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.

Nigerian Correctional Service     Ramadhan     Special Adviser On Digital Innovation     Funmilayo Zubair     Rachael Obisesan     Park     High Court     Tunde Oyawoye     Abdulrahman Abdulrasak     Chief Of Staff     Sulu Babaita Isiaka     Olayinka Olaogun     Zainab Abass     John Dara     Ayinde Oki     Ahmed \'Lateef     Offa Descendants Union     Shehu Alimi Foundation For Peace And Development     Ubandawaki     SARS     Daud Adeshola     Sarkin Malamai     Kayode Ogunlowo     Paul Odama     Fareedah Dankaka     Afeyin-Olukuta     Binta Abubakar Mora     AbdulRaheem Ahmad Shayi     Baaziki Sulaiman     National Broadcasting Commission     Sheikh Ridhwanullah     ASUU     Abdulrahman Abdulrazak     TESCOM     Ahmed Saidu Rufai     Tanke Flyover Bridge     Eleja Taiwo Banu     Ilorin General Hospital     Saba Jibril     Yoonus Kola Olatinwo     Sulyman Tejidini     Aishat Sulu-Gambari     AbdulRazaq AbduMajeed Alaro     Issa Baba     Saadu Gbogbo Iwe     Nigeria Computer Society     Innocent Okoye     Sobi Specialist Hospital     Elesie Of Esie     Ibrahim Akaje     Christopher Ayeni     Folashade Omoniyi     Shaykh Luqman Jimoh     Yeketi     Markaz Arabic And Islamic Training Institute, Agege     International Public Sector Accounting Standards     Muhammad Yahya     Saidu Yaro Musa     Gbajabiamila     Moremi High School     Adamu Ibrahim Sabi     Gbenga Awoyale     Kwara State Polytechnic     Saraki     Galland Marcias     James Kolo     All Peoples Party     Kwara Liberation Group     Ahmed Dankaya     Atiku     Doyin Agbamu     Veterinary Teaching Hospital     Maryam A. Garuba     Senate President     TETFUND     Ahmed Bolaji Nagode     Olawuyi    

Cloud Tag: What's trending

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

Isiaka Yusuf     Abdullahi G. Mohammad     Saliu Alamoyo     Ileloke     AbdulFatai Adeniyi Dan-Kazeem     Monthly Sanitation Exercise     Iyabo Adisa Ibiyeye     Patigi Regatta     Ahmad Olayiwola Kamaldeen     Mohammed Halidu     Code Of Conduct     Jimoh Olusola Imam     Ita-Nmo Market     Government House     Yetunde Balogun     Shehu Raheem Adaramaja     Bahago     Ojuekun     Yakubu Gobir     Iyeru Grammar School     SSA Youth     Saadu Alanamu     Jumoke F. Ajao     All Confederation Of Principals Of Secondary Schools     Olaitan Buraimoh     Ben Duntoye     Waheed Ibrahim     Theophilus Oyebiyi     Jide Oyinloye     Kunle Akogun     Oya State     Aminu Ado Bayero     Afin Descendants Union Of Odo-Owa     Kwara 2023     Afetu Of Alabe     Saka Asiat Ayinke     Edret Sabi Abel     NYSC     Alaro     ER-KANG Mining     Third Estate     Isiaka Danmeromu     Ahman Pategi     Oko     Aso-ofi     Owu Fall     Saka Isau     Abiodun Jacob Ajiboye     Joana Nnazua Kolo     Babatunde Ajeigbe     Amina El-Imam     Curfew     Bello Abubakar     Owo Isowo     Kaosarah Adeyi     Ajibike Katibi     Kumbi Titiloye     George Funsho Adebayo     HYPPADEC     Harmony Holdings     Taofik Abdulkareem     Alabi Olayemi Abdulrazak     Yaman     Amusa Bello     Sidikat Uthman Ajibola     Bayo Ajia     Lateef Fagbemi     Sarah Alade     Kawu     Lanre Badmus     General Tunde Idiagbon International Airport     Sam Okaula     Aminat Omodara     David Oyerinola Adedunmoye     Sheu Ndanusa Usman     Sulyman Age AbdulKareem     Olayinka Jelili Yusuf