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UBA Sets To Host Knowledge Series Webinar On New Tax Regime For Sme’s

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UBA Sets To Host Knowledge Series Webinar On New Tax Regime For Sme’s

Africa’s Global Bank, United Bank for Africa (UBA) Plc, said it 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:  https://ubagroup.zoom.us/webinar/register/WN_6gAJ6SYeQXaaYanXykBuiQ. 

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.

2 Indian Hemp Dealers Jailed 3 Years

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2 Indian Hemp Dealers Jailed 3 Years

Justice Daniel Osiagor of a Federal High Court, Lagos, has convicted and sentenced two Indian hemp dealers, Tawa Adenike 52, and Elijah Sunday, 45, to three years imprisonment each.

The judge passed the verdict after the two convicts pleaded guilty to charges of conspiracy and unlawful dealing in 12 Kilogrames of cannabis Sativa, made against them by the National Drug Law Enforcement Agency (NDLEA), today.

The convicts, according the prosecutor, Miriam I. Erondu, told the court were arrested with the banned substance on December 6, 2024, at 1, Olanrewaju Street, Ejigbo, Lagos.

The prosecutor told the court that the offences by the two convicts contravened sections 14 (b) and 11(c) of the National Drug Law Enforcement Agency (NDLEA} Act Cap N 30, Laws of the Federation of Nigeria 2004. 

The convicts pleaded guilty to the charge after the charge was read to them.

Based on their guilty plea, the prosecutor reviewed the facts of the offences, as well tendered the exhibits recovered from them which were admitted by the court.

But their lawyer, J. T. Ortwav hold the brief of mij Nyiew, in his allucutor pleaded with the court to give his clients a fine option in lieu of f the custodian sentence.

Ortwav, based his plea on the ground that the both convicts are family woman and man and sole breadwinners of their family. Adding that they are first time offenders. 

Justice Osiagor after confirming from the prosecutor that the two convicts are two first time offenders, but also urged the to consider the quantity of the drug which she said of commercial value, sentenced each of them to three years imprisonment.

The judge however ruled that their jail-term commences from the day they were arrested.

Charges Against the convicts read: “That you Tawa Adenike, Female, 52 years old and Elijah Sunday Male, 45 years on or about the 6th day of December, 2024 at No. 1, Olanrewaju Street, Ejigbo, Lagos, Lagos State within the jurisdiction of this Honourable Court Conspired to deal in 12 Kilogrames of Cannabis Sativa a drug similar to Cocaine, Heroin and LSD and you thereby committed an offence as provided for and punishable under Section 14 (b) of the National Drug Law Enforcement Agency (NDLEA} Act Cap N 30, Laws of the Federation of Nigeria 2004. 

“That you Tawa Adenike, Female, 52 years old and Elijah Sunday Male, 45 years on or about the 6th day of December, 2024 at No. 1 Olanrewaju Street, Ejigbo, Lagos, Lagos State without lawful Authority dealt in 12 Kilogrames of Cannabis Sativa a drug similar to Cocaine, Heroin and LSD and you thereby committed an offence as provided for and punishable under Section 11 (c) of the National Drug Law Enforcement Agency Act Cap N 30, Laws of the Federation of Nigeria 2004.”

Alleged 100m Fraud: Court Adjourns Arraignment Of Dr. Daphne Dafinone

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Alleged 100m Fraud: Court Adjourns Arraignment Of Dr. Daphne Dafinone

Dr. Daphne Dafinone

The scheduled arraignment of Dr. Daphne Dafinone, a board member of the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), before a Federal High Court, Lagos, today, was stalled due to her absence in court.

Dr. Dafinone, alongside her company, CEDDI Corporation Limited, are facing charges related to an alleged N100 million fraud, as sated in a charge marked FHC/C/661C/24.

The prosecuting agency, the Force Headquarters through Barrister Anthony Iyeye, a Superintendent of Police (SP) was present, while Dapo Akinosun (SAN) appeared for the defendants.

At the calling of the matter today, Akinosun told the court that his client, Dr. Dafinone, was in London receiving medical treatment. 

He told the court that upon hearing about her absence, he advised her that she should not be in London when she was scheduled to appear in court. 

The senior lawyer further told the court that he requested a video call to confirm her location and requested proof of her hospitalisation, which she provided in the form of a letter from her doctor. 

Additionally, Akinosun stated that Dr. Dafinone sent him a photocopy of her passport and travel stamps to confirm her overseas whereabouts.

The defence lawyer emphasized that he had previously given an undertaking to the court that Dr. Dafinone would attend the court at the next adjustment for arraignment.

He assured the court that she would return to Nigeria on January 28, 2025, and requested an adjournment for the arraignment.

 The prosecutor did not object to the request.

Justice Ibrahim Kala adjourned the case until March 4, 2025, for Dr. Dafinone’s arraignment.

