Court orders interim forfeiture of firm’s N5.3bn

Justice Tijanni Garba Ringim of the Federal High Court sitting in Ikoyi, Lagos, on Wednesday, September 1, 2021, 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 Ringim gave the order, following an ex parte application filed by the Economic and Financial Crimes Commission, EFCC.

Moving the application on Wednesday, September 1, 2021, counsel to the Commission, 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.

He adjourned till September 29, for a report of compliance.