₦airaland Forum

Peter Ikenga, CEO of Transcorp Power is involved in an ongoing sexual assault and exploitation case which involves Chinedu Okpareke named in the sexual harassment and revenge porn case along with former governor Ohakim some years ago. The victim whose name is Rachael Ekundayo has said she is being pressured to drop the case and she says she is considering

Rachael also claims she might drop the case due to jurisdictional challenges as the accused individuals are out of range of the court and she has asked Chairman of Tranacorp, Tony Elumelu to run an investigation to ascertain the truth

Nigerians has asked that the victims should not drop it and allow the law take its course as she might not get justice else was except in the UK

Transcorp Nigeria has not responded to the allegations yet

By Wale Fakorede

Recently, two articles were published in multiple media outlets, both print and digital, about union bank of Nigerian (UBN) and the recent Federal High Court judgment.

One was entitled: "union bank: How controversial transactions led to cbn takeover", while the other was entitled "Audit links multi-billion naira abuse to old union bank management".

As a lawyer, I naturally became curious as both articles were published at the same time in different newspapers by two different authors. However, the contents were almost identical. I doubt it is a coincidence. Or maybe, both authors had a telepathic subliminal connection that psychologists across the world will need to study. As we think about this journalistic miracle, let us unpack the facts of the matter.

In any case, what were these articles about if not to woodhink and deceive the public? The articles were written even when the Central bank of Nigeria (cbn) which the judgment was against has filed an appeal against the judgment. So why the attempts to misrepresent facts?

A judgment by the Federal High Court (FHC) nullified the sacking of the former Board and Management of UBN by the cbn and declared the cbn's actions were in bad faith. This is a landmark judgement.

Furthermore, the judgement instructed the cbn to immediately restore the sacked Board and Management and also awarded $190 million to the shareholders. The cbn immediately responded by filing an appeal and requested for a "Stay of execution". For the appeal, the cbn sacked some of its lawyers and appointed over 15 SANs.

I felt professionally compelled to fully grasp the issues that warranted this judgement and subsequent reaction. I obtained and read the 110-page Certified True Copy (CTC) of the FHC judgement and here is what I elicited:

Firstly, Titan Trust bank (TTB), established in 2018 by TGI group via two subsidiary entities, Luxis International and Magna International, acquired UBN in 2022 from Atlas Mara and union Global Partners Ltd, both UK based private equity groups (UBN's owners on record).

I found this interesting as the general belief was cbn and AMCON sold UBN to TTB. The second discovery was TTB funded this acquisition using a mixture of equity from TGI and a loan from Afrexim bank.

In the court records, there are documents that showed that immediately after acquiring UBN, TTB commenced the process of merging both banks and also sought cbn's approval to create a Holding Company (HoldCo) similar to First HoldCo Plc and Access Holdings Plc. This HoldCo was to own the merged TTB/UBN entities and also take over the Afrexim acquisition loan. According to the court documents, by December 2023, cbn approved the merger but did not approve the HoldCo.

The shareholders argued this is the reason the Afrexim loan remained in the books of the merged bank. But in last week's articles, this loan was weaponised to justify the sack of the Board.

In the case author of the articles were not thoroughly briefed on how the crisis started, it stemmed from the cbn's January 2024 intervention, when it dissolved the boards and management of union bank, citing "regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability".

At the time, the apex bank cited provisions of BOFIA, including non-compliance with licensing conditions, threats to financial stability, failure to adhere to regulatory directives, and undercapitalisation. It subsequently appointed interim management teams and initiated recapitalisation and restructuring programmes as part of broader regulatory interventions in the banking sector.

The Federal High Court set aside the actions of the cbn on various grounds, including denial of the union bank's directors their right to fair hearing.

On the issue of fair hearing, the court held that the applicants' fundamental rights were breached, noting that they were sanctioned without being allowed to respond to allegations arising from a purported special examination of the bank.

The judge found that the applicants' shareholding was reduced from 100 per cent to 40 per cent and that they were excluded from participating in the recapitalisation exercise without legal justification, describing the actions as indicative of bad faith.

Although the cbn defended its intervention as part of its prudential oversight, citing severe financial distress at the bank--including a negative capital adequacy ratio, a capital shortfall exceeding N224 billion, and a high non-performing loan ratio--the court held that such regulatory powers must be exercised strictly within the confines of the law.

On jurisdiction, the court ruled that Section 51 of BOFIA does not shield the cbn from judicial review where it acts outside its statutory powers. It also held that the actions of the cbn-appointed board were subject to review, describing them as agents of the cbn. It went further to dismiss procedural objections raised by the respondents, holding that the applicable rules of court were directory and not sufficient to defeat the suit.
The court also found that the applicants suffered a "continuing injury," noting their exclusion from management and decision-making processes between January 2024 and December 2025.

On damages, the court acknowledged that the respondents admitted the applicants invested $190 million in the bank but declined to award additional claims in the absence of oral evidence.

For many observers and industry players, the red flag was how can you approve a merger today and sack the Board tomorrow? The judge asked the same question in his judgement. Another red flag was a few weeks after taking over, the cbn appointed Managing Director wrote to the cbn stating that she had put the HoldCo process "on hold until further notice". To me, this appears like a classic case of setting up a robbery operation and tipping off the police at the same time.

The forensic report described in the recent articles implied that the Afrexim loan was the genesis of cbn's actions. But from what I have read, I can only conclude that the loan remained in the books of the bank because the cbn refused to approve the HoldCo or the numerous requests by the shareholders to pay down the loan. In any event, there was no evidence in any court submission by the cbn, written or verbal, that showed UBN was a threat to financial system stability.

This takes me to Page 104 and 105 of the judgement, where it explicitly states the cbn did not submit any "examination report" to the court as evidence to support its actions. The judge said the cbn could not conduct a Special Examination "in the air" buttressing the claim by the former Board of Directors that there was no special examination of the bank at the material time.

Another interesting issue I came across in my review was the cbn's attempt to sell 60% of the bank without the knowledge or approval of the existing shareholders. On page 105 of the judgement report, the judge said this action showed "bad faith" and "breach" of shareholders "fundamental rights".

After thoroughly reviewing the court documents, in my professional and objective opinion, I do think there is more to cbn's action than meets the eye. I am left with more questions than answers.

Why did the cbn not conduct the mandatory and legally required examination before sacking the UBN Board led by Mr. Farouk Mohammed Gumel? Why were the forensics conducted after the dissolution of the Board and not before? Conducting forensics after the fact and using it as the basis for regulatory intervention is the same as putting the cart before the horse. In fact, how did a confidential forensic report of the cbn end up in the newspapers at a time the Apex bank was seeking to reassure the public that the bank was safe?
Why did cbn try to forcefully dilute the core shareholders? Why did the cbn-appointed Board withdraw the application to set up a HoldCo?

Interestingly, I checked the audited financials of UBN and discovered that the bank was profitable as at December 2023, and could not therefore have been a bank going down the hill at the time of the cbn intervention in January 2024.

This was the biggest indication that there was more to this 'regulatory intervention' than the cbn is willing to tell the public. In view of these observations, my final question is, whether this is an act of someone actually trying to take over the bank through the back door?

I will conclude by quoting page 103 of the judgment where the judge said "Bad faith cannot be seen with the eyes. It can only be inferred from the facts of the case."

As it stands, subject to appeal, the court's opinion is that the cbn's actions were made in bad faith and breached the rules of natural justice.

·Fokorede is a lawyer based in Lagos

An Abuja based lawyer, Barrister Victor Giwa has cried out to the President of the Nigerian Bar Association, NBA, saying those after him have succeeded in getting Justice Jude Onwuegbuzie of the High Court of the Federal Capital Territory sitting in Apo Resettlement, to grant prosecution ‘s strange motion on notice to be moved on 26th january, 2026, seeking to revoke his bail and remand him in Kuje Corectional Centre until the end of his trial.

