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Police detectives from the State Criminal Investigation Department (SCID), Panti-Yaba, Lagos, have arraigned Nnedimma Arah, a senior branch manager at First Bank Limited, before the Federal High Court in Lagos over allegations of forgery.

Arah, who manages First Bank’s Dosunmu, Lagos Island branch, was arraigned as the sole defendant in Charge No. FHC/L/582C/2025. She pleaded not guilty to the one-count charge.

Before her arraignment, the prosecutor, Emmanuel Eze told the court that an amended three-count charge had been filed against Arah and a co-defendant, Temitope Ogheneteme, based on legal advice from the Office of the Director of Public Prosecution (DPP).

Following a Motion on Notice, Justice Daniel Osiagor granted the prosecution’s request to strike out Ogheneteme’s name from the charge dated March 30, 2026, discontinuing the case against him.

According to the amended charge, Arah allegedly forged a letter of undertaking purportedly issued by Freshborn Industries Limited to cover foreign exchange differentials, dated August 12, 2022.

The offence allegedly occurred between January 2023 and January 2024 at First Bank’s Dosunmu Branch on Lagos Island.

The prosecution claimed the document was forged with the intent to present it as genuine, to the prejudice of Freshborn Industries Nigeria Limited and its representatives, Anene Ikenna and Anene Chinyere Angela.

The offence is punishable under Section 1(2)(c) of the Miscellaneous Offences Act, Cap. M17, Laws of the Federation of Nigeria, 2004.

After Arah’s not guilty plea, her defence counsel moved for a bail application.

Justice Osiagor noted that the defendant had been on administrative bail and had diligently attended proceedings. The court granted her bail in the sum of N5 million, with one surety in like sum.

The case was previously stalled after the Office of the DPP requested the case file from the police for review on January 26, 2026, in line with the Administration of Criminal Justice Act. This followed a petition by First Bank.

In its petition to the Attorney-General of the Federation, First Bank argued that the dispute stemmed from a $400,000 credit facility granted to Freshborn Industries Limited and is already subject to a pending civil suit before the Lagos State High Court.

The bank maintained that the criminal charge arose from a commercial dispute and warned that the prosecution amounts to an abuse of the criminal justice process.

The trial of the First Bank manager has been adjourned to July 14 and 15, 2026, for commencement.

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The Federal High Court sitting in Ikoyi, Lagos, has discharged popular socialite and nightclub owner, Mike Nwalie, widely known as Pretty Mike, alongside Proxy Nightclub supervisor, Joachim Hillary, after ruling that the National Drug Law Enforcement Agency (NDLEA) failed to establish a prima facie case against them.

Justice Ambrose Lewis-Alagoa arrived at the decision on Wednesday, upholding the defendants’ no-case submission and effectively terminating the drug-related prosecution at the preliminary stage.

Pretty Mike and Hillary had been arraigned on a three-count charge of conspiracy, unlawful possession of hard drugs, and knowingly permitting the use of their nightclub premises for illicit drug activities.

The charges stemmed from an NDLEA raid on Proxy Lagos nightclub in Victoria Island on October 26, during which the agency claimed to have recovered 169 cylinders of nitrous oxide (laughing gas) weighing 384.662 kilograms, along with 200 grams of cannabis sativa.

The prosecution alleged the substances were intended for use at an illegal drug party and sought to link the defendants to their possession and storage, even describing the nightclub as an instrument of crime while pushing for its forfeiture.

However, defence counsel Chikaosolu Ojukwu (SAN) argued that the prosecution’s case was weak, inconsistent, and lacked credible evidence directly connecting the defendants to the alleged offences.

He maintained that suspicion or circumstantial assertions could not sustain a criminal charge under Nigerian law.

Justice Alagoa agreed, ruling that the evidence presented did not meet the minimum legal threshold required to prove criminal liability.

The court held that the case amounted to mere suspicion and lacked cogent proof linking the defendants to the alleged drug activities.

Consequently, both Pretty Mike and Hillary were discharged without being called to enter a defence.

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A deepening legal and political crisis has erupted over the Etung Cocoa Estates in Cross River State, as Senior Advocate of Nigeria (SAN), Ntufam Mba Ukweni, accused top government officials of defying a subsisting court order and undermining the rule of law.

