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EFCC Arraigns Two Firms Over Illegal Lagos Investments

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EFCC Arraigns Two Firms Over Illegal Lagos Investments

The Economic and Financial Crimes Commission, EFCC, Lagos Zonal Directorate 2, on Monday, brought two companies, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited before Justice D.I. Dipeolu at the Federal High Court in Ikoyi, Lagos.

The firms face a five-count charge involving the operation of collective investment schemes without valid authorization from either the Securities and Exchange Commission, SEC, or the Central Bank of Nigeria, CBN.

According to the EFCC, the two companies reportedly solicited and received investments totalling N80 million between 2021 and 2022 from multiple people. The funds, however, were allegedly not repaid, and investors did not receive promised returns.

One of the charges reads: “That you, FARM360 Limited and MCBHADMOS Trans-Atlantic Trade Limited, sometime between 2021 and 2022 in Nigeria, within the Judicial Division of this Honourable Court, being companies incorporated in Nigeria, failed to obtain a valid licence from the Central Bank of Nigeria to carry on your business of Investment management and you thereby committed an offence contrary to Section 57 of the Banks and Other Financial Institutions Act 2020 and punishable under Section 57(5) of the same Act.”

Both companies pleaded not guilty to the charges.

Following the plea, EFCC counsel Abdulhamid L. Tukur invited the Commission’s investigator, Nnadikwu Izuchukwu Collins, to provide a summary of the case. Collins testified that the EFCC received a formal complaint on October 21, 2022, from a group of affected investors. According to him, the petitioners claimed that the companies had promised high-yield returns on investments in agriculture and forex trading.

He said the total amount invested reached N93 million, and during the investigation, letters were dispatched to the SEC, CBN, various banks, and the Corporate Affairs Commission, CAC.

Responses from regulatory bodies, he added, confirmed that neither FARM360 nor MCBHADMOS Trans-Atlantic Trade Limited held any licence to operate investment or forex-related ventures in Nigeria. Information obtained from Fidelity Bank revealed that the N80 million gathered from investors was diverted for personal use.

Collins further informed the court that the directors of the two companies remain at large, and ongoing efforts are underway to locate and apprehend them.

The prosecution proceeded to tender several documents as evidence, including the original petition, bank statements, and responses from the relevant agencies. Justice Dipeolu admitted the items and marked them as exhibits.

The case was adjourned to July 8, 2025, for continuation of the trial.

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Wike Is Showing Gangsterism, Animism And Illegalism’ – Bala Mohammed

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Bauchi State Governor, Bala Mohammed, has declared that the political standoff within the Peoples Democratic Party (PDP) has reached its tipping point, insisting that the faction loyal to the Minister of the Federal Capital Territory, Nyesom Wike, “has no legal backing” to operate within the party’s structures.

Speaking to Arise News on Tuesday from the PDP national secretariat in Abuja, Mohammed said the crisis rocking the opposition party was now favourably tilted against the Wike group.

Naija News had earlier reported that the PDP secretariat in Wadata Plaza became the centre of intense rivalry on Tuesday as two factions attempted to assert dominance.

On one side were Oyo State Governor, Seyi Makinde, alongside the newly elected National Secretary, Taofeek Arapaja, and other leaders emerging from the Oyo State national convention held over the weekend.

On the other side stood the Wike-backed bloc, led by Samuel Anyanwu, the embattled National Secretary who insists that his tenure remains valid until December 8, 2025.

The Wike camp has refused to recognise the outcome of the Ibadan convention, describing it as illegitimate.

Tensions escalated earlier on Tuesday when Governor Makinde arrived at the party headquarters with Arapaja and other party stakeholders. Their presence was seen as a symbolic assertion of control by the newly elected leadership.

Meanwhile, Wike continued to align with Anyanwu, who maintains that no new secretary has been validly elected.

Security at the secretariat was heightened as both factions attempted to gain access to meeting halls, forcing police officers to intervene and prevent clashes.

Governor Mohammed maintained that the Oyo convention, which produced the new National Working Committee, had the full backing of the party’s highest decision-making organs. He said the Wike-backed faction lacked the legitimacy to challenge the outcome.