The charges stem from a petition filed by Prince Lukman Adeleke, a developer, against Dr. Dafinone, her company CEDDI Corporation Ltd., and other unidentified individuals.

The petition alleges that between April and December 2019, Dr. Dafinone and others conspired to defraud Adeleke of N100 million.

According to the petition, Adeleke’s company, Lukman Communications Limited had been in negotiations with CEDDI Corporation Limited for the sale of a property at 93 Broad Street, Lagos Island.

Despite ongoing negotiations and a payment of N100 million, Dr. Dafinone is accused of proceeding with the sale of the same property to another party, Mrs. Ganiyat Ulom. 

Adeleke claims that when he learned of the sale, he instructed his solicitors to issue a memorandum of claim to CEDDI Corporation Limited and Mrs. Ulom.

However, both parties allegedly failed to respond, leading Adeleke to file a lawsuit in the High Court of Lagos State.

NDLEA Arraigns Suspected 3 Man Drug Syndicate For Unlawfully Importing 28kg Of Cannabis Indica 

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NDLEA Arraigns Suspected 3 Man Drug Syndicate For Unlawfully Importing 28kg Of Cannabis Indica 

The National Drug Law Enforcement Agency, NDLEA, has arraigned a three-man drug syndicate which comprises of a woman and two men before the court presided by Justice Ayokunle Faji of a Federal High Court, Lagos, in charges of conspiracy and unlawful Importation and dealing in 28 kilogrammes of Cannabis Indica.

The defendants are Oluwakemi Akala (female)  Onyekachi Aguguo and Tsolaye Eburajolo.

According to the two count charge filed by the NDLEA, the three defendants Oluwakemi  Akala (female)  Onyekachi Aguguo and Tsolaye Eburajolo and one Austin  A.K.A ELOHOR EGUAGIE now at large on or about the 22nd day of October 2024 at an offloading warehouse located at Classic 1 Terminal Ago Palace Way, Okota Lagos without lawful authority conspired together to import 28 Kilogrammes of Cannabis Indica, a narcotic drug similar to Cocaine, Heroin and LSD by concealing same inside a 2010 Lexus RX350 model with VIN JTJHK31U672011774.

The offence committed is said to be contrary to and punishable under Section 14(b) of the National Drug Law Enforcement Agency, NDLEA, Act Cap N30 Laws of the Federation of 

Nigeria 2004 

When the matter came up for arraignment today, the prosecutor Mr Kunle Adebajo informed the court that the prosecution has a two counts charge pending before the court and urged the court to order that the charge be read so that the defendants can take their plea.

The charge was consequently read and all the three defendants pleaded not guilty to same.

Following the not-guilty plea of the defendants, the prosecutor, Adebajo asked the court for a trial date and the remand of the defendants in the facility of the Nigeria Correctional Service.

In reply to the submission of the prosecutor, counsel to Oluwakemi Akala, Mr S. Sani asked for a short date to enable him filed the bail application of his client.

However, Mr Ali Aba and Justice Ojienoh counsel to Onyekachi Aguguo and Tsolaye Eburajolo respectively told the court that they have filed and served the bail applications of their own clients and pleaded with the court to allow them move same.

Aba and Ojienoh thereafter moved the applications for their clients’ bail which was not opposed by the prosecution.

Ruling  on the defendants’ applications justice Faji granted bail to each of them in the sum  of N8 million with two sureties in like sum. One of the surety according to the judge must be a blood relative of the defendant  who must show evidence of his residence, means of identification , BVN and phone number, utility bills and evidence of proper means of lifelyhood.

Justice Faji also ordered that one of the sureties must provide bank statement of accountant showing evidence of ability to pay the bail sum in case the defendants jump bail and three years tax clearance certificate.

The defendant were also ordered to submit their travel documents,BVN, National Identity Card numbers, and should not travel out of the country during the pendency of their bail without the permission of the court.

The Deputy Registrar of the court is to verify the document within three days of submission. The defendants were ordered to be remanded on the custody of the Nigeria Correctional Services pending the fulfilment of their bail conditions.

Meanwhile the court has adjourned the matter till March 24 and 25 of March, 2025 for trial.

