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.

Umar Gunu     Sabi     Mashood Dauda     Shonga Farm Project     Muritala Olarewaju     Offa Metropolitan Club     Vasolar-Kwara Company Ltd     Alumni Association Of The Federal Polytechnic Offa     Toyin Abdullahi     Jide Oyinloye     Bola Magaji     Emmanuel Bello     Garba Idris Ajia     Sunday Popo-Ola     KFA     NURTW     Ahmed \'Lateef     AbdulHamid Adi     AbdulGafar Tosho     Isiaka AbdulRazaq     Balogun-Ojomu     Saidu Yaro Musa     Danhawa     Joseph Bamigboye     Oke-Ode     Ibrahim Jawondo     Elerinjare-Ibobo     School Of Nursing     Mohammed Kamaludeen     Admiralty Villa     Oloje     Law School Scholarship     Esinrogunjo     International Aviation College     Tunde Yusuf     Abdulrahman Abdulrazak     Okedare     Wahab Agbaje     Idowu Laro     Mope Dasuki Belgore     Kwara Teaching Service Commission     Elekoyangan     Riskat Opakunle     KWASSIP     Lafiagi     Alaro     Oba Mogaji Abdulkadir     Ramadhan     Kazeem Gbolagade     Raimi Iyanda     Abdullah Janet Amudat     Samuel Adedoyin     Akeem Lawal     Tuesday Assayomo     Bayo Ojo     Bayo Lawal     Ethical College     Joseph Alex Offorjama     Abdullahi G. Mohammad     TIC     Vasolar Consortium     Olaitan Adefila     Ayodele Kuburat Olaosebikan     Frootify     Saheed Alakoso     11th Galadima     Vasolar     Chief Imam Of Ilorin     Olumide Daniel Ibitoye     Alao Ayotunde     Kulende     Abdulrahman Onikijipa     Third Estate     Dar-Al-Handasah Consultants Ltd     Oba Sulaiman Asude     Alikinla     Arik    

Cloud Tag: What's trending

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

Boko Haram     Trader Moni     Mansur Alfanla     Ajibola Saliu Ajia     Ayodele Kuburat Olaosebikan     Halidu Danbaba     Kulende-UITH     Abdulwasiu Bolaji Adeyi     Onilorin     Share-Tsaragi     Farouk Salim     Dapo Teni Nig Enterprise     Mujtabah Bature     Kwara Metro Park     Yahaya Abdulkareem     KWASEIC     TVC Female National Debate     NYSC     Kunbi Titiloye     Ekweremadu     Association Of Kwara State Online Media Practitioners     Abiodun Abdulkareem     Sarah Jubril     Ijakadi     Oloriegbe     Nagode     Kazeem Gbolagade     Saka Asiat Ayinke     PharmAccess Foundation     Oyun     Samuel Adedoyin     Iyabo Adisa Ibiyeye     Special Agro-industrial Processing Zone     Olayinka Olaogun     Mohammed Yisa     Taofik Mustapha     Abdulsalam A. Yusuf     Ahmed     Countryside Emerging Leaders Fellowship     Abdullahi Dasilva Yussuf     Abdulmajeed Wahab     Erubu Oba Zubair     Nigerian Supreme Council For Islamic Affairs     Aliyu Adebayo     Baba Adini Of Kwara State     Aminu Adisa Logun     Al-Adaby     Ahmad Olayiwola Kamaldeen     Bayo Onimago     Chief Imam Of Offa     Offorjama     Bursary     LAK Jimoh     Jawondo     John Olajide Adedipe     Adeola Abraham     Abubakar Kawu Baraje     Idris Garba     NITDA     Shoprite     Yahaya A Paniyaro     Awodun     Haruna Tambiri Mohammed     Muhammed Aliyu     SARS     Olabode Towoju     Doyin Agbamu     Yahaya Abdulkareem Babaita     Christopher Odetunde     March 18     Col. Ibrahim Taiwo     Zulkifli Ibraheem     Saba Jibril     Lateef Fagbemi     KW-GIS     Abdulsalam Firdaous Amosa     Sardauna Of Ilorin