The
Economic and Financial Crimes Commission(EFCC) has boosted the Federal
treasury with the sum of N1.37 billion, which no one stepped out to
claim since August. Justice A. Obiozor of the Federal High Court in
Ikoyi, Lagos ordered the final forfeiture of the money, which was made
up of N1,260,000,000, $327,132.35, £167.85 and €157.90. The money which
was kept at Heritage Bank Plc under the name of Secure Electronics
Technology Limited, was seized by the EFCC, following an intelligence
report from a whistleblower. The company in whose possession the funds
were found did not lay claim to them and it surrendered them for
forfeiture. In an affidavit in support of the application, the applicant
stated that “Heritage Bank did not provide any legitimate explanation
for the above transactions (involving the sums) and consequently
returned the said money through 16 separate bank drafts issued in favour
of the EFCC Recovered Funds Account.” Justice Obiozor, in his ruling
on August 15 , 2018, had ordered the interim forfeiture of the monies,
which were reasonably suspected to be proceeds of unlawful activities,
to the Federal Government. In line with the court order of August 15,
2018, the EFCC had published the interim forfeiture order in the Nation
newspaper of August 21,2018 for the correspondents or anyone interested
in the money to show cause why the funds should not be permanently
forfeited to the Federal Government. At the hearing on Tuesday, November
13, 2018, the applicant, through its counsel, Ekene Iheanacho, said the
respondent had not shown up to lay claim to the money, despite being
served with the earlier interim order of forfeiture, motion for final
forfeiture and hearing notices on the action. He , therefore, urged
the Judge to order the funds to be permanently forfeited to the Federal
Government. In his ruling, Justice Obiozor held that ” the applicant
has proved on the balance of probabilities that the funds recovered from
the respondents by the applicant were reasonably suspected to be
proceeds of unlawful activities.” The Judge, therefore, ordered that
the various sums of money be permanently forfeited to the Federal
GovernmentThe post EFCC boosts the Nigerian treasury as judge orders the final forfeiture of unclaimed N1.37billion to the FG appeared first on emiratco Blog.
EFCC boosts the Nigerian treasury as judge orders the final forfeiture of unclaimed N1.37billion to the FG
The
Economic and Financial Crimes Commission(EFCC) has boosted the Federal
treasury with the sum of N1.37 billion, which no one stepped out to
claim since August. Justice A. Obiozor of the Federal High Court in
Ikoyi, Lagos ordered the final forfeiture of the money, which was made
up of N1,260,000,000, $327,132.35, £167.85 and €157.90. The money which
was kept at Heritage Bank Plc under the name of Secure Electronics
Technology Limited, was seized by the EFCC, following an intelligence
report from a whistleblower. The company in whose possession the funds
were found did not lay claim to them and it surrendered them for
forfeiture. In an affidavit in support of the application, the applicant
stated that “Heritage Bank did not provide any legitimate explanation
for the above transactions (involving the sums) and consequently
returned the said money through 16 separate bank drafts issued in favour
of the EFCC Recovered Funds Account.” Justice Obiozor, in his ruling
on August 15 , 2018, had ordered the interim forfeiture of the monies,
which were reasonably suspected to be proceeds of unlawful activities,
to the Federal Government. In line with the court order of August 15,
2018, the EFCC had published the interim forfeiture order in the Nation
newspaper of August 21,2018 for the correspondents or anyone interested
in the money to show cause why the funds should not be permanently
forfeited to the Federal Government. At the hearing on Tuesday, November
13, 2018, the applicant, through its counsel, Ekene Iheanacho, said the
respondent had not shown up to lay claim to the money, despite being
served with the earlier interim order of forfeiture, motion for final
forfeiture and hearing notices on the action. He , therefore, urged
the Judge to order the funds to be permanently forfeited to the Federal
Government. In his ruling, Justice Obiozor held that ” the applicant
has proved on the balance of probabilities that the funds recovered from
the respondents by the applicant were reasonably suspected to be
proceeds of unlawful activities.” The Judge, therefore, ordered that
the various sums of money be permanently forfeited to the Federal
GovernmentThe post EFCC boosts the Nigerian treasury as judge orders the final forfeiture of unclaimed N1.37billion to the FG appeared first on emiratco Blog.
