaji Adeyi     MATTA Girls Foundation     Yakubu Dogara     KWASSIP     Muideen Olaniyi Alalade     Wasiu Odewale     Ganmo     Bolaji Aladie     Kwara State Fish Farmers Association     Haashim Initiative For Community Advancement     Chief Imam Of Lafiagi     Abdullah Janet Amudat     Village Alive Development Association     Democracy Day     Lasiele Alabi Yahaya     Waziri Yakubu Gobir     Saka Abimbola Isau     Bola Iyabo Ibiyeye Adisa     Voices Of Tomorrow     Bola Olukoju     Shuaib Abdulkadir     Asa     Kayode Bankole     Dan Iya Of Ilorin     Okala Baba     Solomon Edojah     Government High School Adeta     Popo-Igbonna     Saliu Ajibola Ajia     Balogun Ajikobi     Hamidat Sulyman-Yusuf    

Cloud Tag: What's trending

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

Mohammed Danjuma     Onilorin     Kunle Suleiman     Haruna Olawale Sulaiman     Usman Alkali Baba     Jamila Bio Ibrahim     Mohammed Abdulahi     Gobir     Magaji Are     Suwa-Arabs     Atunwa     Societe Generale Bank Of Nigeria     Abdulmajeed Abdullahi     Yekeen Alabi     Musa Aibinu     Kayode Ogunlowo     Kwara University Of Education     Ohoro Of Shao     Abubakar Kawu Baraje     Monthly Sanitation Exercise     Joseph Daudu     SWAN     Aremu Odolaye     Baba Issa Awoye     COVID     Dar-Al-Handasah Consultants     Abdulrazaq Magaji     Ahmed Idris Mohammed     Florence Saraki     Okin High School     Olaiya Victor Mobolaji     Galland Marcias     Haliru Dantoro     All Peoples Party     Suleiman Rotimi Iliasu     Siraj Oyewale     Kanu Agabi     Babaita     Makama     Apaokagi     Mufutau Gbadamosi Esuwoye     Iyeru Grammar School     Oni Adebayo     Ilorin Muslim Community     Nnazua     Oyelere Oyinloye     Medinat Folorunsho Salman     Tinubu Legacy Forum     Simeon Sayomi     Maigida Soludero Transit     Raymond Olaitan     Saliu Oluwole     Abioye Bello     Share/Tsaragi     Siddiq Adebayo Idowu Salawu     Abdulmumin Yinka Ajia     Shuaib Jawondo     Valsolar     Ilota     National Information Technology Development Agency     Bello Abubakar     Alagbado     Shururat Olatinwo     Iyiola Oyedepo     Balogun Ajikobi     Tricycle Owners Association Of Nigeria     Sambo Murtala     Magaji Nda     Lanre Issa Onilu     Muhammadu Gobir     Mary Arinde     AbdulRauf Keji     Bilikisu Gambari     John Olobayo     Kunle Okeowo     Nigeria Foundation For Artificial Intelligence     Usman Yunusa