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.

IYA ALFA NLA     Ayodele Kuburat Olaosebikan     Shade Omoniyi     Yoruba     KWSUED     Adegoke Bamidele     Sheikh Ridhwanullah El-ilory     Sidikat Alaya     Haruna Tambiri Mohammed     Abikan     Ganiyu Abolarin     Academic Staff Union Of Universities     Al-Hikmah Radio     Seed Technologies     Oyelere Oyinloye     MalHub     Crystal Corner Shops     Taofik Abdulkareem     ITP     SSA Youth     Ile Arugbo     Saka Saadu     Saliu Ajibola Ajia     Balogin Alanamu     Folajimi Aleshinloye     Oke-Oyi     Matthew Okedare     Afeyin-Olukuta     Vasolar Consultoria     Dankaka     Illyasu Abdullahi     GANZY     A.G.F Abdulrasaq     Oke-Kura     Mohammed Alabi Lawal     Jimoh Saadudeen Muhammed     Idris Garba     Olawuyi     Oyawoye     Junior Secondary School Certificate Examinations     Kayode Ishola     Nigeria Customs Service     Umar Saro     April 11     Quarry Royal Valley     NNPP     Abubakar Atiku     Trader Moni     Kwara State Television     Olaiya Victor Mobolaji     Elerinjare     Okin Biscuits     REO CAKES     Moshood Mustapha     Saduki Lafiagi     Abdulrahman Abdulrazak     Otoge     Olugbense     Emir Of Shonga     Saka Isau     Ayinde Oyepitan     Jalala     Agboola Babatunde     UNILORIN Alumni     Face Masks     Abdulkareem Alabi     KWTV     Jimoh Akani     Senior Staff Union Of Colleges Of Education     Albert Ogunsola     General Tunde Idiagbon International Airport     Makama     Countryside Emerging Leaders Fellowship     Tunji Ajanaku     Ilorin International Airport     Abdulquowiyu Olododo     Femi Oladiji    

Cloud Tag: What's trending

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

Tunji Folami     Aisha Buhari     Ilorin South     Moses Salami     Abdulkadir Bolakale Sakariyah     Ahmad Uthman     Ezekiel Yissa Benjamin     Olateju Lukman     Abubakar Aliagan     Umar Danladi Shero     NNPP     TESCOM 2025     Raymond Olaitan     Lanre Issa Onilu     Sabi     Mashood Dauda     Ibrahim Abikan     Suleiman Mora Omar     Tescom.kwarastate.gov.ng     Ganmo Electricity Sub-Station     Council Of The Wise     Shero     Amos Bajeh     AbdulHamid Adi     Sidikat Akaje     Mashood Abdulrafiu Agboola     Savannah Centre For Diplomacy, Democracy And Development     Abiodun Jacob Ajiboye     Saeedat Aliyu     Hassanat Bello     Alfa Belgore     Abdulkadri Ahmad Alaiye     Saraki     Federal Polytechnic Offa     IYA YUSUF     Kale Ayo     Matthew Babaoye     Aisha Ahman-Pategi     Oladipo Akanmu Tolani     Yoruba     UTME     Oja-Oba     Oyedepo     Kawu Baraje     Plat Technologies Limited     Nurudeen Muhammed     Orisun Igbomina     Ayoade Akinnibosun     Minimum Wage     Owo Arugbo     Adedeji Onimago     Femi Oladiji     Erubu     Tafida     Ibrahim Bio     Abdulwahab Oba     Isiaka Rafiu Mope     Atiku     April 11     Esinniobiwa Quareeb     Alloy Chukwuemeka     David Oyepinola Adedumoye     Abdulganiyu Oladosu     Ben Duntoye     Isiaka Abdulrazak     Ifelodun     Sam Onile     Folaranmi Aro     Bluenile Associates     Olusin Of Ijara Isin     Bayo Ajia     Waheed Ibrahim     Ejidongari     Tinubu Legacy Forum     Baba-Isale     George Funsho Adebayo     Lanre Olosunde