The Federal High Court sitting in Lagos has ordered the permanent forfeiture of the sum of $835,081.46, traced to the dollar wallet of SDQ Facilitators Limited in Leatherback, also known as Rexel Nigeria Limited.
The order followed the petitions against Mr. Adegboyega Agbede, Lawal Mohammed Kazeem of SDQ Facilitators Limited and Rexel Nigeria Limited on fraudulent diversion and obtaining the total sum of $8,113,366 USD under false pretense from the petitioners.
SDQ facilitators is one of the users on the platform of Leatherback which is a cross border payment startup.
Justice Deinde Dipeolu granted the order of final forfeiture of the money to the Federal Government following an exparte application filed and moved by the Economic and Financial Crimes Commission (EFCC).
The EFCC’s application moved by its counsel, Saadatu Yabo, was brought pursuant to Section 44 (2) (b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act 2006.
The application was supported with an affidavit deposed to by an EFCC investigating officer, Abubakar Magaji, who stated that the sum was reasonably suspected to be proceeds of an unlawful activity.
On Dec 10th 2024, the court had granted an interim forfeiture order of the money and directed the EFCC to publish same in any National Newspaper for any interested person to appear before the Court to show cause within 14 days why the final forfeiture order of the monies should not be made in favour of the Federal Government.
No one came forward, paving the way for the court to order the final forfeiture of the funds.
In the application in support of the forfeiture order, the EFCC investigating officer, Magaji had deposed to the fact that he was one of the officers assigned to investigate the petitions reported to the Commission by several petitioners against Mr. Adegboyega Agbede, SDQ Facilitators Limited and Rexel Nigeria Limited (Leatherback).
“That it was alleged in the petitions that the suspects obtained from the petitioners the cumulative sum of N136,951,378,633 (One Hundred and Thirty-Six Billion, Nine Hundred and Fifty-One Million, Three Hundred and Seventy-Eight Thousand, Six Hundred and Thirty-Three Naira under the false representation that they have $224,601,850.15 USD(Two Hundred and Twenty Four Million, six Hundred and One Thousand, Eight Hundred and Fifty Dollars, Fifteen Cent) to sell to the petitioners”.
“That upon the receipt of the petitioners’ N136, 951,378.633, the suspects refused to remit the Dollar equivalent or refund the Naira, but instead diverted the funds to their personal use”
“That the petitions against the suspects; Mr. Adegboyega Agbede, LawalMuh’d Kazeem of SDQ Facilitators Limited and Rexel Nigeria Limited bordered on fraudulent diversion and obtaining the total sum of $8,113,366 USD under false pretense from the petitioners”.
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