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AFR Business

Court orders interim forfeiture of Spiralfoss’ N2.7B

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The Federal High Court in Ikoyi, Lagos has ordered the interim forfeiture of N2.7billion recovered from the account of Spiralfoss Limited.

Justice Tijani Ringim gave the order, following an ex parte application filed by the Economic and Financial Crimes Commission, EFCC.

Moving the application on Friday, September 10, 2021, the prosecution counsel, Chinenye Okezie, told the court that the money was domiciled in Fidelity Bank Plc account number 5080102755.

Okezie also sought the forfeiture of a black bulletproof Audi Model ABL W12 Quatro with registration number BDG529GJ traced to Spiralfoss Limited.

The prosecution counsel urged the court to order the interim forfeiture of the fund and vehicle to the Federal Government.

Consequently, Justice Ringim granted the application and ordered the interim forfeiture of the money and vehicle.

He also directed the publication of the Order in any national newspaper for interested parties to appear before the Court within 14 days, to show cause why the final order of forfeiture should not be made in favour of the Federal Government.

Sokoto high court grants EFCC’s request for permanent forfeiture of N1.3 billion

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The Economic and Financial Crimes Commission (EFCC) says it has obtained an order of the Sokoto State High Court for the permanent forfeiture of about N1.3billion said to have been traced to the bank account of one Aishatu Magaji.

The EFCC said in a statement by its spokesperson, Wilson Uwujaren, that the money was part of the proceeds of illicit activities.

The EFCC did not provide additional details but the agency said that the state high court issued the order of final forfeiture on Monday following the court’s earlier July 2, 2021 order of interim forfeiture.

Mr Uwujaren said the commission had, in line with the July 2, 2021 order, published the interim forfeiture order in a newspaper for anyone with interest in the money to show cause why it should not be permanently forfeited to the federal government.

He said when the case came up in court on Monday, the lawyers to the five respondents including the person in whose account the money was discovered did not oppose the EFCC’s application for its permanent forfeiture to the government.

Read the full statement

Court Orders Final Forfeiture of N1.3bn to FG

Justice Mohammed Mohammed of the Sokoto State High Court today Monday July 19, 2021 granted a final Order, forfeiting the sum of N1, 362,675,353.56 (One Billion, Three Hundred and Sixty Two Million, Six Hundred and Seventy Five Thousand, Three Hundred and Fifty Three Naira, Fifty Six Kobo) to the Federal Government of Nigeria through the Economic and Financial Crimes Commission, EFCC.

The Judge had on July 2, 2021 granted an interim order of forfeiture of the said amount following an exparte application by the commission and directed that the order be published in a national newspaper for any one with interest in the said asset to show cause, why it should not be finally forfeited the Federal Government of Nigeria.

At today’s (Monday’s) hearing, counsel to the EFCC, S. H Sa’ad informed the Court that the Commission had complied with its order for the publication of the interim Order and urged the Court to Order the final forfeiture of the said amount to the Federal Government of Nigeria.

Counsel to the five respondents, Shamsu Dauda, did not oppose the application. Justice Mohammed consequently ordered the final forfeiture of the sum to the Federal Government.

The Sokoto Zonal Office of the EFCC had through intelligence traced the funds, suspected to be proceeds of illicit activities to the account of the first respondent, Aishatu Bandado Magaji domiciled in a new generation bank.

The respondents in the charge are Aishatu Bandado Magaji, First Ninety Degrees Continental Ltd, Priceless Legacy Hub Ltd, ABM International Ltd and Zenith Bank Plc.

Comcorp acquires KG Mall

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The Futuregrowth Community Property Fund (Comprop) has acquired KG Mall, which brings the Comprop portfolio to 23 shopping centres, with a total gross lettable area of more than 392 000 meters squared valued in excess of R6.6bn.

KG Mall is a quality shopping centre situated at the entrance to the Kwa-Guqa township in Emalahleni, which is approximately 95kms east of Pretoria in Gauteng. The 21 483m2 shopping centre consists of a single-storey main internal mall with a central Shoprite anchor, as well as a number of line shops and a Cashbuild that trade onto an expansive parking area which includes a KFC and a McDonald’s drive-thru.

Smital Rambhai, Fund Manager of Comprop, said: “The acquisition of KG Mall fits in with our long-term strategy of acquiring dominant quality shopping centres with strong national tenants that will have strong sustainable income growth over the long term for our investors.”

Comprop is a flagship fund among Futuregrowth Asset Management’s suite of developmental investments.

The Futuregrowth Community Property Composite is a portfolio specialising in the acquisition of new and existing shopping centres which cater to the needs of underserviced communities throughout South Africa and forms part of Futuregrowth’s suite of developmental investments.

The Composite aims to outperform the CPI by 4% per annum before the deduction of taxes and fees and with income reinvested over a rolling 3-year period.

The Composite currently owns 22 shopping centres located in rural and township areas in seven of the nine provinces. These centres provide retail services and products to a primary target market of approximately 10 million people. Overall, the Fund has purchased, developed or (in some cases) disposed of 34 shopping centres countrywide since inception.

Angola and China strengthen parliamentary cooperation

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Bilateral relations between Angola and China were under analysis last week at a meeting between the chairman of the 3rd Commission of the National Assembly, Alcides Sakala, and the Chinese ambassador to Angola, Gong Tao.

Specifically, the two entities analysed the partnership in the political and economic fields, with the Chinese diplomat expressing his country’s availability to continue hand in hand with Angola.

According to Gong Tao, who considered Angola a strategic partner, the intention is to further strengthen existing relations and support large companies on both sides.

At the end of the audience with the chairman of the Commission on Foreign Affairs, International Cooperation and Angolan Communities Abroad, the ambassador said he had also addressed the celebration of the 40th anniversary of relations between the two countries.

Angola and China mark the 40th anniversary of the establishment of cooperation relations on January 12, 2023.

As part of the date, the Chinese ambassador to Angola hopes that the celebration will serve to intensify relations in the field of interpersonal exchange.

On the occasion, the diplomat presented greetings from the Chinese leader and delivered four volumes of texts by President Xi Jinping on governance in China.

Gong Tao expressed, in statements to the press at the end of the audience, his will to continue to cooperate with Angola in the economic sector and in the execution of projects in the social field.

As part of the exchange of experiences, the diplomat said that a visit by Angolan parliamentarians to China is in the pipeline, for contacts with the MPs of that country to exchange experiences.

Lawmakers Pass NCC’s N559bn Budget

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The Senate, at a plenary on Tuesday, passed the 2023 budget of the Nigerian Communications Commission (NCC) following the presentation by the Committee on Communications.

The lawmaker representing Yobe South, Ibrahim Bomai, who laid and presented the reports, stated that the NCC 2023 budget of N559.080bn was made up of total recurrent expenditure of N86. 7bn, capital expenditure of N5. 2bn, and special projects of N35bn.

The commission is expected to transfer N416bn out of the projected revenue to the Consolidated Revenue Fund.

The Senate also passed the Universal Service Provision Fund 2023 budget of N16bn.

It is made up of N2.4bn recurrent expenditure, N124.8bn capital expenditure, and projects expenditure of N13. 4bn.

At the committee budget defense to the joint National Assembly, Executive Secretary of Nigeria Communications Commission, Professor Umar Danbatta, had presented a budget of N559 billion for the 2023 fiscal year.

He explained that the 2023 budget anticipated the deployment of 5G, which would offer greater network flexibility and translate into improved quality of service and quality of experience for consumers. He said these would ultimately lead to an increase in revenue for network operators and the government.