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.

Sheikh Ridhwanullah El-ilory     Elerin Of Erin-Ile     Tunde Yusuf     Iqra Books     Kayode Alabi     Ilorin Emirate Stakeholders Forum     Mohammed Yisa     Prince Bola Ajibola     Kwasu     Kayode Oyin Zubair     Abdulrasheed Akogun     Junior Secondary School Certificate Examinations     Maimunat Oloriegbe     Geri-Alimi Split Diamond Interchange     Babaita     Mohammed Jimoh Faworaja     Saba Mamman Daniel     Justina Oha     Gabriel Fashanu     CCEPE     N-Power     Na\'Allah     John Dara     Monthly Sanitation     Oba Abu     Adesina Simon Sodiya     Osuwa     Kwara NIPR     C2c@kwarastate.gov.ng     Aishatu Ahmed Gobir     GGDSS Pakata     Temi Kolawole     Ndakene     Segun Abifarin     Orisun Igbomina     State Bureau Of Internal Revenue     Eleja     Chief Imam Of Omu-Aran     Illyasu Abdullahi     Kuliyan Geri     Yinka Aluko     Ethical College     Seed Technologies     Mohammed Ajia Ibrahim     Matthew Babaoye     Folorunsho Alao     Overland     Ilorin General Hospital     Afolabi-Oshatimehin     Olatunde Michaels     Toyin Sanusi     Abiodun Oyedepo     Titus Ashaolu     Clement Yomi Adeboye     BECE     PAACO-PCL Consortium     Kemi Adeosun     Summit University     Jare Olatundun     Nigerian Supreme Council For Islamic Affairs     Joseph Yemi Ajayi     Salihu Jibril Garbi     Sardauna Of Ilorin     2023 Elections     Ganiyu Abolarin     Abdulwahab Oba     Toun Okewale-Sonaiya     Ballah     Abdulkadir Bolakale Sakariyah     Isiaka Gold     Shehu Salau     Maryam A. Garuba     Olatunji Abdulmumeen     Chief Imam Of Offa     Muhammad Yahya     Imam Gambari     Muftau Akanbi Oke    

Cloud Tag: What's trending

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

Kawu Baraje     Madawaki Of Ilorin     Olaitan Buraimoh     Otuka     ASUU     Ilorin Talaka Parapo     Tafidan Kaiama     Haliru Yahaya     Suleiman Abubakar     Quareeb     Omar Bolaji Gambari     Lanre Aremu     Salau Kabiru Abdullahi     Simeon Ajibola     Kolo     Jimoh Bashir     Sebastine Obasi     Akorede     Abdul-Rasheed Na\'Allah     Agboola Abdulraheem     Usman Alkali Baba     Hameed Oladipupo Ali     Kwara State Printing And Publishing Corporation     Baba Isale     Atiku Abubakar     Joana Nnazua Kolo     Razak Atunwa     Bello Oyebanji     Otunba Taiwo Joseph     Sa\'adatu Modibbo-Kawu     Suleiman Idris     Oke-Ero     Abdullahi Saadudeen Alikinla     Ibrahim Labaika     Aliyu Adebayo     Femi Gbajabiamila     Senate President     Kwara TV     Osi     Ayobola Ipinlaiye     Frootify     Saka Saadu     Yusuf Amuda Gobir     Kwara Volleyball Association     Logun     Gbugbu International Market     Simeon Sule Ajibola     Vasolar Consultoria     AbdulRauf Keji     Sadiq Buhari     SWAN     Shero     TIIDELab     Ijagbo     Yahaya Oloriegbe     Oba Abu     Turaki Of Ilorin     C2c@kwarastate.gov.ng     Isiaka Gold     Segun Abifarin     Akanbi-Oke     Ilorin Durbar     Ike Ekweremadu     Ibrahim Issa Jetti     Oluronke Adeyemi     Mohammed Saidu     CLAY POT     Sanusi Abubakar     Women Radio     General Hospital, Offa     March 18     Maimunat Oniyangi     Alumni Association Of The Federal Polytechnic Offa     Oro Grammar School Old Students Association     Obayomi Azeez     Sabo-Oke     Ganiyu Taofiq