Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.

 

MTN makes fresh attempt to reverse court order to forfeit N8b in assets

07 January 2017, 17:10

Lagos - Telecoms giant, MTN Communication has launched a fresh attempt to persuade Justice Abdulaziz Anka of the Federal High Court in Lagos to reverse his ruling that it should temporarily forfeit N8 billion to the Federal Government.

The funds, located in account number 0012005379 at ECOBANK and number 1013607079 at SKYE Bank are suspected to be the proceeds of unlawful activity.

Anka had in an earlier ruling approved the government’s seizure of  the accounts, which contains billions of naira.

Nobody has so far filed court papers to claim ownership of the funds.

An Abuja based lawyer, John Samuel Opeyemi, had filed a lawsuit at a Federal High Court in Lagos, on behalf of the Federal Government, Attorney General of the Federation and an asset recovery agent of the Federal Government of Nigeria, Algaita Group Nigeria Limited, seeking the forfeiture order. 

In an affidavit, the Managing Director of Algaita Group Limited, Abdullahi Mohammed Maiturare, stated that the funds in the two banks represented unclaimed properties or proceeds of unlawful activity, specifically stealing, diversion and money laundering, by some public officials and their cohorts in the private sector.

Also read: Buhari's Chief of Staff accused of taking N500m bribe from MTN

Justice Anka in its ruling granted an order of interim forfeiture to the Federal Government, empowering the government to temporarily take possession of the funds in the two banks’ accounts.

He had also ordered that a notice be published in two national daily newspapers inviting anybody with an interest in the frozen funds to come forward within 14 days to show why the court should not issue a final forfeiture order in favor of the Federal Government.

The judge directed the respective branch managers of the respondent banks to immediately stop all outward payments from the subject accounts and submit to the court the respective statements of account with certificates of authentication and other relevant  documents as at the date and time of service of the court order on them.

Following the judgment, MTN Communications Limited filed an application urging the court to discharge and set aside the orders made pertaining to the firm’s account at Ecobank Limited.

The company through its lawyer , Ibukunoluwa Owa, stated that the Federal Government and its agents did not comply with the order of the court calling for the publication of the order.

Owa declared that MTN opened the contentious account at Ecobank on October 9, 2006.

She stated that the firm had operated the account since it was first opened in accordance with banking practices applicable to current accounts held by corporate bodies in Nigeria.

She added that the funds in the two banks were not the proceeds of any unlawful activity.

 Owa urged the court to discharge the order of interim forfeiture to the Federal Government.
    
No date has been fixed for a final ruling.

       

- News 24

NEXT ON NEWS24 NIGERIAX
&nbps;

Read more from our Users

Submitted by
Isaac Asabor263
Separating kitchen politics from ...

Like everyone else, I believe that the most popular definition of democracy is “government of the people, by the people and for the people”. Read more...

Submitted by
Bethel Tanifo
Ministry of Niger Delta Affairs, ...

Like NDDC Unlike MONDA. This notion is an intuition that does not portend political participation, affiliation, intrusion or aggression but a submission with the intention of completion of the previous administration's noble vision. Read more...

Submitted by
Bethel Tanifo
Nigerian Constitution versus Corr...

The problems of Nigeria is not in its conventional composition, formation, functionality, constitution or treaty, while the solutions are not disintegrations as promulgated by some faiths fanatics and bigotries.  Read more...

Submitted by
Abdulsalam Jubril
Much Ado about Trump’s Presidency

It was unbelievable when the social and mainstream media all over the world began airing the breaking news of Donald Trump’s victory in the most contentious US Presidential elections in recent years. Read more...

Submitted by
Mike Daemon
Nigerian author highlights gay ch...

A new novel by a prolific young Nigerian author features gay characters, which could help increase the visibility of the gay community and possibly lead to greater understanding of LGBT Nigerians. Read more...

Submitted by
Isaac Asabor263
Your Excellency, I will call you ...

Your Excellency, Governor Adams Oshiomhole, as a leader that pays attention to details, I understand that the odd title of this piece would definitely arouse your curiosity.  Read more...