He said, “We don’t believe there is any BoT because that is an illegality. I think the media should also educate and inculcate a sense of orderliness in the political space, so that people will know precisely what you believe in, because the shenanigans the perception should be positive.

“We had a convention where some people were expelled, and then, of course, even INEC does not recognise them, and they are being backed by the police to come and do a charade BoT meeting.

“BoT is constituted by the NWC. They don’t have NWC, and they don’t have a constitution. Our constitution says it all; if I’m expelled, I’m expelled, and it is not me or Seyi Makinde or any person; it is the convention of over 20 states of the Federation. The showdown you are seeing is a showdown between good and bad.”

Reminded that the Wike group does not believe in the outcome of the convention, and that Anyanwu has vowed to serve out his tenure as the party’s secretary, Mohammed added, “The Convention has already dissolved his own time so the convention can obstruct any NWC anywhere.”

Asked if the new chairman, Turaki, is recognised by the Independent National Electoral Commission, INEC, he said, “Yes, he is. He’s recognised by INEC because it’s a legal issue.”

He said the speculation that INEC does not recognise the new chairman “is a creation of one man called Wike who thinks that he can continue to pollute the political space by showing gangsterism, animism and illegalism, and by so doing, he is not helping even the present administration.

“All the governors are here, all the senators, all the members of the House of Representatives. Why is the media backing them, as if they have something in common with us?

The police should know that this is not a faction. It is just a splinter group that wants to battle and destroy PDP, destroy the opposition, and by doing so, destroy democracy in Nigeria… because they are illiterate. They are driven by arrogance, illiteracy, and impunity by impulse.

“So, after the convention, we have already sent all the reports to INEC, and INEC is not obliged or forced to attend any convention or any political party. Have you ever seen APC doing any conventions? Did you ask them? But they have leaders, and they are recognised by INEC. Why must we be the only people that you assess?”

He further stated, “The Constitution does not force INEC to be there, but we must give them notice. We gave them notice, and they accepted and acknowledged. We have the acknowledgement that they got the notice if they decide not to come, that is their own free volition, but certainly we have documents that we have notified them duly, and they accepted.

“So, the convention is legal, because all the court orders have been set aside by the courts, because we have already made a plea, and it has been put aside. So people should know the process of our legal system.”

On where he sees the crisis ending, should the Wike group refuse to back down, he said, “They are just being supported by the police, and you, the media, too. You don’t tell them the truth, but they should know that it has come to an end. That’s the end of hooliganism.

“They should go and leave us alone. Must we be with them, this man? Why is he working? Is he not working with APC? Why didn’t you ask him? Why is it moral for him to say that he will be in the APC to destroy us? Is it moral for him to say that? Is it normal that he’s working for somebody, and he said, “We will not produce somebody?”

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BREAKING: 44 Lawmakers Demand For Nnamdi Kanu’s Release

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Release Nnamdi Kanu, Ohanaeze Urges FG

Forty-four lawmakers from the northern and southern regions of Nigeria, serving in the National Assembly, have written a two-page letter and resolution to President Bola Tinubu, calling for the release of the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu.

Naija News reports that the lawmakers in the letter urged the President to invoke his constitutional powers to release Kanu from detention and to convene an all-inclusive political roundtable involving all stakeholders to address the country’s challenges and find a lasting solution through a political process.

The lawmakers, under the aegis of “Concerned Federal Lawmakers,” further called on President Tinubu to direct the Attorney-General of the Federation, as soon as practicable, to exercise his constitutional authority to discontinue the prosecution of Nnamdi Kanu.

