DARK DAYS!

 

Oshodi Returns To Dark Days of Street Trading

. As Traders, Urchins Convert Adjoining Streets Into Make-shift Markets

Lagos State Government appears to be losing the battle to sanitize Oshodi as marketers and street urchins have taken over available spaces following the resurgence of street trading in the area.

Oshodi which is the gateway to the Lagos metropolis from the Murtala Muhammed International Airport has attracted public outcry from concerned residents and stakeholders many of whom have watched helplessly as street traders and motor park touts have virtually converted roads to market extensions and motor garages without recourse to pedestrians and shop owners who pay heavily to own shops in the area.

The Snoop gathered that the growing resurgence of illegal street trading and encroachment across Oshodi-Isolo Local Government has become a ticking time bomb threatening public safety, free movement, and the aesthetic order of one of Lagos State’s most strategic commercial corridors.

Investigations and field observations reveal that most streets within the Oshodi market hub—notably Agege Motor Road (from Bolade Junction), Suwebatu Ajala Street, Araromi, Banjoko, and McCarthy—have been overtaken by traders and transport operators who have converted public roads into makeshift markets, garages, and motor parks.

The disturbing trend, according to sources is allegedly aided by some self-appointed  'authorities' who collect daily tolls and levies to allocate public spaces to traders and transporters. This sad development further raises deep concerns about the usurpation of official authority and gradual territorial take over of public infrastructure by criminally-minded elements in the area.

Aside from the heavy human and vehicular traffic congestion and filthy environment now defining these streets, commuters and residents are losing valuable productive hours to the gridlocks created by this illegal occupation. 

Worse still, the median at Agege Motor Road which was originally designed for traffic demarcation has now become an unregulated car park for both private and commercial vehicles which further compound the chaotic situation in the area.

More worrisome is the role of NURTW members, commercial tricycle operators and others who have reportedly converted most of the inner streets into mini motor parks under questionable authority as sources informed our correspondent that these toll collectors usually brandish official toll tickets issued by authorities of Oshodi/Isolo Local Government to officialize their actions.

Residents and other stakeholders in the area are, however, worried that the sad the developments, if left unchecked could precipitate a full-scale urban anarchy and total breakdown of law and order in Oshodi despite the huge investments of Lagos State Government in sanitizing the area through the construction of a modern bus terminus and relocation of adjoining markets from the area.

While the Otunba Kehinde Oloyede-led local government administration deserves commendation for its visible achievements in road rehabilitation and infrastructure renewal, it is puzzling that the same roads are now being hijacked by those collecting illegal rents and levies thereby denying the tax-paying public access to facilities built with their own money.

Concerned residents are, however, quick to dismiss the sad development as sheer negligence on the part of the local government authority but rather described it as a betrayal of public trust and a stain o

n the impressive work done by the council administration so far.

The prevalence of street trading and illegal conversation of public roads to markets bring to question the poor enforcement of environmental sanitation laws by the Kick Against Indiscipline (KAI) officers who were permanently stationed to maintain law and order in Oshodi. Multiple sources revealed that the officers have become a major cause of the chaotic situation through their penchance for collecting bribes and gratification from street traders and NURTW members to allow them access to public spaces.

HIS ROYAL FRAUDSTER!

Osun Monarch Bags Four Years Jail Term In US Over $4.2m COVID-19 Fraud

The Apetu of Ipetumodu in Osun State, Oba Joseph Oloyede, has been sentenced to more than four years in prison in the United States.

Oloyede, 62, who holds dual U.S. and Nigerian citizenship and resides in Medina, Ohio, was on August 26 handed 56 months in prison by U.S. District Judge Christopher A. Boyko.

According to the U.S. Attorney’s Office for the Northern District of Ohio in a statement on Tuesday, the monarch, was also ordered to “serve three years of supervised release after imprisonment and pay $4,408,543.38 in restitution.

“He also forfeited his Medina home on Foote Road, which he had acquired with proceeds of the scheme, and an additional $96,006.89 in fraud proceeds investigators had seized,” the statement read.

The U.S. Attorney’s Office said Oloyede led a conspiracy to exploit COVID-19 emergency loan programmes created for struggling businesses.

“From about April 2020 to February 2022, Oloyede and his co-conspirator, Edward Oluwasanmi, conspired to submit fraudulent applications for loans that were made available through the U.S. Small Business Association (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act,” the statement read.

In April, the duo pleaded guilty to wire fraud and tax fraud charges linked to a pandemic relief scam that siphoned over $4.2m in federal stimulus funds.

The court was told that Oloyede, who also worked as a tax preparer, “operated five businesses and one nonprofit, while Oluwasanmi owned an additional three business entities.

“Both defendants used their businesses to submit loan applications using false information.

“They obtained approximately $1.2 million in SBA funds for Oluwasanmi’s entities and $1.7 million for Oloyede’s entities,” the statement added.

The elaborate fraud went even further.

According to investigators, “Oloyede submitted fraudulent PPP and EIDL applications in the names of some of his clients and their businesses.

“In exchange, Oloyede would receive 15-20% of their loans as the fee, or kickback, for obtaining the loans for them, without reporting this income to the IRS on his own tax returns.”