The Charge Against The Defendants Reads: “That you Oluwakemi  Akala, Onyekachi Aguguo, Tsolaye Eburajolo and MR. Austin A.K.A ELOHOR EGUAGIE (at large) on of about the 22nd day of October 2024 at an offloading warehouse located at Classic 1 Terminal Ago Palace Way, Okota in Lagos State within the jurisdiction of this Honourable Court without lawful authority conspired together to import 28 Kilogrammes of Cannabis Indica, a narcotic drug similar to Cocaine, Heroin and LSD by concealing same inside a 2010 Lexus RX350 model with VIN JTJHK31U672011774 and thereby committed an offence contrary to and punishable under Section 14(b) of the National Drug Law Enforcement Agency (NDLEA) Act Cap N30 Laws of the Federation of Nigeria 2004 

“That you Oluwakemi  Akala, Onyekachi Aguguo, Tsolaye Eburajolo and Mr Austin  A.K.A ELOHOR EGUAGIE  (at large on or about the 22nd  day of October 2024 at an offloading warehouse located at Classic 1 Terminal Ago Palace Way, Okota in Lagos State within the jurisdiction of this Honourable Court without lawful authority imported 28 Kilogrammes of Cannabis Indica, a narcotic drug similar to Cocaine, Heroin and LSD by concealing same inside a 2010 Lexus RX350 model with VIN JTJHK31U672011774 and thereby committed an offence contrary to and punishable under Section 11(a) of the National Drug Law Enforcement Agency (NDLEA) Act Cap N30 Laws of the Federation of Nigeria 2004.”

Self-acclaimed BDC Operator Docked Over Alleged N320m Fraud 

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Self-acclaimed BDC Operator Docked Over Alleged N320m Fraud 

A Self-acclaimed Bureau De Change (BDC) operator, Janet Onyekachi Ngwaka, was today arraigned before a Federal High Court, Lagos, for allegedly defrauded a company of the sum of N320 million.

The defendant was arraigned before the court presided over by Justice Alexander Owoeye, on charges bordering on conspiracy and obtaining by false pretence, by Barrister Morufu Animashaun of the Legal/prosecution Department of the Force Criminal Investigation Department (ForceCID) Annex, Alagbon, Ikoyi, Lagos

The defendant, according to the prosecutor, Barrister Animashaun, committed the alleged offences sometimes in March, 2024 at FL505 Alaba International Market, Ojo, Lagos.

She was alleged to have conspired with Chinedu Ngwaka and others now at large.

To commit the alleged fraud, the prosecutor told the court that the defendant and other at large, fraudulent obtained the money from Casco Electronics Company Limited and Mr. Tochukwu Samson Unachukwu, under the pretence of providing them United States’ dollars equivalent.

The prosecutor told the court he t that the defendant’s action contravened sections  8 (a) and 1 (1) Of the Section 8 (A) of the Advance Fee Frauds And Other Fraud Related Offences Act, 2006 (As Amended) and punishable under Section 1(3) Of The Same Act.

The defendant pleaded not guilty to the charges when it was read to her.

Based on the defendant’s an not guilty plea, the prosecutor asked the court for a trial date and urged the court to remand her at the Kirikiri facility of the Nigerian Correctional Services (NCoS) pending trial.

Efforts by her lawyer, E. T. Okoye, to orally move her bail application was vehemently opposed by the prosecutor, who urged the court to compel the counsel to file proper application before the court.

Justice Owoeye after listening to parties submissions, ordered that the defendant be remanded at the ForceCID’s custody pending the hearing of the bail application.

The judge, thereafter adjourned the matter to February 19, for trial.

Prior to the defendant’s arraignment, the prosecutor informed the court that the first defendant in the charges, Chinedu Ngwaka, is being evasive an thereby urged the court to strike out his name from the charge. The prosecutor’s request was granted by the court.

Charges Against The Defendant Read: “That you Chinedu Ngwaka ‘M’, Janet Onyekachi Ngwaka ‘F’ and others (now at large) sometime in March, 2024 at FL505 Alaba International Market, Ojo, Lagos within the Jurisdiction of the Federal High Court, Ikoyi, Lagos conspired amongst yourselves to commit an Offence in defrauding Casco Electronics Company Limited and Mr. Tochukwu Samson Unachukwu and thereby committed an Offence contrary to Section 8 (a) of the Advance Fee Frauds And Other Fraud Related Offences Act, 2006 (As Amended) and punishable under Section 1(3) Of The Same Act.

“That you Chinedu Ngwaka ‘M’, Janet Onyekachi Ngwaka ‘P’ and others (now at large) sometime in March, 2024 at FL505 Alaba International Market, Ojo, Lagos within the Jurisdiction of the Federal High Court, Ikoyi, Lagos with intent to defraud, received the sum of N320,000,000 (Three Hundred and Twenty Million Naira), from one Casco Electronics Company Limited and Mr. Tochukwu Samson Unachukwu on false representation that you operate Bureau de Change and that you will pay the equivalent amount of 200,000 USD (Two Hundred Thousand US Dollars) on his behalf to Felicity Company Limited (a manufacturing company in China) a representation you knew to be false and thereby committed an Offence contrary to Section 1 (1) Of The Section 8 (A) of the Advance Fee Frauds And Other Fraud Related Offences Act, 2006 (As Amended).”