In a letter to the associations president, Mazi Mazi Afam Osigwe, dated January 23, 2026, the human rights lawyer is seeking the intervention of the association.

He said the situation in his trial has degenerated below injustice and has become dirty and somewhat indescribable.

He accused the judge of no longer conducting his trial but on a vengeoance mission.

He said in the letter, ""Mr, President, Recall I write you a letter dated 25th November, 2025 to officially inform you and bring to your attention the situation regarding the judicial proceedings in the FCT High Court, particularly, FCT High Court No. 30, Apo before His Lordship, Hon Justice Jude Onwuegbuzie and the patent compromised by external influences of judicial proceedings and the injustice perpetrated by Asabe Waziri a Management Staff of Nigerian National Petroleum Company Limited (NNPCL) facilitated by some named persons.

"The situation has degenerated below Injustice and has become dirty and somewhat indescribable.

"The event in court shows that Hon Justice Jude is no longer conducting my trial, His Lordship is on a vengeance, to embarrass, humiliate and punish me as planned by Asabe Waziri of NNPCL and her named facilitators. The concluded plan is to send me to Kuje Correctional Centre, from where I should be attending my trial.

"Hon Justice Jude hurriedly struck out my six applications challenging the Court’s jurisdiction filed between May and December, 2025, on 21st January, 2026 in a terse Ruling and on oral application of the Prosecution. This is to clear the way for the grant of prosecutor’s Motion seeking “TO REVOKE MY BAIL AND REMAND ME IN KUJE CORRECTIONAL CENTRE ÜNTIL THE END OF THE TRIAL”
My President, since the beginning of this trial, Hon Justice Jude has granted all the prosecutor’s applications, and has refused all my applications including the application seeking the release of my internation passport to travel and get medication and see my family.

"His Lordship has refused my application for CTC of the rulings that His Lordship delivered on the 26th November, 2026 for a Motion I have not move. His Lordship has refused my request for record of proceedings of the Court till date.

"Each sitting in His Court during my trial has the presence of over eight Policemen inside the court paid my Asabe Waziri, the nominal complainant and sponsor of the trial.
I had publicly and severally notified the Honourable court that I have lost total confidence in the Honourable Court the Court still insisted to continue the case.
Each of the court’s sitting during my trail is characterized by threats and intimidation of “” wielding the big stick””.
Report has it that His Lordship has written in advance, a ruling on the prosecution’s weird application, to me moved on 26th January, 2026 to “revoke my bail and remand me in Kuje Correctional Center till the end of my trial”. Copy of Motion is annexure A.

"Asabe Waziri the nominal complainant and the sponsor of the charge and trial was seen dancing in the court at the striking out of my motions during the hearing on the 21st January, 2026.

"Asabe Waziri has vowed to ruin and damage my carrier and professional reputation with every resources she has using her contacts and connection as an NNPC staff.

"All these are irrespective of my four applications to the Chief Judge of FCT to direct recusal and reassignment of my case. And my Petition against the Honourable Justice Jude to the National Judicial Council (NJC) in December, 2025.

"Conclusion, a Judge that comes in court with an already prepared ruling on a Motion that has not being moved is not holding an even scale, He is holding a dagger.

I therefore, call on the president to urgently intervene to halt the event from taking place on 26th monday, 2026, or in any other day in hon justice jude’s court."

The Federal High Court in Abuja has issued stern warnings to three major financial institutions, First Bank of Nigeria Limited, Access Bank Plc, and Zenith Bank Plc, placing their Managing Directors on notice that they could face imprisonment for allegedly disobeying a subsisting court order, Very Nigerian reports.

The warnings were contained in a series of Form 48 Notices of Consequences of Disobedience to Court Order, issued in relation to an interim directive made on November 6, 2025, in Suit No. FHC/ABJ/CS/2369/2025.
The suit concerns a high-stakes dispute involving onshore oil asset and the FSO Ugo Ocha, linked to interests in the OML 42 Joint Venture, in which the Federal Government owns a 55% share.

Form 48 notices dated November 13, 2025, were served on the Managing Director of First Bank at both the bank’s Marina Head Office in Lagos and its Abuja main branch on Muhammadu Buhari Way.
In the notices, the court reminded the banks that it had issued a clear directive requiring all parties to maintain the status quo, warning that any deviation could amount to contempt of court.

The warning stated “Unless you stop further disobedience and comply with the direction contained in the order… you will be guilty of contempt of court and will be liable to be committed to prison.”

A copy of the original order was attached to reinforce the seriousness of the directive.
The order reads “The ex-parte application for Interim Injunction is hereby refused.

“The Court hereby directs all parties to maintain the status quo as at today, the 6th day of November 2025.
“Parties are ordered not to deal with the subject matter of the litigation pending the hearing and determination of the Motion on Notice for Interlocutory Injunction.

“The Motion on Notice shall be served on the Defendants/Respondents before the next adjourned date.”
The suit was instituted by Neconde Energy Limited, White Dove Shipping Company Limited, and others against First Bank, Access Bank, and five other defendants.

The issuance of Form 48 marks the first stage of contempt proceedings.
The notices, served between November 7 and 13, 2025, warned that any actions taken contrary to the court’s instruction to preserve the status quo would constitute contempt.

The court has fixed the hearing of the motion for interlocutory injunction for December 4, 2025, and has cautioned that any breach of its directive before that date will attract serious legal consequences.
https://verynigerian.com/court-warns-access-bank-first-bank-zenith-mds-of-possible-jail-over-alleged-disobedience/

Access Bank has been thrust into a storm of panic and speculation as a Federal High Court sitting in Lagos ordered the attachment of ₦29 billion from the bank’s funds domiciled with the Central Bank of Nigeria. The development stemming from a judgment of the Court of Appeal in CA/LAG/CV/1215/2023: Igala Construction Co. Ltd & 2 Ors v. Access Bank Plc has ignited fear among shareholders and sent shockwaves rippling across the financial sector.

The order, issued in satisfaction of a massive judgment debt totaling ₦28,824,851,515.57 with 32% compounded interest, has left investors rattled, triggering a wave of anxiety over the bank’s exposure and the potential implications for its financial stability. Industry insiders say the mood around Access Bank headquarters is tense, with stakeholders scrambling for clarity as the details of the long-running legal battle resurface.

The dispute dates back to a 2005 case at the Lagos High Court involving Access Bank, Igala Construction Company Ltd, Mr. C.A. Khouzam, and Reverend (Mrs.) Mary Akinlaja. While Access Bank initially secured judgment in its favour in June 2023, the defendants’ counter-claim was partially upheld. Unhappy with the outcome, the defendants lodged an appeal—but Access Bank did not challenge the portion of the judgment relating to the counterclaims.

In a dramatic twist, the Court of Appeal overturned the high court’s decision and granted the entire counterclaim, including:

A declaration that Igala Construction was entitled to ₦27,595,152.40, the amount Access Bank had admitted owing as far back as 2004, with compounded interest at 24% per annum.
A 100% penalty on the admitted sum under the CBN Monetary Policy Circular of 2/1/04, also attracting compounded interest.
Further compounded interest at 32% per annum from April 1, 2003 until full liquidation.
₦300 million in damages over alleged malicious and defamatory publications.
₦100 million in legal costs.
With the compounded interest and penalties ballooning over two decades, the judgment sum soared into the tens of billions. A chartered accountant, Motunrayo Popoola Aishat, was engaged to compute the final figure, confirming the staggering amount due as at June 2025.