Ukweni, representing private investors in the cocoa project, alleged that the Attorney General of the state, Ededem Charles Ani, Secretary to the State Government, Prof. Anthony Owan Enor, Special Adviser on Asset Recovery Gilbert Agbor, and State Security Adviser, Major General O. U. Obono (Rtd) were engaging in lawlessness by refusing to comply with an interlocutory injunction restraining interference in the estates.

“Any lawyer who does not resent injustice should have his training questioned,” Ukweni declared, insisting he would not align with what he described as oppressive and unlawful actions.

The dispute traces back to agreements signed under former Governor Ben Ayade, when investors funded cocoa development projects in Etung Local Government Area.

Part of the funds reportedly settled the government’s 16-year debt to landlord communities.

Under the six-year lease arrangement, investors financed plantation development and community obligations.

Ukweni argued that while the current administration benefited from those investments, it is now attempting to eject the investors without refunding their money.

“You cannot take people’s money, use it to develop government assets, and then drive them away. That would amount to fraud,” he said.

The crisis escalated after reports of a group called Team Obey Court Order formed to enforce compliance.

The Cross River State Government, however, dismissed the move as illegal, warning that only court-appointed officials such as Sheriffs and Bailiffs can enforce judgments.

The Attorney General, Ani, cautioned that individuals acting outside the law risk arrest, stressing that enforcement rests solely with agencies like the Nigeria Police Force and the Nigeria Security and Civil Defence Corps.

Meanwhile, Ukweni raised concerns about alleged attempts to instigate violence in the estates, claiming government officials mobilised individuals to cause unrest.

He noted that local farmers resisted such efforts and workers have now adopted collective measures to safeguard themselves.

The dispute took another twist when the State Security Adviser, Obono, invited Ukweni for questioning.

The SAN declined, arguing that the adviser lacked legal authority to summon him.

“If there is any allegation against me, the proper procedure is to refer it to a competent law enforcement agency,” he maintained.

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The Nigerian branch of the International Law Association (ILA Nigeria) will convene its 9th Annual Conference from April 13-15, 2026 at the National Institute for Legislative and Democratic Studies (NILDS), Abuja, with a focus on deploying international law to combat tax evasion, illicit financial flows (IFFs), money laundering, and corruption.

The three-day event, themed “Mitigating Economic and Financial Crime Risks in A Shifting Global Order: The Role of International Law,” will bring together leading international law experts, policymakers, diplomats, financial sector professionals, academics, and students.

The agenda includes keynote addresses, expert masterclasses, panel discussions, and networking sessions, plus a President’s Dinner and Awards Night featuring a Keynote Gala Conversation on global frameworks for mitigating economic and financial crime.

Speaking ahead of the conference, President of ILA Nigeria and Chairperson of the UN Working Group on Business and Human Rights, Professor Damilola Olawuyi, SAN, described tax evasion and IFFs as not only development problems but, indeed, human rights problems.

“Without taxes, the government cannot build roads, equip hospitals or support research. There is a strong business case in terms of risk mitigation, reputation management and corporate social responsibility for all stakeholders to stay abreast of effective risk management tools needed to better anticipate and prevent economic and financial crime risks.

“This year’s conference hopes to equip participants with the latest information and international best practices in this regard,” Prof. Olawuyi said.

Conference Organising Committee Chairperson, Dr Grace Dafiel added that the event will provide a platform for international lawyers and diplomats to discuss how international law can foster effective risk mitigation and regulatory enforcement to advance sustainable development.

Confirmed High-Level Speakers

H.E. Dr Fatou Bensouda – Former Prosecutor, International Criminal Court (2012-2021); High Commissioner of The Gambia to the UK
H.E. Edward Harris – Director General, Inter-Governmental Action Group against Money Laundering in West Africa (GIABA)
Professor Bolaji Owasonoye, SAN, – Former Chairman, ICPC; Coordinating Director, Proceeds of Crime Management and Illicit Financial Flows Directorate, Nigeria Revenue Services
Mohamed M. Malick – United Nations Resident and Humanitarian Coordinator in Nigeria

The conference is open to lawyers, non-lawyers in business and financial spheres, advocates, academics, practitioners, and students interested in international law, compliance, and financial crime prevention.

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called on the Nigerian media to strengthen editorial integrity and adopt responsible, fact-driven reportage in the fight against corruption, economic crimes, and financial fraud.

Olukoyede appealed on Thursday, April 9, 2026, while delivering a Goodwill Message at the VON Forum 2025 in Abuja.

