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.

Presidential Election     Afolabi-Oshatimehin     Funmilayo Isiaka Oniwa     Okasanmi Ajayi     Sanusi Abubakar     Guber Aspirant     Esinniobiwa Quareeb     Adesina Simon Sodiya     Emir Of Shonga     Stephen Fasakin     Victor Gbenga Yusuf     Apado     Abegunde Goke     Owu Fall     Binta Abubakar-Mora     Kumbi Titiloye     Egbewole     Maryam Nurudeen     Tricycle Owners Association Of Nigeria     Dunmade     Siraj Oyewale     Olayinka Are     Peter Obi     Salihu Ajia     Nupe     Muhammed Mahe Abdulkadir     NURTW     Isiaka Gold     Ganmo     Florence Saraki     Ileloke     Kale Kawu     Suleiman Yahya Alapansapa     Bello Taoheed Abubakar     Laduba     Abdulmumini Sanni Jawondo     Abdulrauf Aliyu     Okin Malt     Raliat AbdulRazaq     AGF Abdulrazaq     Odolaye Aremu     Innocent Okoye     Rabiu Kwankwaso     Gobir     Salihu Yahaya     Ajike People Support Centre     Barakat Community Secondary School     Kunle Okeowo     SUBEB     Overland     Freshvine Nigeria Limited     Lanre Badmus     ASKOMP     Fatimoh Lawal     Adamu Atta     Kwara State Football Association     Iyeru Grammar School     Markaz Arabic And Islamic Training Institute, Agege     Ahmed Saidu Rufai     Abraysports FC     Sobi Specialist Hospital     Abdulrosheed Okiki     Cassava Growers\' Association     KSIRS     Alapado     Benin Republic     Adedeji Onimago     Bolaji Gambari     Amuda Bembe     Lawal Jimoh     V.O. Abioye     Idi-Ape     Belgore     Deji Ajani     Muhammed Danjuma     John Dara     Ilorin.Info    

Cloud Tag: What's trending

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

Kwara NIPR     Adam Abdullahi Al-Ilory     AIT Ilorin     Yahaya Abdulkareem     Rasaq Jimoh     Oluronke Adeyemi     Folorunsho Alao     Ibrahim Taiwo     Joseph Alex Offorjama     Timothy Akangbe     Hussein Olokooba     Sun Qing Rong     Taibat Ayinke Ahmed     Peter Obi     Sanusi Abubakar     Lanre Badmus     Ubandoma     Toyin Olayinka Tejidini     Chief Imam Of Offa     Amos Justus Sayo     Valsolar-Kwara Company Limited     Yekeen Alabi     Sunday Otokiti     Saka Saadu     Ronke Adeyemi     Onilorin     Yusuf Arowosaye     Rapheal Ashaolu     CCEPE     Abdullahi Samari     Daud Adeshola     Aliyu Salihu     Elewu     Sabi     Olupako     Tuesday Assayomo     Ilorin East     Bilikis Oladimeji     Mumeen Lah     Agboola Abdulraheem     Ezekiel Yissa Benjamin     Saadu Gbogbo Iwe     Abubakar Suleiman     NIPOGA     Isau     Eleja Taiwo Banu     Abdullahi Biffo     Abdul-Rahoof Bello     Salihu Jibril Garbi     Lanre Badmas     Sa\'adatu Modibbo-Kawu     Abubakar Usman Jos     Raliat AbdulRazaq     Valsolar     Alanamu     Ayodele Shittu     Alabi Olayemi Abdulrazak     Ayobami Seriki     Olaitan Adefila     Hassan Taiye Salam     Abatemi Usman     Oladipo Akanmu Tolani     Code Of Conduct Tribunal     Musa Aibinu     Firdaos Amasa     BECE     Economic And Financial Crimes Commission     KW-GIS     Adedipe     Justina Oha     KWASSIP     Muazam Nayaya     NSCIA     Sunday Fagbemi     Osinbajo     Abdulkadir Akanbi-Oke     AbdulRazaq Abubakar Jiddah