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.

Ibrahim Sulu Gambari     Ado Ibrahim     Arinola Fatimoh Lawal     Omotoso     Bio Ibrahim     Abdulfatai Ahmed     Rapheal Ashaolu     KW-GIS     Onilu     Islamic Development Bank     Kwara-SAPZ Project     Sulyman Age AbdulKareem     AbdulRauf Keji     Junior Secondary School Certificate Examinations     Mukhtar Shagaya     Alaaya     Babatunde Ishola Babaita     Mujtabah Bature     Yusuf Lanre Badmus     Ijagbo     Isiaka Gold     Jumoke Monsura Gafar     Muhammad Yahya     General Hospital, Offa     KWSUED     Sabitiyu Grillo     Plat Technologies     Amasa     Omupo     Isiaka Danmeromu     Ramadhan     Muhammad Fawaz Abubakar     Muslim Cementary     Taofik Abdulkareem     Ronke Adeyemi     Isiaq Khadeejah     Hassanat Bello     Titus Suberu-Ajibola     Salman Alada     Adesina Simon Sodiya     Fola Consultant     Sunday Fagbemi     Agor     Bola Tinubu     Radio SBS     Simon Sayomi     KFA     Abdulrasheed Lafia     Olayinka Oladapo Jogunola     Amusement Park     Samuel Adedoyin     Yusuf Lanre Badmas     Village Alive Development Association     UNILORIN Alumni     Radio Kwara     Sarafadeen Kayode Akorede     Tunde Akanbi     Obayomi Azeez     Kwara State Governor     Benin Republic     Kumbi Titilope     Flights To Ilorin     Raymond Olaitan     08001000100     George Funsho Adebayo     Olabimpe Olani     Shonga Farm Project     Abdulrazaq Magaji     Lithium     Aisha Ahman-Pategi     Olomu Of Omu-Aran     Christopher Tunji Ayeni     Oko Erin     Colleges Of Education Academic Staff Union     Maja     Suwa-Arabs     Razak Atunwa    

Cloud Tag: What's trending

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

Tunde Oyawoye     Salihu S. Yaru     Magaji Nda     Femtech     LABTOP     ITEM 7     Isau     Aiyedun     Yekeen Alabi     Abubakar Imam     Facemasks     Obasanjo     Economic And Financial Crimes Commission     Sunset Workers     Olufolake Abdulrazaq     Kayode Bankole     Rebecca Bake     Onikijipa     Hamidu Olowo     Baruba     Alore     Bashir Badawi     Musa Abdullahi     Shaykh Luqman Jimoh     Federal Allocation     Salau Kabiru Abdullahi     Kwara State Printing And Publishing Corporation     Isiaka Abdulrazak     Zulu Gambari     Hijaab     Lateef Ademola Olatunji     Sadiq Buhari     Adam Abdullahi Al-Ilory     Ahmed Bayero     Ajia-Bako     Azeez Bello     Paul Odama     Ahman Pategi     Balogun-Ojomu     Bayo Mohammed Onimode     Adedayo Yusuf Abdulkareem     Ilorin Metro Park     Busari Alabi Alausa     Funmilayo Zubair     Kayode Oyin Zubair     Amosa     Muslim Media Watch Group Of Nigeria     Muhammad Toyin Sanusi     Savannah Centre For Diplomacy, Democracy And Development     Hassan Saliu     Hajj     Toyin Olayinka Tejidini     Olam Food Ingredients     Olaiya Lawal     Alanamu     UNILORIN Alumni     Baba Issa Awoye     Abikan     NSCIA     Towoju     Kola Shittu     Asa     Rihanat Ajia     Aso-ofi     Yahaya Abdulkareem     Garba Idris Ajia     Ojo Isekuse     Adama Isa     Otunba Taiwo Joseph     Aisha Gobir     YAKOOYO     Samuel Adedoyin     Muhammad Mustapha Suleiman     University Road     All Peoples Party     Ibrahim Oniye     Kwara NIPR