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.

Muritala Awodun     Daud Adeshola     Tsado Manman     Lai Mohammed     Oloyede     Mamatu Abdullahi     Quarry Royal Valley     Hameed Oladipupo Ali     LAK Jimoh     Sunday Otokiti     Agor Market     AbdulRazaq AbduMajeed Alaro     Pius Abioje     Nupe     Frootify     Flights To Ilorin     Ekweremadu     Savannah Centre For Diplomacy, Democracy And Development     Folajimi Aleshinloye     Sa\'ad Alanamu     C2c@kwarastate.gov.ng     Trader Moni     Kwara Metro Park     Owo Isowo     Adeleke Ogungbe     Yusuf Olaolu Ali     Sa\'adu Gambari     Olayinka Are     Elerinjare-Ibobo     Lateef Alagbonsi     Imodoye Writer’s Enclave     Solomon Edojah     Y.A. Abdulkareem     Kale Belgore     Shuaibu Yaman     AIT Ilorin     Adedipe     Aishat Sulu-Gambari     Idris Garba     Yusuf Abdulraheem     Gobir Organization Foundation     Kwara State Fish Farmers Association     Just Event Online     Ahmad Belgore     Kayode Issa     Ahmed Alhasssan     Otunba Taiwo Joseph     Babata     Rotimi Samuel Olujide     Bibire Ajape     Ado Bayero     Folashade Omoniyi     Abdulquawiy Olododo     Olabode George Towoju     Afolabi-Oshatimehin Adenike Harriet     Clement Yomi Adeboye     Funmilayo Isiaka Oniwa     Abdulrahman Abdulrasaq     KWAFFA     Baba-Isale     College Of Education     Forgo Battery Company Limited     SSA Youth     SWAN     Aliyu Adebayo     SARS     Towoju     Ubandoma Of Ilorin     Oba Abdulrahim     Umar Ayinla Saro     Lanre Olosunde     Charcoal     KWSUED     Kwara State Geographic Information Service     Ojo Fadumila     MINILS     Raimi Iyanda    

Cloud Tag: What's trending

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

Olugbense     Academic Staff Union Of Universities     Centre For Community Empowerment And Poverty Eradication     Ibrahim Orire     Binta Abubakar-Mora     Lithium     Oke-Oyi     Flights To Ilorin     Alimi     John Obuh     Cassava Growers\' Association     Olatunji Ibrahim     Ahmed Shuaib Buranga     Undergraduate Bursary     Ilorin Metro Park     Salman Alada     Toyin Sanusi     Wale Oladepo     Razaq Ayobami Akanbi     Bello Oyedepo     GAMA     Lafiagi     Ahmed \'Lateef     Baba Issa Awoye     Vasolar-Kwara Company Ltd     Tescom.kwarastate.gov.ng     Olokoba Sulyman     Oba Of Jebba     Adolescent Girls Initiative For Learning And Empowerment     Abdulmumini AbdulRazaq     Tunji Arosanyin     Tosho Yaqub     Henry Olaosebikan     Segun Olawoyin     Akeem Olatunji     Biliaminu Aliu     Oyelere Oyinloye     UITH     Dorcas Afeniforo     IHS Towers     Kwara North     Ibrahim Sulu Gambari     Basic Education Certificate Examination     Kwara State Health Insurance Agency     Kolo     Apaola     BIR     Freshvine Nigeria Limited     Popo-Igbonna     Samuel Olusegun Adedayo     Asa LGEA School     Abraham Ojo     Lanre Issa Onilu     Balogin Alanamu     Yusuf Lanre Badmus     Bamidele Aluko     Alapansapa     Admiralty Villa     Omu-aran     Bature Bello     Oba Abu     Suleiman Abubakar     MAI Akande     Taibat Ayinke Ahmed     Mahee Abdulkadir     Folorunsho Erubu     Fareedah Dankaka     Babaloja-General     Bashir Omolaja Bolarinwa     Sulaiman Gado     Abdulganiy Abimbola Abdussalam     Ilesha-Gwanara     Tunji Ajanaku     Shehu Alimi Foundation     Kola Bukoye     Naira Redesign     Adebayo Mohammed Kamaldeen