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.

Oba Abdulrahim     Gwanara     Lanre Badmas     Aremu Odolaye     Isaac Aderemi Kolawole     Matthew Okedare     Ministry Of Women Affairs And Social Development     Majlis For Sadakah, Zakat And Waqf     Alore     Towoju     Ahman Pategi University     Niguel Gallando Marcias     Olatunji Ayeni     Young Progressives Party     Volunteers Of Ilorin Community And The Emirate     Al-Adaby     Oke Sunna     Alimi Abdulrazaq     Suleiman Mora Omar     KSIRS     Fatima Abolore Jimoh     School Of Nursing     Saheed Alakoso     Olosi Of Osi     Olanrewju Okanlawon Musa     CACOVID     NYSC     Kayode Issa     Damilola Yusuf     Ayodele Shittu     Babatunde Ishola Babaita     Fatimoh Lawal     Benin Republic     Gbenga Adebayo     Principal Private Secretary     Wahab Abayawo     Rachael Obisesan     Nigerian Supreme Council For Islamic Affairs     JMK Construction Company Limited     Shururat Olatinwo     Halimat Yusuf     Kamaldeen Kehinde     Kolawole Akande     Centre For Community Empowerment And Poverty Eradication     FOMWAN     Bamidele Adegoke Oladimeji     KWTV     Shuaib Jawondo     Abdulmutalib Shittu     Ekiti     Olatunji Abdulmumeen     Sabitiyu Grillo     Mutawali     Jumoke F. Ajao     Valsolar     Yakubu Shaaba     Adam Abdullahi Al-Ilory     Ajibola Saliu Ajia     Ibrahim Kayode Adeyemi     Madawaki Of Ilorin     Danladi     Kawu Baraje     Lai Mohammed     Ibrahim Abduquadri Abikan     Akume     Isiaka Gold     Chief Imam Of Offa     Marafan Shonga     Taiwo Joseph     Elewu     James Ayeni     Onikijipa     Maigida     Yusuf Olaolu Ali     Salake     Budo Egba     Kayode Zubair    

Cloud Tag: What's trending

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

Sango-UITH Road     Atiku Abubakar     Kwara State Fire Service     Ibrahim Sulu Gambari     Tunji Oyawoye     Face Masks     Oladipo Akanmu Tolani     GGDSS Pakata     Modibo Kawu     Ambassador Kayode Laro     Ogbondoroko     Okin High School     Yusuf Amuda Aluko     Universal Basic Education Commission     Ilorin Innovation Hub     Ajibola Saliu Ajia     Isiaka Alikinla     Umar Gunu     Mohammed Alabi Lawal     Yakubu Gobir     Oba Of Jebba     Aiyedun     Yoruba     Olabode George Towoju     Abdulrahman Abdulrasak     Just Event Online     Abatemi Usman     Olokoba     Ishaq Oloyede     Omoniyi     Muhammed Akanbi     Kwara 2023     Obuh     Yetunde Balogun     Mahmud Ayinla Giwa     Akeem Lawal     Bamikole Omishore     Mary Arinde     Mohammed Tunde-Jimoh     Olokoba Abdullahi Ayinla     Abiodun Abdulkareem     Abdulrahman Abdulrazak     Kolawole Bashirat     Jare Olatundun     Junior Secondary School Certificate Examinations     Taofik Mustapha     Nurudeen Muhammed     Oba Mogaji Abdulkadir     Ajakaye     Dankaka     Olatinwo     Academic Staff Union Of Universities     Aminat Omodara     Adeniyi Ojo     Emir Of Shonga     Samuel Elizabeth Keatswa     Jimoh Lambe Abdulkareem     Reuben Paraje     Sardauna     Musbau A. Akanji     Centre For Peace And Strategic Studies     Kwara 2019     Sheikh Hamzat Yusuf Ariyibi     Muslim Cementary     Sarah Jubril     Azeez Salawu     Toun Okewale-Sonaiya     Amuda Musbau     Oni Adebayo     Muhammad Ghali Alaaya     Bello Oyedepo     Sobi Specialist Hospital     Ajeigbe     Mamman Saba Jibril     Yusuf Amuda Gobir     Taofik Abdulkareem Babaita     KWASEIC