Court Orders Permanent Forfeiture of $835,081.46 Linked to SDQ Facilitators, Agbede, Others - Thepodiummedia

You are currently viewing Court Orders Permanent Forfeiture of $835,081.46 Linked to SDQ Facilitators, Agbede, Others

Post published:February 9, 2025
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The Federal High Court in Lagos has ordered the permanent forfeiture of $835,081.46 traced to the dollar wallet of SDQ Facilitators Limited, also known as Rexel Nigeria Limited (Leatherback), following a ruling that the funds were linked to illegal activities.

SDQ Facilitators is a user of Leatherback, a cross-border payment platform.

Justice Deinde Dipeolu granted the forfeiture order in favour of the federal government after the Economic and Financial Crimes Commission (EFCC) filed an ex parte application.

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The application, supported by an affidavit from EFCC investigating officer Abubakar Magaji, argued that the money was reasonably suspected to be proceeds of unlawful activity.

On December 10, 2024, the court initially granted an interim forfeiture order and instructed the EFCC to publish a notice in a national newspaper, allowing any interested party to contest the forfeiture within 14 days. No one came forward, leading to the final forfeiture ruling.

The EFCC’s application highlighted that the investigation was triggered by multiple petitions alleging fraudulent activity by Mr. Adegboyega Agbede, SDQ Facilitators Limited, and Rexel Nigeria Limited.

The petitions claimed that the suspects deceived the petitioners into believing they could sell $224,601,850.15 USD, ultimately obtaining N136,951,378,633 under false pretenses.

The suspects are accused of diverting these funds for personal use instead of fulfilling the agreed transactions.

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The case involves a total of $8,113,366 USD obtained through fraudulent means.

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Morak Babajide-Alabi is a graduate of Mass Communication with a Master of Arts Degree in Journalism from Napier University, Edinburgh, United Kingdom. He is an experienced Social Media practitioner with a strong passion for connecting with customers of brands.

Morak works as part of a team currently building an e-commerce project for the Volkswagen Group UK. Before this, he worked on the social media accounts of SKODA, Audi, SEAT, CUPRA, Volkswagen Passenger Cars, and Volkswagen Commercial Vehicles. In this job, he brought his vast experience in journalism, marketing, and search engine optimisation to play to make sure the brands are well represented on social media. He monitored the performance of marketing campaigns and data analysis of all volumes of social media interaction for the brands.

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Morak is a writer, blogger, journalist, and social media “enthusiast”. He has several publications and projects to his credit with over 20 years of experience writing and editing for print and online media in Nigeria and the United Kingdom.

Morak is a dependable team player who succeeds in a high-pressure environment. He started his professional career with the flagship of Nigerian journalism – The Guardian Newspapers in 1992 where he honed his writing and editing skills before joining TELL Magazine. He has edited, reported for, and produced newspapers and magazines in Nigeria and the United Kingdom. Morak is involved in the development of information management tools for the healthcare sector in Africa. He is on the board of DeMiTAG HealthConcepts Limited, a company with branches in London, Lagos, and Abuja, to make healthcare information available at the fingertips of professionals. DeMiTAG HealthConcepts Limited achieved this by collaborating with notable informatics companies. It had partnered in the past with Avia Informatics Plc and i2i TeleSolutions Pvt.

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Brief Profile of Ademola Akinbola

Ademola AKINBOLA is an author, publisher, trainer, digital marketing strategist, and a brand development specialist with nearly three decades of experience in the areas of branding, communication, corporate reputation management, business development, organizational change management, and digital marketing.

He is the Founder and Head Steward at BrandStewards Limited, a brand and reputation management consultancy. He is also the Publisher of The Podium International Magazine, Ile-Oluji Times, and Who’s Who in Ile-Oluji.

He had a successful media practice at The Guardian, Punch and This Day.

He started his brand management career at Owena Bank as Media Relations Manager before joining Prudent Bank (now Polaris Bank) as the pioneer Head of Corporate Affairs.

The British Council appointed him as Head of Communication and Marketing to co-ordinate branding and reputation management activities at its Lagos, Abuja, Kano and Port Harcourt offices.

In 2007, he was recruited as the Head of Corporate Planning and Strategy for the Nigerian Aviation Handling company. He led on the branding, strategic planning and stakeholder management support function.

His job was later expanded and redesigned as Head of Corporate Communication and Business Development with the mandate to continue to execute the Board’s vision in the areas of Corporate Planning and Strategy, Branding and New Businesses.

In 2010, he voluntarily resigned from nacho aviance to focus on managing BrandStewards, a reputation and brand management firm he established in 2003. BrandStewards has successfully executed branding, re-branding and marketing communication projects for clients in the private and public sectors.

Ademola obtained a M.Sc. Degree in Digital Marketing & Web Analytics from Dublin Institute of Technology in 2016, and the Master of Communication Arts degree of the University of Ibadan in 1997. He had previously obtained a Higher National Diploma (with Upper Credit) in Mass Communication from Ogun State Polytechnic, Abeokuta.

He has published several articles and authored five management books.

He has benefitted from several domestic and international training programmes on Brand Management, Corporate Communications, Change Management and Organizational Strategy.