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Ex-First Bank manager reveals how loans were diverted to firms linked to Otudeko

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A former relationship manager at First Bank of Nigeria (FBN) says loans worth billions of naira were transferred to companies related to Oba Otudeko, then chairman of the bank, even though they were granted in the name of other firms.

 

Adesuwa Ezenwa is currently at the National Industrial Court (NIC), Lagos, division, claiming unfair dismissal by FBN, which is listed as the sole defendant.

 

In her statement of facts, Ezenwa (the claimant), said she was dismissed on October 5, 2016 on fraudulent loan disbursements “without any explanation” as to her culpability.

 

After her sack, she was invited to appear before a credit disciplinary committee reviewing facilities granted to a firm known as Supply and Services Ltd, a subsidiary of Royal Ceramics Group — a major customer of the bank.

 

Although the committee cleared her of having any interest in the loans disbursed, Ezenwa said she was admonished during the disciplinary proceedings for not “whistleblowing on some of the transactions approved by her group head (Mr Olatunji) and the Executive Vice President (Mrs. Cecilia Majekodunmi)”.

 

She said the admonition was most unfair and unwarranted as she was in no position to whistleblow on her superiors, “though some of the loan facilities reviewed were unsecured facilities granted to companies in which the chairman of the bank, Chief Oba Otudeko and the erstwhile Managing Director, Mr Bisi Onasanya, had substantial investments”.

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“The persons to whom these reports would have been made were the very persons who were the perpetrators of the misdeeds,” her statement to the court reads.

“The impugned facilities were approved and disbursed under the direction and authority of her Group head and executive vice president and camouflaged as loans granted by some other unsuspecting customers.”

 

‘N12 BILLION GRANTED TO FIRM OTUDEKO HAS SUBSTANTIAL INVESTMENT IN’

In one scenario, according to her, “unsecured facilities” worth about N12 billion were “granted to a company in which Oba Otudeko has substantial investment”.

 

However, the “loan was camouflaged as loans granted to the Stallion Group of Companies, which at a point in time discovered this false entry in its statement of account and protested same”.

 

An unsecured credit facility is a loan granted to businesses without the requirement of collateral.

 

In another instance, she said, an “unsecured facility” of N2 billion was granted in 2012 to Broadwaters Resources Company Nigeria Ltd, which she said turned out to be a mere conduit pipe employed by Majekodunmi and Onasanya “for siphoning monies from the bank”.

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The loan, according to the court filing, was never repaid.

 

“Out of the N12 billion camouflaged as lending to the Stallion Group, N8.21 Billion was transferred through various accounts to a final destination account belonging to a company known as V TECH LTD which belongs to the Chairman of FBN Holdings, Oba Otudeko while the sum of N4.45 Billion out of the same fictitious facility was transferred to Ontario Oil and Gas. The facility remains unpaid to date,” the document reads.

 

“These were not the only acts of malfeasance by the top management of the Bank but several other transactions were undertaken by other top management staff for which the Plaintiff is being punished.

 

“Apart from funds camouflaged as loans granted to the Stallion Groups, similar loans were granted over the years by Mr. Olatunji (the Branch Manager) and Mrs. Cecilia Majekodumi to other customers of the Bank amongst which are SUPPLIES AND SERVICES LTD. Supplies and Services Ltd is a subsidiary of ROYAL CERAMICS GROUP OF COMPANIES and several loan approvals were initiated and authored by Mr. Olatunji and Mrs. Majekodunmi.

 

“The facilities granted to Supplies and Services Ltd was subsequently sublent and disbursed in smaller bits to several customers on more profitable terms to both officers and these customers include Swap Technologies and Telecomms Plc, Netconstruct Nigeria Ltd, Orbit Cargo, High Performance Distributions Ltd etc.

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“Some of the transactions undertaken by the Bank are already being investigated by the Economic and Financial Crimes Commission (EFCC). Their investigations/Report will be relied on at the trial.”

 

Ezenwa said given the size of the loans, the board of the bank “cannot but be complicit in the lendings, which were above the limits of the executive directors, vice-president and managing director of the bank”.