The funds were then used for personal gain, prosecutors said.

“Investigators learned that the defendant used funds obtained from these loans to acquire land and build a home and purchase a luxury vehicle,” the U.S. Attorney’s Office disclosed.

In all, Oloyede “caused the SBA to approve 38 fraudulent applications, amounting to $4,213,378 in disbursed loans and advances.”

His co-conspirator, Oluwasanmi, 62, of Willoughby, was earlier sentenced in July to 27 months in prison.

He was also ordered to pay more than $1.2 million in restitution, forfeit a commercial property purchased with fraud proceeds, and surrender more than $600,000 held in financial accounts.

The U.S. Attorney’s Office emphasized the significance of the conviction, noting that the case was jointly investigated by the Department of Transportation Office of the Inspector General, the FBI Cleveland Division, and IRS-Criminal Investigations as part of the Pandemic Response Accountability Committee Fraud Task Force.

“This case was prosecuted by Assistant United States Attorneys Edward D. Brydle and James L. Morford for the Northern District of Ohio,” the release concluded.

“Investigators learned that the defendant used funds obtained from these loans to acquire land and build a home and purchase a luxury vehicle,” the U.S. Attorney’s Office disclosed.

In all, Oloyede “caused the SBA to approve 38 fraudulent applications, amounting to $4,213,378 in disbursed loans and advances.”

His co-conspirator, Oluwasanmi, 62, of Willoughby, was earlier sentenced in July to 27 months in prison.

He was also ordered to pay more than $1.2 million in restitution, forfeit a commercial property purchased with fraud proceeds, and surrender more than $600,000 held in financial accounts.

The U.S. Attorney’s Office emphasized the significance of the conviction, noting that the case was jointly investigated by the Department of Transportation Office of the Inspector General, the FBI Cleveland Division, and IRS-Criminal Investigations as part of the Pandemic Response Accountability Committee Fraud Task Force.

“This case was prosecuted by Assistant United States Attorneys Edward D. Brydle and James L. Morford for the Northern District of Ohio,” the release concluded.

 

 

 Oba MacGregor Leads Chart To Fill Pharmaceutical Vacuum Through Sygen-ORx Partnership

In a bid to fill the vacuum left by pharmaceutical giants, a renowned inventor, world acclaimed pharmaceutical industrialist, Professor of  Biopharmaceutics and CEO of Canada’s Orx Pharmaceutical Corporation, His Royal Majesty Oba (Prof) Alexander Olusegun MacGregor is leading a scientifically-driven paradigm shift on how Africans access drugs manufactured by global pharmaceutical companies through a partnership with Sygen Pharmaceuticals Limited.

The joint venture with Sygen Pharmaceuticals Limited, the famous makers of ABIDEC Multivitamin Drops was sealed early this year essentially to develop generic medicines tailored to the unique physiological needs of Nigerians and Africans.

The Sygen-ORx partnership combines the expertise of both companies to improve patient care and advanced medical science by modifying improved formulations of generic drugs that have received regulatory approvals and achieved substantial commercial success. 

By leveraging on Oba Macgregor's extensive experience as a pharmaceutical scientist and inventor with numerous ground-breaking inventions, the issue of fake and substandard drugs will be curbed even as the cost of these locally-made drugs will be greatly affordable.

Speaking on the Sygen-ORx partnership, Oba Macgregor who is also the Founder and President of the Toronto Institute of Pharmaceutical Technology (TIPT) Canada and the Olu of Orile Ilawo Egba land expressed his delight over the joint venture, describing it as historic.

In a recent television interview monitored on Arise News, the industrialist expressed his confidence at the success of the venture. According to him, "The venture is primed to provide the basic foundation for other parties in the pharmaceutical  industry to develop the courage to enter into the Research & Development space. We are coming from a wealth of experience; we know exactly how it is done; we know what to be done and we know how to remodel what we are doing to suit our environment," says the Ilawo monarch.

He continued: "The joint venture will improve on the output of people in the continent in terms of drug outcome in the efficacy of drugs a

nd how drugs perform in our system.

Oba MacGregor added: "Sygen ORx partnership is going to be at the frontier of the pharmaceutical sector in terms of innovation and bringing new drugs to Nigeria. Drugs that are not existing already and some drugs that are existing but are being repurposed. Repurpose mean two things. First, finding a useful existing drug that doesn't exist and modifying existing drugs to work better.

I can see this partnership really changing the dynamics of the way Nigerians receive drugs rather than dependent on imported drugs that we don't know much about how they develop them but we buy them anyway. So many of them don't work but we consume them a lot. So, we start by focusing on inwards," he added  

Part of the strategies for looking inwards according to the renowned professor is for collateral industries to flourish. "Collateral industries will develop. For example, pharmaceutical ingredient manufacturing companies can grow cassava for pharma use which must be made at a higher level of purity hence that industry will blossom," he concluded

 

Ex Gov. Uzor Kalu In N179M Property Tax Mess In US

Despite his wealth, Kalu has repeatedly failed to meet his tax obligations on these properties, raising new questions about Nigerian politicians’ hidden assets abroad.

