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.

Olatunde Jare     Gaa Olobi     Balogun Ajikobi     Mohammed Yahaya Barki     Lukman Oyebanji Fagbemi     Al-Hikmah University     Moronfoye     Abdulkadir Akanbi-Oke     Lotus Bank     Ndama Al-hassan     Tunde Mukaila Mustapha     Pilgrims Board     Tanke Flyover Bridge     Egbewole     Umar Gunu     Sidikat Alaya     Ahmed Idris Mohammed     Alabi Lawal     Veterinary Teaching Hospital     Economic And Financial Crimes Commission     Oladipo Akanmu Tolani     Orisun Igbomina     Share/Tsaragi     Adesoye College     Abdullahi Atanda     Garment Factory     Ilorin Water Reticulation     Okeose Christian Cementary     Ajayi Okasanmi     Oju Ekun Sarumi     Association Of Kwara State Online Media Practitioners     Suleiman Ajadi     Adeniyi Ojo     Rex Olawoye     Apaokagi     11th Galadima     Tunji Ajanaku     Amosa     Okala Baba     Opolo Global Innovation Limited     National Union Of Road Transport Workers     Oke-Odo     Ganmo Electricity Sub-Station     Kamoru Kadiri     Sarakite     Kaosarah Adeyi     Laboratory-to-Product     Hausa     Sulyman Atolagbe Alege     Binta Abubakar Mora     Abdul-Rahoof Bello     Shehu Alimi Foundation For Peace And Development     Kwara North     Amuda Bembe     Opaleke Bukola Iyabo     Abdulfatai Baakini     Hijaab     Rafiu Ibrahim     Oke-opin     Lukman Adeloyin     Olabode Towoju     Wasiu Odewale     Mustapha Olanipekun     Sunday Otokiti     Alabe     Danladi     Adedeji Onimago     Kwara Basketball Association     TVC Female National Debate     Ajikobi     Sobi     Oladimeji Thompson     Abubakar Imam     Mike Omotosho     LAK Jimoh     Saliu Oluwole     Kwara State Printing And Publishing Corporation    

Cloud Tag: What's trending

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

Yusuf Amuda Gobir     Magaji Erubu     Elese Of Igbaja     Raymond Olaitan     Vasolar     Katibi Ibraheem Adeola     07039448763     Alanamu     Gaa Olobi     Ibrahim Abikan     Funke Adedoyin     Sun Qing Rong     Olabanji Orilonishe     Adamu Atta     Oba David Oyerinola Adedunmoye     Col. Adedipe     Ilorin West/Asa Federal Constituency     Ilorin Emirate Staff Association     Siddiq Adebayo Idowu Salawu     Tunji Oyawoye     Yusuf Aiyedun     Valsolar Consortium     Opobiyi     Monthly Sanitation Exercise     Gbenga Awoyale     General Hospital, Ilorin     NaAllah     Saheed Alakoso     AbdulFatai Adeniyi Dan-Kazeem     Salman Suleiman     Aliyu Alhassan     Akeem Lawal     Sola Saraki University     Umaru Saro     Kubra Kazum     UNILORIN Alumni     Oba Abdulkadir La\'aro     Sa\'adatu Modibbo-Kawu     Kannike     SSA Youth Engagement     Aliyu Muhammad Saifudeen     Muhammed Aliyu     Adeleke Ogungbe     Ilorin Emirate Stakeholders Forum     Sa\'adu Salahu     Trader Moni     Baruba     Ganiyu Taofiq     Woro     Dorcas Afeniforo     Wasiu Onidugbe     Olugbense     Nigeria Customs Service     Gobir Organization Foundation     Ilorin Descendants Progressive Union     Frootify     Curfew     Hassan Abdulazeez Elewu     Kayode Ogunlowo     Musa Abdullahi     Student Learning Support Helpline     Oluwole Dupe     TVC Female National Debate     Bibire Ajape     Osinbajo     Rotimi Oyedepo     Lukman Adeloyin     EndSARS     Apaola     Bisi Oyeleke     Olayinka Olaogun     SUBEB     Shettima     Yusuf Olaolu Ali     Dar-Al-Handasah Consultants Ltd     Muhammed Mahe Abdulkadir     Dan Iya