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.

Michael Ologundea     Kabir Shagaya     Federal College Of Education (Special), Afon     Owu Fall     KWACOBPA     Musa Alhassan Buge     Ilorin Airport     SSA Youth Engagement     Government Girls’ Day Secondary School Pakata     Igbomina     Ganmo     Yomi Ogunsola     Alfa Modibbo Belgore     Ilesha-Baruba     Matthew Okedare     Garba Idris Ajia     Alfa Yahaya Road     Mutawali     Amos Sayo     Abubakar Aliagan     Bayo Ojo     Jimoh Saadudeen Muhammed     Salman Alada     Sa\'adu Gambari     Ojo Isekuse     Sa\'adu Salau     Adeniyi Ojo     Pategi     Baakini     Jimoh Bashir     Saliu Ajia     Valsolar Consortium     Ibrahim Abdullahi     Umar Adelodun     Aisha Ahman Pategi     Taibat Ayinke Ahmed     Ado Bayero     Abdulrahman Abdulrazaq     Busari Alabi Alausa     Alfa Belgore     Kwarareports     Allocation     Mashood Dauda     Arik     Kwara State Printing And Publishing Corporation     Peter Amogbonjaye     Yunus Oniboki     General Hospital, Offa     Economic And Financial Crimes Commission     KWATMA     Sarah Alade     Shehu Alimi Foundation For Peace And Development     Bisi Kristien     Abdulquawiy Olododo     Bayo Ajia     Wahab Issa     PharmAccess Foundation     Tunde Kazeem     Funmilayo Braithwaite     Ilorin Central Mosque     Wahab Egbewole     James Kolo     Kwara State Branch Of The National Library     Olayinka Jelili Yusuf     Wale Oladepo     Christopher Ayeni     Abdulazeez Arowona     Salihu Jibril Garbi     Issa Manzuma     Kwara Teaching Service Commission     Muhammad Fawaz Abubakar     Oro Grammar School Old Students Association     Zaratu Umar     Sardauna Of Ilorin     Jani Ibrahim     KWSUED     Societe Generale Bank Of Nigeria    

Cloud Tag: What's trending

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

Abdulrahman Iliasu     Kayode Laro     Code Of Conduct Tribunal     Kolawole Akande     High Court     Benin Republic     Iponrin     Federal Allocation     Oro Grammar School     Theophilus Oyebiyi     Arik     Umar Bayo Abdulwahab     Nupe     AGILE Programme     Sheriff Olanrewaju     Olaiya Victor Mobolaji     Muhammadu Buhari     Samuel Adedoyin     Abdulrazaq Sanni     Hameed Oladipupo Ali     Plat Technologies     Magaji Are     Eghe Igbinehin     Yahaya A Paniyaro     AbdulKareem Yusuf Danhawa     Bola Iyabo Ibiyeye Adisa     Rihanat Ajia     Muyiwa Oladipo Kanu     Offa Metropolitan Club     Tayo Alao     Shade Omoniyi     Abatemi-Usman     Donatus Ejidike     Olufolake Abdulrazaq     NFAI     Olupako Of Share     Isiaka Abdulrazak     Vasolar     Sabo-Oke     Elerinjare-Ibobo     Oluronke Adeyemi     Public Holiday     Risikat Lawal     Adekunle David Dunmade     Onilorin     Yusuf Amuda Gobir     Ilorin.Info     Federal Neuro-Psychiatric Hospital     Kolo     Ayinde Oki     Ita-Ore     Centre For Digital Economy     ARMTI     Idris Amosa Oladipo Saidu     Durbar Festival     Monkey Pox     Mohammed Haruna     Shehu Raheem Adaramaja     Unicontinental Construction Company     Alabe     Kumbi Titiloye     Femtech     Inside Kwara     Atiku     Bolaji Nagode     Just Event Online     Sam Onile     Hussein Oloyede     Oke-Ero     Labour Party     Alikinla     Orisa Bridge     Ilorin South Constituency     Sanusi Abubakar     Mohammed Yahaya Barki     Abdulraheem Olesin     Ganmo