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Tuesday, December 7, 2021

Lagos Court orders interim forfeiture of N5.3 bln from Kaiser Ltd to govt

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A Federal High Court sitting in Ikoyi, Lagos has ordered the interim forfeiture of the sum of N5,318,517,789.48 found in the account of a company, Kaiser Strategic Services Limited.

Justice Tijanni Garba Ringim gave the order, following an ex parte application filed by the Economic and Financial Crimes Commission (EFCC).

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In a statement by the anti-graft agency said its counsel, Rotimi Oyedepo told the court that the money was deposited in three accounts in tranches of N1,407,182,797.00, N2,275,525,493.17 and N1,635,809,499.31.
He therefore, urged the court to order the interim forfeiture of the fund to the Federal Government in the interim.
Consequently, Justice Ringim ordered the interim forfeiture of the money and also directed the publication of same in any national newspaper for any interested party to appear before the court, within 14 days, to show cause, why the final order of forfeiture of the funds should not be made in favour of the Federal Government.
Justice Ringim in a bench ruling granted the application as prayed and adjourned the case till September 29, for a report of compliance.

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