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Wednesday, September 27, 2023

Court orders interim forfeiture of firm’s N206m over alleged fraud

A Federal High Court, Lagos on Tuesday, August 15, 2017 froze the sum of N206 million belonging to a Lagos firm.

Federal High Court
The Federal High Court in Lagos

The funds, suspected to be proceeds of fraud, are under the investigation of the Economic and Financial Crimes Commission (EFCC).

The EFCC said it reasonably suspected the sum to be part of a fraudulent transaction and proceeds of crime by two respondents, Vermilion Studio Products Ltd and a woman, Akintola Olubunmi Vera.

Vacation Judge, Justice Abdulaziz Anka, authorised the agency to confiscate the money pending the determination of its investigation and possible prosecution of the case.

Justice Anka made the interim order following an ex parte application of August 10, 2017 by the Commission’s counsel, George Chia-Yakua.

Chia-Yakua told the judge that the sum was domiciled in two First Bank accounts numbered 3100844602 belonging to Vermilion Studio Products and 3011147218 belonging to Vera.

According to a supporting affidavit by an EFCC investigating officer, Paul Ugema, the agency commenced investigation of the matter following a petition it received.

The petition alleged that the respondents diverted over N206 million property of Mooncrest Enterprises Nigeria Ltd.

Ugema swore: “It was discovered that the respondents were making suspicious funds transfer into the accounts subject of investigation.

“I know as a fact that the money found in the accounts of the respondents are reasonably suspected to be proceeds of crime.”

By Chinyere Obia

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