The Federal High Court in Abuja on Monday convicted and ordered the immediate winding up of a company, Iyalikam Nigeria Limited belonging to a former Chief of Defence Staff, the late Chief Air Marshal Alex Badeh.

Having convicted the company on the amended 10 counts 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.

This followed the Monday’s U-turn by the company to plead guilty to the 10 counts of money laundering which it and Badeh had earlier denied.

The guilty plea was part of the plea bargain agreement reached between the Economic and Financial Crimes Commissio, EFCC, and the defence.

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.