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.

Shehu Alimi Foundation For Peace And Development     COVID-19 Palliatives     Erin-ile     Vasolar     Age AbdulKareem     Saliu Tunde Bello     Arca Santa     Saliu Alamoyo     Salaudeen Oyewale     AbdulRazaq Abubakar Jiddah     Ministry Of Women Affairs And Social Development     Federal Neuro-Psychiatric Hospital     Hikmah AbdulKareem     Computer Based Test     Aliyu Olatunji Ajanaku     Awoye     AbdulFatai Adeniyi Dan-Kazeem     Ahmad Uthman     Ike Ekweremadu     Balogin Alanamu     Eghe Igbinehin     ITP     Bureau Of Lands     Azeez Salawu     Bello Abubakar     Igbomina     Akande Idowu Ayoola Muhammed     Clara Nwachukwu     Societe Generale Bank Of Nigeria     Susan Modupe Oluwole     Mope Dasuki Belgore     Sobi Hill     New Nigeria People’s Party     Hassanat Bello     Okiki     FERMA     Oladipo Akanmu Tolani     Lateef Fagbemi     Ajibike Katibi     Majlis For Sadaqah, Zakat And Waqf     Millennium Development Goals     Aliyu Adebayo     Kamaldeen Kehinde     Katibi Ibraheem Adeola     Bamidele Adegoke     Abdulmalik Bashir Mopelola Risikatullahi     Shonga     Saadu Gbogbo Iwe     Ibraheem Abdullateef     11th Galadima     Women Radio     Goodluck Jonathan     Babs Iwarere     Isiaka Gold     Moses Rahman Popoola     Pakata     John Olobayo     Alaro     Moshood Kashimawo Abiola     Sulaiman Gado     Usman Rifun     Offa Poly     Abdulrazaq Akorede     Ganiyu Taofiq     Vasolar Consultoria     Yusuf A. Usman     Ebun-Olu Adegboruwa     Mohammed Yisa     Peculiar Allowance     Apata Ajele Secondary School     Lithium     Sam Okaula     Sadiq Umar     Mansur Alfanla     Ayodele Kuburat Olaosebikan     NNPP     AbdulHamid Adi    

Cloud Tag: What's trending

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

Bahago     Ekweremadu     Aishat Mohammed Lawal     Special Agro-industrial Processing Zone     Jide Ashonibare     Academic Staff Union Of Universities     Malete     Ilorin Water Reticulation     African Democratic Congress     Abdulkadir Remi Hawawu     IPSAS     Gobir     Ilorin Talaka Parapo     Matthew Babaoye     David Oyerinola Adedunmoye     Ahmed Bayero     Kehinde Baale     Danhawa     FOMWAN     Elections     Durbar     Muhammad Sirajo Aliyu     Na\'Allah     Abubakar Olusola Saraki     Saba Jibril     Computer Based Test     IHS Towers     Abdulwaheed Musa     National Information Technology Development Agency     Ahman Pategi University     KWASIEC     Ilorin West     Jimoh Saadudeen Muhammed     Yahaya Dumoye     Kwara State Pension Board     Abdullateef Abdussalam     Kumbi Titiloye     Hakeem Idris     Asiwaju Bola Tinubu     Kisra     Rotimi Samuel Olujide     Abdulwasiu Bolaji Adeyi     Hamidu Olowo     Olatunji Abdulmumeen     Tuesday Assayomo     Ashiru     John Mayokun Dada     Mohammed Ajia Ibrahim     Amos Justus Sayo     ASUU     Durbar Festival     Awwal Jawondo     Sidikat Alaya     Yusuf Arowosaye     S.O. Opowoye     Babs Iwarere     Oyedun Juliana Funke     Abubakar Abdullahi Bata     Abdulazeez Arowona     Kayode Ogunlowo     Split Diamond Interchange     Forgo Battery     Shehu Jimoh     Isiaq Khadeejah     Sabi     Inside Kwara     Demola Banu     Peter Amogbonjaye     Turaki Of Ilorin     Mohammed Halidu     Tosho Yaqub     Ajase-Ipo     AbdulRazaq Jiddah     Old Oyo     Valsolar Consortium     Imodoye Writer’s Enclave     Sabi