CAPPA Urges Federal Legislators To Increase Tobacco Control Budget To N300m

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CAPPA Urges Federal Legislators To Increase Tobacco Control Budget To N300m

As the National Assembly continues its review of the N49.7 trillion 2025 Appropriation Bill presented by President Bola Tinubu on December 18, 2024, Corporate Accountability and Public Participation Africa (CAPPA) has urged both the Senate and House of Representatives to raise the budgetary allocation for Tobacco Control in the 2025 National Budget from the current N10 million to N300 million.

CAPPA, in separate petitions on Monday to Senate President Godswill Akpabio and Speaker Dr. Tajudeen Abbas, reasoned that allocating a minimum of N300m is essential to address the multifaceted challenges posed by tobacco use and support the effective implementation of the National Tobacco Control Act (NTCA) 2015.

Highlighting the danger of tobacco consumption and the stakes at hand, Akinbode Oluwafemi, CAPPA’s Executive Director, in a statement issued by CAPPA’s Media and Communication Officer, Robert Egbe, noted that tobacco use remains the leading preventable cause of death worldwide, including in Nigeria.

“Tobacco use remains the leading preventable cause of death worldwide, and Nigeria is no exception. Annually, tobacco-related illnesses claim 26,800 Nigerian lives and inflict debilitating conditions and non-communicable diseases like cancer, heart disease, and chronic respiratory diseases on thousands more. 

“The economic toll is immense, costing billions in healthcare expenses and lost productivity. Additionally, tobacco cultivation exacerbates deforestation and soil degradation, while cigarette waste pollutes the environment,” Oluwafemi said.

The challenge, he noted, is further compounded by the emergence of unregulated tobacco and nicotine products that target younger demographics and exploit gaps in the regulatory framework.

Akinbode added: “These products, including electronic cigarettes and novel smokeless tobacco, are marketed as trendy despite their health risks. Moreover, tobacco companies in Nigeria continue to exploit weak monitoring systems to market their offerings aggressively on social media, as well as utilise corporate social responsibility (CSR) initiatives to gain favour with public health authorities, thereby undermining tobacco control laws and enticing more users into tobacco consumption.

“To counteract these threats, it is imperative that the Nigerian government intensify its efforts in regulation and control, recognising the grave public health and economic impacts of tobacco use. To be clear, the Federal Government must respond with proportional investment in the TCF for the effective regulation of tobacco consumption.”

CAPPA observed that while the 2024 budget commendably increased allocation to the TCF to N10 million from N4.7 million directed to it in 2023, it remains insufficient for several critical reasons.

Oluwafemi said: “Firstly, operational costs consume a large portion of the funds. The National Tobacco Control Committee (NATOCC) require substantial finance running in millions for the coordination of its meetings, which should occur at least four times annually as stipulated by the National Tobacco Control Act (NTCA). The current allocation to the TCF, which provides support for these meetings, remains poor and, therefore, leaves virtually no financial room for this activity or other essential responsibilities of the NATOCC.

“Secondly, effective sensitization campaigns need robust media outreach, deep community engagement, and active coordination with various stakeholders across the country. These activities require substantial funding to reach a wide audience and create impactful messages.

“Thirdly, there is a pressing need for alternative cropping initiatives to support tobacco farmers transitioning to sustainable crops. This shift involves continuous investment in training programs, provision of quality seedlings, and adequate financial support to ensure that these farmers can move to more sustainable and health-friendly agricultural practices.

“Furthermore, enforcement and monitoring activities are crucial to combat industry interference and ensure compliance with tobacco control regulations. This includes prosecuting violations, safeguarding smoke-free spaces and ensuring a ban on tobacco advertising, promotion and sponsorship, amongst other efforts. 

“Adequate funding is also essential to equip and train enforcement teams on the front lines of this battle, ensuring that regulations are not only in place but actively upheld.”

To this end, CAPPA made two requests of the upper and lower chambers. The first is to “increase the tobacco control allocation to a minimum of n300m in the 2025 budget and ensure subsequent increments in future budgets.”

The CSO reasoned that this would allow the National Tobacco Control Committee (NATOCC) and Tobacco Control Unit (TCU) domiciled within the Federal Ministry of Health and Social Welfare to convene mandated meetings and implement robust public health campaigns to educate citizens about the dangers of tobacco use, fund research initiatives to monitor trends in tobacco consumption and evaluate policy impacts, enhance enforcement efforts, including monitoring compliance with existing laws and prosecuting violations and support alternative livelihood programs for tobacco farmers, ensuring that they transition sustainably to other crops.

Secondly, CAPPA called for the full operationalization of the National Tobacco Control Fund.

The Tobacco Control Fund (TCF) was established under Section 8 of the Nigeria Tobacco Control Act (NTCA), 2015, as part of a comprehensive framework to combat the harmful effects of tobacco consumption. The fund is drawn from various sources, including appropriations from the national budget, proceeds of fines for violations of tobacco laws, and contributions from relevant development bodies for tobacco control.

