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.

Fatimat Saliu     3MTT     Dele Momodu     Babatunde Ishola Babaita     Yakubu Dogara     Tinubu     Salami Adekunle     Shuaib Abdulkadir     Oluronke Adeyemi     Issa Manzuma     Madawaki     Women Radio     Oro Grammar School Old Students Association     Kwara State University Of Education     07039448763     Ajasse-Ipo     Quareeb     Amusa Bello     Rex Olawoye     Sidikat Akaje     Veterinary Teaching Hospital     Kola Olota     Fatima Abolore Jimoh     CCEPE     Abdullahi G. Mohammad     Ben Duntoye     Amos Bajeh     Federal College Of Education (Special), Afon     Raji AbdulRasaq     Yusuf Arowosaye     Rashidi Yekini     Funmi Salau     Waziri Yakubu Gobir     Bola Iyabo Ibiyeye Adisa     Ahmed Alhasssan     Rotimi Oyedepo     Nagode     Gobirawa     Binta Abubakar Mora     Memunat Monsuma     UNIFEMGA     Maigida     Abdul Jimoh Mohammed     Oloriegbe     Olaiya Victor Mobolaji     Lanre Jimoh     Elewu     KWIRS     Adisa Logun     Bayer Nigeria Limited     Lanre Badmas     Kwara Primary Health Care Development Agency     Al-Adaby     Charcoal     Dauda Adeniran Adeshola     Gurei     Kassim Babamale     SSA Youth Engagement     Ophthalmological Society Of Nigeria     Sheikh Ariyibi     Abdulmumini AbdulRazaq     Olukotun Of Ikotun     Elerinjare-Ibobo     TETFUND     Old Oyo     Shehu Salau     Ilesha Gwanara Road     Abdulrahman Abdulrasaq     Gabriel Fashanu     Bamidele Adegoke     QuickWin     IsDB     Sarkin Malamai     Ibrahim Akaje     Yomi Ogunsola     Kola Ologbondiyan     Umar Gunu    

Cloud Tag: What's trending

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

Dar-Al-Handasah Consultants     Simeon Ajibola     ASMAU PLAZA     Samuel Olusegun Adedayo     Abdulkadir Akanbi-Oke     Issa Oloruntogun     Peculiar Allowance     Kunle Akogun     Taiwo Joseph     General Hospital     Bola Iyabo Ibiyeye Adisa     Borgu     Kwara-SAPZ Project     Alfa Modibbo Belgore     Suleiman Rotimi Iliasu     Offa Metropolitan Club     Kwara Liberation Group     Dairo Kunle Paul     Lanre Issa Onilu     Eleyele     Eleja Taiwo Banu     Bukola Saraki     Chief Of Staff     Aro Yahaya     Abatemi Usman     Sobi Hill     Umar Ahmed Gunu     Imodoye Writer’s Enclave     Sobi Specialist Hospital     Dumagi     Muhammad Yahya     Shagari     Christopher Ayeni     Ibrahim Bio     Saka Isau     Olokoba Sulyman     Ahmed Mohammed Rifun     Government House     2017 Budget     Ibrahim Akaje     Oluwatoyin Lukman     Abubakar B.M     Mahfouz Adedimeji     Damilola Yusuf     Chemiroy Nigeria Limited     Savannah Centre For Diplomacy, Democracy And Development     KWASAA     Aliyu Sabi     Babatunde Ajeigbe     Sardauna     Jebba     Akande Idowu Ayoola Muhammed     UNILORIN Alumni Association     Senior Staff Union Of Colleges Of Education     Benin Republic     UITH     Siraj Oyewale     Edret Sabi Abel     Chief Imam Of Lafiagi     Pilgrims Board     Alapado     Summit University     Lanre Olosunde     Igbomina     Yahaya Dumoye     Ahmed Dankaya     CACOVID     Mansurat Amuda-Kannike     Hussein Olokooba     Timothy Olatunde Fadipe     Christopher Tunji Ayeni     Justina Oha     Ashiru     Raliat Islamic Foundation     Abdulazeez Arowona     Aminu Adisa Logun     Alimi Abdulrazaq