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.

Akorede     Mahmud Ajeigbe     Taofik Abdulkareem Babaita     Ahmad Olanrewaju Belgore     Abatemi-Usman     Jalala     Bola Magaji     Arca Santa     Government High School Adeta     Olatunde Jare     Joseph Alex Offorjama     Shehu Alimi Foundation     Y.A. Abdulkareem     Budo Egba     Oye Tinuoye     Rotimi Oyedepo     Salihu Yahaya     Yakubu Gobir     Kwara State Polytechnic     SSA Youth Engagement     Mohammed Halidu     Student Learning Support Helpline     Eleja Taiwo Banu     Kayode Ibrahim     Suleiman Idris     Abdulkarim Adisa     Abdulfatah Ahmed     Hassan Oyeleke     Ronke Adeyemi     Gaa Olobi     Abikan     V.O. Abioye     Falokun-Oja     Suleiman Ajadi     Aishat Mohammed Lawal     Oladimeji Thompson     Chartered Institute Of Personnel Management Of Nigeria     Olusegun Adeniyi     Bayer Nigeria Limited     First Lady     Abraysports FC     Isiaka Yusuf     Ali Ahmad     Salihu Ajibola Ajia     Federal College Of Education (Special), Afon     Col. Adedipe     Alimi     Sabi     Valsolar Consortium     Abdulrahman Abdulrazaq     Yusuf Abubakar     Oja-Oba     Igbaja     Muhammed Aliyu     Dele Belgore     Olaiya Victor Mobolaji     Col. Taiwo     John Olobayo     Abdulmumini Sanni Jawondo     Belgore     Moshood Kashimawo Abiola     Abatemi Usman     KWIRS     Ahmad Belgore     Yusuf Arowosaye     Kwarareports     SWAN     Olayinka Olaogun     Mohammed Haruna     Olayinka Jelili Yusuf     Odogun Olushola Gabriel     Edret Sabi Abel     Kamaldeen Gambari     Mashood Abdulrafiu Agboola     ARMTI     Ogidi-Oloje     Owu Fall    

Cloud Tag: What's trending

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

Zara Umar     SSA Youth Engagement     Funmilayo Oniwa     Henry Olaosebikan     Kamoru Kadiri     Dar-Al-Handasah Consultants Ltd     Garba Ado Sanni     Mansurat Amuda-Kannike     Shao     Kwara State Fire Service     Ile Arugbo     Dankaka     Hikmah AbdulKareem     Abdulmalik Bashir Mopelola Risikatullahi     Ilorin South Constituency     Adesina Simon Sodiya     IFK     Yetunde Balogun     Yusuf A. Usman     Ademola Kiyesola     Mohammed Alabi Lawal     Bio Ibrahim     Wahab Agbaje     Omotoso Musa     Okin High School     Agboola Abdulraheem     Saadu Yusuf     Dasuki Belgore     Oke-Ogun     Olusin Of Ijara Isin     Binta Sulyman     Nigerian Army     Olatunji Ayeni     Olomu Of Omu-Aran     Mohammed Haruna     Yoonus Lawal     Mary Arinde     Alfa Modibo Belgore     Yakubu Danladi     All Peoples Party     Tosho Yaqub     Offa Poly     Ibrahim Taiwo Road     Ishola Balogun Fulani     Tafida Of Ilorin     Ibrahim Mashood     Funmilayo Braithwaite     Elections     Okasanmi Ajayi     Ilorin Talaka Parapo     NULGE     Chief Of Staff     IDPU     Mohammed Abdulahi     Olaiya Victor Mobolaji     Abdulganiyu AbdulAzeez     Jumoke Monsura Gafar     Gbemi Saraki     Is\'haq Modibbo Kawu     Aro Yahaya     Tsaragi/Share     Yusuf Abdulkadir     Kamaldeen Ajibade     Old Oyo     Www.Kwarareports.com     Kassim Babamale     KWATMA     Olatomiwa Williams     Ahmed \'Lateef     Seed Technologies     Yinka Aluko     Valsolar Consortium     Mike Omotosho     Salman Suleiman     Alao Ayotunde     Folajimi Aleshinloye     Apado