Court Orders Interim Forfeiture Of Firm’s N5.3b

A Federal High Court in Lagos Wednesday ordered the interim
forfeiture of the N5,318,517,789.48 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.

Oyedepo linked the sum to a firm, Kaiser Strategic Services Ltd,
adding that it was reasonably suspected to be proceeds of unlawful
activity.

He told the court that the money was deposited in three bank
accounts in tranches of N1,407,182,797.00, N2,275,525,493.17 and
N1,635,809,499.31.

The lawyer prayed the judge to hand over the sum to the Federal
Government’s custody for 14 days in the interim and subsequently to
be permanently forfeited to the government.

To this end, he applied for an order of court “directing the
publication in any national newspaper the interim order…to enable
interested party in the property sought to be forfeited to appear
before the court to show cause within 14 days why the final order
of forfeiture of funds sought to be forfeited 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 as
prayed.

He adjourned till September 29, for 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 unlawful activities.”

A Federal High Court in Lagos Wednesday ordered the interim
forfeiture of the N5,318,517,789.48 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.

Oyedepo linked the sum to a firm, Kaiser Strategic Services Ltd,
adding that it was reasonably suspected to be proceeds of unlawful
activity.

He told the court that the money was deposited in three bank
accounts in tranches of N1,407,182,797.00, N2,275,525,493.17 and
N1,635,809,499.31.

The lawyer prayed the judge to hand over the sum to the Federal
Government’s custody for 14 days in the interim and subsequently to
be permanently forfeited to the government.

To this end, he applied for an order of court “directing the
publication in any national newspaper the interim order…to enable
interested party in the property sought to be forfeited to appear
before the court to show cause within 14 days why the final order
of forfeiture of funds sought to be forfeited 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 as
prayed.

He adjourned till September 29, for 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 unlawful activities.”