Explaining the TCF’s importance, Oluwafemi added: “By establishing the TCF, the federal government recognised the enormous public health risks posed by tobacco and the role of adequate financial resources to combat them. In fact, the TCF is intended to support vital activities such as public health campaigns, regulatory enforcement of the NTCA, research on tobacco trends, and alternative livelihood programs for tobacco farmers.

“However, since its creation, the Fund has yet to achieve full operationalisation, leaving Nigerians vulnerable to the unchecked dangers of tobacco consumption and marketing.

“By fully operationalizing the TCF, ensuring transparent and accountable fund management, and bolstering the institutional capacity of relevant public health authorities to exercise their mandate, the National Assembly will be leading the charge in safeguarding public health, reducing economic burdens, and protecting the environment from the devastating impacts of tobacco.”

Court Issues Arrest Warrant Against Access Bank, Acting Md, Others Over Alleged Theft

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Court Issues Arrest Warrant Against Access Bank, Acting Md, Others Over Alleged Theft

Access Bank’s Acting Managing Director, Bolaji Agbede

Justice Ibironke Harrison of the Lagos State High Court sitting in Tafa Balewa Square has ordered the arrest of Access Bank, it’s acting Managing Director, Bolaji Agbede, and three others for allegedly failing to appear for their arraignment.

The judge’s order also affected Balmoral International Limited, DDSS International Company Limited and Adejare Adegbenro.

Justice Harrison issued the arrest warrant after the Lagos State prosecution counsel, Uthman Rilwan, informed the court that he had served the defendants with notice, but they failed to attend the arraignment.

The Lagos State government had filed a four-count charge of conspiracy, stealing, and attempted theft against the defendants.

At the resumed hearing of the charge today, the prosecutor, one Rilwan informed the court that the day’s purpose was to arraign the defendants; however, they were absent despite receiving notice of the court date.

The prosecutor stated in the charge “that on or about September 2, 2013, at Plot 1261, Adeola Hopewell Street, Victoria Island, Lagos, the defendants conspired to commit theft.

He alleged that Adejare, Balmoral, Access Bank, and Agbede stole the property of MOB Integrated Services at Plot 40b, Bourdillon Road, Ikoyi, Lagos, by using it as security for a loan without the complainant’s consent and subsequently entered into a consent judgment.

Additionally, they were accused of attempting to steal MOB Integrated Services’ property on May 26, 2019, by offering and granting DDSS International Company Limited a credit facility of N1 billion.

According to the prosecutor, the offences contravened Sections 411, 280, and 21 of the Criminal Laws of Lagos State 2011.

Rilwan stated, “My Lord, this matter is for arraignment today, and the defendants have been duly served with a copy of the charge. We request the court to issue a bench warrant for the defendant’s arrest to ensure they attend proceedings on the next court date.”

Consequently, Justice Harrison issued a bench warrant against the second to fifth defendants, Balmoral International Limited, Access Bank, Bolaji Agbede, and DDSS International Company Limited.

The judge directed that the bench warrant be executed against the principal officers and adjourned the case until February 24, 2025, for the defendants’ arraignment.

Source- Leadership.

Police Charge 3 Men, 2 Firms To Court Over Alleged Forgery, N1bn Fraud 

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Police Charge 3 Men, 2 Firms To Court Over Alleged Forgery, N1bn Fraud 

Two Nigerians, Stanley Tochukwu Okafor, 41; Ogunade Oladele Oluwaseun, 40 and a 43 year-old Chinese, Su Donghai, have been charged before a Federal High Court, Lagos, over alleged conspiracy, forgery, fraud of N1 billion and money laundering.

The three men alongside two firms, Wnw Energy Technical Development Limited and Haoti International Limited were charged before the court presided over by Justice Akintayo Aluko, in an 11 count amended-charge marked FHC/L/695c/2024, filed by Barrister S. A. Ogalla

In the charge, the police through the office of the Force Criminal Investigation Department ForceCID Annex Alagbon-Ikoyi Lagos, stated that the defendants and others at large, conspired among themselves to commit the alleged acts between January, 2020 and April, 2024.

They were also alleged to have fraudulently obtained the sum of N1 billion belonging to Cnots Energy Services Limited, represented by Femi Folayan.

To commit the alleged fraud, all the defendants were alleged to have forged 89 invoices, with the intention to fraudulently defraud CNOTS Energy Services Energy Limited.

Specifically, the first defendant, Stanley Tochukwu Okafor, was accused of falsely depose to an affidavit on Oath on February 13, 2024 at the Lagos State High Court Registry, Lagos, wherein he attached 29 invoice receipts of WNW Energy Technical Development Company Limited.

