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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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FULL LIST: Major Shake Up In Nigeria Police As IGP Deploys Commissioners Of Police

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The Inspector-General of Police, IGP Olatunji Rilwan Disu, has approved the deployment of Commissioners of Police to State Commands and strategic formations across the country.

The deployment follows the approval of his recommendations by the Police Service Commission (PSC).

According to a statement on Thursday by the Force Public Relations Officer, CSP Ani Iniedu, the deployment is aimed at strengthening operational effectiveness, enhancing leadership across Commands and formations, and consolidating the ongoing reform and repositioning of the Nigeria Police Force.

Naija News reports that the Inspector-General of Police charged the affected senior officers to bring their wealth of experience to bear in their new assignments by strengthening intelligence-led policing, enhancing operational effectiveness, promoting professionalism, and deepening community engagement in line with the vision of the Force.

He also urged them to remain steadfast in safeguarding lives and property while upholding the highest standards of discipline, accountability, and service delivery.

“The Nigeria Police Force remains committed to strategic personnel deployments as a key component of its ongoing reforms aimed at enhancing operational efficiency, strengthening internal capacity, and delivering more effective policing services to all Nigerians,” the statement concluded.

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Shettima Steps Aside from Official Duties After Three Years

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Vice-President Kashim Shettima on Thursday commenced a two-week leave — his first since assuming office over three years ago.

According to a statement issued by the media aide to the vice-president, Stanley Nkwocha, during the leave, the vice-president will devote time to study, reflect and do intellectual renewal as part of efforts to strengthen his capacity for continued service to the nation.

The leave offers Shettima an opportunity to review the administration’s ongoing programmes, deepen his understanding of emerging national and global policy issues, and prepare for the responsibilities ahead as the Federal Government intensifies the implementation of the Renewed Hope Agenda.

Since assuming office on May 29, 2023, the vice-president, the release stated, has remained actively engaged in the coordination and supervision of several strategic government initiatives, particularly in economic development, food security, humanitarian affairs, digital transformation, job creation and regional cooperation.

He has consistently chaired the monthly National Economic Council (NEC) meeting, which brings together the governors of the 36 states, the Governor of the Central Bank of Nigeria and other relevant public officials to deliberate on policies affecting the economy and the welfare of Nigerians.

Beyond his responsibilities within the country, Shettima has represented President Bola Tinubu at major international and regional engagements, advancing Nigeria’s position on economic integration, peace and security, climate action, investment and sustainable development. ExecutiveBranch

He remains deeply committed to the ideals of loyalty, duty and service that have defined his role in the administration, as well as to supporting President Tinubu’s efforts to build a more secure, productive and prosperous Nigeria.

The vice-president will return to office at the end of the two-week leave period and resume his official responsibilities with renewed energy and dedication to the service of the nation.

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Friday, August 7, Declared Public Holiday, Government Announces Reason

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Rwanda has declared Friday, August 7, 2026, a public holiday to mark Umuganura Day, a national harvest festival with roots stretching back to pre-colonial times.

Legit.ng reports that the announcement came from the Ministry of Public Service and Labour on Tuesday, August 4, 2026, and applies to workers across all sectors, both public and private.

The ministry said in its official statement:

“The Ministry of Public Service and Labour informs all employers and employees in both public and private sectors that Friday, August 7, 2026, will be a public holiday in celebration of Umuganura Day.” 

What is Umuganura Day?

Umuganura is one of Rwanda’s most significant cultural observances. The festival gives thanks to God and ancestors for the bounty of the land and marks the collective effort of communities in cultivating it. Despite being called a harvest festival, it is observed before the harvest begins, a tradition rooted in the practice of elders tasting the fruits of the new season before any family member is permitted to do so.

The celebration starts within individual families and then expands into wider community gatherings where traditional foods, crafts, and performances are shared. Rwandan restaurants and cultural centres, both at home and abroad, typically mark the occasion with special offerings tied to the country’s culinary heritage.

Agriculture sits at the heart of why the day carries such weight. About 80% of Rwanda’s labour force is engaged in farming activities, which contribute roughly 40% of the country’s Gross Domestic Product. Tea and coffee are the country’s most important cash crops, making up around 80% of its agricultural exports.

History of Umuganura festival

Umuganura has survived considerable upheaval. Germany colonised Rwanda in 1899 as part of German East Africa, and Belgium took control in 1916 during World War I. The prolonged period of colonial rule disrupted the festival, and it went uncelebrated for many years. Rwanda gained independence in July 1962, and the country gradually rebuilt its national identity in the decades that followed.

Despite its ancient origins, Umuganura was only formally recognised as a public holiday in 2011. Beyond its cultural significance, the day also serves as an occasion to reflect on the country’s yearly achievements across the sectors that drive national development.

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