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.

Omotosho     Balogun Fulani     Osinbajo     Council Of The Wise     Sa\'adatu Modibbo-Kawu     General Tunde Idiagbon International Airport Ilorin     Tunji Folami     Mumini Ishola Hanafi     Kwara Primary Health Care Development Agency     Doyin Agbamu     Jimoh Akani     Saka Onimago     Communication Network Support Services     Arandun     Kola Shittu     Voices Of Tomorrow     Aliyu Muhammad Saifudeen     Mutawali Of Ilorin     High Court     Veterinary Teaching Hospital     Salihu Ajia     Share     James Kolo     Tunji Moronfoye     Illyasu Abdullahi     NaAllah     Otoge     Arik     Chikanda     NIPR     Wahab Kunle Shittu     Mohammed Halidu     SGBN     Ibrahim Taiwo     Alaaya     Stephen Fasakin     Abdullahi Saadudeen Alikinla     Abdulmumini AbdulRazaq     Amusa Bello     Abdulmajeed Abdullahi     AbdulRasaq Abdulmajeed Alaro     Oluwole Dupe     11th Galadima     Kassim Babamale     Rebecca Olanrewaju     Ahmed Ayinla Jimoh     Samari     ENetSuD     Mamatu Abdullahi     National Information Technology Development Agency     Muhammad Sirajo Aliyu     Risikat Lawal     Mary Arinde     Baba Issa     Okin Group     Local Government Pension Board     Elelu     Bello John Olanrewaju     Haruna Olawale Sulaiman     Junior Secondary School Certificate Examinations     Omupo     Mohammed Lawal Bagega     Monkey Pox     College Of Health     Shao     FOMWAN     Buari Edun     Kwara State Pension Board     Yusuf Abdulraheem     Saadu Gbogbo Iwe     United Nigeria Congress Party     Niyi Osundare     Adesoye     Lanre Issa Onilu     Kaiama     Bayo Onimago     BIR    

Cloud Tag: What's trending

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

Taofik Abiodun Ahmed     Tafida Of Ilorin     Adamu Attah     Ibrahim Bio     Haliru Dantoro     Dogara     All Peoples Party     Abraysports FC     Damilola Yusuf Adelodun     Suraj Tunji Oyewale     Mufutau Olatinwo     Olabode George Towoju     Eleja Taiwo Banu     Tunji Folami     Inside Kwara     Oko Erin     IsDB     Okedare     Ramadan     Bio Ibrahim     Opolo Global Innovation Limited     Umar Ayinla Saro     General Hospital, Ilorin     General Hospital     Ilesha-Gwanara     Funmi Salau     Mustapha AbdulGaniyu     Kwara Muslim Pilgrims Welfare Board     Jelili Yusuf     Ilorin South     NAWOJ     CUTI     Saka Onimago     M.Y. Abdulrahaman     Bola Tinubu     Baakini     Kayode Bankole     Illyasu Abdullahi     Sebastine Obasi     Garment Factory     UNIFEMGA     Amada Jidda     Gamji Members Association     Public Holiday     Mufti Of Ilorin     Kawu Baraje     Ambassador Kayode Laro     Bond     Paul Odama     Abdullahi Imam Abdullahi     Bature Bello     Kazeem Adekanye     KWIRS     David Adesina     Balogun Gambari     Bayo Ajia     Mansur Alfanla     Nigerian Army     Aliyu Sabi     Opaleke Bukola Iyabo     Alapansapa     Abdulganiyu AbdulAzeez     Salami Adekunle     Tosho Yaqub     Saliu Alamoyo     Amosa     Idris Amosa Oladipo Saidu     A.G.F Abdulrasaq     Raliat Elelu-Habeeb     First Lady     Amos Sayo     Alore     Ayobami Seriki     Gbadeyan Gbadura Yomi     Hydroelectric Power Producing Areas Development Commission     Kale Ayo     SAPZ Project