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.

Isiaka Alikinla     Hameed Oladipupo Ali     Amuda Bembe     Abdulfatah Ahmed     EFCC     George Innih     Surajudeen Akanbi     Henry Olaosebikan     Kawu Baraje     Damilola Yusuf Adelodun     Aso-ofi     Iyeru Grammar School     Femtech     Lanre Issa-Onilu     NAWOJ     Ayedun     Femi Ogunsola     Shonga Farm Project     Jimoh Bashir     Saka Asiat Ayinke     Oba Mogaji Abdulkadir     Ghali Alaaya     Risikat Lawal     CBT     Shururat Olatinwo     Babaloja-General     Read With Me     20 Billion Bond     Deji Ajani     Mahee Abdulkadir     Makama     Yahaya Abdulkareem Babaita     Ibrahim Oloriegbe     Yusuf Babatunde Abdulwahab     Kola Olota     Press Release     Monthly Sanitation Exercise     Folaranmi Aro     Abdulganiyu Oladosu     Halimah Perogi     Bashirat Bola Bello     Earlyon Technologies     Rafiu Ibrahim     Bolakale Ayo     Sarakite     NFAI     Sunday Popo-Ola     Iponrin     Mufutau Olatinwo     FOMWAN     Ado Bayero     Yinka Aluko     ER-KANG Mining Nigeria Company Limited     Ijagbo Health Centre     Michael Ologundea     Hamidu Olowo     Falokun-Oja     Iyabo Dupe Adekeye     Ishaq Salman     Government House     Mahmud Babatunde Baker     Ibikunle Ogunleye     Malete     Prince Bola Ajibola     Jare Olatundun     Elelu     Saudat Abdulbaqi     ITP     Tope Daramola     Hassan A. Saliu     Ifelodun     Bayo Mohammed Onimode     Ibrahim Abdullahi     Fulani     Ayo Adeyemi     Issa Baba     Abdulkadir Orire    

Cloud Tag: What's trending

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

Ahmed Ayinla Jimoh     Oju Ekun Sarumi     Kwara Pdp     NYSC     Amuda Bembe     Ita-Ore     Abdulfatai Salman Baakini     Hussein Oloyede     Curfew     Bayo Ajia     Garba Ado Sanni     Abioye Bello     Council Of The Wise     Ilorin Amusement Park     Gafaru Olayiwola Olorisade     Sidikat Alaya     Abdullah Janet Amudat     KWACOBPA     Oye Tinuoye     Aisha Ahman Pategi     Ahmad Olayiwola Kamaldeen     Imodoye Writer’s Enclave     Baba-Isale     Michael Nzekwe     Simeon Sayomi     Tsaragi     Michael Ologundea     Abdulsalam A. Yusuf     Arinola Fatimoh Lawal     Tafida     Ballah     Ahmed Alhasssan     Oluranti Idowu     Haruna Tambiri Mohammed     Bisi Kristien     Lawal Arinola Kudirat     Kwara North     Nupe     Ogbondoroko     Kwara State Council Of Chiefs     Awwal Jawondo     Amada Jidda     Kumbi Titilope     Jeunkunu-Malete-Bani     Students Union Government     Muhammad-Mustapha Suleiman     Adeola Abraham     Sa\'adu Salau     Mohammed Saidu     AGILE Programme     Olomu     Tafidan Kaiama     Wahab Egbewole     Oko-Olowo     Isiaq Khadeejah     Kayode Ibrahim     Lasiele Alabi Yahaya     Umar Gunu     Ahman Patigi     Eghe Igbinehin     Gamji Members Association     Gaa Olobi     Muhammad Akande Olarewaju Odunade     Solomon Edoja     Yahaya Oloriegbe     Gwanara     Buari Edun     Gurei     Ilorin Emirate     Ubandoma Of Ilorin     Okin Malt     EndSARS     Saka Isau     Village Alive Development Association     Ifelodun     AbdulGafar Tosho     Ahmad Uthman