Invoking Section 287(2) of the Constitution and Section 83 of the Sheriff and Civil Process Act, the judgment creditors subsequently sought and obtained an order attaching Access Bank’s funds with the CBN. The court agreed, stressing that the creditors were entitled to “reap the fruits of their judgment.”

Meanwhile, panic has gripped Access Bank’s top management as the institution scrambles to halt the enforcement of the attachment order. In a desperate bid to contain the fallout and reassure jittery shareholders, the bank has reportedly launched a counter–suit, hoping to overturn the judgment and salvage its public image. But beneath the official denials and carefully worded statements, insiders say the tension is unmistakable; Access Bank is racing against time to stop the Central Bank of Nigeria from executing the order that freezes nearly ₦29 billion of its funds.

The ruling has sent Access Bank into one of its tensest moments in years, with shareholders reportedly alarmed, analysts increasingly cautious, and market watchers bracing for potential tremors in the banking sector. As the bank navigates the fallout, uncertainty looms even as legal experts warn that interest will continue accruing at 32% per annum until the monumental debt is completely settled.

With the stakes rising and uncertainty deepening, the matter has now been adjourned until next month, leaving the bank, its investors, and the wider financial market anxiously waiting for what comes next.

For now, all eyes remain on Access Bank’s next move, as panic lingers and investors await reassurance.

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https://newsextra.com.ng/access-bank-in-turmoil-as-court-freezes-%e2%82%a629bn-at-cbn-exposing-deep-legal-trouble/

ACCESS BANK ROCKED over Court Orders of N29B Attachment at CBN as Judgment Debt, Triggering Anxiety Among Shareholders

Access Bank has been thrust into a storm of panic and speculation as a Federal High Court sitting in Lagos ordered the attachment of ₦29 billion from the bank’s funds domiciled with the Central Bank of Nigeria. The development stemming from a judgment of the Court of Appeal in CA/LAG/CV/1215/2023: Igala Construction Co. Ltd & 2 Ors v. Access Bank Plc has ignited fear among shareholders and sent shockwaves rippling across the financial sector.
The order, issued in satisfaction of a massive judgment debt totaling ₦28,824,851,515.57 with 32% compounded interest, has left investors rattled, triggering a wave of anxiety over the bank’s exposure and the potential implications for its financial stability. Industry insiders say the mood around Access Bank headquarters is tense, with stakeholders scrambling for clarity as the details of the long-running legal battle resurface.
The dispute dates back to a 2005 case at the Lagos High Court involving Access Bank, Igala Construction Company Ltd, Mr. C.A. Khouzam, and Reverend (Mrs.) Mary Akinlaja. While Access Bank initially secured judgment in its favour in June 2023, the defendants’ counter-claim was partially upheld. Unhappy with the outcome, the defendants lodged an appeal—but Access Bank did not challenge the portion of the judgment relating to the counterclaims.
In a dramatic twist, the Court of Appeal overturned the high court’s decision and granted the entire counterclaim, including:
• A declaration that Igala Construction was entitled to ₦27,595,152.40, the amount Access Bank had admitted owing as far back as 2004, with compounded interest at 24% per annum.
• A 100% penalty on the admitted sum under the CBN Monetary Policy Circular of 2/1/04, also attracting compounded interest.
• Further compounded interest at 32% per annum from April 1, 2003 until full liquidation.
• ₦300 million in damages over alleged malicious and defamatory publications.
• ₦100 million in legal costs.
With the compounded interest and penalties ballooning over two decades, the judgment sum soared into the tens of billions. A chartered accountant, Motunrayo Popoola Aishat, was engaged to compute the final figure, confirming the staggering amount due as at June 2025.
Invoking Section 287(2) of the Constitution and Section 83 of the Sheriff and Civil Process Act, the judgment creditors subsequently sought and obtained an order attaching Access Bank’s funds with the CBN. The court agreed, stressing that the creditors were entitled to “reap the fruits of their judgment.”
Meanwhile, panic has gripped Access Bank’s top management as the institution scrambles to halt the enforcement of the attachment order. In a desperate bid to contain the fallout and reassure jittery shareholders, the bank has reportedly launched a counter–suit, hoping to overturn the judgment and salvage its public image. But beneath the official denials and carefully worded statements, insiders say the tension is unmistakable; Access Bank is racing against time to stop the Central Bank of Nigeria from executing the order that freezes nearly ₦29 billion of its funds.

The ruling has sent Access Bank into one of its tensest moments in years, with shareholders reportedly alarmed, analysts increasingly cautious, and market watchers bracing for potential tremors in the banking sector. As the bank navigates the fallout, uncertainty looms even as legal experts warn that interest will continue accruing at 32% per annum until the monumental debt is completely settled.
With the stakes rising and uncertainty deepening, the matter has now been adjourned until next month, leaving the bank, its investors, and the wider financial market anxiously waiting for what comes next.
For now, all eyes remain on Access Bank’s next move, as panic lingers and investors await reassurance.


https://www.airwavesreport.com/business/access-bank-rocked-over-court-orders-of-n29b-attachment-at-cbn-as-judgment-debt-triggering-anxiety-among-shareholders

ADE BURAIMO’s Alpha Morgan Bank Thrust Into Crisis as Alleged System Glitch Triggers N230m Financial Breach

Leadership at Alpha Morgan Capital (often referred to informally as “Alpha Morgan Bank”), led by Managing Director Ade Buraimo, has come under public scrutiny following a wave of online complaints alleging that a system glitch resulted in the loss or unauthorized movement of approximately N230 million from customer accounts.

The bank and the affected customers have taken the matter to court, jointly suing 19 financial institutions in an attempt to recover the allegedly stolen funds.

A total of N230,978,536 was allegedly stolen from the accounts of NEM Insurance Plc and Extension Publications Limited at Alpha Morgan Bank through unauthorized transfers to multiple accounts across 19 financial institutions during what the bank described as a system glitch.

According to multiple customers who shared their experiences on social platforms and consumer-complaint channels, the alleged incident involved unexpected debits and a prolonged lack of official communication from the institution. Some account holders reported that their attempts to seek clarification or restitution were met with silence or delayed responses, increasing frustration and fueling speculation about internal lapses.

The suit, filed at the Federal High Court in Lagos, seeks urgent orders to block multiple bank accounts across the financial sector and recover the allegedly diverted funds.

According to an affidavit sworn to by Dayo Abe, a litigation officer at the law firm of Babafemi Akinsete & Co., the technical malfunction in Alpha Morgan Bank’s system was exploited by certain service-merchant agents operating as digital financial-services providers.

These agents, the affidavit states, “took advantage of the glitch and unlawfully initiated multiple transfers” from the customers’ accounts into accounts domiciled in the 19 financial institutions now listed as defendants.

Further investigation by Alpha Morgan Bank reportedly revealed that the total amount illegally moved from the accounts of NEM Insurance Plc and Extension Publications Limited was N230,978,536, spread across multiple bank accounts linked to several BVNs.

Following the bank’s complaint, the 19 financial institutions were said to have placed temporary post-no-debit restrictions on the suspicious accounts.

However, the plaintiffs warn that unless all accounts connected to the perpetrators’ BVNs—including accounts not yet identified—are frozen, the funds may be irretrievably lost.

The affidavit explains that the suspects had already begun transferring the money from the first-level beneficiary accounts into other banks to “continue to unlawfully dissipate the said funds.”

The plaintiffs argue that the bank and its affected customers have suffered “humongous fraud” resulting from the system glitch, and that failure to immediately block the linked accounts will cause “untoward hardship and dire financial loss” to both the bank and its shareholders.

They are therefore asking the Federal High Court to issue an order compelling the 19 banks to reverse and refund all “wrongfully, illegally, and illicitly debited” sums back into Alpha Morgan Bank’s settlement and collection account.

