Illicit Funds: EFCC Secures Interim Forfeiture Of Firm’s N5.3bn
A Lagos Federal High Court today, ordered the interim forfeiture of the N5, 318, 517, 789.48 billion fraudulenty warehoused in a new generation bank.
Justice Tijjani Ringim made the order sequel to an ex parte motion filed and argued by counsel to the Economic and Financial Crimes Commission (EFCC) Rotimi Oyedepo.
In urging the court to grant application, Oyedepo linked the sum to a firm, Kaiser Strategic Services Limited, saying that the sum was reasonably suspected to be proceeds of unlawful activity.
He told the court that the money was deposited in the bank accounts in three tranches of N1,407,182,797 billion; N2,275,525,493.17 billion and N1, 635, 809, 499.31 billion.
He urged the judge to allow the Federal Government to take custody of the money for 14 days in the interim and subsequently to be finally forfeited to the government.
Consequently, he applied for an order of court “directing the publication of the interim order in any national newspaper, to enable any interested party in the property sought to be forfeited to appear before the court to show cause within 14 days and explain why the final order of forfeiture of funds sought to be forfeited should not be made in favour of the Federal Government of Nigeria.
Upon listened to Oyedepo’s submissions, Justice Ringim in a bench ruling granted the application as prayed. While adjourned till September 29, for report of compliance.
The EFCC in an affidavit deposed to by one of its investigator Adamu Usman Yusuf, averred that Kaiser Strategic Services Limited 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 and 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 Limited, 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 Limited 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 unlawful activities.”