A Federal High Court sitting in Lagos has ordered the final forfeiture of N1.29 billion to the Federal Government in favour of Sterling Bank Plc, following allegations of fraudulent withdrawals due to a system glitch.
According to a statement released on Saturday by the Economic and Financial Crimes Commission (EFCC), Justice Deinde Dipeolu granted the final forfeiture order after hearing a motion on notice dated January 8 and filed by EFCC counsel, Hannatu KofarNaisa.
The funds were reportedly part of a larger sum of N2.5 billion unlawfully withdrawn by certain individuals after a system malfunction at the bank.
Acting on a petition from Sterling Bank, the EFCC launched investigations that led to the tracing of the stolen funds to several bank accounts.
The affected accounts include:M Sharif Inter-Trading and Marketing Company Ltd’s UBA account (N900 million),Mustapha Abubakar’s UBA account (N255.8 million),Mustapha Sharif Abubakar’s UBA account (N12.2 million),Jaiz Bank account (N41.1 million),First Bank account (N19 million), and and Sterling Bank Imal account (N30.8 million).
An interim forfeiture order was earlier granted by the court on March 12, with the directive that it be published in a national newspaper to allow any interested parties to contest the forfeiture. The publication appeared in The Punch on March 24.
KofarNaisa told the court that no objections were filed, and urged the court to grant the final forfeiture as the funds were reasonably suspected to be proceeds of unlawful activities.
Justice Dipeolu, in his ruling, said, “Having gone through the motion and attachments, I find the application meritorious and same is accordingly granted,” ordering the final forfeiture of the N1.29 billion to the Federal Government.