The court has not yet fixed a date for the hearing.

Several individuals affected by the incident claim they have been left without clear explanations regarding when the alleged “massive glitch” occurred, how the reported N230 million outflow happened, and what remediation steps the institution is taking.

A few customers described the experience as “distressing,” stating that they had received no direct updates other than automated acknowledgements.

While the complaints do not provide evidence of intentional wrongdoing, the situation has raised questions about internal controls, technical safeguards, and executive oversight under Ade Buraimo’s leadership. Industry analysts note that even unintentional system failures can severely impact customer confidence if not communicated promptly and transparently.

Financial-sector observers emphasize that regulatory guidelines require firms to promptly notify clients of significant service disruptions and to maintain strong protections against erroneous or unauthorized transactions.

https://www.airwavesreport.com/business/ade-buraimo-s-alpha-morgan-bank-thrust-into-crisis-as-alleged-system-glitch-triggers-n230m-financial-breach

The Economic and Financial Crimes Commission has listed Adamawa-born entrepreneur, industrialist, and investor Abdullahi Bashir Haske, wanted in connection with alleged criminal conspiracy and money laundering.

According to a statement by EFCC spokesperson Dele Oyewale, the public is urged to provide any information on Haske’s whereabouts to the nearest police station or EFCC offices across Nigeria.

“The public is hereby notified that ABDULLAHI BASHIR HASKE, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) in an alleged case of Criminal Conspiracy and Money Laundering.”

The anti-graft agency released his photograph to aid identification and provided his last known location.

“Abdullahi is 38 year-old and his last known address is: No 6 Mosley Road, Ikoyi, Lagos State; 952/953 Idejo Street, Victoria Island, Lagos State,” EFCC said.

The commission encourages Nigerians to share credible tips through its offices in cities including Lagos, Abuja, Port Harcourt, Kano, Enugu, and others, or via its official phone line and email address.

https://punchng.com/just-in-efcc-declares-abdullahi-haske-wanted-over-money-laundering/?amp

Zenith Bank fined N85 million for freezing customer’s account with invalid court order

High Court, Abuja Division, has awarded a fine of N85 million against Zenith Bank Plc for freezing a customer’s bank account by relying on an invalid court order.

In a judgment, Justice S. U. Bature, also ordered the bank to immediately unfreeze the account domicile in its branch at 63, Usuma Street, Maitama, opposite Transcorp Hilton Hotel, Abuja.

Justice Bature directed the bank to publish a public apology to the customer, Abhulimen & Co, in two national newspapers and on its website.

The judge held that the bank acted on an invalid order made by a magistrate court that lacked the requisite jurisdiction.

Justice Bature further held that the decision of the bank and the Nigeria Police Force, the 2nd defendant in the suit, to freeze the customer’s account, based on a supposed order by the magistrate court, without notifying the said customer, was illogical and a betrayal of the banker-customer relationship between parties.

The judge said it was unfortunate that a major financial institution such as Zenith Bank, with a legal department, supposedly manned by lawyers, would claim to have acted based on an invalid order by a magistrate court lacking the jurisdiction to entertain any banking related case, including issuing orders for the freezing of a bank account.

The judgement was delivered on July 16, but its certified true copy was given to journalists on Thursday in Abuja.

Paulyn O. Abhulimen, SAN, trading under the name and style of Abhulimen & Co, had, in the suit marked: FCT/HC/CV/2194/2024, sued the Zenith Bank and NPF as 1st and 2nd defendants.

Abhulimen sued through the law firm of Kehinde & Partners LP, claiming that, in early 2024, after being unable to access the account of her firm, Abhulimen & Co, and make transactions with it, she discovered that the bank placed a post-no-debt (PND) on it.

She claimed to have subsequently contacted an official of the bank, who oversees the account, Obi Okafor.

She said Okafor told her about the development, following which the bank, on March 13, 2024. claimed to have frozen the account based on an order obtained by the NPF from a Chief Magistrates Court in Mararaba Gurku, Nasarawa State.

Delivering the judgment, Justice Bature said, “The said account was opened at the first defendant’s (Zenith Bank’s) Transcorp Hilton branch, in Abuja, and the 2nd defendant (NPF) is also domiciled in Abuja. The rationale behind seeking the said order at a magistrate court under the Nasarawa State jurisdiction cannot be understood, and the 2nd defendant did not appear, to be able to give any explanation or reason as to why they decided to follow this line of action. The said magistrate court lacked the territorial jurisdiction to entertain the application.


“Regarding the substantive jurisdiction of the court to make the order, it is clear from the provisions of Section 251 of the Constitution of the Federal Republic of Nigeria (1999 as amended), that matters relating to banks and banking transactions are within the exclusive jurisdiction of the Federal High Court, and matters relating to banker-customer disputes are jointly under the jurisdiction of the Federal High Court, State High Courts and High Court of the FCT,” Justice Bature said.

According to the judge, from the foregoing, magistrate courts lack the jurisdiction to entertain an application for an order to freeze a bank account of a person and should not have entertained the said application in its entirety.

“The legal department of the first defendant (Zenith Bank), being lawyers, should have been aware of this position of the law and taken the appropriate action in this situation, as they ought not to have obeyed the court order in the first place. Thus, the 1st defendant was wrong to have placed a PND on the account of the claimant based on the order of a court lacking the requisite jurisdiction to do so. I so hold,” the judge held.

The judge faulted the failure of the bank to inform the claimant about its decision to freeze her company’s account, describing it as a breach of the duty of care it owed to its customers.

Justice Bature said, “It is the humble opinion of this honourable court that, the first defendant owed the claimant a duty of care of duly informing her that her account had been frozen. The 1st defendant placed a post-no-debit on the account of the claimant’s firm, but same was not communicated to the claimant until she encountered difficulties in the use of the said account.

“It is the humble opinion of this honourable court that, the 1st defendant owed the claimant a duty of care of duly informing her that her account had been frozen. The failure of the 1st defendant to inform the claimant of the state of affairs on her account amounts to negligence on the part of the 1st defendant and hence, a breach of duty of care and due diligence owed to the claimant. I so hold,” Justice Bature said.

Having found that the bank and the NPF acted unlawfully, the judge proceeded to declare among others, that an order to freeze a bank account cannot validly be granted ex-parte to last indefinitely.

He also declared that the chief magistrate court of Nasarawa State, sitting at Mararaba Gurku, lacked the requisite jurisdiction to make an order to freeze the claimant’s Zenith Bank Plc’s account number: 1012272348, based on an ex-parte application.

“The defendants are hereby ordered to jointly and severally pay the sum of N60 million to the claimant as general damages for the embarrassment, psychological trauma, financial distress, emotional stress and grave inconveniences suffered by the claimant due to the defendants’ actions. The defendants are hereby ordered to jointly and severally pay the sum of N25 million to the claimant as cost of this action,” Justice Bature stated.

