Justice D.I. Dipeolu of the Federal High Court sitting in Ikoyi, Lagos, has ordered the final forfeiture of N1,292,798,746.81 to the Federal Government of Nigeria, in favour of Sterling Bank Plc.
The judge’s decision followed a motion on notice dated January 8, filed by the Economic and Financial Crimes Commission (EFCC) through its counsel, Hannatu KofarNaisa.
The money was said to have been criminally withdrawn by some individuals owing to a system glitch experienced by Sterling Bank Plc.
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Following a petition from the bank alleging the theft of N2.5 billion, the EFCC conducted investigations that led to the identification and tracing of the stolen funds to multiple accounts.
“The sums sought to be forfeited were domiciled in M Sharif Inter-Trading and Marketing Company Ltd’s UBA account (N900,00,000); Mustapha Abubakar’s UBA account (N255,872,842.84); Mustapha Sharif Abubakar’s UBA account (N12,195,093); Mustapha Sharif Abubakar’s Jaiz Bank account (N41,119,917.13); Abubakar Mustapha Sharif’s First Bank account (N19,069,567.73); and Mustapha Sharif Abubakar’s Sterling Imal (the alternative bank account) (N30,850,158.12),” the statement said.
On March 12, the court granted an interim forfeiture order, instructing the publication of the order in a national newspaper to allow any interested party to contest the forfeiture.
During the motion for the final forfeiture order, EFCC counsel argued that the funds were reasonably suspected to be proceeds of unlawful activities.
KofarNaisa also informed the court that the interim forfeiture order was published in Punch newspaper on March 24, inviting any interested parties to show cause why the funds should not be permanently forfeited.
After reviewing the submissions by KofarNaisa, Dipeolu held that “having gone through the motion and attachments, I find the application meritorious and same is accordingly granted”.
The judge then ordered the final forfeiture of the funds to the federal government in favour of Sterling Bank.
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