The Federal High Court in 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 is one of the users on the platform of Leatherback – a cross-border payment startup.
Justice Deinde Dipeolu granted the order following an ex parte application by the Economic and Financial Crimes Commission (EFCC).
The commission’s application by its counsel, Saadatu Yabo, was brought under Section 44 (2) (b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act 2006.
EFCC’s investigating officer Abubakar Magaji said the sum was reasonably suspected to be the proceeds of an unlawful activity.
On December 10, 2024, the court granted an interim forfeiture order of the money and directed the EFCC to publish it so that any interested person would show cause within 14 days why the final forfeiture order of the money 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 a supporting affidavit, Magaji said he was one of the officers assigned to investigate the petitions against Mr. Adegboyega Agbede, SDQ Facilitators Limited and Rexel Nigeria Limited (Leatherback).
He said: “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 USD 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 pretence from the petitioners.”