The event, themed “51 Years of Nigeria’s Role in Deepening Democratic Stability in ECOWAS,” was organised by the Voice of Nigeria in partnership with the Federal Ministry of Information and National Orientation.

Citing a recent operation, the EFCC boss recalled the arrest of a politically exposed person linked to the disappearance of about $35 million earmarked for a national refinery project.

He expressed concern that some newspaper headlines the next day framed the arrest as “EFCC Witch-hunts Opposition,” without examining the evidence that prompted the action.

“When I arraign members of the ruling party, nobody makes noise. But the moment I take someone to court from the other side who stole money, all hell will break loose.

“I want to believe that you are raising ethical standards to reinforce editorial integrity,” Olukoyede said.

He stressed that the Commission’s anti-corruption mandate remains non-partisan and is delivering results.

He pointed to the Voice of Nigeria headquarters as a direct example: “That edifice that VON is occupying is proceeds of crime recovered from a former government official. It is evidence that the war against economic and financial crime is working.”

Olukoyede urged all Nigerians, especially the media, to support the anti-graft war through responsible reporting.

“As Nigerians, let us work together for the stability of this country, and one of the best methods is through the media. Let our reporting be responsible,” he stated.


Beyond domestic corruption, the EFCC chairman announced expanded regional efforts to combat terrorism financing.

As current chair of the Network of National Anti-Corruption Institutions in West Africa (NACIWA), he disclosed that ECOWAS has adopted a new protocol enabling cross-border investigations.

“Within the next few months, we will commence operations so that there will be no embargo for us going to other parts of West Africa to carry out investigations.

“We are going to share intelligence and evidence that will help us to work together to stabilise this part of Africa. This is our next focus,” he said.

Earlier, in his welcome address, Voice of Nigeria Director General/CEO Mallam Jibrin Baba Ndace commended Olukoyede for attending and highlighted Nigeria’s 50-year track record in ECOWAS.

He noted Nigeria’s peace-keeping and diplomatic interventions in Burkina Faso, Cape Verde, Ghana, Cameroon, Mali, Guinea-Bissau, Sierra Leone, and Liberia as proof of the country’s enduring commitment to democracy and regional stability.

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has extended Easter greetings to Christians across Nigeria, expressing confidence that the country will overcome the scourge of corruption.

Olukoyede said although corruption remains a major challenge, it does not define Nigeria and will not defeat the nation.

The EFCC chairman made the remarks in Abuja on Saturday, April 4, 2026, in his Easter message to the nation.

In the message, he urged Nigerians to embrace the lessons of Easter, which he described as symbolic of victory over trials, corruption and death.

According to him, the significance of Easter offers a strong message of hope and resilience for Nigeria in its ongoing battle against economic and financial crimes.

“The lesson of Easter is all about undeniable victory over trial, corruption and death. This lesson is instructive for us as a nation.

“We will surely overcome the trial and trauma of corruption. We are not defined by corruption, we cannot be defeated by it,” Olukoyede said.

He further called on Nigerians not to lose hope, urging citizens to continue to support the EFCC in its sustained campaign against corruption, economic crimes and other forms of financial misconduct.

Olukoyede also appealed to the public to keep faith with the anti-graft agency, stressing that the commission remains committed to its relentless war against economic and financial crimes across the country.

His Easter message comes amid renewed calls for stronger institutional support and public collaboration in Nigeria’s anti-corruption drive.

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The Nigerian Forest Security Service (NFSS) has sought strategic collaboration with the Economic and Financial Crimes Commission (EFCC) in the fight against corruption, economic sabotage, and financial crimes across the country.

The request was made on Thursday, April 2, 2026, when the Commander-General of the NFSS, Dr Adewole Joshua Osatimehin, led a delegation of the service’s management team on a courtesy visit to the Executive Chairman of the EFCC, Ola Olukoyede, at the Commission’s corporate headquarters in Jabi, Abuja.

Speaking during the visit, Osatimehin praised Olukoyede’s leadership of the anti-graft agency, commending the Commission’s recent successes in tackling corruption and prosecuting high-profile suspects.

According to him, the NFSS was motivated to seek collaboration after observing the EFCC’s renewed drive under Olukoyede’s leadership.

“We are here today after considering your vision for this organisation.

