BEVERLY HILLS, CA, October 25, (THEWILL) – A Federal High Court in Abuja Friday ruled that the $15 million allegedly offered officials of the Economic and Financial Crimes Commission (EFCC) by a former governor of Delta State, Chief James Ibori, be forfeited to the Federal Government.
Justice Gabriel Kolawole in his ruling declared the funds as “unclaimed property” following Ibori’s denial that the funds originated from him, and Delta State’s inability to prove that the funds were removed from its treasury.
Justice Kolawole also queried why it took so long for Delta to claim ownership of the funds when it became public knowledge that the funds existed since 2007.
He therefore declared that the funds were derived from unlawful act and hence must be forfeited to government, as stipulated under the Money Laundering and EFCC Acts 2004.
Delta may likely appeal the ruling of the court.
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