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Court Orders Final Forfeiture Of Amosu’s N2.2bn

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A Federal High Court in Lagos has ordered final forfeiture of N2.24 billion recovered from a former Chief of Air Staff, Air Marshal Adesola Amosu, to the Federal Government.

Justice Mojisola Olatoregun gave  the order following an application by the Economic and Financial Crimes Commission (EFCC) on June 7, 2018.

The EFCC had said that the sum was reasonably suspected to be proceeds of an unlawful activity.

The judge also ordered final forfeiture an order for the forfeiture of N190,828,978.15k recovered by EFCC from a former Nigeria Air Force (NAF) Director of Finance and Budget, Air Commodore Olugbenga Gbadebo.

Olatoregun further ordered final  forfeiture of N101 million recovered from Solomon Enterprises, a company linked to Amosu.

The court had earlier granted an interim order of forfeiture of the sums.

It directed the EFCC to publish the interim order in The Nation and Punch newspapers so that the respondents or anyone interested can show cause as to why the final order of forfeiture should not be made in favour of the Federal Government.

Amosu and an interested party, Air Vice Marshal Bolaji Adigun, had filed counter-application, arguing that the funds were proceeds of their personal businesses and not from illegal activities.

At the resumed hearing today,  Olatoregun dismissed the applications, saying that they failed to provide facts to ascertain if the funds were obtained unlawfully.

“Upon examination of the two applications from the first respondent  (Amosu) and the interested party, dated July 28, 2018, and asking that the interim orders be set aside,  I found nothing to set aside the order.

“The affidavits filed disclosed no reason why the order of final forfeiture should not be made; the applications are hereby dismissed. The only conclusion I can reach is that these funds are proceeds of an unlawful activity.

“I hereby order the final forfeiture of these sums to the Federal Government of Nigeria: N2,244,500,000, N190,828,978.15 and N101 million.

“The funds should be paid into the nominated GTB treasury single account of the Federal Government and an affidavit of compliance filed within 14 days.” Olatoregun ruled.

Amosu, Gbadebo and a former NAF Chief of Accounts and Budget, Air Vice Marshal Jacob, were on trial before Justice Mohammed Idris of the Federal High Court before the judge was elevated to the court of Appeal.

The premier reports that the trial is expected to start afresh before Justice Chukwujekwu Aneke.

EFCC accused them of converting N21 billion from NAF through various companies, namely Delfina Oil and Gas Ltd., Mcallan Oil and Gas Ltd., Hebron Housing and Properties Company Ltd., Trapezites BDC, Fonds and Pricey Ltd., Deegee Oil and Gas Ltd., Timsegg Investment Ltd. and Solomon Health Care Ltd.

Amosu and Adigun were alleged to have, between July 17, 2014, and Sept. 16, 2014,  removed over N663.4 million from the Nigerian Air Force accounts to purchase properties at  50-52 Tenterden Grove, London (NW4 1TH) and at 93B Shirehall Park, London NW4 2QU.

They were also accused of buying 40A, Bourdillon, Ikoyi, with N900 million, and a property at Sinari Daranijo on Victoria Island with N1.5 billion.

EFCC said they also bought a property named Cappadol Mall on Adetokunbo Ademola Street, Wuse II, Abuja, for N750 million, as well as a property worth over N1.7 billion on Agobogba Street, Parkview, Ikoyi, Lagos, using the air force’s money.

Other properties they allegedly bought with stolen funds include one on Salt Lake Street, Maitama, Abuja, another on Agadez Street, off Aminu Kano Crescent, Abuja, and a property at 61A, Lake Chad Street, Maitama, Abuja, as well as one at 1, River Street, Wuse II  Abuja, using alleged stolen funds.

The defendants equally allegedly used N428,139,539.00 removed from NAF accounts to renovate and purchase medical equipment for Solomon HealthCare Ltd. situated at 24, Adeniyi Jones Street, Ikeja.

 

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Access Bank Appoints Uche Orji as Independent Non-Executive Director

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Access Bank Appoints Uche Orji as Independent Non-Executive Director

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Holdings Plc (‘the Company’) is pleased to announce the appointment of Mr. Uche Orji as an Independent Non-Executive Director of its flagship subsidiary, Access Bank Plc (‘the Bank’), effective from January 7, 2025, following the approval of the Central Bank of Nigeria (‘CBN’).

This appointment reflects our commitment to enhancing our governance practices and ensuring a diverse and experienced board.

Mr. Orji is a renowned investment banking professional, information technology entrepreneur, and finance expert with three (3) decades of professional and board experience. He is the Co-founder and Partner of Titangate Capital Management, an equity firm that invests in deep-tech, enterprise software, semi-conductors, hardware, and artificial intelligence companies.

