Federal High Court in Lagos Wednesday ordered the final forfeiture of the sum of N5,318,517,789.48 warehoused in a new generation bank to the Federal Government.
Justice Chukwujekwu Aneke made the order sequel to an unchallenged motion filed and argued by counsel to the Economic and Financial Crimes Commission (EFCC), Mr Rotimi Oyedepo.
Oyedepo, on September 1, secured an order of interim forfeiture of the sum, granted by vacation judge, Justice Tijjani Ringim.
This followed the EFCC’s ex-parte motion linking the sum to a firm, Kaiser Strategic Services Ltd and adding that it was reasonably suspected to be proceeds of unlawful activity.
The lawyer 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.
He 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 any 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.”
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Oyedepo backed his application with a four-page affidavit sworn to by an EFCC investigator Adamu Usman Yusuf.
The judge granted the application.
At the resumption of proceedings Wednesday before Justice Aneke, Oyedepo informed the judge that the interim order had not been challenged by anyone.
He prayed the court to make an order for the final forfeiture of the funds.
The respondent’s counsel, Mr John Itodo, did not oppose the EFCC’s prayer.
In a bench ruling, Justice Aneke held: “I have listened to the submission vis-a-vis the affidavit deposed to by Mr Adamu Usman Yusuf, the operative of the applicant.
“Since this application has not been countered or disputed, it is hereby ordered as prayed.
“The final forfeiture of the sum of N5.3bn is hereby made and the said fund is permanently forfeited to the Federal Government of Nigeria.”
According to Yusuf’s affidavit, Kaiser Strategic Services Ltd was incorporated on November 18, 2010, with a registered address at No. 9. Orioko Ilorin, Kwara State.
The affidavit stated, among others, that “There is no business endeavour in the said address. 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