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Two Businessmen, Cabota Group, Arraign Over Alleged N1.55bn Fraud, Illegal Forex Operations

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Two businessmen, Dr. Fagite Babafemi Oladipo and Raymond Oluwaseyi Akintayo, were on Wednesday arraigned by the Economic and Financial Crimes Commission (EFCC) over alleged fraudulent and unlawful conversion of N1,550,000,000 (One Billion, Five Hundred and Fifty Million Naira), belonging to Ocean Lord Limited.

The defendants, along with two corporate entities, Cabota Power Company Limited and Cabota Group Limited, arraigned before Justice Daniel Osiagor of a Federal High Court sitting in Lagos are accused of defrauding Ocean Lord Limited of over N1.55 billion between May 2 and 15, 2025, under the pretence of holding a licence to transact in foreign exchange.

During the arraignment, EFCC prosecutor Suleiman Ibrahim Suleiman informed the court that an eight-count charge had been filed against the defendants.

He requested that the charge be read to defendants for them to take a plea. Upon the reading of the charge, the defendants pleaded not guilty to all counts.

The defendants’ counsel, Chief (Dr.) Richard Oma Ahonaruogho (SAN), informed the court that a bail application had been filed and served on the prosecution.

In response, the EFCC prosecutor requested for additional time to respond, noting that the bail application had only just been served.

When Ahonaruogho sought to make an oral application for bail, the court declined the request, and he then urged that the defendants remain in EFCC custody pending the hearing of the bail application.

Justice Daniel Osiagor while allowing the defendants to remain in EFCC custody as requested by defence counsel, adjourned the matter till December 11, 2025, for the hearing of the bail application and commencement of trial.

According to the charge, it is alleged that the defendants conspired to commit a felony by obtaining funds under false pretences, thereby violated the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

They face multiple counts of fraudulent conversion of company funds.
On May 6, 2025, they allegedly converted a total of N464 million in tranches of N85 million, N150 million, N208 million, and N121 million, all belonging to Ocean Lord Limited.
These offenses are cited under Sections 383 and 390 of the Criminal Code Act.

Furthermore, the defendants are charged with operating a financial institution, specifically a Bureau de Change, without a valid licence from the Central Bank of Nigeria (CBN), contrary to Section 57(1) of the Banks and Other Financial Institutions Act, 2020.

The counts include allegations that between May 2 and 15, 2025, the defendants conspired to commit a felony by obtaining N1,550,000,000 from Ocean Lord Limited under the false pretence of holding a licence to deal in foreign exchange, knowing this to be false, contrary to Section 8 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

They are also accused of fraudulently converting to their own use sums of N85 million, N150 million, N208 million, and N121 million belonging to Ocean Lord Limited on May 6, 2025, contrary to Section 383 and punishable under Section 390 of the Criminal Code Act.

Besides, the defendants are alleged to have carried on the business of a financial institution (Bureau de Change) without a valid licence issued by the Central Bank of Nigeria, contrary to Section 57(1) and punishable under Section 57(5)(b) of the Banks and Other Financial Institutions Act, 2020.

They are also charged with obtaining the sum of N1,550,000,000 under false pretences, contrary to Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and conspired to steal the same sum, contrary to Section 383 and punishable under Section 390 of the Criminal Code Act

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France President, Macron Extends Support To Nigeria On Fight Against Terrorism

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France President, Macron Extends Support To Nigeria On Fight Against Terrorism

French President, Emmanuel Macron, has pledged to deepen France’s support for Nigeria in addressing the growing security challenges, particularly the terrorist threat in the northern region.

In a post on 𝕏, shared on Sunday, Macron revealed that he had engaged in a conversation with Nigerian President Bola Tinubu, during which he expressed France’s solidarity with Nigeria in its battle against terrorism and other security concerns.

Macron wrote, “I spoke with President Tinubu of Nigeria, I conveyed France’s solidarity in the face of the various security challenges, particularly the terrorist threat in the North.”

He emphasised France’s commitment to strengthening its partnership with Nigerian authorities and to offering greater support to affected populations. Macron also called on other international partners to intensify their efforts in supporting Nigeria’s fight against terrorism.