The letter was signed by Hon. Ikenga Imo Ugochinyere, Hon. Obi Aguocha, Hon. Murphy Osaro, Hon. Peter Akpanke, Hon. Mudshiru Lukman, Hon. Paul Nnamechi, Hon. Barr. Sunday Cyriacus, Hon. Obed Shehu, Hon. Engr. Dominic, Hon. Chief Ugwu Emmanuel, Hon. Daniel Asama Ago, Hon. Chike John Okafor, Hon. Adam Ogene Ogbaru, Hon. Emeka Martin Chinedu, Hon. Chimaobi Sam, Hon. Alex Mascot Ikwechegh, Hon. Donatus Matthew, Hon. Ibe Osonwa, Barr. Okey-Joe Onuakalusi, Hon. Thaddeus Atta, Hon. Udema H. Okonkwo, Hon. Cyril Godwin, Hon. Princess Chinwe Nnabuike, Hon. Kana Nkemkama, Hon. Peter Aniekwe, Hon. Gwachem Maureen, Hon. Onwunka, Hon. Anayo Onwuegbu, Hon. Nwobosi Joseph, Hon. Amobi Godwin, Hon. Blessing Amadi, Hon. Anthony Adebayo Adepoju, Hon. Dr. Joshua Audu Gana, Hon. Chris Nkwonta, Hon. Emeka Idu, Hon. Peter Ifeanyi Uzokwe, Hon. Matthew Nwogu, Hon. Tochukwu Okere, Hon. Benedict Etanabene, Hon. Godwin Offiono, Hon. Ngozi Okolie, and Hon. Nnamdi Ezechi.

The lawmakers emphasised that discontinuing the prosecution and initiating a constructive dialogue is necessary to address the matter through a political window and achieve a lasting solution.

The letter read in part: “Dear Mr. President, THE NATIONAL INTEREST DRIVEN RESOLUTION BY CONCERNED FEDERAL LAWMAKERS ON THE ISSUE OF MAZI NNAMDI KANU CONTINUED DETENTION. After a closed door strategic meeting of the following federal lawmakers committed to promotion of national unity and stability; and after extensive consultations across all party lines and different ethnic groups, we hereby wrote and subscribe to this Letter to Mr. President, concerning Mazi Nnamdi Kanu: Driven by the abiding and urgent need for national reconciliation and healing; and Having noted the Federal Government’s open negotiations with militants and different agitating groups in different parts of Nigeria; and in view of the insecurity that has pervaded Southeast since late 2015 and which spiked since 2021; andIn the realization of the many domestic court and international tribunal pronouncements in favor of Mazi Nnamdi Kanu; and In the face of the growing national groundswell supporting the release of Mazi Nnamdi Kanu and for the discontinuance of his prosecution.

“We, the within-named federal lawmakers, hereby respectfully and earnestly request our dear President, His Excellency, Bola Ahmed Tinubu, as follows: To, as soon as practicable, direct the Attorney-General of the Federation to exercise his constitutional powers and discontinue the prosecution of Mazi Nnamdi Kanu; and To, pursuant to the discontinuance of the prosecution, initiate a constructive dialogue, aimed at seeking a just political solution of the matter. We are grateful to you, our dear President, for Your Excellency’s prompt consideration of our request; and please be assured of our continuing respect for your high office.”

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US Lawmaker Speaks On Kebbi Schoolgirls Attack, Sends Message To FG

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United States lawmaker, Riley M. Moore has reacted to the abduction of students in the Government Girls Comprehensive Senior Secondary School (GGCSS) Maga in Danko/Wasagu Local Government Area of Kebbi State.

Naija News reports that bandits had stormed the school in early hours of Monday morning, killing the Vice Principal and abducting about 25 schoolgirls.

A resident, Malama Murjanatu Hassan Gishiri told newsmen that the attackers stormed the school at night and operated freely, throwing the community into panic.

She described the invasion as “a heartbreaking tragedy that has thrown the entire region into deep fear and mourning”, adding that the bandits moved in large numbers and overpowered the area without resistance.

Reacting to the development in a post on his X account, Moore claimed that the incident happened in a Christian enclave in the Northern part of the country.

He called on the Nigerian government to address the “rampant violence”

He wrote, “Please join me in praying for the 25 girls who have been kidnapped and for the repose of the soul of their vice principal who was killed.

“While we don’t have all the details on this horrific attack, we know that the attack occurred in a Christian enclave in Northern Nigeria.

“The Nigerian government must do more to end the rampant violence.”

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