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.

Veterinary Teaching Hospital     Aishat Sulu-Gambari     Societe Generale Bank Of Nigeria     TIC     Yashikira     Okasanmi Ajayi     Kaiama     Barakat Community Secondary School     Post Utme     Ayeyemi Sulaiman     Kanu Agabi     Ishak Mohammed Sabi     Asa     Zara Umar     Kayode Oyin Zubair     Olupako Of Share     Abdulmumini Sanni Jawondo     Omu Aran     Halimat Yusuf     Sam Okaula     Dumagi     International Aviation College     Crystal Corner Shops     Plat Technologies     Adewuyi Funmilayo     Sa\'adu Salau     Yekeen Alabi     KWASIEC     Kwara State Polytechnic     Ahman Pategi     Onilupeju Of Ilupeju     Kwara Hotel     Bamidele Adegoke     Kwarareports     Kazeem Oladepo     Sayomi     Fulani     Share/Tsaragi     Salman Suleiman     Abdulquowiyu Olododo     Kwara Muslim Pilgrims Welfare Board     Magaji Nda     Na\'Allah     Sa\'adu Salahu     Amos Sayo     Vasolar-Kwara Company Ltd     Harmony Holdings     Raliat Islamic Foundation     Samuel Adedoyin     Dorcas Afeniforo     Abdulkadir Remi Hawawu     KWSUED     Adesoye     Ijagbo     Lafiagi     Kolo     Boko Haram     KWATMA     Razak Atunwa     Kwara State Internal Revenue Service     Galland Marcias     Mope Dasuki Belgore     Umaru Saro     11th Galadima     Mohammed Kamaludeen     Nigeria Computer Society     Ijagbo Health Centre     Oba David Oyerinola Adedunmoye     Makama     Bola Ahmed Tinubu     Oni Adebayo     Oke-Ero     Madawaki Of Ilorin     Galadima     Wahab Kunle Shittu     Oluwole Dupe     Musibau Akanji    

Cloud Tag: What's trending

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

Idowu Laro     Federal Road Maintenance Agency     Kwara Basketball Association     Yusuf Abdulwahab     Elerinjare-Ibobo     Rebecca Olanrewaju     Makama Of Ilorin     Coalition Of Kwara North Groups     Tescom.kwarastate.gov.ng     Ayotunde Emmanuel Alao     Centre For Peace And Strategic Studies     Nigeria Customs Service     Yusuf AbdulRasheed     11th Galadima     James Ayeni     Neuropsychiatric Hospital     Ademola Kiyesola     Egbewole     Elerinjare     Kayode Yusuf     Oke-Ode     Owo Isowo     Awili Pedro     Adesoye     Sun Qing Rong     Mohammed Alabi Lawal     Salmon Babatunde Salmon     Omotoso     Ilorin Talaka Parapo (ITP)     Magaji Erubu     Ndama Al-hassan     Fatai Garuba Labaka     Omoniyi M. Ayinla     Bisi Oyeleke     Saheed Akinwumi     Tsaragi     Geri-Alimi Split Diamond Interchange     Tayo Awodiji     Yahaya Seriki     Ridwan Agboola     VADA     Musa Aibinu     Iyaloja-General     Baaziki Sulaiman     Abdulmumini Jawondo     Ajayi Okasanmi     Apaokagi     Bayer Nigeria Limited     Lukman Adeloyin     New Nigeria People’s Party     Yusuf Abubakar     Osuwa     Police Commissioner     Dauda Adesola     Ilorin Central Mosque     Quarry Royal Valley     Suwa-Arabs     Olosi Of Osi     Yahaya Oloriegbe     Ayo Opadokun     Sabi     Ballah     KWTV     Ilota     Sarah Alade     Tosho Yaqub     First Lady     Aishat Sulu-Gambari     Binta Sulyman     Sabi     Abubakar Imam     Niguel Gallando Marcias     Ilorin South     Taofeek Sanusi     Fatimah Abdulkadir     Bola Iyabo Ibiyeye Adisa     Pakata Development Association