The Federal High Court in Lagos on Tuesday ordered that the sums of N1,250,000,000; $327,132.35, £167.85 and €157.90 recovered by the Economic and Financial Crimes Commission should be permanently forfeited to the Federal Government.

The permanent forfeiture order followed a suit filed by the EFCC against Heritage Bank Plc and Secure Electronics Technology Limited.

The anti-graft agency said the funds were reasonably suspected to be proceeds of unlawful activities.

Counsel for the EFCC, Mr Iheanacho Ekene, told Justice Chuka Obiozor that, “The persons in whose possession the funds were found are not laying claim to them and surrendered them for forfeiture.”

Justice Obiozor had in August made a temporary forfeiture order in respect of the funds.

As there was no opposing application, Justice Obiozor ordered the sums of N1.2bn, $327,132.35, £167.85 and €157.90 permanently forfeited to the Federal Government.

Source:- Punchng

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