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.

Abdulfatah Ahmed     Bayo Onimago     Madawaki Of Ilorin     Lafiagi     Bola Sagaya     Kale Ayo     David Oyerinola Adedunmoye     Siraj Oyewale     A.E. Afolabi     Otoge     Suleman Abubakar     Senate     Galadima     Lawal Jimoh     NTA Ilorin     HICA     Kunle Akogun     Yomi Ogunsola     Kayode Bankole     Kupchi Hosea Maxwell     Ayo Opadokun     Kayode Alabi     Ibraheem Adeola Katibi     Saka Abimbola Isau     Abdullahi Atanda     IF-K     Ayodele Shittu     Dan Iya     Mubarak Oladosu     Apado     Mogaji Aare     National Association Of Nigerian Students     Abubakar Atiku     Academic Staff Union Of Universities     Kale Bayero     Abubakar Aliagan     Lanre Olosunde     Dairo Kunle Paul     Kwara State Government     Kolawole Akande     Oba Abdulkadir La\'aro     IYA ALFA NLA     Kaosarah Adeyi     Tinubu     Adebara     Kpotum Mohammed Baba     Ibrahim Akaje     Sheriff Shagaya     Amina Susa\'a De Ahmed     Samuel Adedoyin     Oloye     Abdulkadri Ahmad Alaiye     Sabitiyu Grillo     General Tunde Idiagbon International Airport Ilorin     Moses Salami     Rasheed Jimoh     Y.A. Abdulkareem     Aremu Bose Deborah     Muritala Awodun     Hassan Saliu     Saidu Yaro Musa     Muhammad Fawaz Abubakar     Shero     Salihu Yahaya     SUBEB     Junior Secondary School Certificate Examinations     Olabode George Towoju     CCEPE     ENetSuD     Police Commissioner     Egbewole     Ifelodun     Omoniyi Ayinla     Shuaib Jawondo     Samari     Saad Belgore     Lanre Badmas    

Cloud Tag: What's trending

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

Bolaji Abdullahi     Saka Saadu     Pilgrims Board     Maimunat Oloriegbe     Bolaji Aladie     Gambari     Saliu Ajibola Ajia     Gani Saadu     Tunji Arosanyin     Nurudeen Muhammed     Kwara State Sports Commission     Ado Bayero     Taofik Abdulkareem     Gurei     Kawu Baraje     Logun     Chief Of Staff     Alabere     Yahaya Jibril Usman     Salman Jawondo     Otoge     Jimoh Bashir     Magaji Erubu     Nigerian Supreme Council For Islamic Affairs     Isiaka Alikinla     Taibat Ayinke Ahmed     KWASEIC     Quarry Royal Valley     Ganiyu Taofiq     Ajibola Ademola Julius     Nigeria Association Of Women Journalists     Lateef Fagbemi     Bayer Nigeria Limited     Abdulrosheed Okiki     Shola Odetundun     Hakeem Lawal     Shuaib Boni Aliyu     Oluwole Dupe     Abatemi-Usman     Ahmed \'Lateef     Abdulfatai Ahmed     Funke Adedoyin     Aliyu Muyideen     Oba-Solagberu     Ibrahim Mashood     Mansur Alfanla     Olatunji Abdulmumeen     Durosinlohun Atiku     Paul Olawoore     Salary     Olaosebikan     Samari     Seed Technologies     Abdulrahman Abdulrasak     UITH     Saka Asiat Ayinke     Dauda Adeniran Adeshola     NIRSAL     JAMB     Kwara University Of Education     Alimi     AbdulRauf Keji     Bature Bello     Ridwan Agboola     Kale Bayero     Iqra Books     Communication Network Support Services     Oloje     Abdulrazaq Solihudeen     Ishaq Salman     Sabi     Kunle Okeowo     Amule     Ope Saraki     Garba Ayodele Wahab     Fatimoh Lawal     Laolu Saraki