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.

ASMAU PLAZA     Kwara Consultative Forum     IEDPU     Abraham Ojo     20 Billion Bond     Admiralty Villa     AbdulHamid Adi     Abatemi-Usman     Bello John Olanrewaju     LEAH Charity Foundation     Arca Santa     Oasis Muslim Care Foundation     Majlis For Sadaqah, Zakat And Waqf     Matthew Okedare     Jimoh Olusola Imam     Ibrahim Abdulqadir Abikan     Wahab Egbewole     AbdulQowiy Olododo     Rotimi Oyedepo     Shagari     Hussein Olokooba     Ilorin South     Bio Ibrahim     Taofeek Ibraheem     Neo Mundo Ltd     Communication Network Support Services     Ahman Patigi     Abdulkarim Adisa     Babatunde Ajeigbe     Samuel Elizabeth Keatswa     Mahmud Durosinlohun Atiku     Awoye     Alaro     Okin High School     Isiaka Abdulrazak     Oloje     Odolaye Aremu     Saadatu Modibbo-Kawu     Al-Ilory     George Funsho Adebayo     Oba-Solagberu     Alimi Abdulrazaq     Sa\'adatu Modibbo-Kawu     Shettima Of Ilorin     Olatunji Ayeni     Bolaji Nagode     Kumbi Titilope     Sadiq Umar     Sam Onile     Abubakar Ndakene     Abdulfatai Ahmed     Eleyele     HAMFAT Clinic And Maternity     Split Diamond Interchange     Oloriegbe     Aso Ofi     Kwara Central     Salman Jawondo     CLAY POT     Chief Of Staff     Aishat Sulu-Gambari     Sheikh Ridhwanullah El-ilory     Tsaragi/Share     Abdulkadir Jimoh     Shehu Alimi Foundation For Peace And Development     Dauda Adeniran Adeshola     Yaru     Na\'Allah     John Dara     Idi-Ape     Y.A. Abdulkareem     Unicontinental Construction Company     Millennium Development Goals     Umaru Saro     All Confederation Of Principals Of Secondary Schools     Abdulhakeem Amao     Local Government Pension Board    

Cloud Tag: What's trending

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

Abdulrahman Onikijipa     Suleiman Yahya Alapansapa     Jalala     AbdulHakeem Ajibola Akanbi     Idris Garba     Akorede     Chief Imam Of Ilorin     National Broadcasting Commission     Aiyedun     Omu Aran     Nigerian Army     Ezekiel Yissa Benjamin     Salary     Damilola Yusuf Adelodun     Shero     Assayomo     Femi Oladiji     Amuda Bembe     Ishola Moses Abiodun     Taofik Mustapha     Monkey Pox     Alapado     Press Release     Dapo Teni Nig Enterprise     Gbemisola Oguntimehin     Kayode Ishola     Abdulbaqi Jimoh     Tunji Arosanyin     Popo-Igbonna     Nigerian Correctional Service     Lafia Aliyu Korasabi     Ilofa     Emmanuel Olatunji Adesoye     University Road     Ibrahim Kayode Adeyemi     Kamaldeen Ajibade     Isiaka Alikinla     Bello John Olanrewaju     Akeem Lawal     Wahab Olasupo Egbewole     David Oyedepo     Mohammed Alabi Lawal     Aliyu Muyideen     Simeon Ajibola     Okanlawon Musa     High Court     Dankaka     Oba Abdulraheem     Special Agro-Industrial Hub     Oke-Ero     Abdulkareem Alabi     International Vocational Centre     Lukman Oyebanji Fagbemi     Arinola Fatimoh Lawal     School Of Nursing     Bola Tinubu     BECE     NIRSAL     Aro Yahaya     Bolaji Nagode     Jimoh Olusola Imam     Universal Basic Education Commission     Siraj Oyewale     Mukhtar Shagaya     Simon Sayomi     Rasaq Jimoh     Oladimeji Thompson     KwaraLearn     Ojuekun     MAI Akande     Nigeria Governors\' Forum     Ojo Fadumila     TVC Female National Debate     Jimba Babatunde     Oke-Oyi     Geri-Alimi Split Diamond Interchange     Sabi