(NAN)

https://gazettengr.com/zenith-bank-fined-n85-million-for-freezing-customers-account-with-invalid-court-order/

Unveiling the Zenith of Corruption: A Series Exposing Nigeria’s Banking Behemoth and Its Political Enablers



Zenith Bank, Nigeria’s self-proclaimed colossus of finance, boasts assets exceeding $16.5 billion and a polished mobile app that lures millions of Nigerians into its fold. Yet, beneath the sheen of corporate success lies a festering core of alleged corruption, where executives and alumni exploit their financial acumen to plunder public resources and secure political power. This investigative series aims to peel back the layers of Zenith’s governance rot, exposing how its leadership has allegedly weaponized banking prowess to enable systemic graft, leaving Nigerians to bear the cost in looted billions, eroded trust, and stifled development. Each article will dissect the allegations against key Zenith figures — past and present directors — whose actions have intertwined the bank with Nigeria’s political cesspool. We begin with Dr. Doris Nkiruka Uzoka-Anite, a former Zenith executive whose alleged role in Imo State’s financial scandals did not end her ascent but instead propelled her to federal ministerial positions under both the immediate past and present administrations. This series will also scrutinize Jim Ovia (founder and chairman), Godwin Emefiele (former executive and CBN governor), Ebenezer Onyeagwu (former CEO), Adaora Umeoji (current CEO), Udom Emmanuel (former executive and Akwa Ibom governor), and Chike Okafor (former executive and politician)., among others. Their stories reveal a pattern: Zenith’s leadership doesn’t just tolerate corruption — it cultivates it, exporting unaccountable elites into Nigeria’s political sphere to the detriment of its citizens.

Part 1: Doris Nkiruka Uzoka-Anite — From Zenith’s Treasury to Nigeria’s Treasury, a Tale of Alleged Graft Rewarded

Dr. Doris Nkiruka Uzoka-Anite, a medical doctor turned financial whiz, presents a glittering résumé: University of Benin graduate, Chartered Financial Analyst, and a Zenith Bank veteran who rose from Corporate Social Responsibility to Group Treasurer by 2019. Her tenure at Zenith, spanning 2002 to 2021, is touted as a masterclass in financial engineering, managing assets over $20 billion and boosting profits by 36% (Sun Nigeria, 2023). Yet, lurking beneath this corporate fairy tale are allegations of complicity in one of Nigeria’s most brazen financial scandals — the ₦111.5 billion Imo State fraud — followed by a meteoric political rise that reeks of reward for loyalty to corrupt networks rather than merit.

The Imo Scandal: Zenith’s Role in Alleged Plunder
In 2019, Imo State’s Financial Advisory Committee, set up by then-Governor Emeka Ihedioha, uncovered what it described as “severe financial infractions” involving Zenith Bank, alleging the bank facilitated the diversion of ₦111.5 billion in state funds under former Governor Rochas Okorocha’s regime (Nigeria Watchdog, 2021). A petition to the Imo State House of Assembly, signed by Dr. Abraham Nwankwo and others, accused Zenith of being the “major bank involved” in defrauding the state, with transactions funneled through dubious accounts linked to Okorocha’s allies. Enter Uzoka-Anite, a senior Zenith executive at the time, whose role as a member of the bank’s Asset and Liability Committee and Credit Committee placed her at the heart of its financial operations.
A deleted The Will Nigeria post (2022, partially archived) alleged Uzoka-Anite personally greenlit transfers to Okorocha’s cronies, with kickbacks channeled to “cousins” in Dubai. While unverified, the claim aligns with a broader pattern: Zenith’s lax oversight allowed politically connected transactions to flourish unchecked. The petition further argued that Uzoka-Anite’s 2021 appointment as Imo’s Commissioner for Finance by Governor Hope Uzodinma was a “reward” to Zenith for its role in the fraud, effectively placing a bank insider to guard the state’s treasury (Nigeria Watchdog, 2021). Financial experts cited in the report called her appointment “antithetical to progress,” warning it signaled Zenith’s undue influence over Imo’s finances. Rather than face scrutiny, Uzoka-Anite’s ascent continued, unhindered by the stench of scandal.

From Imo to Abuja: A Ministerial Meteoric Rise

Uzoka-Anite’s tenure as Imo’s Finance Commissioner (2021 — 2023) was marked by praise for revenue optimization and transparency (BusinessDay, 2023), yet critics argue these were superficial reforms to mask deeper complicity. In July 2023, President Bola Tinubu nominated her as Minister of Industry, Trade, and Investment, a role she held until October 2024, before transitioning to Minister of State for Finance in November 2024 (Wikipedia, 2023; Tribune Online, 2024). Her rapid rise under Tinubu’s administration, following her Imo stint under Uzodinma, raises eyebrows. Why would a figure linked to a ₦111.5 billion scandal be entrusted with Nigeria’s economic policy?

The answer lies in Nigeria’s patronage politics, where loyalty to powerful cliques trumps accountability. A Vanguard report (2023) noted Tinubu’s insistence on Uzoka-Anite over other Imo candidates, citing her “long-term affinity with the Lagos ruling class” — a euphemism for her ties to Nigeria’s elite networks, including Zenith’s founder, Jim Ovia. Her Zenith pedigree, far from a liability, was a golden ticket. As Minister, she spearheaded initiatives like the Nigerian Trade Policy (2023 — 2027) and attracted $30 billion in foreign investments (TheCityCeleb, 2025), but these wins are overshadowed by whispers of favoritism. A The Will fragment (2022) suggested her policies could tilt toward Zenith-linked firms, a risk amplified in her current Finance role, where she influences national fiscal strategy alongside Minister Wale Edun (Blueprint, 2024).
Zenith’s Governance Rot: Enabling Uzoka-Anite’s Ascent

Zenith’s governance — or lack thereof — is the crucible where Uzoka-Anite’s alleged impunity was forged. The bank’s silence on the Imo scandal, with no public audits or statements addressing the ₦111.5 billion allegations, points to a culture that prioritizes profits over accountability. Uzoka-Anite’s roles in Zenith’s Credit and Risk Management Committees positioned her to oversee high-stakes transactions, yet no internal probes flagged her involvement in Imo’s questionable transfers. This mirrors a broader pattern: Zenith’s leadership, under Ovia’s iron grip, has historically shielded its executives from scrutiny, as seen in cases involving Godwin Emefiele and Udom Emmanuel (to be explored in later articles).

Her appointment as Imo’s Finance Commissioner while still tied to Zenith reeks of conflict of interest. The Nigeria Watchdog petition (2021) called it a “malevolent marriage” between Zenith and Imo’s treasury, suggesting Uzoka-Anite was installed to bury the scandal, not resolve it. Her subsequent federal roles under Tinubu’s administration — first as a key economic minister, now in the Finance Ministry — extend this pattern nationally. Nigerians, already reeling from 21.47% inflation and a poverty crisis (World Bank, 2024), face the prospect of a Zenith alumnus shaping fiscal policy with a track record tainted by unaddressed allegations.

The Cost to Nigerians: A Betrayal of Trust
Uzoka-Anite’s story is not just a personal saga; it’s a symptom of Zenith’s toxic influence on Nigeria’s governance. The ₦111.5 billion allegedly siphoned through Zenith could have funded hospitals, schools, or roads in Imo, a state where poverty rates hover at 48% (National Bureau of Statistics, 2022). Instead, it enriched elites while Uzoka-Anite, a supposed technocrat, climbed the political ladder. Her ministerial roles, celebrated as “gender affirmative action” (Tribune Online, 2023), feel like a cynical ploy to dress corruption in progressive garb. Nigerians deserve leaders untainted by scandal, not Zenith’s cast-offs repurposed as saviors.
The public’s trust in banks and government is already frayed — X posts from 2023 lament “oil states with no oil wealth” and “banks running Nigeria Inc.” Uzoka-Anite’s unchecked rise fuels this cynicism, suggesting that corruption, not competence, is the currency of power. If she can parlay alleged graft into a Finance Ministry seat, what hope is there for accountability? Zenith’s PR machine, which scrubs damning reports from Sahara Reporters and Pointblank News, ensures these questions linger unanswered, leaving Nigerians to foot the bill for a broken system.