 A fresh investigation has revealed that Orji Uzor Kalu, a former governor of Abia State and now a senator in Nigeria’s National Assembly, owes $118,282 (N179 million) in unpaid property taxes in the United States.

Documents obtained by The Post and Courier’s Uncovered Project and the Platform to Protect Whistleblowers in Africa show that Kalu’s real estate empire in the U.S. includes multiple properties in South Carolina, North Carolina, Maryland, and Texas, valued in the millions of dollars.

Despite his wealth, Kalu has repeatedly failed to meet his tax obligations on these properties, raising new questions about Nigerian politicians’ hidden assets abroad.

According to U.S. tax records, Kalu is linked to at least five properties in South Carolina, valued at over $2 million.

His real estate holdings in the Charlotte metro area alone exceed $4.7 million. He also owns two high-end properties near Washington, D.C., including an opulent home with eight bathrooms and a tennis court, which is currently listed for $2.5 million.

But despite these assets, Kalu has been unable or unwilling to pay his property taxes. Records from Spartanburg County, South Carolina, show that after missing multiple deadlines this year, his outstanding balance has ballooned to $118,282.52, including fees for the county’s demolition of an abandoned warehouse on one of his properties.

Kalu’s U.S. real estate ventures date back to the early 1990s, even before he became a state governor in Nigeria. In 1993, while serving as a member of Nigeria’s House of Representatives, Kalu acquired a four-acre tract of land in Spartanburg County, South Carolina.

Today, that land is an eyesore. What was once a commercial property with multiple warehouses and homes has now been reduced to red clay dirt, overgrown trees, and a single trash can. Neighbors recall that at one time, several warehouses stood on the site, but one was burned down while another remains abandoned.

A man who identified himself as Nnanna Utah, a former schoolmate of Kalu’s from Nigeria, told The Post and Courier that he had been using the warehouse for years.

“He can buy anything anywhere in the world he wants to,” Utah said. “He likes South Carolina because he was doing business here even before he made a dime.”

However, local businessman Phil Terry, who owns a nearby junkyard, recounted how Kalu almost lost the property. In 2016, Terry and his business partner, Ned Blackwell, purchased the land at a tax auction after Kalu failed to pay his taxes.

They paid $12,342 to clear the outstanding tax bill. But before the one-year grace period expired, a broker acting on Kalu’s behalf paid off the taxes, and the property was returned to him.

Despite this close call, Kalu once again fell behind on his taxes. The latest bill, amounting to $118,282, remains unpaid.

Records show that Kalu’s tax notices are sent to an address in Fort Mill, South Carolina, which was purchased in 2005 by Eunice Uzor. Kalu’s mother is also named Eunice Uzor Kalu, and his brother, Mascot Uzor Kalu, is listed on the title. Mascot, a well-known figure in Nigerian politics, has not been accused of any wrongdoing.

Further investigations reveal that Kalu has used shell companies such as SLOK LLC to buy and sell real estate in the U.S. Some of these properties have been the subject of lawsuits over unpaid homeowners’ association fees.

Between 2007 and 2008—around the same time Nigerian authorities charged him with corruption—Kalu acquired at least nine properties across South Carolina, North Carolina, and Maryland. These included 67 acres of land in Chester and York counties, near Charlotte, North Carolina. A recent inspection of the site revealed that it remains undeveloped and littered with trash.

In Fort Mill, the upscale brick home purchased by Kalu’s mother in 2005 is now listed for sale. Reporters who visited the location observed moving containers and stacked boxes, suggesting recent activity.

Altogether, records indicate that Kalu and his family members have bought and sold over 40 properties in the U.S., raising further questions about the source of his wealth and why he continues to default on his tax obligations.

Despite his claims of being a successful businessman before entering politics, Kalu has long been trailed by corruption allegations. In 2007, Nigerian prosecutors accused him of looting billions of naira from Abia State’s coffers while serving as governor.

After years of legal battles, he was convicted in 2019 and sentenced to 12 years in prison for fraud. But in a controversial decision five months later, Nigeria’s Supreme Court overturned his conviction on technical grounds, setting him free.

Prosecutors vowed to retry the case, but a higher court rejected their request last year, leaving the case in limbo.

Kalu has consistently denied any wrongdoing. However, his lavish lifestyle, political influence, and extensive foreign assets have fueled speculation about how he amassed such immense wealth.

The Post and Courier said repeated attempts to reach Kalu for comments were unsuccessful, as neither he nor his media assistant responded to inquiries. 

Kalu is not the only Nigerian politician with significant U.S. real estate holdings.

Investigations show that former National Security Adviser, Sambo Dasuki, paid nearly $1 million to purchase a horse farm in Aiken, South Carolina, in 2002, while he was in charge of Nigeria’s government mint.

These revelations have reignited debates about how Nigerian politicians funnel money out of the country and into foreign properties.

The U.S. government has been attempting to crack down on such practices. In 2021, Congress passed the Corporate Transparency Act, aimed at curbing money laundering, terrorism financing, and tax evasion through anonymous real estate purchases.

