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.

Jebba     Mamatu Abdullahi     Sobi Specialist Hospital     Gbadeyan Gbadura Yomi     Ekweremadu     New Nigeria People’s Party     Haliru Yahaya     IHS     Wahab Agbaje     Bukola Ajikobi     Lukman Oyebanji Fagbemi     Saidu Kawu     Isapa     Patience Jonathan     Ilorin Airport     Aliyu Sabi     GGDSS Pakata     Yoonus Lawal     Toun Okewale-Sonaiya     Ishaq Oloyede     Metro Park     Ganmo Power Sub-Station     Academic Staff Union Of Universities     Segun Abifarin     Onilorin Of Ilorin     Suleiman Rotimi Iliasu     Mubarak Oladosu     Ilorin East/South Federal Constituency     Yusuf Ibitokun Sherifat     Ahmad Olanrewaju Belgore     Emir Of Lafiagi     Hassanat Bello     Ishola Abdullahi     Sheikh Hamzat Yusuf Ariyibi     Olomu     Amusement Park     Aminat Ahmed     Temi Kolawole     Ridwan Agboola     Alfa Yahaya Road     Abegunde Goke     Muhammadu Gobir     JAMB     Isiaka Danmeromu     Muhammed Abdullahi     Alaiye     Maigida Soludero Transit     Lateef Alagbonsi     Umar Gunu     Tsaragi/Share     Memunat Monsuma     Mohammed Ibrahim     Kwara State Branch Of The National Library     Abdulrazaq Sanni     TESCOM 2025     Abubakar Atiku     Eruku     Shagari     John Kehinde Salako     Gabriel Fashanu     Funmilayo Braithwaite     Alabe     Aro Yahaya     Quarry Royal Valley     Valsolar Consortium     Valsolar-Kwara Company Limited     Musa Ayinla Yeketi     Bibire Ajape     Ilorin Durbar     Abdulfatai Salman Baakini     Ibrahim Akaje     Michael Ologundea     Ibrahim Kayode Adeyemi     Hakeem Idris     Gbenga Adebayo     Alapado     Lukman Adeloyin    

Cloud Tag: What's trending

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

Adegoke Bamidele     YAKOOYO     Elerinjare-Ibobo     Law School Scholarship     Kwara Consultative Forum     Fareedah Dankaka     Nupe     Charcoal     Lawal Olohungbebe     Adedipe     Ibrahim Abdulkadir Abikan     Mope Dasuki Belgore     Borgu     Haliru Dantoro     Fatimat Saliu     2017 Budget     Rex Olawoye     Simeon Sule Ajibola     Owo Arugbo     Abdulmutalib Shittu     Millennium Development Goals     Donatus Ejidike     Kwara State Branch Of The National Library     SWAN     Laduba     Abdulquawiy Olododo     Temitope Ogunbanke     Deji Ajani     Bashir Adigun     Biliaminu Aliu     Turaki Of Ilorin     NTA Ilorin     Ayo Salami     Okedare     Ike Ekweremadu     SGBN     Kudirat Arinola Lawal     Seed Technologies     Ashiru     Taofik Mustapha     Kwara State Television     Chief Of Staff     Adaramaja     Dauda Adesola     Summit University     Ogbondoroko     Ben Duntoye     Esinrogunjo     Mazars Consulting     Sunday Otokiti     Umar Yakubu Jaja     Alfa Modibo Belgore     TIC     Kayode Ibrahim     Junior Secondary School Certificate Examinations     Oloruntoyosi Thomas     KWASIEC     Orire     Danladi     Raliat Islamic Foundation     Tinubu Legacy Forum     Dankaka     Abdullahi Biffo     Abdul-Rahoof Bello     Bayo Lawal     National Pilot     Aliyu U. Tilde     Emmanuel Bello     Galland Marcias     Elewu     Government High School Adeta     Segun Ogunsola     Press Release     AbdulGafar Tosho     Bukola Saraki     Shehu Salau     Olajumoke Monsura Gafar