N1bn abandoned at Heritage Bank to be forfeited to FG

A Federal High Court in Lagos has ordered the final forfeiture of the abandoned N1.3 billion, $327,132.35, £167.85 and 157.90 recovered by the Economic and Financial Crimes Commission from Heritage Bank.

Justice S. Obiozor yesterday ordered the final forfeiture of the money to the Federal Government in response to an ex parte application filed by the EFCC against Heritage Bank Plc and Secure Electronics Technology Limited.

The funds were discovered by anti-graft agency while the persons in whose possession the funds were found did not lay claim to them and surrendered them for forfeiture.

During the proceedings, Heritage Bank did not provide any legitimate explanation for the 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.

A statement yesterday by the acting spokesperson of the EFCC, Tony Orilade said 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.”