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Badeh’s company pleads guilty, forfeits cash, properties to FG

Published

5 years ago

March 5, 2019

Badeh's company pleads guilty, forfeits cash, properties to FG

A company belonging to the former Chief of Defence Staff, the late Chief Marshal Alex Badeh, Iyalikam Nigeria Limited, has been convicted by a Federal High Court sitting in Abuja.

The court also ordered the immediate winding up of the company aside ordering the forfeiture of $1 million cash and several choice properties to the Federal Government.

The conviction of the company followed a plea bargain agreement reached between the company and the Economic and Financial Crimes Commission, EFCC, leading to the conviction on a 10 count amended charge after the company pleaded guilty to them on Monday.

Assets linked to Badeh and Iyalikam which Justice Abang ordered their final forfeiture to the Federal Government were listed in the plea bargain agreement which the EFCC reached with the defence and filed before the court on Monday.

The assets are:

A mansion at No. 6, Ogun River Street, off Danube Street, Maitama, Abuja
A shopping mall at Plot 1386, Oda Crescent Cadastral Zone A07, Wuse II, Abuja
A duplex at No. 19, Kumasi Crescent, Wuse II, Abuja
A duplex situate at No. 14, Adzope Crescent, off Kumasi Crescent, Wuse II, Abuja
A semi-detached duplex situate at No. 8A, Embu Street, by Sigma Apartment Wuse II, Abuja

The sum of $1,000,000.00 only recovered from No. 6, Ogun River Street, off Danube Street, Maitama, Abuja

Based on the plea bargain agreement, the court also ordered that upon conviction, defendant should be wound up “and any other property or account in the name of the defendant shall be forfeited to the Federal Government of Nigeria.”

It would be recalled that before his death, the EFCC was prosecuting Badeh alongside Iyalikam Nigeria Limited on 14 counts of money laundering bordering on alleged fraudulent removal of about N3.97bn from the Nigerian Air Force’s account.

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