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Two Businessmen, Cabota Group, Arraign Over Alleged N1.55bn Fraud, Illegal Forex Operations
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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2027: Tinubu Plot To Relocate Nigeria’s Capital From Abuja – Timi Frank
Timi Frank, former Deputy National Publicity Secretary of the All Progressives Congress (APC), has alleged that President Bola Ahmed Tinubu wants to relocate Nigeria’s capital from Abuja to Lagos upon his re-election in 2027.
Frank made this allegation known in a statement on Monday.
The former APC chieftain slammed Tinubu’s government for what he described as a ‘Lagos-centric agenda.’
He said that it has become clear to him that the President is pursuing an agenda of sidelining other regions.
According to Frank, major decisions of Tinubu’s administration are targeted to benefit Lagos State.
“It is now clear that the President’s long-term plan is to concentrate political and economic power in Lagos if given another term in office,” Frank said.
Frank also claimed that federal appointments and development initiatives under Tinubu have been largely one-sided, warning that such a trend undermines national unity.
“We do not want a president who is one-sided,” he said.
“Where are Tinubu’s MOUs tied to agricultural and livestock production in the North, industrial development in the Southeast, and oil and gas development in the South-South? None!
“Secondly, no president in Nigeria’s history has divided the country and its people along regional and ethnic lines the way this administration has done.
“There is a growing sense of alienation and division among Nigerians that is deeply troubling.
“It appears to be a deliberate strategy to impoverish certain regions, especially the North, South, and Southeast, so that citizens are economically weakened ahead of the 2027 election cycle,” Frank stated.
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BREAKING: Sultan Receives Moon Sighting Report, Announces Date of Eid-ul-Fitr in Nigeria
His Eminence the Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar II, has announced the date for Eid al-Fitr in Nigeria.
The Emir, who is the Chairman of the Supreme Council for Islamic Affairs in Nigeria, has not reported the sighting of the crescent moon of Shawwal, 1447AH, today, Wednesday, the 29th of Ramadan .
This was contained in a statement posted on the Facebook page of the Daular Usmaniyya , signed by the Wazir of Sokoto and Chairman of the Religious Affairs Committee of the Sultan’s Palace, Professor Sambo Wali Junaidu.
The statement stated that the Sultan’s Palace Moon Sighting Committee had not received any reliable reports of moon sightings from anywhere in Nigeria. According to this information, Thursday, March 19, will be the day to complete the 30th day of Ramadan.
The Sultan of Sokoto has declared Friday, March 20, 2026, as the day of the lesser Sallah, i.e. the 1st of Shawwal 1447AH.
He urged Muslims to use this time of Eid al-Fitr to pray for peace, unity, and sustainable development in Nigeria.
The statement said: “His Eminence, Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar CFR, mni, and Chairman, Nigerian Supreme Council for Islamic Affairs (NSCIA), has received the moon sighting report, which showed that the crescent moon was not sighted today, Wednesday.
“Accordingly, he declared Friday, March 20, 2026, as 1 Shawwal 1447AH (the Day of the Small Prayer). He also congratulated the Nigerian Muslim community on the occasion, and wished them the guidance and blessings of God.”
“He also called for continued prayers for peace, progress, and development of the country . He also wished Muslims a peaceful and prosperous Eid. May Allah (SWT) accept our acts of worship, amen.”
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BREAKING: Nigerian Governor To Build N19.6bn Specialist Hospital, Details Emerge
Governor Ahmadu Umaru Fintiri approves ₦19.6 billion Mother and Child Specialist Hospital in Yola The Adamawa State government says the hospital aims to reduce maternal and infant mortality rates in Adamawa State Fintiri explains that the facility will serve as a training center and improve healthcare services in the North-East.
Yola, Adamawa State – Governor Ahmadu Umaru Fintiri of Adamawa State has approved the construction of a state-of-the-art Mother and Child Specialist Hospital in Yola. The proposed Mother and Child Specialist Hospital will cost the state ₦19.6 billion, and it’s expected to be completed within 52 weeks. The landmark project is designed to significantly strengthen maternal, neonatal, and child healthcare services across the state.
The project aligns with Governor Fintiri’s commitment to reducing maternal and infant mortality rates. The hospital will also improve access to quality healthcare and position Adamawa as a referral hub for specialized medical services in the North-East region.
As reported by Daily Trust, the hospital will be equipped with modern medical technology and specialized units when completed.
The state governor explained that the hospital capable units to handle high-risk pregnancies, neonatal intensive care, pediatric emergencies, and other complex medical cases affecting women and children. Mother and Child Specialist Hospital will also serve as a training and research centre for healthcare professionals.
It will help to strengthen capacity and improve the quality of medical services within the state’s health sector. It will offer other healthcare services like advanced diagnostic and laboratory services, fully equipped operating theatres, intensive care units, emergency response facilities, and modern inpatient wards designed to provide quality care for patients.
Recall that Fintiri’s administration executed over 100 infrastructural, educational, health, and social projects across Adamawa state, transforming both urban centres and rural communities. The administration completed major road networks, flyovers, and township roads, including the Lamido Aliyu Mustapha Flyover, Yola, and the Nyibango-Yolde Pate Road in Yola South.
Over 100 new primary health care centres were built, while hospitals such as Numan General Hospital and Specialist Hospital, Yola, underwent comprehensive development and modernisation.
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