Conclusion: A Call to Unmask Zenith’s Legacy

Doris Nkiruka Uzoka-Anite’s journey from Zenith’s treasury to Nigeria’s treasury encapsulates the bank’s alleged role as a factory for corrupt elites. Her implication in Imo’s ₦111.5 billion scandal, followed by plum ministerial posts, is not an anomaly but a feature of Zenith’s governance model — one that rewards loyalty to power over service to the public. This series will continue to expose how figures like Ovia, Emefiele, Onyeagwu, Umeoji, Emmanuel, and Okafor have leveraged Zenith’s clout to entrench graft in Nigeria’s political fabric. We call on Nigerians to demand transparency — audit Zenith’s books, probe its alumni’s political roles, and amplify unscrubbed truths on platforms like X. The zenith of corruption must fall, and it starts with naming those who profit from Nigeria’s pain.

Just when Nigerians hoped for real change at the Nigerian National Petroleum Company Limited (NNPCL), we are hit with yet another disappointment. The board and top management have flown off to Kigali, Rwanda, for a retreat.

A retreat? To Kigali?

This is the same NNPCL that is supposed to be reforming. The same company that drains public resources while ordinary Nigerians struggle to survive. Under new CEO Bayo Ojulari, many believed we would finally see a shift. But this latest trip tells us otherwise. Lavish spending, tone-deaf decisions, and zero accountability remain the order of the day.

Let us not forget that just last year, under Mele Kyari, the NNPCL board was flown to Qatar for a similar retreat. Now under Ojulari, it is Kigali. Different name, different leader, same culture of excess. Where is the change? Where is the fresh thinking we were promised?

Would the board of Rwanda’s national oil company travel to Nigeria for a retreat? Certainly not. But NNPCL continues to send its top brass abroad at a time when the country is facing severe economic pressure.

Nigerians are battling high fuel prices, a weakened naira, and an overstretched economy. Families are barely managing to feed themselves. Young people are unemployed and frustrated. Yet, those entrusted with managing one of our most critical national assets are globe-trotting on public funds. Even more troubling is that none of the board members could stand firm or question the clear extravagance of this decision.

The most alarming part? There is a growing sense, even within the company, that Bayo Ojulari is struggling. Struggling to assert his authority. Struggling to take bold decisions. Struggling to free himself from the grip of entrenched interests. The recent resignation of the Chief Corporate Communications Officer speaks volumes. Reports suggest he stepped down because Ojulari failed to take principled stands or confront deep-seated internal issues. Certain individuals continue to be protected. Power blocs remain untouched. The same old cliques still pull the strings. It is clear that the system is overwhelming him, just as it did those before him.

So once again, we ask: is this business as usual?

Mr. President, Nigerians are watching. Is Bayo Ojulari truly the man to lead NNPCL into a new era of transparency and reform? Or has he simply inherited the seat while continuing the very culture the nation hoped to leave behind?

Real transformation does not begin in Kigali. It begins here at home. It begins with courage, integrity, and leadership that puts the nation first.

Until then, all we are witnessing is recycled leadership, recycled waste, and recycled excuses.

And that is the tragedy Nigeria can no longer afford.

Idris Olanrewaju is an Energy Analyst writing from Lagos

https://saharareporters.com/2025/06/23/oped-nnpcl-kigali-same-waste-different-name-idris-olanrewaju

…Over allegation of theft of property belonging to Obanikoro’s son

A Lagos State High Court has ordered the arrest of Access Bank’s acting Managing Director, Bolaji Agbede, and three other defendants.

Trial judge in the matter is Justice Ibironke Harrison.

The judge made the order when the defendants, including Balmoral International Limited, DDSS International Company Limited, and Adejare Adegbenro, accused of conspiracy, obtaining by false pretence, and fraud totaling N1.356 billion failed to show up in court.

The allegations stem from a 2013 incident where the defendants allegedly used MOB Integrated Services’ property as loan security without consent.
The property, located at Plot 40b, Bourdillon Road, Ikoyi, belongs to a Company owned by Gbolahan Obanikoro, son of former Minister of State for Defence, Senator Musiliu Obanikoro and Access Bank is accused of allegedly attempted to steal the same property by granting a N1 billion credit facility to DDSS International Company Limited.

The court has scheduled the next hearing for February 24, 2025.

The charge sheet as signed by the Directorate of Public Prosecutions, Ministry of Justice, Lagos State, reads: Conspiracy to Commit a Felony to wit; Stealing Contrary to Section 411 of the Criminal Law, Ch. C17, Vol.3, Laws of Lagos State, 2015.

Particulars of offence
Adejare Adgbenro (m), Balmoral International Limited, Access Bank and Bolaji Agbede (m) on or about September 2, 2013, at Plot 1261, Adeola Hopewell Street, Victoria Island, Lagos State in the Lagos Judicial Division, conspired to commit a felony to wit; Stealing.

Statement of offence-count 2
Conspiracy to commit a Felony to wit; stealing contrary to Section 411 of the Criminal Law, Ch. C17, Vol.3, Laws of Lagos State, 2011.

Particulars of offence
Adejare Adgbenro (M), Balmoral International Limited, Access Bank, Bolaji Agbede (m) and DDSS International Company Limited on or about May 26, 2019, at Plot 1261, Adeola Hopewell Street, Victoria Island, Lagos State in the Lagos Judicial Division, attempted to steal the property of MOB Integrated Services at Plot 40b, Bourdillion Road, Ikoyi, Lagos by offering and granting DDSS International Company Limited a credit facility of N1billion.

https://frontiernewsng.com/court-orders-arrest-of-access-bank-md-company-secretary-others/

In a ruling in Asaba, the Chief Magistrate Court has sentenced Fidelis Egueke, a former manager at Zenith Bank, to six months in prison for fraudulently obtaining $46,900. Chief Magistrate Callistus Isioma Moeteke found Egueke guilty after a thorough examination of the case brought against him by the police.

The prosecution, led by Raphael Ogechi Eze from the State Criminal Investigation Department (SCID), presented the case under charge number CMA/295c/2024. The court heard that Egueke used two Certificates of Occupancy (CofOs) as collateral for the loan, fully aware that one of the land titles did not belong to him. Despite using the funds for personal and family expenses, Egueke failed to repay the victim as agreed, and one of the CofOs was revealed to be fake.

Egueke maintained his innocence throughout the trial, pleading not guilty and asserting that he had repaid the victim, although he failed to provide any evidence to substantiate his claim. Initially granted bail, he was released to AGBORO OGHENERO, then General Manager of Keystone Bank’s Asaba branch, while awaiting trial.

After a careful review of the evidence, Chief Magistrate Moeteke ruled that the prosecution had proven its case beyond a reasonable doubt. As a result, Egueke was convicted and sentenced to six months in prison. The court also imposed a fine of N350,000 as an alternative to incarceration, along with a restitution order of N30 million.

The charge against Egueke detailed that he had obtained the credit facility in 2016 for Mrs. Blessing Equeke and Master Chukwubuikem Fidelis Egueke by misrepresenting the ownership of the collateralized properties, which constitutes an offense under Section 419 of the Criminal Code Law of Delta State.

In a separate legal matter, Egueke is also facing charges in a Federal High Court in Lagos for alleged conspiracy, forgery, and obtaining money by false pretenses, with the fraud amounting to N179.498 million. The proceedings in that case are being overseen by Justice Alexander Oluseye Owoeye.

This ruling serves as a reminder of the judiciary’s commitment to combating financial crimes and upholding the law in Nigeria.

https://catachnewsng.com/2024/10/25/banking-betrayal-zenith-manager-jailed-for-46900-fraud/

Customers of Guaranteed Trust Bank (GTBank) in Nigeria are facing continued frustration and disappointment due to persistent transaction failures following a recent system upgrade.

GTBank had announced plans to upgrade to a new Finacle Core Banking Application System between October 11th and 14th, 2024, promising enhanced customer experience and innovative technology. However, the supposed “upgrade” has instead caused significant issues for many Nigerian customers.