OTUDEKO AND HIS CONTROVERSIAL BANK DEALS

The businessman is no stranger to bank deals that end up becoming controversial.

 

Some FBN Holdings shareholders protested after Otudeko purchased 4,770,269,843 units of FBN Holdings’ shares through his Honeywell Group.

 

The purchase brought the stake held by the company in the premier bank to 13.3 percent.

 

However, a few days after the purchase, Ecobank wrote a letter to FBN Holdings, asking the bank to reject Otudeko’s bid to become its largest shareholder.

 

In July, the Securities and Exchange Commission (SEC) said it was investigating the acquisition of 4.77 billion shares of FBN Holdings by Otudeko.

The outcome has not been made public.

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Papa Ajasco’s claim of being broke false – Wale Adenuga

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Wale Adenuga, veteran filmmaker and Chief Executive Officer of Wale Adenuga Productions, has responded to claims by actor Abiodun Ayoyinka, popularly known as Papa Ajasco, that he is broke.

Papa Ajasco recently sparked online reactions after alleging financial hardship despite his long-standing role in the popular TV series Papa Ajasco and Company.

But in a statement released on Wednesday, Adenuga dismissed insinuations of neglect and described the narrative as “false and misleading,” while providing details about his relationship with the actor and the structure of their professional engagement.

Adenuga said: “My first impression when I watched the Papa Ajasco video now trending on the internet, and local TV channels was: ‘Okay, so this guy has taken Papa Ajasco comedy into the public space!’ It is all well and good. I am happy for him, as his money-making strategy using social media has apparently worked for him.”

He described Ayoyinka as a “versatile actor” who closely resembles the original character he created in 1976, adding that there had been no irreconcilable differences between them.

He said, “Candidly, I want to address the wave of misinformation, emotional commentary, and uninformed public intervention that has followed his recent media interview. I am doing this not with malice, but in the interest of truth, transparency, and the integrity of a legacy that has entertained millions of Nigerians for decades.

“I am doing this not with malice, but in the interest of truth, transparency, and the integrity of a legacy that has entertained millions of Nigerians for decades. Abiodun Ayoyinka was a civil servant with the Lagos State Government for over three decades. He was even the face of the state’s cultural troupe, which endeared him to the likes of Asiwaju Bola Ahmed Tinubu during his time as governor, as well as his successors. He retired not too long ago. In fact, we used to seek permission from his office anytime we needed him on location.

“He bears the closest resemblance to the cartoon version of the Papa Ajasco character, which I created on my dining table in 1976 during my publishing days. He is very close to me, and so far, there has been no irreconcilable difference between us.”

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Adenuga, while addressing claims of neglect, stated that the production company had supported the actor over the years.

“On the car issue, we once gave him a car — and Pa James as well. He has also used at least five cars, including a Mercedes-Benz, at different times. And to the best of my knowledge, he has a house in Ogun State,” he said.

He explained that the restriction on the use of the “Papa Ajasco” brand name for personal ventures was necessary to protect its integrity, but clarified that actors were free to take on other jobs.

“Also, he has not been barred from accepting advert jobs. As he himself stated, all that is required is to seek official approval from WAP. This is part of brand protection,” Adenuga said.

Questioning Ayoyinka’s claim of financial hardship, he added, “Now, the question is: why is Abiodun Ayoyinka claiming to be broke? Where are the investments from his over 30 years of meritorious service with the Lagos State Government? What happened to his gratuities?”

Adenuga further noted that other cast members, such as Pa James, Mama Ajasco, Boy Alinco, Miss Pepeiye, Akpan and Oduma regularly feature in other productions, indicating that the company does not restrict artistes from external engagements.

He added that actors typically spend only six weeks annually on set, allowing time for other pursuits.

“The organisation pays according to industry standards and ensures all financial obligations are fulfilled as and when due. Therefore, any narrative suggesting financial abandonment or exploitation by our organisation is entirely false and misleading,” he said.

Adenuga reaffirmed the company’s commitment to maintaining professional relationships and thanked the public for its concern and support.

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Wale Adenuga, veteran filmmaker and Chief Executive Officer of Wale Adenuga Productions, has responded to claims by actor Abiodun Ayoyinka, popularly known as Papa Ajasco, that he is broke.