He was also alleged to have on February 20, 2020 at Lagos, Nigeria, falsely present himelf as the Managing Director of CNOTS Energy Technical Development.

The second defendant, Ogunade Oladele Oluwaseun, was alleged to have between year 2021 and 2023 at Lagos Nigeria, while acting as CNOTS Energy Services Nigeria Limited’s Chief Financial Officer, deliberately manipulate CNOTS accounting records and inserted fictitious figures in CNOTS accounting record without any corresponding piece of  invoices to validate such entries.

The third defendant, Su Donghai, was also alleged to have between January, 2020 and April, 2024 transferred into a bank account number 2065454879 UBA Plc of one Alikali Vivian, and retained the sum of N1 billion, belonging to CNOTS Energy Services Limited.

The defendants’ alleged offences, according to the prosecution, contravened sections 8; 1(3) and 7(2)(b) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. 

The defendants’ acts also contrary to and punishable under sections 20(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 Act No. 14. And sections 1(1}(c) of the Miscellaneous Offences Act, CAP. M17 LFN 2004. 

The prosecution also stated that their actions contravened sections 390(9); 117 and 484 of the Criminal Code Act, LFN 2004.

However, the scheduled arraignment of all the defendants on Monday, was stalled due to the absence of two of the defendants and the prosecutor.

Consequently, based on the letter for adjourment from the prosecutor and lawyers to the defendants, Justice Aluko fixed February 25, for their arraignment.

The 11 counts amended charge against the defendants read: “That you Stanley Tochukwu Okafor ‘M’, Ogunade Oladele Oluwaseun ‘M’, SU Donghai ‘M’, WNW Energy Technical Devpt. Co. Limited, HAOTI International Ltd. and others now at large between January, 2020 and April, 2024 in Lagos, Nigeria within the jurisdiction of this Honourable Court did conspire amongst yourselves to commit felony to wit: fraud and money laundering and thereby committed an offence contrary to and punishable under section 8 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. 

“That you Stanley Tochukwu Okafor ‘M’, Ogunade Oladele Oluwaseun ‘M’, SU Donghai ‘M’, WNW Energy Technical Devpt. Co. Limited, HAOTI International Ltd. and others now at large between January, 2020 and April, 2024 in Lagos, Nigeria within the jurisdiction of this Honourable Court did with intent to defraud fraudulently obtained the sum of N1 Billion (One Billion Naira) Only belonging to CNOTS Energy Services Ltd. represented by Femi Folayan ‘m’ and thereby committed an offence contrary to and punishable under section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006. 

“That you Stanley Tochukwu Okafor ‘M’, Ogunade Oladele Oluwaseun ‘m’, SU Donghai ‘M7’, WNW Energy Technical Devpt. Co. Limited, HAOTI International Ltd, and others now at large between January, 2020 and April, 2024 in Lagos, Nigeria within the jurisdiction of this Honourable Court did launder the sum of N1 Billlon (One Billion Naira) Only betong ng to CNOTS Energy Services Ltd represented by Femi Folayan ‘m’ and thereby committed an offence contrary to and punishable under section 7(2)(b} of the Advance Fee Freud and Other Fraud Related Offences Act, 2006. 

“That you Stanley Tochukwu Okafor ‘M’, Ogunade Oladele Oluwaseun ‘m’, $U DONGHAI ‘M’, WNW Energy Technical Devpt Co. Limited, HAOTI International Ltd and others now at large between the January 2020 and April, 2024 in Lagos Nigeria within the jurisdiction of this Honourable Court did transfer and retain the sum of N1 Billion (One Billion Only belonging to CNOTS Energy Services Ltd represented by Femi Folayan ‘m’ and committed an offence contrary to and punishable under section 20(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 Act No. 14, 

“That you Stanley Tochukwu Okafor ‘M’, Ogunade Oladele Oluwaseun ‘M’, SU Donghai ‘M’, WNW Energy Technical Devpt. Co. Limited, HAOTI International Ltd. and others now at large between the year 2020 and April, 2024 in Lagos, Nigeria within the of this Honourable Court, forged 89 invoices with the intention to fraudulently defraud CNOTS Energy Services Limited represented by Femi Folayan ‘m’ and thereby committed an offence contrary to and punishable under section 1(1}(c) of the Miscellaneous Offences Act, CAP. M17 LFN 2004. 

“That you Stanley Tochukwu Okafor ‘M’, Ogunade Oladele Oluwaseun ‘m’, SU Donghai ‘M’, WNW Energy Technical Devpt. Co. Limited, HAOTI International Ltd. and others now at large between the year 2020 and April, 2024 in Lagos, Nigeria within the jurisdiction of this Honourable Court did steal the sum of N1 Billion (One Billion Naira) Only belonging to CNOTS Energy Services Ltd. represented by Femi Folayan ‘m’ and thereby committed an offence contrary to and punishable under section 390(9) of the Criminal Code Act, LFN 2004. 

