The $ 835, 081.46, which was recovered from the wallet of SDQ Facilitators Limited in Leatherback, also known as Rexel Nigeria Limited, has been permanently forfeited by the Federal High Court in Lagos.
One of the users of Leatherback, a cross-border payment startup, is SDQ facilitators.
Following an ex parte request and a motion from the Economic and Financial Crimes Commission (EFCC), Justice Deinde Dipeolu issued the order of final forfeiture of the funds to the Federal Government.
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.
An EFCC investigating officer, Abubakar Magaji, who stated that the amount was reasonably believed to be the proceeds of an unlawful activity, supported the application with an affidavit.
The court had issued a temporary forfeiture order on December 10th, 2024, and had instructed the EFCC to publish the same in any national newspaper so that any interested person can formally explain why the final forfeiture order should not be issued in the interests of the Federal Government.
No one stepped forward, making it possible for the court to impose the funds’ ultimate forfeiture.
The EFCC investigating officer, Magaji, claimed in the application supporting the forfeiture order that he was one of the officers assigned to investigate the petitions brought against Mr. Adegboyega Agbede, SDQ Facilitators Limited, and Rexel Nigeria Limited (Leaderback) by several petitioners.
“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”.
The petitioners’ N136, 951, 378.633, “was the result of the suspects’ refusal to remit the dollar equivalent or refund the Naira, but instead used the funds to be used for personal gain”
Source: Channels TV
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