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.

Saad Belgore     Ibrahim Labaika     Quarry Royal Valley     Arinola Lawal     Alimi Abdulrazaq     Noah Yusuf     Ronke Adeyemi     LABTOP     Trade Lenda SME Fair     Ilorin Talaka Parapo (ITP)     Suleiman Ajadi     Abdulahi Abubakar Bata     Hassan Abdulazeez Elewu     Ibrahim Orire     Frootify     Kaosarah Adeyi     Olota Of Odo-Owa     Woro     Musa Aibinu     Balikis Jawondo     Centre For Digital Economy     Illyasu Abdullahi     Binta Sulyman     Babaloja-General     Young Progressives Party     Aisha Gobir     Maimunat Oniyangi     Road Transport Employers Association Of Nigeria     Wahab Isa     Igbaja     Abdulraheem Yusuf     Sidikat Akaje     CUTI     Baba Adini Of Kwara State     Musa Ayinla Yeketi     Suraj Tunji Oyewale     Kemi Adeosun     Shao     Mahmud Babatunde Baker     Aliyu Olatunji Ajanaku     Tayo Awodiji     Apaokagi     CACOVID     Micheal Imoudu     National Information Technology Development Agency     Ibrahim Abduquadri Abikan     Aisha Abodunrin Ibrahim     Harrison Osauwagboe     Ella Supreme Tissue Paper     Umaru Saro     Olupako Of Share     Bolakale Saka     Victor Gbenga Yusuf     Gbemi Saraki     Bolaji Gambari     Ubandoma Of Ilorin     AbdulKareem Yusuf Danhawa     Ndakene     Eghe Igbinehin     EndSARS     Muritala Olarewaju     Mary Arinde     General Hospital, Offa     Yomi Adeboye     Ambassador Kayode Laro     Alapansapa     Segun Abifarin     Kwara Central     Kwara Liberation Group     Muhammed Akanbi     Toyin Falola     Alfa Modibbo Belgore     Olaitan Adefila     Charles Ibitoye     Bayer Nigeria Limited     April 11     George Innih    

Cloud Tag: What's trending

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

Oniwasi Agbaye     Salau Kabiru Abdullahi     IESA     Olushola Saraki     New Model Police Station     Rotimi Oyedepo     Segun Adeniyi     Ahmed Bayero     Adebayo Salami     Olaitan Buraimoh     Lateef Fagbemi     Student Learning Support Helpline     Adeniyi Ojo     NTA Ilorin     Toyin Sanusi     Danladi     Bashir Omolaja Bolarinwa     Ramadhan     Saka Adeyemo     Adebayo Mohammed Kamaldeen     Kwara State Football Association     Owo Isowo     Abdulahi Abubakar Bata     Salihu Yahaya     Chemiroy Nigeria Limited     Titus Suberu-Ajibola     Kehinde Boyede     Aliyu Olatunji Ajanaku     NNPP     Kwara Coalition Of Business And Professional Associations     Chief Imam Of Offa     Owo Arugbo     Ayo Salami     Ogidi-Oloje     Hamza Usman     ITP     Gobir Organization Foundation     Kwara Restoration Project     Modibo Kawu     Ileloke     Sulu Babaita Isiaka     Aliyu Umar     Kola Olota     Erubu     Abdulrahman Abdullahi Kayode     Ishaq Salman     Pategi     Ilorin Curfew     Mutawali Of Ilorin     Abdulrahman Abdulrasak     Elese Of Igbaja     Kaosarah Adeyi     Plat Technologies     Women For Change And Development Initiative     Nigeria Association Of Women Journalists     Halimat Yusuf     Sunday Fagbemi     Abdulrahman Abdulrasaq     Pius Abioje     GGDSS Pakata     Dagbalodo     Junior Secondary School Certificate Examinations     Jamila Bio Ibrahim     Fulani     Ahmad Olayiwola Kamaldeen     UNILORIN Alumni     Yusuf Badmus     Ayeyemi Sulaiman     Abdullahi Adisa Akodudu     NIPOGA     Bayo Onimago     Elerin Of Adanla Irese     Kwara Politics     Olatunji Bamgbola     Col. Adedipe     Royal FM     Chikanda