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.

Abdulrasheed Lafia     Student Learning Support Helpline     Musbau A. Akanji     Segun Ogunsola     Afolasade Opeyemi Kemi     Modupe Oluwole     Raliat Islamic Foundation     Abdulmumini Jawondo     Sheu Ndanusa Usman     Olusegun Adeniyi     Haleeman Salman     Mohammed Danjuma     Alabi Lawal     Sam Onile     Elerin Of Adanla Irese     Pius Abioje     Javed Khan     Ahmad Uthman     Aisha Buhari     Sulyman Tejidini     Adebayo Salami     Timothy Akangbe     Salihu Ajibola Ajia     Mahee Abdulkadir     Government Girls’ Day Secondary School Pakata     Saka Adeyemo     Obuh     Suleiman Mora Omar     Oniyangi     Bashir Badawi     Damilola Yusuf     Egbejila     NIPR     Curfew     Nupe     Harmony Holdings     Laolu Saraki     Patience Jonathan     Budo Egba     Hakeem Idris     Shehu Salau     Okin Biscuit     Special Adviser On Digital Innovation     Ben Duntoye     Quranic Recitation Competition     High Court     Zulkifli Ibraheem     Kwara NIPR     JUSUN     Pacify Labs     Iyabo Adisa Ibiyeye     Sarkin Malamai     Agboola Abdulraheem     IYA YUSUF     Bolaji Nagode     Kaiama     Kwara State Governor     Ghali Muhammed     Mahfouz Adedimeji     Azeez Bello     Kwara Volleyball Association     Yakubu Danladi     Oloriegbe     Kale Belgore     BIR     Ilorin Curfew     Olomu     Sheikh Ridhwanullah El-ilory     S.O. Opowoye     Teachers Specific Allowance     Harafat E. Mukadam     Saeedat Aliyu     Face Masks     Olaiya Lawal     Busari Toyin Isiaka     Amasa     Maimunat Oniyangi    

Cloud Tag: What's trending

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

March 18     JMK Construction Company Limited     Mohammed Ibrahim     Garba Ado Sanni     Baruba     Abubakar Baba Sulaiman     Alapansapa     Matthew Okedare     TETFUND     Oloruntoyosi Thomas     Muhammed Aliyu     Okedare     Lithium     NSCIA     Risikat Lawal     NaAllah     SWAN     Lanre Issa Onilu     Siraj Oyewale     Temi Kolawole     Ubandawaki     Ayodele Kuburat Olaosebikan     Tafida Of Kaiama     Crystal Corner Shops     The Herald     11th Galadima     Ogidi-Oloje     Kwara State Governor     Frootify     Zainab Abass     Abdulfatah Ahmed     Saidu Isa     Chief Of Staff     Facebook     Afusat Nike Ibrahim     Suleiman Rotimi Iliasu     Peculiar Allowance     Makama Of Kaiama     Gabriel Fashanu     GRA     Suleiman Abubakar     Ajase-Ipo     Kehinde Baale     Mike Omotosho     Yunus Lawal     Fatima Abolore Jimoh     KWSIEC     Ilorin East/South Federal Constituency     Lafiagi     Oro Grammar School     Ganiyu Abolarin     Hassan A. Saliu     Park     Kisra     Overland     Kaosarah Adeyi     Afolabi-Oshatimehin Adenike Harriet     Saka Adeyemo     Odolaye Aremu     Salihu Jibril Garbi     Modupe Oluwole     Yahaya Jibril Usman     Salihu Ajia     Rihanat Ajia     Ayinde Oyepitan     Arinola Fatimoh Lawal     Emir Of Shonga     Ishak Mohammed Sabi     Okoolowo     Muhammad Mustapha Suleiman     Sarah Jubril     Offa Metropolitan Club     Dapo Teni Nig Enterprise     Idi-Ape     Saidu Yaro Musa     Hajj     Opolo Global Innovation Limited