“That you Stanley Tochukwu Okafor ‘M’ on the 13th day of February, 2024 at the Lagos State High Court Registry, Lagos Nigeria within the jurisdiction of this Honourable Court did falsely depose to an affidavit on Oath wherein you attached 29 invoice receipts of WNW Energy Technical Devpt. Co. Limited which you knew to be forged and thereby committed an offence contrary to and punishable under section 117 of the Criminal Code Act, LFN 2004. 

“That you Stanley Tochukwu Okafor ‘M’ on the 18th day of March, 2024 at the Lagos State tigh Court Registry, Lagos Nigeria within the jurisdiction of this Honourable Court did falsely depose to an affidavit on Oath wherein you attached 89 Invoice receipts of CONTS Energy Technical Devpt. Co. Limited which you knew to be forged and thereby committed an offence contrary to and punishable under section 117 of the Criminal Code Act, LFN 2004. 

“That you SU DONGHAI ‘M’ between January, 2020 and April, 2024 in Lagos, Nigeria within the jurisdiction of this Honourable Court did transfer into bank account number 2065454879 UBA Plc of one ALIKALI VIVIAN ‘F’ and retain the sum of N1Billion (One Billion Naira) Only, the money belonging to CNOTS Energy Services Ltd. represented by Femi Folayan ‘m’ and thereby committed an offence contrary to and punishable under section 20(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 Act No. 14. 

“That you Stanley Tochukwu Okafor ‘M’ on the 20th day of February, 2020 at Lagos, Nigeria, within the jurisdiction of this Honourable Court did present yourself as the Managing Director of CNOTS Energy Technical Devpt. Co, Limited, a representation you knew to be false and thereby committed an offence contrary to and punishable under section 484 of the Criminal Code Act, LFN 2004, 

“That you Ogunade Oladele Oluwaseun ‘M’ sometimes between year 2021 and 2023 at Lagos Nigeria, within the jurisdiction of this Honourable Court did while acting as CNOTS Energy Services Nigeria Limited’s Chief Financial Officer deliberately manipulate CNOTS accounting records and inserted fictitious figures in CNOTS accounting record without any corresponding piece of  invoices to validate such entries and thereby committed an offence contrary to and punishable under section 1(1)(c) of the Miscellaneous Offences Act, CAP. M17 LFN 2004.”

Otudeko’s Lawyer Appears In Protest Over Alleged N12b Fraud

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Otudeko’s Lawyer Appears In Protest Over Alleged N12b Fraud

The much anticipated arraignment of Honeywell Group Chairman, Chief Oba Otudeko, and former First Bank Managing Director, Stephen Olabisi Onasanya was stalled today, as their lawyers announced appearance in protest claiming that their clients have not been served with the charges as required by the Constitution.

The Economic and Financial Crimes Commission (EFCC) has filed a 13-count charge against Otudeko, former First Bank Plc Managing Director Olabisi Onasanya, former Honeywell board member Soji Akintayo, and the company Anchorage Leisure Limited. 

The EFCC in a charge marked FHC/L/20C/2025, accused Otudeko, Onasanya, Akintayo and Anchorage Leisure Limited of allegedly obtaining N12.3 billion from First Bank under false pretenses.

At the hearing of the matter today, Mr. Bode Olanipekun (SAN), representing Otudeko, informed the court that he was appearing “in protest” because his client had not been served the charge. 

Similarly, Mr. Olumide Fusika (SAN) announced his appearance for Onasanya, stating that his client  was not served but that he was able to print a copy of the charge. 

Mr. Kehinde Ogunwumiju (SAN) appeared for Akintayo, while Mr. Charles Adeogun-Philips (SAN) represented Anchorage Leisure Limited also protested and confirming that his client had not been served.

Consequently, Justice Chukwujekwu Aneke questioned how all defence counsel could appear in court if the defendants had not been served. 

Olanipekun (SAN) then pointed out that, despite the media’s reporting on January 17 about the defendants’ impending arraignment, no charge had been formally served on his client. 

He presented some national newspapers clippings to support this claim.

Responding, EFCC prosecutor Mr. Rotimi Oyedepo (SAN) explained that multiple efforts had been made to serve the defendants at their last known addresses without success.

He sought permission from the court for substituted service at these addresses, which was granted.

The second defense counsel, Fusika (SAN), then offered to accept service on behalf of his client, which the court approved. The prosecutor handed Fusika a copy of the charge in court.

The matter has been adjourned till February 13 for the defendants’ arraignment.

The EFCC alleges that the defendants orchestrated fraudulent transactions totaling N12.3 billion in 2013 and 2014 in various amounts, and used forged documents to deceive the bank. 

