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.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
INVESTIGATION: NDDC awards N1bn road contract to poultry farm
The Niger Delta Development Commission (NDDC) in what appears a breach of procurement laws, awarded a contract worth N1.028 billion...
FEATURE… Hard job, low income: Agony of Nigerian commercial drivers
Amid increase in fuel price over the years, coupled with bad roads and insecurity in Nigeria, many commercial drivers have...