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.

Ajuloopin     Lawyers Unite Against Corruption     Tuesday Assayomo     Yoruba     CLAY POT     Women Radio     Basit Olatunji     EFCC     Ahmad Belgore     Shaaba Lafiagi     Muhammad Yahya     Local Government Pension Board     KWATMA     Saka Adeyemo     Moremi High School     Ibrahim Abdulkadir Abikan     Ilorin Amusement Park     Sheriff Shagaya     Oladipo Akanmu Tolani     Baba Adini Of Kwara State     Prince Sunday Fagbemi     Kayode Bankole     IHS Towers     Asa LGEA School     National Pilot     Bankole Omishore     Yahaya Abdulkareem     Ilesha Gwanara Road     KWACOBPA     Budo Egba     Veterinary Teaching Hospital     General Hospital, Ilorin     Salihu Alhaji Musa     Yusuf Olaolu Ali     Suleiman Ajadi     Kwara State Fire Service     Babatunde Ajeigbe     Akume     Olokoba     Kamoru Kadiri     FOMWAN     Folorunsho Erubu     Suleiman Idris     REO CAKES     Ibrahim Taiwo     Yusuf Amuda Gobir     Abubakar Abdullahi Bata     Budo-Egba     Ariyo     IFK     Opolo Global Innovation Limited     Monthly Sanitation Exercise     Baba-Isale     Matthew Babaoye     Savannah Centre For Diplomacy, Democracy And Development     Solomon Edojah     Hamidat Sulyman-Yusuf     Aliyu Adebayo     Ilesha-Baruba-Gwanara     Ahman Patigi     Bisi Oyeleke     Olam Food Ingredients     NaAllah     Logun     Saad Omo\'ya     Saka Isau     Peculiar Allowance     March 18     Jamiu Oyawoye     Oke-Ogun     Ope Saraki     Oluwole Dupe     Aro Yahaya     Yakubu Shaaba     Nigeria Foundation For Artificial Intelligence     Bolakale Saka     KWASIEC    

Cloud Tag: What's trending

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

Aminu Ado Bayero     Tricycle Owners Association Of Nigeria     Popo-Igbonna     Idi-Ape     Maigidasanma     Alaro     Ile Arugbo     Olayinka Jelili Yusuf     IHS Towers     Otuka     Oloruntoyosi Thomas     Sa\'adu Gambari     Ayeyemi Sulaiman     Odolaye Aremu     Islamiya Abdulraheem     Yomi Adeboye     Minimum Wage     ER-KANG Mining Nigeria Company Limited     Hauwa Nuru     Sa\'ad Alanamu     Kisira     Taofeeq Olateju     Doyin Group     Ilesha-Gwanara     KWACOBPA     Aliyu Olatunji Ajanaku     Adebayo Mohammed Kamaldeen     Busari Toyin Isiaka     Senior Ibrahim Suleiman     Muslim Media Watch Group Of Nigeria     Kwara State Branch Of The National Library     Abdulwahab Oba     Ajia-Bako     Muhammed Aliyu     Kwara NIPR     Ilorin Anchor Men And Women     Bukola Saraki     Mohammed Saidu     Alloy Chukwuemeka     TVC Female National Debate     Facemasks     Apata Ajele Secondary School     Wale Oladepo     Adedipe     Shuaib Jawondo     Ilorin General Hospital     Abdulfatai Ahmed     Gbajabiamila     Ahmed Mohammed Rifun     Quarry Royal Valley     AbdulGaniyu Kareem     Revenue Court     Hijab     Abdulganiy Abimbola Abdussalam     Harmony Holdings     Samuel Adaramola     Maigida     Bolakale Ayo     Joseph Bamigboye     Elerin Of Erin-Ile     PPS     Abdullahi Samari     Tunji Oyawoye     Bashiru Makama     Afolayan     Okin Group     Junior Secondary School Certificate Examinations     Babajide Ajayi     Olugbense     Toyin Falola     CCT     Oniwa     Wasiu Odewale     Fareedah Dankaka     Agbarigidoma     Senior Special Assistant On Student Affairs     Academic Staff Union Of Universities