However, the law has faced resistance. On March 2, the Trump administration announced that it would not enforce it, citing concerns about regulatory burdens on businesses.

Transparency advocates argue that weakening anti-corruption laws will make it easier for corrupt politicians and criminals to launder money through the U.S. real estate market.

Former FBI agent Debra LaPrevotte, who helped launch the agency’s Kleptocracy Initiative, warned that failing to regulate anonymous real estate transactions will have dire consequences.

“We’re supposed to lift people up to our level, not go down to theirs,” she said, referring to how the U.S. has become a haven for foreign kleptocrats.

She pointed out that Nigerian dictator Sani Abacha looted billions of dollars from Nigeria in the 1990s, much of which was hidden in foreign assets before being seized by international authorities.

Experts also argue that allowing corrupt politicians to launder money through real estate distorts local housing markets, pricing out average citizens while allowing criminals to operate with impunity.

“The U.S. is one of the easiest places to hide dirty money in the world,” said Scott Kalman of Transparency International U.S.

 

 

 

 

 Grand Dad Drags Grand Daughter To Court Over Late Wigwe’s Inheritance

The dispute over the estate of the late Herbert Wigwe, former Group Managing Director and CEO of Access Bank, has taken a fresh turn as his 90-year-old father, Pastor Shyngle Wigwe, challenges his 26-year-old granddaughter, Otutochi Wigwe, in court over property and guardianship rights.

The legal battle, which has now advanced to the Court of Appeal, began after the Lagos State High Court dismissed an application filed by Pastor Wigwe, seeking interim reliefs regarding the management of his late son’s estate and guardianship of Herbert Wigwe’s minor children.

Lagos High Court Rejects Pastor Wigwe’s Interim Application

On February 6, 2025, Justice A.O. Adeyemi of the Lagos State High Court, Family/Probate Division in Ikeja, ruled against Pastor Shyngle Wigwe’s request to be appointed as an interim administrator of his late son’s estate. The application also sought the appointment of Otutochi Wigwe (Herbert Wigwe’s daughter), Uche Wigwe (Herbert’s brother), and two professional firms—Zee’s Trust Company and PricewaterhouseCoopers Limited—as interim estate managers.

In addition to the estate administration, Pastor Wigwe requested joint guardianship of Herbert Wigwe’s minor children, which would have given him oversight of their welfare. However, the court rejected these requests, stating that the reliefs sought were not justified.

Justice Adeyemi pointed out that the claims made in Pastor Wigwe’s application were largely identical to those in an ongoing substantive suit. Furthermore, the court referred to an existing judgment that had already appointed Otutochi Wigwe as the legal guardian of the deceased’s minor children.

Appeal Filed to Challenge High Court Ruling

Following the dismissal of the application, Pastor Shyngle Wigwe and his co-applicants filed a notice of appeal on February 13, 2025.

The appellants argue that the High Court failed to differentiate between interim reliefs—meant to preserve the estate and ensure the well-being of dependents—and final reliefs that would ultimately determine the distribution of assets.

They have cited Section 24 of the Administration of Estate Law of Lagos State, 2015, which empowers courts to appoint interim administrators when necessary.

With the matter now before the Court of Appeal, legal experts suggest the case could set a precedent on estate management and family guardianship rights in Nigeria. The ongoing legal proceedings are being closely watched as they could have significant implications for inheritance laws and family estate administration in the country.

 

UBA Launches Free Knowledge Series, Don't Let the New Tax Laws Catch You Off Guard

 Africa’s Global Bank, United Bank for Africa (UBA) Plc, is set to host a Knowledge Series webinar specifically dedicated towards informing and educating small and medium business owners on the 2024 withholding Tax Regulations recently implemented by the federal government. 

This special webinar has the theme ‘2024 Withholding Tax Regulations, Specific Emphasis on How They Affect SMEs’ and is scheduled to hold online on Thursday, January 30, 2025, by 12noon prompt. Business owners and SMEs who will like to be a part of this eye-opening event can access the session on Zoom via the link:  UBA Knowledge Series. 

The knowledge Series is a regular seminar/workshop organised by the bank as part of its capacity-building initiatives, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses.

This edition seeks to educate business owners on the implications of the new tax regulations and how UBA's offerings can effectively support their growth. 

Renowned leaders from diverse industries, including, UBA’s Head, SME Banking, Babatunde Ajayi; Financial Analysts with Anderson Consulting, Adeyemi Adediran and Vincent Okoukoni will be on ground to share their rich insights and explain how businesses can thrive in the new tax regime.

UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola who spoke ahead of the webinar emphasised the importance of this edition, noting that it will provide a platform for businesses, especially SMEs, to learn more about the new tax regime, implications for their business and attendant benefits for them and the economy at large.

He said, “Getting first -hand knowledge from experts on this important subject, as put together by UBA, will be invaluable for any business owner looking to build a lasting enterprise”

Also speaking on the upcoming workshop, UBA’s Group Head, Marketing & Corporate Communications, Alero Ladipo noted that the sessions frequently organised by the bank, continues to resonate with SME’s and business owners, and has in more ways than one, helped them take major leaps that has helped engender success.

Ladipo said, “At UBA, we remain resolute in our commitment to empowering businesses of all sizes, and that is why we have decided that we will help guide our customers towards making better business decisions and embracing more opportunities in 2025” that will take them to new highs. 

“We have assembled an esteemed panel of speakers who will do justice to this topic by sharing their vast wealth of experience and insights on how best to navigate the new tax regime,” she noted, adding that “this is a must-attend event for anyone serious about the long-term success of their enterprise.”

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally. Operating in twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology.

 

 Zenith Bank Obtains Regulatory Approval For N350 Billion Raised Hybrid Offer

Zenith Bank Plc has raised a total of N350.4 billion through its recently concluded hybrid Rights Issue and Public Offer.

In a statement released to the Nigerian Exchange (NGX) Group recently,  the Bank announced that it s secured the full regulatory approval of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) in respect of its recently concluded Hybrid Offer, comprising of a Rights Issue of 5,232,748,964 Ordinary Shares of 50k each at N36.00 per share and Public Offer of 2,767,251,036 Ordinary Shares of 50k each at N36.50 per share.

The Public Offer was 160.47% subscribed, with a total of 4,440,587,250 Ordinary Shares allotted based on the terms of the Offer and the CBN’s Capital Verification Exercise. The Rights Issue was also 100.18% subscribed with a total 5,232,748,964 ordinary shares allotted.

Lauding the development, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, (OON), said: “The success of our combined Rights Issue and Public Offering is a testament to the strong confidence and trust that our shareholders, investors, and stakeholders have in Zenith Bank’s vision, strategy, and brand. This landmark transaction underscores our commitment to strengthening our capital base, enhancing our competitive edge, and positioning ourselves for sustainable growth and profitability.

“We deeply acknowledge the invaluable and strong support of our regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, and are grateful for their guidance in ensuring the integrity and efficacy of the exercise. This successful transaction will enable us to continue delivering value to our stakeholders, while also contributing to the growth and development of the economy.”

Proceeds from the Hybrid Offer will be strategically deployed to solidify the Bank’s position as the leading financial institution in Nigeria. Additionally, the funds will support the Bank’s expansion into other markets in Africa and Europe, investment in technology and other Group-wide growth initiatives.

The Offer, which opened on August 1, 2024 and closed on September 23, 2024 and sought to raise N290 billion through a combination of a Rights Issue and Offer for Subscription, was successfully executed largely as a digital Offer, embracing the power of technology to improve access to the equity capital market as it seamlessly leveraged the Nigerian Exchange Limited’s e-Offer platform.

The results of the Hybrid Offer, which garnered substantial interest from domestic and international investors, has positioned the Bank as one of the few banks in Nigeria to meet and even surpass the CBN’s N500 billion minimum capital requirements for Banks with International Authorization well ahead of the March 2026 regulatory deadline. The Bank’s share capital will now rise to N614.65 billion, which is N114.65 billion above the regulatory minimum requirement.

 

 

 

 

 

 

 

 

 

BANK OF HACKERS!

How Hackers Stole N2.95Billion From Sterling Bank’s Vault

Sterling Bank PLC may have become a big risk for customer’s deposit with the spates of fraudulent activities which has hit the bank in recent times.

This followed a detailed account of fraudulent and unethical banking practices which have seriously engendered customer’s lack of trust and confidence in the bank over the safe-keeping of their deposits.

Many of the bank’s customers are reportedly rattled by recent hacking of the bank’s vault by five suspected hackers who stole N1.25 billion and another N1.7 billion totaling N2.95 billion from the vault of the bank through insider’s connection.

The suspects were arraigned before Justice Louis-Allagoa of the Federal High Court, Lagos over allegation of hacking into Sterling Bank’s PLS banking platform and Bance application to steal a total sum of One Billion, Two Hundred and Fifty-Seven Million, Five Hundred and Thirty Six Thousand, Five Hundred and Seventy Two Naira, Fifty Kobo ( N1.257, 536, 572.50).

The accused Victor Nwabueze Ugochukwu (50), Favour Odeh (22), Adekunle Daniel (24), Akachukwu Alagbogoand Ogunlade Yetunde were brought before the court on Friday 17^th January 2025 by operatives of Police Special Fraud Unit (PSFU) Ikoyi, Lagos.

Prosecutor Justine Enang informed the court the defendants in collaboration with unnamed internal staff of Sterling Bank and external accomplices committed the alleged offence on 3^rd and 4^th November 2024 by exploiting sensitive bank data and security system, unauthorized access point including IP addresses and device identifier.

According to Enang, their actions violated Section 7 (1) b and 14 (1) of the Cyber Crime Provision  Act 2015 as amended in 2004 as well as Section 18 (2) b and d of the Money Laundering Act 2022.

The defendants who pleaded not guilty to charges of conspiracy, hacking and unlawful conversion of funds applied for bail through their legal counsel.

However, the prosecutor opposed the application, arguing that they posed a flight risk and citing multiple grounds to justify the objection.

Justice Luiz-Allagoa granted bail to each of the defendants in the sum of N50million with one surety of equal value. The surety must own landed property within the court’s jurisdiction.

He, however, ordered the defendants to remain in the custody at the Nigeria Correctional Services until their bail conditions are met. HE adjourned the trial to 13^th March 2025.    

This sad development comes on the heels of yet another discovery of insider’s compromise that is threatening to undermine the integrity of the bank as another bank official allegedly colluded with a businessman to siphon a huge sum of N1.7billion from a customer’s account in August 2021.

The case which was then being prosecuted at Ikeja High Court, Lagos detailed how an official of the bank, Ifeanyichukwu Shallom Isituah and a businessman, Ighodaro Austin Osaretin allegedly stole the sum of N1,790,558,000 belonging to a customer of the bank.

An operative of the Economic and Financial Crimes Commission (EFCC), Adamu Mohammed, told the court that the agency received a petition with reference No: SB/IAG/12/EFCC/011 duly signed by the Head IT and Head Intelligence and Investigation on behalf of Sterling Bank.

Mohammed, who works with the Team C Cybercrime Department of the EFCC, while testifying on oath, said the petitioner alleged that a customer’s bank account was profiled via internet banking and the sum of N1.790,558,0 00.00 was transferred to various individuals and companies.

While led in evidence by the prosecutor, N. M. Anana, the witness testified that preliminary investigation by the bank revealed that the second defendant’s profile, Isituah, a female, was used to initiate the account on internet banking and more than 24 accounts got the same amount of money.

“Investigation letters were sent to FCMB, Zenith, First Bank, Fidelity Bank and Access Bank. Responses were received from the banks and the statement of accounts were analysed. The analysis revealed that most of the company’s accounts the money was transferred to were BDCs (Bureaux de Change).

“Some of them reside in Abuja, Kaduna and there was one address that we suspected to live in Lagos, Ndifreke Roberts. But all efforts to trace the address of Kaduna, Lagos and Abuja suspects did not yield any information to help the commission get them.

“On March 10, 2020, the DSS handed over the two defendants to the commission under the instruction of the AGF (attorney-general of the Federation) for further investigation. The two defendants’ statements were voluntarily taken under caution.

“The first defendant revealed that he has a company called Universal Agriculture Empowerment Initiative as an NGO which received the sum of N60 million as part of the transfer from that Sterling Bank customer’s account. He further stated that the money was received from one Osaretin (second defendant) and transferred to his account as a donation.

“That he introduced one of his friends who is the owner of Villavon International School who also received N100m from the said fraud.

“He further stated that he called a BDC in the name of Damo who owns Damoo Ten Ventures. Damo was invited to the commission and he volunteered a statement that the first defendant contacted him and he transferred N60 million to various accounts and further instructed the owner of the International School to transfer N95 million.

“The dollar equivalent was received in cash by the first defendant. The first defendant further stated that the money was used at IDP camps around the country. I cannot remember the specific location but he mentioned a place in Borno and Adamawa”, the witness said.

However, during cross examination by the defence lawyer, A. Okenile, the EFCC operative said that Sterling Bank gave the commission the information that the second defendant profiled the account for the alleged fraud.

When asked what links the second defendant to the alleged fraud, Mohammed said, “The offence was committed at Sterling Bank and it was reported. The offence took place during a public holiday and the bank realized it on December 28. The accounts of the customer we are talking about has never been profiled for internet banking. So we had to understand how it was transferred, which was through internet banking.

“The bank said the account doesn’t have internet banking access and it was a staff that did it and the second defendant’s profile was used to connect the account to internet banking. Without that profiling money cannot be transferred from that account.

“Even when the bank tried to contact her, she ran away. She was nowhere to be found. Not until the Department of State Services (DSS) traced, arrested her and handed her over to the commission”.

Yet again, two fraudsters were accused of obtaining the sum of N1.8 billion from Sterling Bank Plc by false pretence.

The duo identified as Messrs Ogbor Kehinde Eliot and Kelvin Ejere Chris were on Monday, October 22, 2018, arraigned by the Economic and Financial Crimes Commission (EFCC) before Justice O.A. Taiwo of the Special Offences Court sitting in Ikeja, Lagos.

They were taken to court on a five-count charge bordering on conspiracy, forgery and obtaining by false pretence.

The defendants, who were charged alongside a company, Danium Energy Services Limited, were alleged to have fraudulently deceived Sterling Bank Plc into lending them money through a fraudulent scheme with the pretence to finance local purchase of Automotive Gas Oil (AGO), otherwise known as diesel, for supply to Total Nigeria Limited.

The first defendant, Mr Eliot, an alleged serial fraudster, allegedly used his company, Danium Energy Services Limited, to obtain the facility from the bank and was said to have defaulted in repayment, which was expected from the proceeds of sales of the petroleum products by Sterling Bank.

I’m A Law Abiding Person -Lagos Business Man Insist 

 

Following a story written by an online publication titled “Lagos Business man Ignores LASPPPA turns residential area into commercial hub, neighbours groan’, the business man and the owners of Redot Digital Marketing Consultancy and Chamuze Stores Mr.Chima Ihenacho has said that he is a law biding citizen and would not do anything to break the law.

 Speaking from his residence at No 1, Akinsipe Close off Oremeta Street, area of Lagos State, Ihenacho said that there was no time he ignored any government agency regarding the said property and he has always been in touch with them. 

 Continuing, he said he had two properties within the same premises and that he has not turned any of the property into a manufacturing company adding that what he operates is a Digital Marketing Consultancy where he attends to clients and there is nothing like noise or environmental pollution .

The Redot Digital Marketing Consultancy and Chamuze Stores owner added that due to series of petitions written by the duo of Ben Arikpo (who pastors RCCG Scent of Water Parish along Ogundana Street, Off Allen Avenue Ikeja Lagos) and Mr. Chinedu Chukwu) he had been invited by no fewer than three to four agencies including the Lagos State Physical Planning and Permit Authority (LASPPPA) the Safety Commission and others. 

"Twice my building was sealed and reopened by the agencies after thorough investigation. 'But Arikpo and Chukwu are using every means possible to drive me out of business. They have a well-orchestrated plan to bully, intimidate and blackmail me”

 “And when pressure was getting too much, I sold one of properties and relocated my warehouse to Magboro area of Ogun State and when their problems were becoming unbearable including monitoring my movement and that of my staffs, I have to instruct my lawyer to write Mr Ben Aripo through a letter dated 22 December 2023 to warn him to desist from taking pictures and making recordings of my clients movement because he had been caught on CCTV footage several times. 

"On another occasion, Mr Ben Arikpo who runs Brain RX and Dyslexia Foundation from his home and Chinedu Chukwu (a pilot) runs a car showroom along with his brother within the same premises sent an impersonator who disguised as a police officer to come harass and intimidate my staff.” 

 Mr Chima added: "When they did not succeed in their ploy to either frustrate or bully me out of my business or make me sell other building which they have been bidding for through their agents, they now result to blackmail through newspapers and online publications because the story written recently was to incite LASPPPA against me and to also indict the respected government agency ‘.

 “As a business, we employ the youths of Lagos and Nigeria and fully support the government’s drive for self development and empowerment. To be faced with this level of falsehood by two individuals who will stop at nothing to wreck a thriving business is beyond imagination.” He said.

Nigeria’s First Private TV Station Suspends Operations

Desmims Broadcast Nigeria, owners of Nigeria’s first private television station, DITV and Alheri Radio, the oldest private radio station in Northern Nigeria, have announced the suspension of their operations due to harsh economic climate.

In a statement issued over the weekend in Kaduna, the Acting General Manager and Chairman of the Management Committee, Idris Mustapha, revealed that rising operational costs, particularly the escalating cost of power, has made it impossible for the station to continue running effectively.

“The escalating cost of power has made it impossible to operate the station effectively,” the statement read.

Mustapha further explained that the financial difficulties were exacerbated by the inability of several businesses that previously advertised on the TV station to meet their financial obligations, which significantly affected revenue generation

This development marked a significant moment in Nigeria’s media landscape, particularly for the Hausa-speaking audience, which has remained loyal to DITV and Alheri Radio over the years.

The management expressed its regret over the development and assured the public that normal transmission would resume as soon as the financial situation improves. “We sincerely regret the inconvenience this may cause our millions of viewers and listeners,” the statement added.

 Abiola's Abandoned African Concord Complex Secretly Sold For N26b

One of late MKO Abiola's sprawling properties situated along Apapa/Oshodi Expressway, Isolo, Lagos has been sold for a whooping sum of N26billion.

The property which formerly belonged to Berec Batteries was bought by the late business mogul, Chief MKO Abiola in the mid-eighties to serve as the permanent office of the defunct African Concord Magazine.

Unfortunately the untimely death of the acclaimed winner of the June 12 1993 presidential election and the deep in the fortunes of the weekly magazine forced a closure of the complex.

Though, there were attempts to revamp the complex alongside Concord premises situated along Local Airport Road, Ikeja by concerned allies of the late politician but it fell short of expectation due to family squabbles. 

The abandoned complex which sits on about 10 acres of land had since became a pathetic story as the once burgeoning premises soon became park for tankers and other articulated vehicles as well as field for footballers and squalors.

Interestingly, after almost 30 years of neglect, there are signs of activity within the complex.

Investigation revealed that the complex has been secretly sold for a whooping sum of N26billion.

The negotiation and sale of the complex, according to sources, was allegedly carried out discreetly by the eldest son of the late politician, Kola Abdulateef Abiola without the knowledge of his other siblings.

This revelation came to light as Deji Abiola, Kola's junior brother was astounded when security men at the complex told him the complex had been sold.

A bewildered Deji was reportedly left in a confused state even as he seemed not to fathom when and how the deal was sealed.

Sources close the family disclosed that the plot to sell the sprawling complex was hatched when Deji recently went abroad for medical treatment.

The Snoop, however, exclusive gathered that the complex was bought by a nearby Cocoa export company called Starlink Global & Ideal Limited.

The company which is owned by Dr. Murtadha Adeyemi Adeniji was recently granted $20.8milliom loan by the African Export-Import Bank (Afreximbank) to construct and operate a 30,000-metric tonne per annum cashew processing factory in Lagos.

According to the facility agreement signed on July 22, 2024, Afreximbank would provide the funds in two tranches with the first tranche of US$7.48 million going toward capital expenditure for the construction of the factory and the second, totalling $13.25 million to be deployed as working capital for the operations of the factory.

Industry sources revealed that part of the Afreximbank loan was used in buying the former African Concord complex which Starlink Global & Ideal Limited is proposing as the operational base for it's cashew processing factory.

The new owners, we gathered have since taken possession of the complex by serving quit notices to owners of the parked articulated vehicles and squalors.

The sale of the complex is coming on the heels of complaints and allegations of high handedness and cornering of late Abiola's property levelled against Kola and his siblings by other children of the late philanthropist.

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 Dangote Refinery Seeks Court Order To Void Petroleum Import Licences Given To Other Firms By Nigerian Government

The Dangote Petroleum Refinery and Petrochemicals has taken a legal step to obtain a court order invalidating all licences recently issued for the importation of petroleum products into Nigeria.

Dangote Refinery accused the NMDPRA of issuing import licenses to the Nigeria National Petroleum Corporation Limited (NNPCL), Matrix Petroleum Services Limited (Matrix) and others for the purpose of importing petroleum products such as Automotive Gas Oil (AGO) and Jet Fuel (aviation turbine fuel) into the country despite its production of AGO and Jet-A1 that exceeded the current daily consumption of petroleum products in Nigeria.

The company also listed the NNPCL, A.Y.M. Shafa Holdings Limited, A. A. Rano Limited, T. Time Petroleum Limited, 2015 Petroleum Limited, and Matrix Petroleum Services Limited as other defendants in the suit. 

In the suit filed for Dangote by a group of lawyers, led by Ogwu Onoja (SAN), the plaintiff is arguing among others, that the licences issued to NNPCL and others violated the Petroleum Industry Act (PIA).

The management of the Lagos-based refinery said that it is greatly distressed, adding that its investments risk being jeopardised unless the court intervenes and declares that NMDPRA is in violation of its statutory responsibilities under the PIA for not encouraging local refineries, but issuing licences for importation of petroleum products. 

The firm's Group General Manager of Government and Strategic Relations, Ahmed Hashem stated, in the supporting affidavit, that the import licences granted to other companies by NMDPRA for the importation of AGO and Jet-A1 are crippling the plaintiff's business, to which it has committed substantial financial resources in billions of US dollars.

Hashem stated that the plaintiff's products are largely left unpatronised due to the alleged actions of NMDPRA.

He stated that NMDPRA had threatened to impose and demand a 0.5% levy on the plaintiff on wholesales and off-takers, as well as another 0.5% levy on wholesales to the Midstream and Downstream Gas Infrastructure Fund (MDGIF) via a letter dated June 10, 2024, contrary to statutory provisions that limit the implementation of levies on transactions within Free Zones.

Hashem added that the foundational purpose of establishing Free Zones is to foster competition, attract foreign investment, and create tax havens.

He stated that there is an alleged grand conspiracy and concerted effort by International Oil Companies and interests.

Hashem added that the foundational purpose of establishing Free Zones is to foster competition, attract foreign investment, and create tax havens.

He stated that there is an alleged grand conspiracy and concerted effort by International Oil Companies and interests, in conjunction with the defendants, who are unhappy that Nigeria has an indigenous refinery ready to solve the lingering energy crisis and save the economy.

"The intervention of the Honourable Court has become necessary in order to stem the incessant violation of statutory provisions by the 1st Defendant in favour of other entities such as the 2nd to 7th defendants,” he was quoted as saying 

Dangote wants the court to issue an order of injunction restraining the NMDPRA from further issuing and/or renewing import licenses to the the other defendants or other companies for the purpose of importing petroleum products.

Other reliefs partly sought by the plaintiff are as follows:

It also wants the court to declare that NMDPRA is allegedly in violation of Sections 317(8) and (9) of the Petroleum Industry Act by issuing licenses for the importation of petroleum products.

Other reliefs being sought includes:

*A declaration that by the provisions of Section 8(1) of the Nigerian Export Processing Zone Act (NEPZA), Sections 23(h) and 55(1) of the Companies Income Tax Act (CIT Act), Paragraph 6 of the Second Schedule to the CIT Act, Regulation 54(2)(a)(i) of the Dangote Industries Free Zone Regulation 2020, and the Finance Act, the plaintiff, being an entity duly registered as a Free-Zone Enterprise, is exempted from all federal, state, and local government taxes, levies, and other rates.

*A declaration that it is against the NEPZA Act, CIT Act, Finance Act, and Dangote Industries Free Zone Regulation 2020, as well as legislative intent, for the 1st Defendant to impose or threaten to impose on the plaintiff an additional financial obligation of a 0.5% levy meant for off-takers of petroleum products directly and an additional 0.5% wholesale levy in favor of the Midstream Downstream Gas Infrastructure Fund (MDGIF)."