Papa Ajasco recently sparked online reactions after alleging financial hardship despite his long-standing role in the popular TV series Papa Ajasco and Company.

But in a statement released on Wednesday, Adenuga dismissed insinuations of neglect and described the narrative as “false and misleading,” while providing details about his relationship with the actor and the structure of their professional engagement.

Adenuga said: “My first impression when I watched the Papa Ajasco video now trending on the internet, and local TV channels was: ‘Okay, so this guy has taken Papa Ajasco comedy into the public space!’ It is all well and good. I am happy for him, as his money-making strategy using social media has apparently worked for him.”

He described Ayoyinka as a “versatile actor” who closely resembles the original character he created in 1976, adding that there had been no irreconcilable differences between them.

He said, “Candidly, I want to address the wave of misinformation, emotional commentary, and uninformed public intervention that has followed his recent media interview. I am doing this not with malice, but in the interest of truth, transparency, and the integrity of a legacy that has entertained millions of Nigerians for decades.

“I am doing this not with malice, but in the interest of truth, transparency, and the integrity of a legacy that has entertained millions of Nigerians for decades. Abiodun Ayoyinka was a civil servant with the Lagos State Government for over three decades. He was even the face of the state’s cultural troupe, which endeared him to the likes of Asiwaju Bola Ahmed Tinubu during his time as governor, as well as his successors. He retired not too long ago. In fact, we used to seek permission from his office anytime we needed him on location.

“He bears the closest resemblance to the cartoon version of the Papa Ajasco character, which I created on my dining table in 1976 during my publishing days. He is very close to me, and so far, there has been no irreconcilable difference between us.”

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Adenuga, while addressing claims of neglect, stated that the production company had supported the actor over the years.

“On the car issue, we once gave him a car — and Pa James as well. He has also used at least five cars, including a Mercedes-Benz, at different times. And to the best of my knowledge, he has a house in Ogun State,” he said.

He explained that the restriction on the use of the “Papa Ajasco” brand name for personal ventures was necessary to protect its integrity, but clarified that actors were free to take on other jobs.

“Also, he has not been barred from accepting advert jobs. As he himself stated, all that is required is to seek official approval from WAP. This is part of brand protection,” Adenuga said.

Questioning Ayoyinka’s claim of financial hardship, he added, “Now, the question is: why is Abiodun Ayoyinka claiming to be broke? Where are the investments from his over 30 years of meritorious service with the Lagos State Government? What happened to his gratuities?”

Adenuga further noted that other cast members, such as Pa James, Mama Ajasco, Boy Alinco, Miss Pepeiye, Akpan and Oduma regularly feature in other productions, indicating that the company does not restrict artistes from external engagements.

He added that actors typically spend only six weeks annually on set, allowing time for other pursuits.

“The organisation pays according to industry standards and ensures all financial obligations are fulfilled as and when due. Therefore, any narrative suggesting financial abandonment or exploitation by our organisation is entirely false and misleading,” he said.

Adenuga reaffirmed the company’s commitment to maintaining professional relationships and thanked the public for its concern and support.

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Elegance, excellence, recognition as Wale Tinubu celebrates wife’s big moment in global spotlight

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In the glittering world of high society and corporate influence, moments of genuine pride and admiration rarely go unnoticed. Such was the case when oil magnate and business leader Jubril Adewale Tinubu stepped into the spotlight to celebrate a milestone achievement by his wife, Bola Tinubu who was recently honoured at the prestigious ARISE 100 Women of Impact in Africa Awards.

The award ceremony, organised by the media powerhouse ARISE News, brought together some of Africa’s most accomplished and influential women—leaders whose contributions have left a remarkable imprint across business, governance, philanthropy, and social development. Among this distinguished league stood Mrs. Tinubu, whose recognition reflects years of quiet excellence, commitment, and purposeful impact.

For the energy tycoon, the moment was deeply personal. Known across the continent as the driving force behind the energy giant Oando Plc, the businessman is often celebrated for his boardroom brilliance and strategic leadership. Yet, beyond the corporate boardrooms and global energy deals, he was simply a proud husband applauding the achievements of the woman who stands beside him.

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Taking to social media shortly after the ceremony, Tinubu shared a touching tribute that resonated with many who admire the couple. His message was simple but heartfelt, capturing the essence of admiration and partnership. Referring to the moment as a “proud husband moment,” he congratulated his wife on the prestigious honour and praised the significance of the recognition.

The ARISE Women of Impact Awards have increasingly become one of the continent’s most respected platforms for celebrating female excellence. The initiative highlights women whose work continues to shape industries, inspire communities, and redefine leadership across Africa. For the woman , being counted among this elite group places her firmly within a circle of changemakers whose influence transcends titles and accolades.

Observers at the event noted that her recognition was not merely ceremonial but well deserved. Over the years, she has cultivated a reputation for grace, professionalism, and dedication to meaningful causes—qualities that have earned her admiration within Nigeria’s social and professional circles.

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For those who know the Tinubus, the public celebration was hardly surprising. The couple has long embodied a partnership built on mutual respect, shared ambition, and unwavering support for each other’s pursuits. While Tinubu continues to command attention in the energy sector, his wife has quietly carved out her own path of distinction.
The quiet, steady influence of a woman who commands respect without seeking the spotlight shone brightly on that memorable evening reminding many that true influence often speaks in the calmest of voices.

Beyond her professional accomplishments and social standing, the intelligent lawyer nine years ago, translated her deep concern for child protection into action with the launch of the Cece Yara Foundation, an organisation dedicated to protecting children from abuse and giving young victims a safe platform to speak out against injustice.

Over the years, the foundation has become a powerful voice in the fight against child abuse in Nigeria, offering support, counselling and advocacy for vulnerable children. Through its initiatives, many young victims have found both protection and hope.

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Through these initiatives, she has continued to demonstrate that her influence goes far beyond society circles. Her commitment to protecting the most vulnerable members of society has made her not only a respected figure in elite circles but also a beacon of hope for countless children and families across the country.

In a society where achievements are often measured in grand gestures and headlines, moments like this serve as a reminder that recognition carries deeper meaning when it is celebrated by those closest to us.

For the GCEO of Oando Group, the award was not just another accolade on the social calendar—it was a powerful reminder that behind every remarkable woman is a story of dedication, resilience, and a partner proud enough to celebrate her success before the world.

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2baba’s ex-wife Annie rejects single mum tag, says ‘I’m a single woman raising two kids’

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Actress Annie Idibia has rejected the single mum tag, declaring that she is “not a single mum” but “a single woman raising two kids.”

“I’M NOT A SINGLE MOM. I’M A SINGLE WOMAN RAISING TWO KIDS,” she wrote.

Although Annie did not provide additional context, her statement comes more than a year after her separation from music star 2baba with whom she shares two daughters.

The couple officially ended their marriage in 2024 after over a decade together.

Their relationship had long been in the public eye. Over the years, both faced intense scrutiny, with social media amplifying private disagreements and personal struggles.

The marriage was in the public eyes not only because of their celebrity status but also because of past controversies surrounding 2Baba’s relationships.

Before their separation, Annie and 2Baba appeared on the Netflix reality series Young, Famous & African. On the show, Annie spoke candidly about the pressures within their 12-year marriage. She addressed issues of infidelity and the emotional strain she experienced over the years.

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During the series, she reflected on the impact of 2Baba fathering five children with two other women before their marriage.

Annie described that period as deeply painful, noting that it took an emotional toll on her even after they formalised their union. Her comments at the time generated widespread debate, with many viewers sympathising with her position.

Beyond the reality show, 2Baba’s personal life has remained a frequent topic in the media. The singer has eight children with four different women, a fact that has shaped public perception of him for years.

In a recent interview with Voice of Nigeria, he described being labelled a “womaniser” as the biggest misconception about him, insisting that he is simply someone who “loves hard.”

Despite the challenges that have followed her personal life, Annie continues to build her career in film and brand partnerships.

2Baba, meanwhile, continues to perform and record music, sustaining a career that spans more than two decades.

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However, while his professional achievements remain widely respected, his private life has frequently attracted as much attention as his music.

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