Firm Forfeits Illicit $3.7m To Federal Government

Firm Forfeits Illicit $3.7m To Federal Government

A Lagos Federal High Court, today finally forfeited the sum $3, 719, 855. 94 million USD, found in the bank account of a limited liability company, Enerbett International Limited, to the Federal Government of Nigeria.

Justice Chukwujekwu Aneke, who presided over the court, made the order of final forfeiture of the said sum, after listening to the submission of Economic and Financial Crimes Commission (EFCC) lawyer, Mr. Rotimi Oyedepo, who moved the motion for the final forfeiture. 

It followed the expiration of the jJustice Aneke had on June 18, made an order of interim forfeiture of the money, and invited anyone with lawful interest in the sum to show up and show cause why it will not be finally forfeited.

The EFCC, through its counsel, Oyedepo, had told the court that the sum was part of credit inflows of $8,360,444.43 million USD, received by the firm and it was reasonably suspected to be proceeds of unlawful activity.

Oyedepo told the court that the said $4, 640,398.33 million USD, had already been dissipated by suspects in the suit marked FHC/L/CS/586/2021.

Arguing the application, Oyedepo relied on an affidavit in support of motion on notice deposed to by an EFCC investigator, Samaila Yusuf Gulma.

The court heard that the investigation followed “damning intelligence report alleging that Enerbett International Ltd was used to warehouse, conceal and retain huge sums of money reasonably suspected to be proceeds of unlawful activity”.

The sums, the commission said, “were surreptitiously transferred to concealed and retained” in “account number 4694976024 opened in the name of Enerbett International Limited in First City Monument Bank Plc (FCMB)”.

“That as of 31st day of May, 2021, the said account had witnessed credit inflows to the tune of $8, 360,444.43 million USD, which sums are reasonably suspected to be proceeds of unlawful activity.

“That before the intelligence was received and acted upon by the Commission, the company and its cronies had dissipated the total sum of $4,640,398.33 leaving a balance of $3,720,046.10 million USD.

“That as of 31st day of May, 2021, the balance standing to the credit of the said account was $3,720,046.10”.

Ruling on the application, Justice Aneke held that: “the application was “meritorious and ought to be granted

“In light of the above reasons, I hereby order the final forfeiture and same be forfeited to Federal Government of Nigeria”.

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