EFCC says there was no record of any business done since their incorporation by the CAC in 2018.
Justice Bolaji Olajuwon of the Federal high court in Abuja has dismissed a suit by Marine Assets and Offshore Equipment Limited, an oil and gas service firm seeking to stop investigation by the Economic and Financial Crimes Commission (EFCC).
Marine Assets and Offshore Equipment Limited and its General Manager, Olusegun Olaleye sought to stop the EFCC from probing the payment of $38 million into their accounts.
On Thursday, the judge rejected all the relief sought by the plaintiffs and held that the case lacked merit.
WHAT HAPPENED IN COURT?
Counsel to the company, Mike Ozekhome, SAN argued that the investigation of the plaintiffs’ activities amounts to harassment which was unlawful.
EFCC’s counsel, Ekele Iheanacho told the court that the allegations were established against the plaintiffs hence, required investigation.
Mr Iheanacho said there was no record of any business done by the 1st plaintiff and Airsafe Aviation Global Limited since their incorporation by the CAC in 2018.
He said investigations revealed that between March, 2018 and April, 2019, one Jokai Global Services Limited transferred to the UBA Plc accounts of the 1st plaintiff the sums of 89,716,591.37 dollars and N18,555,337,336,86.
Speaking further the lawyer said “Between March 2018 and April, 2019, the same Jokai Global Services Limited transferred into the UBA Plc account of Airsafe Aviation Global Limited the sums of 13,041, 641.35 dollars and N1,489,401,426.65.
“The transactions referred to above, which generated these funds were vague and obscure.
“None of these companies mentioned above, as well as others that featured in the intelligence, declared their activities by way of filing financial statements, annual reports to regulatory authorities like the FIRS, CAC, etc.
“These companies never paid taxes despite the humongous payments they received into their accounts.
“The high volume of funds received into the accounts of the 1st plaintiff shortly after its incorporation, necessitated the need to even inquire into its tax records with a view to determine the lawfulness or otherwise of the financial activities of the 1st plaintiff
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate