Connect with us

News

Court orders final forfeiture of $7m found in Providus Bank vault to FG

Published

on

A federal high court in Abuja has ordered the final forfeiture of $7 million stashed in the vault of a Providus Bank branch in the Ikoyi area of Lagos.

According to reports,  the money was found in the account of the MD of an oil and gas company owned by a prominent society woman — who is currently being prosecuted by the Economic and Financial Crimes Commission (EFCC).

The presiding judge, Emeka Nwite, issued the order on Monday following a final forfeiture application moved by Rotimi Oyedepo, EFCC counsel.

According to the anti-graft agency, the interim order for the forfeiture of the sum was issued on August 27.

BACKGROUND

When the case was called last Friday, Gbenga Akande, a lawyer, announced appearance for an interested party.

Akande refused to disclose the name of his client despite insistence by Oyedepo and the court.

Akande told the court that when he filed an affidavit on why the EFCC counsel should know the name of the interested party, the presiding judge ordered Oyedepo to serve Akande with copies of the documents and adjourned hearing to September 15.

See also  Hunger in the land! 5,000 Nasarawa children suffer malnutrition

During the resumption of hearing on Monday, Akande was not present in court.

However, Darlington Ozurumba, another lawyer, appeared in court for an interested party.

Subsequently Oyedepo moved the application for final forfeiture of the money to the federal government since no party had shown interest in the matter.

“The party showing interest at the last adjourned date was represented by Gbenga Femi Akande, Esq,” he said.

The judge asked Ozurumba for his submission on the final forfeiture application.

Ozurumba said he was not opposing the application.

Afterwards, Nwite ruled that the EFCC application was meritorious and ordered the final forfeiture of the sum to the federal government.

THE AFFIDAVIT

The affidavit in support of the ex-parte application was deposed by Emmanuel Okeibunor, an EFCC investigator.

Okeibunor said the agency received a credible report alleging that $7 million was, in suspicious circumstances, conveyed to and kept in the Providus Bank branch.

See also  Military jet bombs terrorist kingpin’s base in Kaduna forest — NAF

The investigator said the report was assigned to his team to analyse and — if found credible — proceed on investigation.

Okeibunor said investigation revealed that the sum was not credited to any known customers’ account, but rather surreptitiously kept in the bank’s vault.

The investigator said some of the bank staff interviewed had alleged that the money was brought to the bank for and on behalf of the managing director, Oceangate Engineering Oil and Gas Limited.

“My team interviewed the managing director of Oceangate Engineering Oil and Gas Limited, in respect of the seven million dollars, who insisted that she did not take any money to Providus Bank,” Okeibunor said.

“My team was equally informed by the managing director of Oceangate Engineering Oil and Gas Limited that she took a loan of seven million dollars from Providus Bank Limited, which she is yet to pay back to the bank.

“That Providus Bank Limited did not file a suspicious transaction report (STR) to the Nigerian Financial Intelligence Unit (NFIU) in respect of this transaction.

See also  Court clears ex-EFCC boss, Magu over N573m fraud

“That the funds sought to be forfeited are reasonably suspected to be proceeds of unlawful activity, as they did not represent known, provable, and legitimate income of either Oceangate Engineering Oil and Gas Limited, the couriers, or officials of Providus Bank Limited.

“The funds sought to be forfeited are also reasonably suspected to have been abandoned, as nobody came forward to claim the funds from the Providus Bank Limited or the commission that recovered the same.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Wale Tinubu, Rabiu, others Join President Tinubu in Makkah for Umrah

Published

on

By

The Group Chief Executive Oando Plc, Jubril Adewale Tinubu; Chairman of BUA Group, Abdul Samad Rabiu, and several other Nigerian business mogul have joined President Bola Ahmed Tinubu in Makkah, Saudi Arabia, for the performance of Umrah, the lesser Islamic pilgrimage.

The presence of the prominent Nigerian business leaders alongside the President in the holy city has drawn attention, bringing together three influential figures from Nigeria’s political and business communities in a moment of religious observance.

Tinubu and Rabiu, both prominent names in Nigeria’s corporate landscape, were seen alongside the President dressed in the traditional white Ihram garments worn by Muslim pilgrims performing Umrah.

Umrah, unlike the obligatory Hajj pilgrimage, can be undertaken at any time of the year. It involves a series of religious rites in Makkah and holds profound spiritual significance for Muslims across the world.

For the Nigerian business community, the appearance of the corporate leaders alongside the President also offers a glimpse into the intersection of faith, business and public life, particularly when influential figures come together outside the usual settings of boardrooms, corporate engagements and official functions.

See also  ‘Frivolous judgements' responsible for loss of high-profile corruption cases in court- EFCC

The development comes as President Tinubu undertook the pilgrimage to seek divine guidance and offer prayers for Nigeria’s peace, unity, stability and progress.

According to the Presidency, the President performed the Umrah rites early Friday, October 30, at the Grand Mosque, Masjid al-Haram, where he circumambulated the Holy Ka’abah.

Speaking after completing the spiritual exercise, Tinubu described the pilgrimage as significant, linking it to his commitment to Nigeria and its people. He also expressed gratitude to Allah for the opportunity to pray for the country.

The President’s prayers reportedly centre on national harmony, security, economic prosperity and the need for Nigerians to live together peacefully.

Rabiu also used the occasion to express his hopes for the country, describing it as an honour to accompany the President on the spiritual journey. He prayed for lasting peace, unity and prosperity in Nigeria.

For Tinubu, whose Oando Group occupies a prominent position in Nigeria’s energy industry, the journey offered a departure from the familiar world of corporate leadership and business engagements. Rabiu, similarly, is a major player in the country’s industrial sector, with interests spanning manufacturing, cement and food production.

See also  BREAKING: We’ve saved over N1trn in two months of petrol subsidy removal, says Tinubu

Their appearance in Makkah alongside the President underscores the presence of leading figures from Nigeria’s private sector at an important spiritual moment for the country’s leader.

Umrah, often described as the lesser pilgrimage, is a significant act of worship in Islam. Unlike Hajj, which takes place during a specific period in the Islamic calendar, Umrah can be performed throughout the year.

President Tinubu is expected to return to Nigeria next week after completing his spiritual engagements in Saudi Arabia.

Continue Reading

News

Atiku’s son Abba Abubakar promises to deliver Adamawa for Tinubu

Published

on

By

Abba Abubakar, son of former Vice-President Atiku Abubakar, has promised to deliver Adamawa, his father’s state, for President Bola Tinubu in the 2027 elections.

He spoke on Friday at the All Progressives Congress (APC) national secretariat in Abuja during the Haske Bola Tinubu Organisation (HBTO) unveiling and the launch of its subsidised public transportation support scheme.

Abubakar, HBTO founder, said his decision to back Tinubu is not an attempt to antagonise his father, the African Democratic Congress (ADC) presidential candidate.

“I recognise that political decisions, particularly those that differ from the positions of individuals with whom one shares personal and family relationships, often attract considerable public attention,” he said.

“However, political conviction is a matter of personal judgment, conscience, and the freedom of every individual to make independent choices.

“My decision to establish and lead the HBTO is a deliberate political choice made with a firm belief in the direction we have chosen.”

See also  Yahaya Bello took $720k from state coffers to pay his child’s school fees - Olukoyede

He said democracy is strengthened when individuals can make independent political choices, engage in constructive dialogue, and support the leadership and political platforms they believe best represent their aspirations.

“It is within this spirit that HBTO was established,” he said.

He commended the economic reforms introduced by the Tinubu administration, citing the Nigerian Education Loan Fund (NELFUND), national infrastructure investments, increased statutory allocations to state governments, and transport support schemes as some of the key social intervention programmes.

Asked whether he would ensure the president gets maximum votes in Adamawa, Abubakar said: “Yes, yes, yes. We are going to deliver Adamawa state.”

He, however, said his decision should not be seen as a betrayal of his family ties or his father’s political aspiration.

“I’ve always supported my father since I started acting in politics, and I supported him because of what he has done for the country,” he said.

“But I believe that whenever a government comes out with policies that will help the people, I will join them.

See also  ‘Frivolous judgements' responsible for loss of high-profile corruption cases in court- EFCC

“It’s not just because it’s my father. I don’t think I am antagonising him; I simply believe in the current government’s policies and the reforms taking place.”