He is the Founder and Director of Vitesse Africa Limited, an investment advisory firm focused on African energy, technology and infrastructure sectors. He serves as an Executive Board member and investor in Ultrasafe AI, an artificial intelligence/IT development firm that maintains strategic collaborations with leading technology companies. He also sits on the Board of Private Infrastructure Development Group, London, and chairs the Risk Committee.

Previously, Mr. Orji served as the founding Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority. He held positions as Managing Director and Senior Analyst at UBS Securities Limited New York and Managing Director and Head of European Technology/Semiconductor Equity Research at JP Morgan Securities, London. He also served as Executive Director/Portfolio Manager at Goldman Sachs Asset Management, London. Earlier in his career, he was Acting Financial Controller at Diamond Bank Limited and an Audit Trainee at Arthur Andersen & Co.

He holds a Bachelor of Engineering Degree in Chemical Engineering from the University of Port-Harcourt and a Master of Business Administration from Harvard Business School.

Commenting on the appointment, Mr. Paul Usoro, SAN, the Chairman of the Bank said:

“Mr. Orji has been appointed based on his exceptionally rich professional, academic, and corporate board experience which will be invaluable to the Bank as we continue to pursue our strategic objectives.

We are confident that his addition to the Board would further enrich the quality of our decision-making process, enabling us to deliver even greater value to our customers and stakeholders.

His appointment has been made in accordance with the Bank’s internal policies and has been notified to all relevant regulatory authorities underscoring our commitment to upholding the highest standards of corporate governance.

On behalf of the Board, Management and staff, I warmly welcome Mr. Orji to the Board and look forward to his contributions towards our goal of becoming one of the top 5 African Banks in the shortest possible time.”

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Go and List Your Challenges, Lagos Speaker tells NANS Member During Courtesy Visit

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Go and List Your Challenges, Lagos Speaker tells NANS Member During Courtesy Visit

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The National Association of Nigerian Students (NANS), Lagos State University (LASU) branch, on Friday paid a courtesy visit on the Speaker of the Lagos State House of Assembly, Princess Mojisola Lasbat Meranda.

The student representatives said the visit was to congratulate Meranda over her emergence as Speaker of the State Assembly.

Meranda, an alumnus of LASU, was elected Speaker on January 13 after the removal of Mudashiru Obasa by the lawmakers over issues relating to alleged high-handedness and financial impropriety.

Describing her as a thoroughbred Lagosian, the chairman of NANS, Abdulraheem Azeez, used the opportunity to list some of the challenges faced by students in the university.

According to him, students have had to read in darkness as the Ikeja campus gets less than two hours of power supply daily.

Azeez also raised the need for the State to make available loans for indigent students as well as for the Assembly to provide opportunities for students to witness the plenary of the House.

Meranda, while thanking the students for the visit, urged them to always attend town-hall meetings in their constituencies where they can contribute and make their opinions known.

She further encouraged them to apply for the loans initiated by the government as done by students in other countries.

The Speaker requested the students to formally send their complaints in written forms to the House for action.

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EFCC Tasks Corps Members on Corruption

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

EFCC Tasks Corps Members on Corruption

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede charge members of the National Youth Service Corps, NYSC, to be change agents and strong resisting force against corruption.

He also enjoined them to be active foot soldiers and whistle-blowers or intelligence-gatherers against corruption.

Speaking on Thursday, January 30, 2025 at the NYSC Orientation Camp, Yikpata, Edu Local Government Area of Kwara State, Olukoyede said It is important for youths to realise that, these roles, if performed creditably, will bring up appreciable growth in the economy of our nation. He said that, “creative energies of youths will be maximised when corruption is brought to its knees.”

The EFCC boss whose address was delivered by the Head, Public Affairs Department, Ilorin Zonal Directorate of the EFCC, Ayodele Babatunde said that most of the problem confronting the country such as kidnapping, banditry, poor infrastructure, among others were connected to corruption. He added that all hands must be on the deck to tame the cankerworm.

Olukoyede encouraged the youths to embrace the virtues of hard work and shun fraudulent practices such as cybercrime noting that, “it’s profitable to earn dignity and fame through hard work and legit business.”

While calling on the youths to channel their potentials productively and shun crime, the EFCC Chair said that, “Yahoo-Yahoo is not a sustainable way of life.”

“There is no shortcut to wealth and fame. The fact that the rate of unemployment is high should not be an excuse to resort to crime. Act of criminality might deliver wealth in the short term but there will be misery and gnashing of teeth”, he said.

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