The Federal High Court in Abuja on Monday convicted and ordered the immediate winding up of the Iyalikam Nigeria Limited Company belonging to late Chief of Defence Staff and former Air Marshal, Alex Badeh. The court convicted the company on a 10 count charge of money Laundering. Justice Okon Abang also ordered the forfeiture of the sum of $1m and houses in choice areas of Abuja linked to the company. Following this event, the company which had initially denied while Badeh was alive, pleaded guilty to the charges levied against it.
The guilty plea according to sources, was part of the plea bargain agreement reached between the Economic and Financial Crimes Commission and the defence. The assets were also listed in the bargain agreement which the EFCC reached with the defence and filed before the court on Monday.
Here’s a comprehensive list of the assets.
* A mansion at No. 6 Ogun River Street, off Danube street, Maitama, Abuja.
*A shopping mall at plot 1386 Oda Crescent Cadastral Zone A04 , Wuse ll, Abuja,
*A duplex situate at No.14, Adzope Crescent, off Kumasi crescent , wuse ll Abuja.
*A semi-detached duplex situate at No.8A,Embu street, by sigma Apartment wuse ll, 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, the 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”.
Until Badehs death, EFCC has been prosecuting him alongside Iyalikam Nigeria limited on 14 counts of money Laundering bordering on alleged fraudulent removal of about N3.97bn from the Nigerian Air Force account. Badeh and the company had jointly pleaded not guilty to the charges in 2016, after calling 22 prosecution witnesses, the case was close last year. The case was scheduled to open by 16th January this year, but unfortunately, Badeh met his sad end.