The Federal Excessive Court docket in Abuja has ordered the ultimate forfeiture of $7 million recovered from the vault of a industrial Bank Restricted to the Federal Authorities of Nigeria.
The ruling, delivered on Monday by Justice Emeka Nwite, adopted an software filed by the Financial and Monetary Crimes Fee (EFCC), which argued that the funds have been suspected to be proceeds of illegal exercise.
Senior Advocate of Nigeria (SAN) Rotimi Oyedepo, counsel to the EFCC, knowledgeable the courtroom that the fee had complied with all procedural necessities following the interim forfeiture order granted on August 27.
The EFCC revealed the order, inviting any events to point out trigger why the funds shouldn’t be completely forfeited.
“My lord, since August 27 that your lordship granted the order, until date, we now have not acquired any opposition to our software. Therefore, we filed a movement for last forfeiture,” Oyedepo said.
No Opposition Acquired
Though a lawyer, Mr. Gbenga Akande, had beforehand appeared in courtroom claiming to signify an celebration, he declined to reveal the id of his consumer and didn’t file any paperwork to assist their declare.
On the adjourned date, Akande was absent, and one other lawyer, Darlington Ozurumba, appeared in courtroom however didn’t oppose the EFCC’s software.
“In view of the truth that there is no such thing as a opposition, we apply for last forfeiture of the seven million U.S. {dollars},” Oyedepo submitted.
Justice Nwite, after reviewing the applying and supporting affidavits, dominated in favor of the EFCC. “I’m of the view that the applying is meritorious. Consequently, the applying is granted,” he declared.
Suspicious Circumstances Surrounding the Funds
In line with an affidavit filed by EFCC investigator Emmanuel Okeibunor, the fee acquired credible intelligence indicating that $7 million had been transported beneath suspicious circumstances to the Bank’s Victoria Island department in Lagos between March 25 and 26.
- Okeibunor said, “My crew confirmed that seven million {dollars} was taken, in suspicious circumstances, to the {identify withheld} Bank Restricted situated at ……..”
The investigation revealed that the funds weren’t credited to any recognized customer account however have been as a substitute saved within the bank’s vault with out correct documentation. Interviews with bank workers prompt that the cash was introduced in on behalf of the Managing Director of Oceangate Engineering Oil and Fuel Restricted.
Denial and Failure to Report
Nevertheless, the corporate’s Managing Director denied depositing any funds and claimed as a substitute that she had taken a $7 million mortgage from the Bank, which remained unpaid.
The bank reportedly didn’t file a Suspicious Transaction Report (STR) with the Nigerian Monetary Intelligence Unit (NFIU), elevating additional considerations in regards to the legitimacy of the transaction.
- “The funds sought to be forfeited are fairly suspected to be proceeds of illegal exercise, as they didn’t signify recognized, provable, and bonafide revenue of both Oceangate Engineering Oil and Fuel Restricted, the couriers, or officers of {identify withheld} Bank Restricted,” Okeibunor said.
The EFCC recovered the funds in uncooked money and transferred them to the Central Bank of Nigeria for safekeeping.
Given the absence of any authentic claimants and the suspicious nature of the transaction, the fee sought and secured the ultimate forfeiture.
Be aware: This text has been up to date to redact the identify of the bank to keep away from potential points, significantly those who might have an effect on its prospects.
