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.

07039448763     Onilupeju Of Ilupeju     Ibrahim Mohammed     Olohungbebe     Sam Onile     Ola Falade     Muhammad-Mustapha Suleiman     ASUU     Mohammed Katsina Ahmed     Mohammed Abdulahi     2023 Elections     Mohammed Ibrahim     ER-KANG     Mufutau Olatinwo     Abdulrahman Iliasu     Kwara State Branch Of The National Library     Mansur Alfanla     Ahmed Bayero     Ganmo     LABTOP     Waziri Yakubu Gobir     BIR     Aliyu Sabi     Bola Iyabo Ibiyeye Adisa     Yakub Lai Gobir     Ibrahim Abiodun     Alliance For Democracy     Tafida     Sunset Workers     Bolakale Kawu Agaka     Garba Dogo     Durbar Festival     Ilorin Emirate     Eghe Igbinehin     SAPZ Project     Modupe Oluwole     Iliasu     Amasa     Omupo     Kulende     Oko-Olowo     Durosinlohun Kawu     Saliu Oluwole     Young Progressives Party     Seed Technologies     Taofik Abiodun Ahmed     Yahya Mohammed     Grillo     Tsado Manman     Apaola     Kunbi Titiloye     Bamikole Omishore     General Hospital, Offa     Ike Ekweremadu     Fareedah Dankaka     Government House     Alikinla     Yoonus Kola Olatinwo     Awili Pedro     Mustapha Olanipekun     Abdulsalam Firdaous Amosa     Mubarak Oladosu     Maryam Ado Bayero     Abiodun Musa Aibinu     Shururat Olatinwo     Ilorin Amusement Park     Bolakale Ayo     Okanlawon Musa     Adam Abdullahi Al-Ilory     Ile Arugbo     Ubandoma     Otuka     Ibrahim Abikan     Babs Iwarere     Titus Ashaolu     Arik     Monthly Sanitation    

Cloud Tag: What's trending

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

Kwara NIPR     Sidikat Alaya     Abdulkadir Bolakale Sakariyah     Amusa Bello     Lithium Deposit     Abdulganiyu Salahudeen     Kwara State Geographic Information Service     Bola Tinubu     Deji Ajani     Kwara 2015     Ibrahim Abdulqadir Abikan     Ifelodun     Ilorin Amusement Park     Aremu Bose Deborah     Ella Supreme Tissue Paper     Abubakar Abdulraheem     Oba Mogaji Abdulkadir     Suleiman Yahya Alapansapa     Sola Saraki University     Aishat Mohammed Lawal     Oke-Oyi     Stephen Fasakin     Saka Isau     Wahab Agbaje     Abdulrauf Aliyu     All Confederation Of Principals Of Secondary Schools     Oasis Muslim Care Foundation     Olatunji Bamgbola     Ramadan     Isiaq Khadeejah     John Dara     Adama Isa     Ishola Moses Abiodun     Aminat Ahmed     Oyedun Juliana Funke     Monkey Pox     Hassan A. Saliu     Ubandawaki     Ilorin     Shehu Raheem Adaramaja     Kassim Babamale     Emmanuel Olatunji Adesoye     Mahmud Ayinla Giwa     Lateef Alagbonsi     Aliyu U. Tilde     Babaita     Tafida Of Ilorin     Salake     Plat Technologies Limited     Dairo Kunle Paul     Unilorin FM     Mansurat Amuda-Kannike     Alabere     New Naira Notes     SSUCOEN     Salaudeen Oyewale     Saudat Abdulbaqi     Saba Jibril     Omoniyi Ayinla     Abdulmajeed Wahab     Hamza Usman     Muhammad Ghali Alaaya     School Of Nursing     Durosinlohun Kawu     Okedare     Aisha Ahman Pategi     Olaoye B. Felix     Marufat Oladosu     Mahmud Durosinlohun Atiku     Valsolar Consultoria     Theophilus Oyebiyi     Kuliyan Geri     Kulende-UITH     Ahmed Shuaib Buranga     Dar-Al-Handasah Consultants Ltd     Abdulahi Abubakar Bata     KW-GIS