An investigation on Tuesday revealed that numerous customers are still complaining about problems such as:

– Trapped funds
– Unauthorized debits
– Inability to make transfers or receive payments

Frustrated GTBank patrons have taken to social media to express their grievances.

Oladejo Samson, a disgruntled customer, stated, “This Bank has been giving heart attacks almost every day since last month. I have been complaining about an issue over and over and nothing has been done about it. It’s really disheartening. Terrible Bank of the Year so far.”

Another upset customer, Chioma Chizaram Bobs, accused GTBank of deducting ₦6.9 every time a customer uses the USSD code, regardless of whether the transaction is successful. “How can you people charge ₦6.9 each time your customer uses your USSD code? More worrisome the GTCO doesn’t care whether or not the transaction for which they charge is successful,” she wrote on Facebook.

Theresa Abashi succinctly voiced her frustration, saying, “All I want is for them (GT Bank) to reverse my money back to my account since October 29 till now.”

In response to the mounting complaints, GT Bank has appealed to affected customers to direct their issues to the bank’s dedicated customer support handle, @gtbank_help, for resolution.

As the problems persist weeks after the supposed system upgrade, it remains to be seen how promptly and effectively GTBank will address the concerns and rectify the financial difficulties faced by its disgruntled clientele.

https://thenigerialawyer.com/mass-frustration-as-gtbanks-new-banking-system-creates-more-problems-than-solutions/

As Zenith Bank faces allegations of serious irregularities from Aquitane Oil & Gas, the question arises: How much faith can investors have in the banking system? The battle for transparency and accountability is underway

Zenith Bank and its directors face grave allegations of fraud, including unauthorized share sales, document falsification, and diversion of dividends totaling over #1.4 billion. The bank's integrity is under scrutiny #ZenithBankFraud

Aquitane Oil & Gas Ltd., a major downstream oil industry player in Nigeria, has made explosive allegations against Zenith Bank Plc, accusing the bank of forgery, unauthorized asset sale, and diverting ₦1.4 billion in dividends. This scandal has sent shockwaves through Nigeria's financial sector.

According to Aquitane, Zenith Bank, in collusion with Veritas Registrars and Quantum Zenith Securities, orchestrated a scheme involving the illegal sale of pledged shares, manipulated bank statements, and deliberately withheld dividends for over 10 years.

The allegations suggest a deeply ingrained and long-standing conspiracy, which, if proven, could have far-reaching consequences for Zenith Bank and its affiliates.

In a statement released to the press, Aquitane said the controversy revolves around FinBank shares that were initially pledged to Zenith Bank as collateral for a loan. The oil company claims that these shares, worth more than ₦1.8 billion, were sold without consent and ahead of schedule despite regular loan repayments.

Quantum Zenith Securities, a subsidiary of the bank, is accused of facilitating the sale, while Veritas Registrars allegedly withheld dividends owed to Aquitane and other shareholders.

The allegations of misconduct took a serious turn with claims of forgery. Aquitane reports that during a police investigation, Zenith Bank provided allegedly falsified account statements in response to official inquiries. A forensic audit conducted by Aquitane further uncovered inconsistencies in the bank statements, suggesting data manipulation designed to obscure unauthorized transactions and asset sales.

Aquitane’s Managing Director has highlighted the potential damage to public trust that such actions, if true, could inflict on Nigeria’s financial system. This case raises questions about regulatory oversight within the banking sector and may lead to broader scrutiny of the country’s major financial institutions.

As police delve deeper into Aquitane’s petition, which has already sparked public interest, calls for transparency and accountability are expected to intensify.

The case underscores a pressing need for robust financial checks, as Nigeria’s banking sector faces calls to prove that no institution is above the law.

Source >> https://newsunplug.com/2024/11/06/corruption-forgery-scandal-rocks-zenith-bank-as-firm-alleges-n1-4bn-diversion/

Lagos is buzzing with scandal as the glamorous socialite and Sujimoto Home boss, Sijibomi Ogundele, finds himself embroiled in a shocking fraud case! The high-profile businessman was recently detained at the Force Criminal Investigations Department (FCID) in Abuja but has since been released on bail.

The drama unfolded after a bombshell petition from human rights lawyer Pelumi Olajengbesi accused Ogundele of swindling a staggering $325,000 from one Kabiru Ibrahim. The allegations date back to November 5, 2020, when Ogundele allegedly convinced Ibrahim to make a hefty down payment for what was promised to be a luxurious three-bedroom flat in the upscale Leonardo estate—a property that was supposedly worth $750,000!

In the explosive petition, obtained exclusively by our sources, Olajengbesi detailed how Ogundele lured his client with flashy brochures and enticing offers. “Mr. Sijibomi Ogundele approached our client and fraudulently represented himself and the company,” the document states. “He offered to sell one unit of a three-bedroom flat at the estate, claiming that if our client paid 50% upfront, the total price would be reduced to $650,000!”

Ibrahim took the bait and handed over a jaw-dropping $325,000, which was acknowledged by Sujimoto Construction Limited. However, as time passed, Ibrahim was left in the dark—no construction updates, no property in sight, and certainly no sign of his investment!

When we reached out for comments, police spokesperson DSP Funmi Eguaoje confirmed that Ogundele had been released after an “interview.” “He came on invitation yesterday but they couldn’t resolve the matter then,” Eguaoje explained. “They called them in for an interview today, and now he’s going home!”

Attempts to reach Ogundele’s lawyer, Kenny Umenyi, hit a dead end when our call was abruptly cut off after we introduced ourselves. As of now, we’re still waiting for a response to our text message.

Justice S.I. Sonaike of the Lagos High Court, TBS has adjourned the arraignment of two lawyers, Ademola Owolabi, the managing partner of Ademola Adetokunbo & Co., and Adebayo Akeju, who is a partner in a law firm called Adon Partners, Lagos, as well as a real estate developer, Alex Ochonogor, to November 28.

Ochonogor is the owner and managing director of Bluecrest Homes Limited, where Owolabi is also the company secretary.

The adjournment followed the absence of the suspects and their counsel in court on Monday, when the matter was called before justice Sonaike.


The suspects are facing a five count charge of conspiracy to commit forgery, forgery, and willful damage to property pressed against them by the Lagos State government in suit marked LD/23611C/2024.

When the matter was called, the Director of Public Prosecution (DPP) of the Lagos ministry of Justice, Dr Babajide Martins announced his appearance. He told the court that the AG directed him to call a meeting on the matter. He said in view of the directive, the court should adjourn the matter.

Consequently, the court adjourned the matter till November 28, 2024 for arraignment/further report from the DPP office.

Prior to this, a mild drama ensued when the matter was called. The case file was not before the court. This reporter gathered that the Deputy Chief Registrar requested for it on Friday.

As a result, the judge called for it and waited until it was retrieved.

Meanwhile, while the defendants have refused to appear in court for arraignment in previous dates, instead they petitioned the Attorney General of Lagos to discontinue the charge and also induced the Police to re-investigate the case which is already in court.

In addition, the defendants are also intimidating the complainant’s witness through the Police.

In a petition to the AG dated October 11, copied to the DPP, the witness, Alao AbdulFatai explained that officers attached to General Investigation Section (G.I) of the Force CID Annex, Alagbon, Ikoyi Lagos invited him surreptitiously into the unconstitutional act of fresh interrogation on a matter before the court.

He mentioned the officers who interrogated him as CP. Ronke Okunade Nurat, CSP. Olatunbosun Olawale and Inspr. Suleiman Umaru.

AbdulFatai, who is a lawyer wrote: “When I got there, I was staggered when confronted with the same facts that I had made a statement on and already before the court, which was different from the Letter of Invitation Police sent to me.