“At his request, we will strengthen our partnership with the authorities and our support for the affected populations. We call on all our partners to step up their engagement. No one can remain a spectator,” the French President stated.

The commitment comes as Nigeria continues to grapple with escalating terrorist activities in the northern regions and other parts of Nigeria, with both the government and international partners focusing on expanding cooperation to ensure the safety and security of citizens

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BREAKING: Bandits Attack Mosque In Sokoto Community, Kill Imam, One Other, Abduct Worshippers

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Bandits in the early hours of Saturday launched a deadly attack on worshippers observing the Subh prayer in Kiba Ruwa, a community in the Sabon-Birni Local Government Area of Sokoto State.

According to local sources who spoke with Egbe Mekun Parrots, the assailants stormed the mosque at dawn, opening fire on the congregants.

Two people including the imam who was leading the prayer were confirmed dead.

Several worshippers were also abducted during the assault, with the exact number yet to be verified.

Security agencies have reportedly been alerted, while residents remain in a state of fear as search and rescue efforts begin.

In neighbouring Kebbi State, bandits weeks ago attacked the Government Girls’ Comprehensive Senior Secondary School, Maga, in the Danko/Wasagu Local Government Area, where 26 schoolgirls were abducted.

All soldiers previously stationed at the school had been summoned to Abuja for interrogation as part of efforts to determine why the security post was vacated shortly before the attack.

Previously, SaharaReporters reported that Nasir Idris, the governor of Kebbi, expressed alarm over what he described as the “withdrawal of military personnel” from the Government Girls Comprehensive Secondary School, Maga, shortly before bandits stormed the facility and abducted several students.

The governor said the situation was particularly disturbing because the state had earlier received intelligence warning of a possible attack and had immediately convened a security meeting to address the threat.

“As a responsive government, when we received intelligence on a possible attack, we summoned a security meeting,” NAN quoted the governor as saying.

“The security agencies assured us that all was well and that personnel would be mobilised to the school.

“The military was deployed, but they later withdrew by 3am, and by 3:45am, the incident happened.”

Idris also said the state had demanded a thorough inquiry into the circumstances that led to the withdrawal of troops.

“Who authorised the military to withdraw?” How did security personnel pull out at such a critical time? That is our concern. We have asked the military to investigate and identify who gave that order,” the governor said.

The Maga District Head, Muhammad Dantani, also raised serious concerns over the role of the Nigerian military in the recent attack on Government Girls Comprehensive Secondary School in Kebbi State, where armed bandits killed a staff member and abducted 25 students.

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Just In: Nigerian Air Force Jet Crashes In Niger, Pilots Eject Safely (Video)

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A Nigerian Air Force jet has reportedly crashed near Karabonde, in the Borgu Local Government Area of Niger State, with both pilots surviving the incident.

The crash was first reported by a Niger State-based online digital television network, Lapai TV, which posted the news on its official Facebook account on Saturday evening.

The post read, “Two Nigerian Air Force Pilots Reportedly Survive Alpha Jet Crash Close to Karabonde, Borgu Local Government Area of Niger State,” and was accompanied by a 57-second-long video.

Eyewitnesses who spoke with Punch corroborated the reports, with one villager providing details of the crash in a 48-second-long voice note via WhatsApp and a 59-second-long video.

The witness explained that the pilots successfully ejected from the aircraft before it went down. He further mentioned that the aircraft had likely taken off from the Kainji Air Force Base and that the Air Force was mobilizing to the crash site.

“I think the aircraft took off from the Kainji Air Force Base. We learnt that the Air Force is mobilizing to the crash site,” the witness said.

Lukman Sulaiman, a villager who spoke with Punch, confirmed the incident, stating that the crash occurred around 4:10 PM, not far from the town. “It landed very close to town, but God so good, the pilots ejected safely,” Sulaiman said.

When asked if the pilots were injured, he assured, “Yes, we heard a noisy landing crash. We were scared, but we eventually started trooping back to the scene.”

Two videos spotted by Naija News show the aircraft engulfed in flames at the crash site. The military has not yet issued an official statement regarding the crash at the time of filing this report.

Watch the video below:

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