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.

Umar Bayo Abdulwahab     Funmilayo Zubair     Nurudeen Muhammed     Saidu Kawu     Oko-Erin     Code Of Conduct     Shehu Alimi Foundation     Olusola Saraki     Akeem Lawal     Mahfouz Adedimeji     Ariyo     CKNG     Ademola Kiyesola     Air Peace     Iliasu     Sarafadeen Kayode Akorede     Ishola Balogun Fulani     Yoonus Lawal     Bashir Badawi     Mukhtar Shagaya     Elerinjare     Ben Duntoye     Mashood Dauda     Olupako Of Share     IYA YUSUF     Otoge     Akanbi-Oke     Alaaya     Odo-Owa     Raliat Islamic Foundation     Madawaki     Age AbdulKareem     JAAC     Danladi     Agbarere     IHS Towers     Okedare     Muhammed Taofeeq Abdulrazaq     Emir Of Ilorin     Funmilayo Braithwaite     Gbajabiamila     Oluronke Adeyemi     Abdulwahab Olarewaju Issa     Erin-ile     Aisha Abodunrin Ibrahim     Kayode Yusuf     Bolaji Nagode     Sheriff Olanrewaju     Modibbo Kawu     Lanre Issa-Onilu     Matthew Okedare     IFK     Elewu     Balogin Alanamu     Ilorin Descendants Progressive Union     Quareeb Islamic Association     Shuaib Abdulkadir     Razaq Atunwa     Funmilayo Oniwa     Harmony Holdings     Saliu Tunde Bello     MATTA Girls Foundation     Gamji Members Association     Baboko     Ayo Opadokun     Ekiti     Funmilayo Mohammed     Aishatu Ahmed Gobir     Sheu Ndanusa Usman     Wahab Olasupo Egbewole     Women For Change And Development Initiative     SSA Youth Engagement     Ilorin     Adanla-Irese     Kolade Solagberu     Abdulmajeed Wahab     Ronke Adeyemi    

Cloud Tag: What's trending

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

Abdulkadir Remi Hawawu     Ilorin Innovation Hub     Omu Aran     Aisha Ahman Pategi     UTME     Razaq Atunwa     Kunle Suleiman     Ifelodun     Adedipe     Busari Toyin Isiaka     Saadu Alanamu     Olaosebikan     Salau Kabiru Abdullahi     Shade Omoniyi     Kwara State Governor     Suraj Tunji Oyewale     General Hospital, Ilorin     Abubakar Suleiman     Special Adviser On Digital Innovation     Press Release     IYA YUSUF     Abdulrasheed Lafia     Ibrahim Abdulqadir Abikan     Shuaibu Yaman     Kwara Polytechnic     Minimum Wage     Okin Biscuit     Sola Saraki Educational Foundation     Ileloke     Simon Sayomi     Omotoso Musa     Kisira     Mamman Saba Jibril     Tayo Alao     Smart School     Air Peace     Mohammed Jimoh Faworaja     Rebecca Olanrewaju     Federal College Of Education (Special), Afon     Imodoye Writer’s Enclave     Aso Ofi     Government Girls’ Day Secondary School Pakata     Oniwasi Agbaye     Marufat Oladosu     State Bureau Of Internal Revenue     Ibrahim Taiwo     Ben Duntoye     Saraki     IPSAS     Bolaji Nagode     Playing Host     John Obuh     Eruku     Jimoh Saadudeen Muhammed     AGF Abdulrazaq     Abdulquowiyu Olododo     Umaru Saro     Bashirat Bola Bello     UNILORIN Alumni     Kisra     Abdulrahman Abdulrasaq     Owu Fall     Timothy Akangbe     Orire     Ayinde Oyepitan     Mahe Abdulkadir     Hausa     Okoolowo     Baboko     Eleyele     Oba David Oyerinola Adedunmoye     Amoyo     08001000100     Ogidi-Oloje     Haleeman Salman     N-Power     Minister