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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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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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