“Unfortunately, I had to make a statement on the same issue, under reservation of the unconstitutionality of reinvestigating a matter that is already before the court, the said re-investigation, being on the request of the accused persons.

“This is strange because all over the world, an accused and his lawyers are always happy on shoddy Police Investigation because it gives them the leeway to get exonerated in court.

However, in this case, the accused asked police to reinvestigate to exoneration them.

“At the said re-investigation, the talking point of the officers from what I saw was that they were making a case for the accused, meaning that they were either influenced to conduct the investigation that way, or there was a petition to that effect, of which the intention is to intimidate me as a witness, or thwart the matter in court. no petition was shown to me.

“I had written a petition of threat to life against the trio, because I am now in fear of my life and I copied your office. kindly find your copy as attached, most especially that Bayo Akeju has gone to press to libel and defame me by stating in a publication that I have been disbarred.”


This reporter gathered that the Principal Secretary to the President of Nigeria, Hakeem Muri-Okunola, popularly called HMO, is the one pulling the strings from Abuja to aid the accused persons to evade justice, although HMO had vehemently denied the allegation too.

Counsel to the complainant, Anthony Omaghomi had also expressed concern that Ochonogor perfected titles when there was a registered caution on the property.

He has consequently asked the Registrar of Title, Lagos State Land Bureau
Alausa Ikeja, Lagos State to provide him with the outcome of investigation and deregistration of consent “issued to Ochonogor registered as No: 40/40/2525 over all that parcel of land situate, lying and being at Lekki known and referred to as Plot No. 10 Block 133 Lekki Peninsula Residential Scheme 1, Eti-Osa Area of Lagos State of Nigeria containing an Area of approximately 1139.98 Square Meters with Certificate of Occupancy registered as No. 36 at page 36 Volume 1994W.”

According to charge against the trio, the statement of offence in count one says: “Conspiracy to commit a felony to wit: Forgery contrary to Section 411 of the Criminal Law,Ch.C17, Vol.3, Laws of Lagos State, 2015.”

Particulars of offfence states: “Ademola Owolabi (M), Adebayo Akeju (M), Alex Ochonogor (M) and others (now at large) sometimes in year 2015 at B604, Safe court Apartments, Ikate, Lekki, Lagos State in the Lagos Judicial Division conspired among yourselves to commit a felony to wit: Forgery.”

In count 2, they were charged with forgery contrary to Section 365 (1) of the Criminal Law, Ch. C17, Vol.3, Laws of Lagos State, 2015.

“Ademola Owolabi (M), Adebayo Akeju (M), Alex Ochonogor (M) and others (now at large) sometimes in year 2015 at B604, Safe court Apartments, Ikate, Lekki, Lagos State in the Lagos Judicial Division with intent that it be acted upon as genuine did forge an affidavit of loss of certificate of occupancy purportedly sworn at the Registry of Ministry of Justice, Alausa, Lagos State on 23rd day of September, 2014 to falsely indicate that the original of Certificate of Occupancy Number 36/36/1994W issued to one Hamza Al- Mustapha got missing.

Also, contrary to Section 365 (1) of the Criminal Law, Ch.C17, Vol.3, Laws of Lagos State, 2015, the suspects were accused of forging a Demolition Notice Number 0000025 titled “Audit of Illegal structures within Government Schemes Acquisition and Revocation Areas” purportedly issued by the Governor’s Office, Lands Bureau, Directorate of Land Regularisation, Secretariat, Alausa with the intent for it to be acted upon.

They were also accused of procuring a forged Memorandum of Loss of Certificate of Occupancy purportedly dated September 25, 2014 to falsely indicate that original of Certificate of Occupancy Number 36/36/1994W issued to one Hamza Al-Mustapha Certificate got missing as well as willfully and unlawfully destroying a bungalow located on Plot 10, Block 133, Lekki Peninsular Residential Scheme 1, Lagos State, property of one Dr. Obidigwe Eze, who resides abroad.

The background to the charge is that Owolabi and Akeju both lawyers materially aided Ochonogor a businessman, in dispossessing Dr Eze of his property known as Plot 10 Block 133, Lekki Penninsula Residential Scheme 1, Lagos State.


USP Communications Limited sold the land to Dr Eze in May 12, 2005, where he erected a bungalow and has been in peaceful possession.

Upon invasion of the property by the accused persons for land grabbing purposes, the Police waded in and investigated the root of their title.

The investigation revealed that Owolabi and Akeju had forged series of documents to establish that the property still belonged to Major Hamza Al-Mustapha, who was the original allottee, but has since sold the property in 2002 to Continental Properties, who in turn sold to USP Communications that finally sold to the current owner, Dr Eze.

Relying on the premise of alleged missing title documents to the land, Akeju allegedly approached Major Hamza Al-Mustapha, while still in Prison, on the basis of assisting him in facilitating the sale of the property to Ochonogor, who had indicated interest in purchasing the land and provided funding for all the false documentation, forgeries and demolition of Dr Eze’s home.

Al-Mustapha reportedly informed Akeju that he has sold a property in that location, instructing him to confirm from his lawyer, Abdulfatai Thomas to ensure that the property is not the same he had sold, but the suspect did not contact Thomas as instructed.

He went ahead to concoct documents, demolished Dr Eze’s home and sold the land to Ochonogor, who immediately began construction against court injunction to stop.

https://thenigerialawyer.com/court-adjourns-arraignment-of-two-lawyers-businessman-accused-of-forgery-damage-to-property-nov-28/

…

Nigerians on social media are calling out Zenith Bank over a series of fraudulent transactions resulting in the loss of depositors’ funds.

The recent complaints, which put Zenith on top of Twitter’s trend table on Friday afternoon, are part of the series of fraudulent cases that have characterized Nigeria’s banking industry in the past few years.

A Twitter user alleged that “a total of N6 million” was withdrawn from her Zenith account in the early hours of the 21st of October, 2022, in the space of about 15 minutes.

The post has triggered a heavy backlash targeting not only the bank but also the Central Bank of Nigeria (CBN), the financial sector regulator, for its inability to sanitize the growing rot in the banking industry. The CBN’s insouciance toward the matter is believed to have emboldened the banks to be lax with depositors’ hard-earned money.

“On the 21st of October, 2022, I got to the bank at some minutes before 9am and the unprofessionalism of the bankers put me off,” the victim said. She added that the bank only kept pushing her from one manager to the next.


Today’s episode is just one in the banking fraud series that is increasingly dampening the faith of Nigerians in the banking system. Nigerians believe that most of the fraud cases, from the little to the big, have been perpetrated or aided by the banks’ employees.

“That’s how 23k was removed from my zenith account too just like that. My card was with me, I have a token yet money was removed from my account through Paystack. I went to their office they said there is nothing they can do about. I felt angry and helpless,” Yusuf Olakita, a Zenith Bank customer, lamented.

In 2021, four Nigerian deposit money banks; Access Bank Plc, Guaranty Trust Bank Plc, First City Monument Bank, and Wema Bank – collectively lost a total of N1.77 billion to fraudulent activities involving the banks’ employees and consumers, according to the 2021 financial statements of the banks.


With the rot fast-spreading, the distrust in the banks among Nigerians is increasing. Unfortunately, it is coming at a time when the central bank is pushing its financial inclusion policies that it is largely counting on cashless transactions to achieve.

Financial experts said the rising cases of fraud in the banking industry poses a threat capable of spooking investors’ confidence, especially as the CBN and the FCCPC, Nigeria’s competition and consumer protection agency, are not doing enough to tackle it.

https://www.tekedia.com/bank-fraud-nigerians-knock-zenith-bank-as-customers-n6m-vanishes-from-account/