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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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Bandits Strike Again, Kill Vice Principal in Fresh School Attack

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Vigilantes Kill Over 100 Bandits In Zamfara

Tension and sorrow have gripped the Iluke Bunu community in Kogi State following a deadly bandit attack that reportedly claimed the life of the Vice Principal of Government Secondary School, Iluke.

According to reports, the victim, identified as Mr. Gani Anifowose, was brutally killed on Wednesday morning during an attack carried out by armed bandits.

Residents said the community is currently facing heightened security concerns, with fear and panic spreading across the area.

In another disturbing development, reports indicate that students from three neighbouring communities, who were scheduled to sit for the English Language WAEC examination on the same day, were allegedly abducted amid the worsening insecurity in the region.

The incidents have raised fresh concerns over the safety of students, teachers, and residents in vulnerable communities across Kogi State.

A representative of the community association called on security agencies and relevant authorities to urgently intensify efforts to restore peace, secure the affected communities, and ensure the safe return of the abducted victims.

“An hour is gone and no sign of rescue efforts from the security agencies despite placing several calls for help. We urge citizens to remain calm and continue praying for divine intervention, protection, and lasting peace in our communities.”

 

 

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BREAKING: Tinubu’s Ex-Minister in Trouble Over Certificate Scandal

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has reportedly stepped up its investigation into former Minister of Innovation, Science and Technology, Uche Nnaji, over allegations of certificate forgery.

According to a report by Premium Times, the anti-graft agency has begun efforts to locate the former minister after he allegedly failed to honour several invitations issued in connection with the ongoing investigation.

The publication reported that sources familiar with the matter said the ICPC had invited Nnaji for questioning through different channels, including telephone calls, emails and WhatsApp messages, but he did not appear before investigators.

One of the sources quoted by the newspaper claimed that the commission could declare the former minister wanted if attempts to secure his appearance are unsuccessful.

The latest development is said to be part of an investigation that followed a lengthy inquiry by Premium Times into Nnaji’s academic records and National Youth Service Corps (NYSC) documents.

The newspaper had earlier alleged that the former minister submitted forged degree and NYSC certificates during his ministerial screening and confirmation process in 2023.

According to the report, the ICPC has also sought information from the University of Nigeria, Nsukka (UNN), as part of its investigation.

Another source cited by Premium Times alleged that Nnaji’s failure to respond to the invitations may be linked to his political ambitions ahead of the 2027 governorship election in Enugu State.

The newspaper recently reported that the former minister moved from the All Progressives Congress (APC) to a faction of the Peoples Democratic Party (PDP) and later emerged as its governorship candidate.

Neither Nnaji nor his media aide, Robert Ngwu, had publicly responded to the latest allegations as of the time of filing this report. Premium Times said calls and messages sent to his spokesperson were not answered.

The controversy surrounding the former minister began after investigations into his academic qualifications were published in 2023.

According to the newspaper, Nnaji had approached the Federal High Court in Abuja in a bid to stop the release of his academic records by the University of Nigeria, Nsukka.

However, Premium Times reported that university authorities later informed the newspaper that although Nnaji was admitted into the institution, he did not graduate or obtain the certificate attributed to him.

The publication also stated that the National Youth Service Corps disowned the discharge certificate allegedly presented by the former minister.

Nnaji eventually resigned from his position shortly after the allegations became public.

The matter has continued to attract public attention, with several lawyers and civil society groups calling for a thorough investigation and, where necessary, prosecution in line with the law.

In a related development, POLITICS NIGERIA also reported earlier this year that an investigative panel set up by the Federal Ministry of Education examined the matter as part of a broader review of the allegations surrounding the former minister’s credentials.

The ICPC has yet to release an official public statement detailing the current status of its investigation

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FG to Declare Nationwide Public Holiday, Date Revealed

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Nigeria, Benin Sign Integration Pact

Nigeria’s Ministry of Interior is set to declare a nationwide public holiday across all sectors to mark Democracy Day 2026, potentially granting a one-day break for both private and public sector employees.

The federal government’s announcement regarding Democracy Day will be the only national public holiday observed in Nigeria in June 2026.

Democracy Day commemorates the 1993 presidential election and the nation’s struggle for democratic freedom. June 12, 2026, falls on a Friday.

On June 6, 2018, the late former president Muhammadu Buhari, in a public statement, changed the Democracy Day from May 29 to June 12, in honour of the June 12, 1993, presidential election and its winner, Moshood Kashimawo Olawale Abiola, who died in prison.

Abiola was born on August 14, 1937 and passed away under suspicious circumstances on July 7, 1998. A popular Ogun businessman, publisher, and politician of the Egba clan, he is often referred to as MKO Abiola.

He ran for the presidency in 1993 and was widely regarded as the presumed winner of the election, which was annulled by former military head of state, General Ibrahim Babangida.

Some southwest states had been celebrating June 12 as a public holiday and are holding ceremonies in Abiola’s honour until Buhari officially declared the day as Nigeria’s real democracy day. The former president, on Monday, June 10, 2018, signed the Public Holiday Amendment Bill into law.

The law, according to the former president’s ex-senior special assistant on National Assembly Matters (Senate), Ita Enang, allows a public holiday to be declared on June 12 every year, while May 29 is to be a handing-over date.

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