Abubakar joined the APC in January 2026, vowing to mobilise support for Tinubu’s re-election.

Continue Reading

News

Good morning! Nigerian Newspapers Headlines: How AI-generated photos entered voter register, by INEC

Published

on

By

1. The Independent National Electoral Commission (INEC) yesterday  blamed some of its registration officers across the country  for the appearance of suspected artificial intelligence (AI)-generated photographs and other irregularities in its preliminary voters’ register.

The commission alleged  that some officials  exploited their authorised access to its registration system to introduce questionable records into the database.

2. Rising temperatures, compounded by erratic electricity supply, are forcing residents in many states to sleep outdoors, take repeated night-time baths and spend more on alternative power sources as households struggle to cope with the heat. While many Nigerians who spoke with Saturday PUNCH reported prolonged blackouts and inadequate water supply, others said the conditions had made nights uncomfortable.

3. Troops conducting internal security operations across the country killed more than 217 terrorists and other armed criminals in October, the Defence Headquarters, DHQ, has said. The operations, conducted between September 30 and October 30, also led to the rescue of hundreds of kidnapped victims, the arrest of suspected terrorists and their collaborators, and the surrender of more than 50 terrorist fighters and their family members.

See also  EFCC questions Cubana Chief Priest over alleged tax fraud, money laundering

4. A businessman, Akinbolusere Kayode, popularly known as Tolufe, has allegedly committed suicide at Igba town in Ondo State, after lamenting his personal and business challenges in a video that has gone viral on social media. Akinbolusere, 46, reportedly died in his office beside BOVAS Petrol Station, Igba Town, at about 3 pm on Thursday. The State Police Command confirmed his death in a statement issued by its spokesperson, Jimoh Abayomi, in Akure on Friday evening.

5. Omoyele Sowore, presidential candidate of the African Action Congress, AAC, and the Ekiti State Police Command have given conflicting accounts of an incident at a restaurant in Ado-Ekiti, Ekiti State, on Friday. While Sowore insisted that he and members of his team were violently attacked, the police described the incident as an altercation with some individuals, saying the activist sustained a minor injury.

6. The Federal Capital Territory Police Command has arrested a pastor, Edwin Nwabueze, and another suspect, Sadiq Jamiu, over the alleged theft of a Toyota Camry in Abuja. The vehicle was reportedly stolen at UTC Plaza in the Garki area of the Federal Capital Territory. The police said Nwabueze, who identified himself as a pastor with Salvation Power Bible Ministry in the North Bank area of Benue State, was arrested, following investigations into the theft.

See also  ‘Frivolous judgements' responsible for loss of high-profile corruption cases in court- EFCC

7. Kemi Badenoch, leader of Britain’s Conservative Party, says “racist attacks” against her are “not going to work”, after Raheem Kassam, a former aide to Nigel Farage, called her a “Nigerian scammer”. Badenoch spoke during an interview on ITV’s Good Morning Britain on Thursday, following a series of posts by Kassam criticising her.



8. Senator Adams Oshiomhole has defended President Bola Tinubu’s decision not to attend every campaign rally ahead of the 2027 general elections. He insisted that there is no contradiction between the President’s religious activities and his responsibility to govern the country. Oshiomhole said Tinubu’s decision to limit his participation in campaign activities was a matter of choice and the prerogative of the ruling All Progressives Congress.

9. The Nigeria Security and Civil Defence Corps, Kano State Command, has busted an illegal diesel refining site at Panisau, Ungoggo Local Government Area of Kano State, leading to the arrest of five suspects. This was disclosed on Friday in a statement signed by the command’s Public Relations Officer, Ibrahim Abdullahi.

See also  Good morning! Here Are Some Major News Headlines In The Newspapers Today: Planned strike: FG, NLC meeting deadlocked

10. A 15-year-old Ghanaian boy, Javits Frimpong, has been shot and killed in the Bronx, New York, while on his way to school, with his father alleging that bullying at school may have contributed to the incident. Frimpong was shot in the stomach near East 171st Street and Third Avenue shortly after 9 a.m. on Thursday, according to law enforcement officials. The shooting happened just steps from his home. 

Continue Reading

Trending News