The charges include conspiracy to defraud First Bank, obtaining loans under false pretenses, and money laundering activities involving the diversion and conversion of bank funds for personal use. 

They are also accused of forging documents to mislead the bank into believing false credit facilities had been requested by companies like V-Tech Dynamic Links Limited and Stallion Nigeria Limited.

The alleged acts according to the EFCC contravened several provisions of Nigerian law, including the Advance Fee Fraud and Other Fraud-Related Offences Act 2006, the Money Laundering (Prohibition) Act, 2011 and the Miscellaneous Offences Act.

Hacker Hits Moniepoint, Removes N1.1bn From It’s Vault

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Hacker Hits Moniepoint, Removes N1.1bn From It’s Vault

An alleged Hacker, Sunday Ozimede, has invaded the vault of Moniepoint Microfinance Bank and swindled the bank of the whipping sum of N1,190, 728, 076 billion.

The operatives of the Police Special Fraud Unit (PSFU), has however, arraigned the alleged hacker before a Federal High Court, Lagos, on charges bordering on conspiracy, obtaining the sum of N945, 728, 076 million by false pretence.

The 43 years old alleged hacker, was also accused of causing financial lost to Moniepoint Microfinance Bank to the tune of N145 million, by planting a bug in the bank’s data system.

The PSFU’s prosecutor, Barrister Justine Enang, on the arraignment of the defendant, told the court that Ozimede and others said to be at large, committed the alleged offences sometimes in May, 2024.

Specifically, the prosecutor told the court the the defendant Sunday Ozimede, fraudulently diverted the mentioned sum from various Moniepont Microfinance Bank’s customers deposited funds through numerous transactions to other banks.

He told the court that the illegal acts of the defendant, are contrary to and punishable under sections Section 27 (i)(b); 14 of the Cyber Crimes (Prohibition, Prevention etc) Act, 2015 as Amended in 2024, Road along with section 14 (1) of the same Act.

The prosecutor also told the court that the act of the defendant contravened section 18(2) (b) & (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.

The defendant denied the allegations and pleaded not guilty to the charges.

Based on not guilty plea, the prosecutor urged the court to remand him in the facility of the Nigerian Correctional Services (NCoS) pending the conclusion of the trial. While he also asked the court for a trial date.

However, defendant’s lawyer, Abdulmalik Ibrahim, through a motion for bail, pleaded with the the court to admit his client to bail in the most liberal terms.

The application was strongly challenged by the prosecutor, who told the court that the defendant is a ‘flight risk’, saying that he may not turn up for his trial if granted bail.

Justice Ambrose Lewis-Allagoa, after listening to the parties, however, admitted bail to the defendant in the sum N50 million with one surety in like sum.

The judge also ordered that the surety must be a landed property owner within the jurisdiction of this court. Adding that the terms of the bail must be verified by the court’s Registrar and the prosecutor.

The matter has been adjourned to March 13, for the defendant’s.

The amended charge against against the defendant reads: “that you Sunday Ozimede “M” and others now at large, sometime in May, 2024, in Lagos State within the jurisdiction of the judicial Division of the Federal High Court, with intent to defraud, did conspire amongst yourselves to commit a felony to wit: obtaining the sum of N945, 728, 076. 00 (Nine Hundred and Forty Five Million, Seven Hundred and Twenty Eight Thousand and Seventy Six Naira) by false pretence and thereby committed an offence contrary to Section 27 (i) (b) of the Cyber Crimes (Prohibition, Prevention etc) Act, 2015 as Amended in 2024, Road along with section 14 (1) of the same Act. 

“That you Sunday Ozimede “M” and others now at large, sometime in May, 2024, in Lagos State within the aforementioned Judicial Division of the Federal High Court, did knowingly and without authority cause financial lost to Moniepoint Microfinance Bank to the tune of N145,000,001.00 (One Hundred and Forty Five Million and One Naira) by planting a bug in the company’s data system and moved the above sum from its Operational account into account number 6343898097 trading under the name: Sunday Ozimede which sum you fraudulently diverted from Moniepont Microfinance Bank customers deposited funds through numerous transactions to other banks, thereby conferred economic benefit on yourselves by converting the money in question to your own use against Moniepoint Microfinance Bank and thereby committed an offence contrary to and punishable under Section 14 (1) of fhe Cyber Crimes (Prohibition, Prevention etc) Act, 2015 as Amended in 2024, 

“That you Sunday Ozimede “M” and others now at large, sometime in May, 2024, in Lagos State in the aforementioned Judicial Division of the Federal High Court, Lagos, did directly or indirectly converts or transfers, retains or takes possession or control of funds belonging to Moniepoint Microfinance Bank intentionally, knowingly or reasonably ought to have known that such funds is, or forms part of the proceeds of an unlawful Act and thereby committed an offence contrary to Section 18(2) (b) & (d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

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