A Federal High Court in Lagos, presided over by Justice M. S. Hassan, has granted an ex parte application filed by the Economic and Financial Crimes Commission (EFCC) seeking an order of interim forfeiture of the sums of N23 billion and US$5 million allegedly found in possession of Sterling Bank Plc.
It also granted an order of interim forfeiture of the sum of N9.08 billion also said to have been found in possession of an executive director of First Bank Ltd., one Dauda Lawal.
The anti-graft agency stated that its action had been warranted because it reasonably suspects that the sums are proceeds of unlawful activity.
In the ex parte application filed on January 6th in SUIT NO: FHC/CS/13/2017, the anti-graft institution sought from court the following reliefs inter alia:
“An interim order of court forfeiting the total sum of N23,446,300,000.00 (twenty three billion, four hundred and forty thousand naira) found by the commission in possession of Sterling Bank Plc which sum is reasonably suspected to be proceeds of unlawful activity.
“An interim order of court forfeiting the total sum of $5,000,000.00 (five million United States dollars) found by the commission in possession of Sterling Bank Plc which sum is reasonably suspected to be proceeds of unlawful activity.
“An interim order of court forfeiting the total sum of N9,080,000,000.00 (nine billion, eighty million naira) found by the commission in the possession of one Dauda Lawal, executive director, First Bank Nigeria Limited, which sum is treasonably suspected to be proceeds of unlawful activity.”
Granting the application, the court further ordered the respondents, Sterling Bank PLC and Dauda Lawal, to appear before it “to show cause within 14 days why the sums should not be forfeited to the Federal Government of Nigeria.”
The Court directed EFCC to notify the respondents of the development through substituted service in a newspaper publication, which is also to bear the interim order forfeiting the said sums.
“An order is hereby granted directing the publication in any newspaper of the interim order under reliefs 1, 2 and 3 above for the respondents or anyone who is interested in the property sought to be forfeited to appear before this honourable court to show cause within 14 days why the final order of forfeiture of the properties mentioned in reliefs 1, 2 and 3 herein should not be made in favour of the Federal Government of Nigeria,” the court ruled.
It would be recalled that in June 2016, the Federal Government issued an interim report on financial and asset recoveries it made since May 29, 2015, when the Muhammadu Buhari-led administration was inaugurated into office.
The report released by the Federal Ministry of Information indicated that the recoveries made under interim forfeiture were N126.6 billion, $9.1 billion, £2.5 million and €303,399.17 within the period under reference.
Also successfully retrieved, according to government, were N78.3 billion, US$185 million, £3.5 million and €11, 250 in the same period.
