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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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Yorubaland No Longer Safe, Terror Cells Expanding — Gani Adams

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When the terrorists started operating in the northern part of the country, attacking communities and schools and abducting not only the residents but also  pupils and students, many people never believed they would find their way to the South West part of the country. But when they took over Kwara, about a year ago, some raised the alarm that the South West was the next target.

This came to pass last week Friday. They attacked Community High School Ahoro-Esinele and Yawota Baptist Nursery and Primary School in Oriire Local Government Area of Oyo state, abducting 39 pupils and students including a two-year-old toddler and seven teachers. One teacher was killed in the process while another one was beheaded in captivity. All the victims are still being held by the terrorists one week after. Following the terrorists’ attack, there have been palpable fears in the south west region as many communities have been deserted. The residents have fled their homes and are taking refuge elsewhere.

But the frightening reality which is giving security experts sleepless nights is that these terrorists have already blended into everyday life in the south west. These individuals are described as sleeper cells. According to security experts, these terrorist cells do not arrive carrying flags or announcing their intentions. Instead, they move quietly into communities, rent apartments, establish businesses and build relationships.

Security experts warn that Nigeria’s greatest security threat may no longer be only terrorists occupying forests and ungoverned spaces, but hidden networks operating unnoticed within towns and cities, patiently waiting for the right moment to strike. They said the most dangerous enemy is often the one no one suspects, not always the insurgent wielding an AK-47 in a conflict zone, but sometimes the familiar face that greets neighbours daily, attends community gatherings, and appears fully integrated into society.

They are individuals or networks embedded within civilian populations, operating quietly for months or years while gathering information, studying security patterns, recruiting sympathisers, building local contacts, and waiting for instructions before attacks eventually occur. They are terrorist cells. They are no longer only in the north, they have found places down south.

Their weapon is not merely explosives or guns; it is patience. Unlike conventional terrorists, sleeper cells rarely strike immediately. They study communities, observe security routines, and identify vulnerable targets. Some facilitate the movement of money or logistics. Others provide safe houses, recruit sympathisers, or monitor critical infrastructure. By the time violence erupts, security analysts say the groundwork may already have been completed.

This is why the stakeholders in the south west including the elders, leaders and activists are lamenting that the region is no longer safe. They are asking the state governments in the region to rise up to the challenge and make Yorubaland safe for the people.

Yorubaland no longer safe — Oladotun

In his reaction, the President, Yoruba Council Worldwide, Mr Hassan Oladotun said,”the recent invasion of some schools in Oyo by terrorists has shown that Yorubaland is no longer safe. It is better for governors across the region to jettison politics and take collective action towards safeguarding the region from total invasion by bandits and terrorists. It is obvious that the Amotekun outfit is either losing focus or it has been abandoned for bandits to have the audacity to move their activities into Yorubaland, especially Ogbomoso and parts of Oyo State. It is a signal that the region is no longer safe.

“The menace started from Ekiti State areas which share boundaries with Kwara State and we thought the establishment of the outfit would put a stop to the movement of the bandits towards the southwest.

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Ekiti Local Government Vice-Chairman Kidnapped By Gunmen

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Armed Robbers Kill Phone Shop Operator In Abuja
Gunmen Abduct and Later Release Ekiti Council Vice-Chairman After Joint Rescue Operation

The Abduction

Gunmen intercepted Grace Ogunleye, the Vice-Chairman of Ilejemeje Local Government Area, along the Ipere–Iludun road on Wednesday, May 20, 2026. The incident occurred while she was driving toward Ido Ekiti following an official visit to the local government secretariat. Her abandoned vehicle was later found by the roadside, and her mobile phone was switched off immediately following the attack. Falade Sunday, the LGA’s director of information, quickly alerted security forces to launch a search.

The Rescue

Following a swift, coordinated operation, the Ekiti State Police Command confirmed that Ogunleye was rescued unharmed. Police spokesperson Sunday Abutu stated that a joint team of police officers, military personnel, and local security operatives successfully pressured the kidnappers into releasing her. Falade Adegoroye Michael, the Ekiti State Commissioner of Police, has ordered a full-scale investigation to track down and arrest the fleeing suspects.
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Meet 39-Year-Old Prof. Segun Aina Appointed As New JAMB Registrar

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President Bola Tinubu has appointed 39-year-old Professor Segun Aina as the new Registrar of the Joint Admissions and Matriculation Board, succeeding Professor Ishaq Oloyede, whose tenure expires on July 31, 2026.

The appointment was announced in a statement issued on Thursday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

Oloyede’s decade at JAMB was, by most accounts, transformational. Within three years of assuming office in 2016, he overhauled the board’s operations and finances. Remittances to the Federal Government rose sharply from less than ₦50 million between 1978 and 2016, to ₦7.8 billion in 2017 alone.

From 2016 to 2026, JAMB remitted ₦20.7 billion in operating surplus and funded physical and human development projects from internally generated revenue.

Here are key facts about Prof. Aina:

1. Aina is a professor of Computer Engineering at Obafemi Awolowo University, Ile-Ife, with expertise in digital infrastructure, national examination systems and institutional reforms.

B.Eng. (Hons.) Computer Systems Engineering – 2008

M.Sc. Internet Computing and Network Security – 2009

Ph.D. Electrical Engineering (Signal Processing) – 2015

Registered Engineer, Council for the Regulation of Engineering in Nigeria (COREN) – 2017

. He is a distinguished academic and systems expert with extensive experience in national examination systems, digital infrastructure, and public-sector institutional reform.

3. He holds a Bachelor of Engineering in Computer Systems Engineering from the University of Kent, an MSc in Internet Computing and Network Security.

4. He also holds a PhD in Digital Signal Processing, both from Loughborough University, United Kingdom.

5. He has also completed the Senior Management Programme at Lagos Business School.

Aina has over 15 years of professional experience advising federal and state governments on digital transition, institutional reforms and system design.

7. He is one of Nigeria’s youngest professors in Computer Engineering and will become the youngest registrar in JAMB’s history.

8. Aina had previously worked as a consultant to examination bodies, including the National Examinations Council and the National Business and Technical Examinations Board on ICT systems and examination integrity.

 

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