ICPC obtains final forfeiture order against 25 properties linked to Yar’Adua Foundation, others

A final forfeiture order has been secured by the Independent Corrupt  Practices and Other Related Offences Commission (ICPC) against 25  properties in Abuja the anti- graft agency says  belong  to Shehu Yar’Adua Foundation and 24 other  registered entities.

A Federal Capital Territory High (FCT) Court (No.3) Maitama, presided  over by Hon Justice Baba H. Yusuf, ruled on an ex-parte application  filed by ICPC granting it the final forfeiture order against the
properties.

The order obtained by the Commission against the properties is for their  owners’ alleged failure to pay their taxes as at when due, for which the  Federal Inland Revenue Service (FIRS) had to prepare a schedule of tax  obligations against them.

These companies were among 29 entities that had been earlier approached  with a net N8.6 billion tax liability, but they denied ownership of the  properties. For this reason, a complaint was submitted to the office of  the Vice President of the Federal Republic of Nigeria, which was  forwarded to the Commission for further action.

Consequently, ICPC filed an ex-parte application in the FCT High Court  under Section 17 of the Advance Fee Fraud and Other Related Offences  Act, 2006, seeking an Interim Forfeiture Order against the properties of  the tax defaulters, which was granted.

In compliance with the order of the court, the Commission published  notices in national newspapers calling for persons having interest in  all or any of the forfeited properties to appear and “show cause” why  the said properties should not be finally forfeited to the federal  government.

Subsequently, three companies — Frankdiowo Nigeria Limited, Kati  Nigeria Limited and R.Timmermann & Co Nigeria Limited – appeared in  court to explain why their properties should not be finally forfeited by  urging the court to discharge them.

However, amongst them, only Frankdiowo Nigeria Limited showed “good  cause” and was discharged, while the other two will return to court for  the hearing of their affidavits.

Many of the forfeited properties are located in central highbrow areas  of Abuja such as Wuye, Jahi, Utako, Wuse, Garki II, among others.