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MBA Forex Victims: Can EFCC Deliver Justice?
Port Harcourt is known to bust with a Ponzi scheme from time to time, and the lesson is hardly learnt. From the days of Umana Umana bank where lives were ruined when important persons banked and crashed with them, to the MBA Forest of recent, it has been same tale.
Port Harcourt is an oil zone and so a mega bucks zone. People earn big and lose big because they invest big; in good and bad.
So, when a scheme came called MBA Forex emerged, big investors poured in billions of naira, and when it crashed, souls went aflame and ablaze. Many had hoped and prayed that government agencies could intervene and save what is left of their souls. It was late in coming because the suspects usually plan ahead.
Now, the Economic and Financial Crimes Commission (EFCC) has in Port Harcourt arraigned a director for alleged N13.8bn fraud.
The EFCC arraigned the director of Glossalalia Nigeria Ltd and Pelenged Nigeria Ltd, Precious Williams before Justice S. I . Mark of the Federal High Court, sitting in Port Harcourt, the Rivers State capital.
Williams is being prosecuted on a 14-count charge, bordering on conspiracy, advance fee fraud, obtaining money under false pretence and money laundering to the tune of N13.8 billion.
One of the charges reads: “That you, Precious Williams of Glossolalia Nigeria Limited; Pelegend Nigeria Limited, Phenom 413 Events Limited (company representative at large) and Doxasterz Oil and Gas Limited, sometime between the 24th day of August, 2019 and 15th day of February, 2020, at Port Harcourt, within the jurisdiction of this Honourable Court, directly took possession of the sum of Ten Billion Naira (N10bn) only from Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (at large) through your Sterling Bank PLC Account No. 0064260799, when you reasonably ought to have known that the said funds formed part of the proceeds of the unlawful activities, of Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (at large) of obtaining money under false pretence from one Christian I. Agadag Agadaga and over three thousand (3000) other unsuspecting members of the Nigerian public, under the pretext that it was for investment purposes that will yield for them 10% to 15% interest. There were other charges that ran contrary to Section 15 (2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”
She pleaded “not guilty” to all the charges, prompting the prosecution counsel E. K. Bakam to ask for a trial date and to apply for the remand of the defendant in a correctional center, while counsel to the defendant, Tochukwu Maduka, SAN, informed the court of the defendant’s bail application and prayed the court to grant her bail to enable her to prepare for her trial.
In his ruling, the judge held that the defendant be remanded in the Port Harcourt Correctional Center and adjourned the matter till June 17, 2025 for the hearing of the bail application.
The defendant was arrested when petitioners alleged that she received money from over 3000 victims by false pretence and laundering the money for personal use sometime in April 2021.
The petitioners alleged that sometime in 2019 and 2020, the defendant alongside MBA Trading and Capital.
Businessday.ng
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BREAKING: Court Sentences Nnamdi Kanu To Life Imprisonment
Justice James Omotosho of the Federal High Court, Abuja, has sentenced the leader of the Indigenous People of Biafra (IPOB), Mazi Nnamdi Kanu.
Naija News reports that Justice had earlier convicted Kanu on all seven counts levelled against him by the Federal Government.
The judge sentenced Kanu to life imprisonment for count 1, 2, 4,5, and 6.
He also sentenced Kanu to 20 years forcount 3 without option of fine.
The Judge sentenced Kanu to five years in prison on count seven without option of fine.
Justice Omotosho ruled that he should not be kept in Kuje prison. He forfeited Nnamdi Kanu’s radio transmitter and barred him from access to social media.
More are still coming
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Just In: FG Urges Court To Impose Death Sentence On Nnamdi Kanu
The Federal Government has urged the Federal High Court in Abuja to impose the death sentence on the detained leader of the proscribed Indigenous People of Biafra (IPOB), Nnamdi Kanu, following his conviction on all seven terrorism counts.
The request was made on Thursday by the FG’s lead counsel, Chief Adegboyega Awomolo (SAN), shortly after Justice James Omotosho found Kanu guilty of all charges preferred against him.
Awomolo, addressing the court after the verdict, argued that the severity of Kanu’s actions merited the maximum penalty under the law.
The senior lawyer insisted that Kanu committed “many illegalities” and should not be treated with leniency.
Awomolo further reminded the court that four of the seven counts on which Kanu was convicted carry the death sentence under Nigeria’s terrorism laws.
He urged Justice Omotosho to take this into account in determining the appropriate punishment.
“It will not be considered justice that he is isolated and punished lightly in a country where we have Boko Haram, ISWAP, Lakurawa, et cetera,” he argued.
According to the prosecution, Kanu’s actions were as destabilising as those of other violent groups and should be treated with equal seriousness.
Awomolo also urged the judge to ensure that Kanu is kept in a secure correctional facility pending the court’s final pronouncement on sentencing.
He stressed the need to prevent any disruptions or security breaches involving the IPOB leader while the sentencing process is underway.
Kanu was earlier found guilty of inciting violence, ordering attacks on security personnel, calling for killings, and issuing threats capable of terrorising the public, all captured in broadcasts tendered as evidence by the prosecution.
News
Court Finally Delivers Judgement In Nnamdi Kanu’s Terrorism Case
Justice James Omotosho of the Federal High Court, Abuja, has delivered his ruling in the case between the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, and the Federal Government.
Naija News reports that the judgement was given in Nnamdi Kanu’s absence after the judge had ordered security operatives to kick him out of the court over his unruly behaviour.
Nnamdi Kanu had earlier stated that the Federal High Court sitting in Abuja does not have the jurisdiction to try him.
The separatist, who has been in custody since 2021, faced seven terrorism-related charges bordering on alleged incitement, running an unlawful group, and acts threatening national security.
The IPOB leader contended that the Terrorism Prevention and Prohibition Act, under which he is being prosecuted, has been repealed.
He urged the court to strike out the charges, describing them as “disclosing no offence known to law” and therefore invalid.
Kanu also requested that the court nullify the “purported plea of not guilty” entered on his behalf, claiming it was obtained through deception and contrary to a Supreme Court ruling.
He further asked the court to set aside all subsequent proceedings and order his immediate release.
“My contention is very simple: this court lacks jurisdiction to try me,” he said.
Delivering ruling on Thursday, Justice Omotosho ruled that the court has the authority to preside over the Nnamdi Kanu case.
The judge also stated that the matter of extradition has been settled by the Supreme Court, and he ruled against Kanu in this regard.
On the issue of fairness in the hearing for Nnmadi Kanu, Omotosho ruled against the IPOB leader, stating that the court ensured he received a fair hearing.
On the defendant not entering his defence, Justice Omotosho said: “I begged the defendant passionately to enter his defence, but he remained obsolete. That shows that he chose to rest his case on the prosecution. Which is a gamble and a risky action.”
The court found Nnamdi Kanu guilty and convicted him of count 1 in the charges filed against him by the federal government.
The Judge said: “The court will rely on the uncontroverted evidence of the prosecution. This court, therefore, finds that the prosecution has discharged Count 1 beyond reasonable doubt. Consequently, the defendant (Kanu) is hereby convicted in respect of Count 1.”
More judgement is being read and this report will be updated as it comes in…….
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