Court orders final forfeiture of $835,000 linked to firm, others

The Federal High Court, Lagos has ordered the permanent forfeiture of $835,081.46, traced to the dollar wallet of SDQ Facilitators Limited in Leatherback, (also known as Rexel Nigeria Limited).

SDQ Facilitators is one of the users on the platform of Leatherback, which is a cross-border payment startup.

Justice Deinde Dipeolu granted the forfeiture order to the Federal Government following an ex parte application filed and moved by the Economic and Financial Crimes Commission (EFCC).

The 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 by an EFCC investigating officer, Abubakar Magaji, who stated that the sum was reasonably suspected to be the proceeds of unlawful activity.

On December 10, 2024, the court granted an interim forfeiture order of the money and directed the EFCC to publish the 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 under the false representation that they have $224,601,850.15 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 for their personal use.

“That the petition 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 under false pretence from the petitioners,” Magaji stated.