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EFCC Arraigns Chayomi Aluminum Boss Titilayo Eboh Over Alleged N1.8bn Fraud

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The Economic and Financial Crimes Commission (EFCC) on Wednesday arraigned businesswoman Titilayo Eboh before the Ikeja Special Offences Court over an alleged ₦1.8 billion fraud.

Eboh was docked alongside Chayomi Aluminum Ltd and one Abubakar Funtua, said to be at large, on a three-count charge bordering on conspiracy, stealing and obtaining money by false pretence.
She pleaded not guilty to the charges.

Bail Hearing Adjourned
Prosecuting counsel, Nnaemeka Omenwa, asked the court to remand the defendant pending trial. He informed the court that the defence had forwarded a bail application via email in a related matter pending before another judge.

However, defence counsel, Emefo Etudo, said he was not involved in proceedings before that court and urged the judge to fix an early date for the hearing of the bail application, alongside multiple trial dates.

Justice Mojisola Dada ordered that the defendant be remanded and adjourned the case until March 24 for the hearing of the bail application.

Alleged Dollar Exchange Scam
According to the EFCC, the alleged offences occurred between December 2, 2020, and January 25, 2021, in Lagos.

The anti-graft agency alleged that Eboh obtained ₦1.8 billion from Olamayowa Abdulwasiu-Olabisi and Adekanmi Adedire of Himark Intertrades Ltd under the pretext that she had the dollar equivalent available for exchange at a rate of ₦420 per dollar — a claim it said she knew to be false.

The commission further alleged that she dishonestly converted ₦458.2 million belonging to the complainants to personal use. The amount represents approximately $1.9 million at an exchange rate of ₦450 to the dollar.

The alleged offences contravene Sections 1(1)(a) and 1(3) of the Advanced Fee Fraud and Other Fraud Related Offences Act, as well as Section 278(1) of the Criminal Law of Lagos State.

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Nigerian Gov Announces Fresh Public Holiday for Workers Across State

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The Ekiti State Government has declared Friday, June 19, 2026, a work-free day for public servants in the state.

Naija News reports that the government said the holiday was to enable workers to travel to their respective voting centres ahead of the governorship election scheduled for Saturday, June 20.

This was contained in a statement issued on Thursday by the Permanent Secretary to the Head of Service, Janet Ajibola.

“His Excellency, the Governor of Ekiti State, Biodun Abayomi Oyebanji, has graciously declared Friday, 19th June, 2026, as a work-free day for all public servants across the state,” the statement read.

Ajibola said the directive was addressed to commissioners, special advisers, the Secretary to the State Government, permanent secretaries, the Clerk of the House, heads of tertiary institutions, the Registrar of the High Court of Justice, general managers, executive secretaries and heads of departments.

“For the purpose of public safety and continuity of essential services, hospitals and health centres, fire service departments and other essential service providers are exempted and shall continue to provide appropriate services,” the statement added.

The Permanent Secretary urged heads of exempted essential institutions to ensure uninterrupted service delivery during the election period.

She also directed chief executive officers and accounting officers across state parastatals to ensure compliance and wide circulation of the directive.

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BREAKING: Mixed Reactions as Tinubu Announces Fresh Appointment

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The news of Kunle Elebute by President Bola Ahmed Tinubu as the chair of the Governing Board of the Financial Reporting Council of Nigeria (FRCN). has started generating reactions from Nigerians.

Kunle Elebute, a renowned chartered accountant and financial management consultant, as the chair of the Governing Board of the Financial Reporting Council of Nigeria (FRCN).

This was disclosed in a statement by the presidency on Thursday, June 18, adding that his appointment, adding that his appointment was meant to strengthen corporate governance, deepen accountability and transparency, as well as enhance the confidence of investors within the financial reporting ecosystem of Nigeria.

According to The Punch, Elebute is a fellow of the Institute of Chartered Accountants of Nigeria (ICAN) with over 40 years of professional experience in Nigeria, West Africa and the world at large. Elebute had earlier served as the senior partner and chief executive officer of KPMG Nigeria, the KPMG West Africa chairman and the chairman of KPMG Africa.

Also, he had served on the regional and global boards of KPMG, such as its Global Board Audit Committee.

In the statement, he was described as a highly respected professional with wide experience in financial advisory services, auditing, strategic transformation, risk consulting and corporate governance.

Below are some of their comments: 

Segun Benson said the appointment should have gone to another qualified person in another region of the country:  “I would have expected Mr President to appoint a qualified person from another region.. no shades.”

Dimeji Lawal said that Nigerians are on the lookout for the effect of the appointment: “The appointment is one thing. The impact of the appointment is what Nigerians will be watching.”

Danjuma claimed that Tinubu’s appointments are following a particular pattern of the late former president Muhammadu Buhari: “I like Tinubu for this, he is following the footsteps of Buhari, who fulanised Nigeria with his appointments.”

Shamsuddeen commended the appointment of Elebute by President Tinubu, describing it as wonderful: “That’s another wonderful selection by President Tinubu GCFR by appointing Mr Elebute. Congratulations sir.”

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Tinubu Makes Fresh Top Appointment

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Nigeria, Benin Sign Integration Pact

President Bola Tinubu has approved the appointment of Kunle Elebute as the Chairman of the Governing Board of the Financial Reporting Council of Nigeria.

Naija News reports that the appointment was disclosed in a statement signed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Thursday.

Mr. Kunle Elebute

Mr. Kunle Elebute

Elebute is a former Chief Executive Officer of KPMG Nigeria and previously served as Chairman of KPMG Africa.

During his illustrious career, he also served on KPMG’s regional and global boards, including its Global Board Audit Committee.

He is an accountant and economist with several decades of experience in auditing, financial advisory, corporate governance, and business consulting.

“Mr Elebute’s appointment comes at a pivotal time as the FRCN advances key institutional priorities, including ongoing engagements under the UK-Nigeria Enhanced Trade and Investment Partnership and broader efforts to align Nigeria’s corporate reporting framework with international best practices.

“The Federal Government is confident that his wealth of experience, leadership, and governance expertise will further strengthen the Council’s mandate and support the Renewed Hope Agenda’s objective of building a more transparent, competitive, and investment-friendly economy,” the statement added.

The Financial Reporting Council is the agency responsible for setting and enforcing accounting, auditing, actuarial, valuation, and corporate governance standards in Nigeria.

 

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