“Since you took over, high-profile individuals who thought they were untouchable were brought to book, and Nigeria is feeling the impact.

“We want to be part of your success story,” Osatimehin said.

He said the NFSS has an extensive grassroots operational structure that could significantly support the EFCC’s intelligence-gathering efforts nationwide.

Osatimehin explained that the service has operatives embedded in communities across the country, including village intelligence officers positioned to provide actionable field information from remote and forested areas.

“We have members in all the villages and wards, with village intelligence officers all over the country.

“If you want to get any information, whether in Zamfara, Sokoto or anywhere, it is just a phone call away. While we trace bandits, Boko Haram insurgents and other criminal elements, the EFCC can monitor their financial flows to ensure their arrest,” he said.

The NFSS boss also appealed to the EFCC to provide capacity-building support for its personnel, especially in the area of investigations.

He said officers in the service’s finance and administration units, zonal commands, and national leadership structure would benefit from exposure to EFCC’s investigative training and expertise.

“We have our head of finance and administration, zonal commanders and national officers, and we want them to be trained in your facility and benefit from your vast pool of resource persons so that we can improve our operational capabilities.

“This partnership will yield the desired results,” he added.

Osatimehin further stressed the urgency of strengthening forest security, noting that Nigeria’s vast ecological and forest assets remain vulnerable to criminal exploitation.

He disclosed that Nigeria has 1,129 forest reserves, 29 game reserves, 17 national parks, and 417 grazing reserves, with approximately 9.1 million hectares of the country’s 92 million hectares of landmass covered by forests.

“This shows that a significant portion of Nigeria is forested, and something must be done to secure these areas,” he said.

Responding, EFCC Chairman Ola Olukoyede welcomed the NFSS’s request for collaboration, describing it as a necessary step toward strengthening national security and improving enforcement against crimes linked to forest regions.

Olukoyede said the current security realities in Nigeria require cooperation among government agencies, security institutions, and even private actors who can add operational value.

“Everybody must be involved in ensuring security in Nigeria. Even at the private level. Provided they can offer value, we can work together.

“Anyone who understands what is going on in our forests today knows there is a need for synergy with forest guards,” he said.

The EFCC chairman expressed concern over the growing use of forests as operational bases by criminal groups, including bandits and illegal miners.

He noted that illegal mining falls squarely within the EFCC’s mandate, and warned that many violent crimes across the country are conceived and executed from forest hideouts.

“Our forests are virtually taken over by bandits and illegal miners, and the latter falls within our mandate. We arrest illegal miners in large numbers, and many of the heinous crimes committed by bandits are planned and executed from the forests.

“They perpetrate their crimes and retreat to the forests. This is an area where the government and citizens must rise collectively to address the menace,” Olukoyede said.

He assured the NFSS delegation of the Commission’s readiness to work with organisations whose responsibilities align with the EFCC’s anti-corruption and enforcement mandate.

“We are willing to collaborate and partner with any organisation, whether private or public, provided their mandates align with ours.

“We are patriotic in our work, and we appreciate what you are doing. Together, we can achieve more,” he said.

Olukoyede also granted the NFSS’s request for capacity building in the area of investigation, signalling what could become a broader institutional partnership between both bodies in tackling corruption, illicit financial flows, illegal mining, and other crimes connected to forest-based criminal networks.

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The Federal High Court sitting in Ikoyi has ordered 16 senior officials of Stanbic IBTC Bank Plc to appear before it in connection with alleged contempt of court in a N806 million debt dispute involving Guaranty Trust Bank Plc.

Justice Dehinde Dipeolu issued the order during proceedings in Suit No: FHC/L/CS/1738/2024, after GTBank’s counsel, A.B. Ogunba, SAN, filed a motion for contempt against Stanbic IBTC and its executives.

The motion accuses the bank of wilfully disobeying subsisting court orders restraining the dissipation of funds and mandating disclosure of accounts linked to GY Farmers Ltd and other defendants.

Among those summoned are Mr Yinka Sanni, Mr Wole Adeniyi, Mrs Olubunmi Dayo-Olagunju, Mrs Olufunke Amobi, Mr Olu Delano, Mr Eric Fajemisin, Mr Kola Lawal, Mr Remy Osuagwu, Mr Abubakar Sadiq Bello, Mr Helmut Engelbrecht, Ms Rabi Isma, Mrs Funeka Montjane, Mr Simon Ridley, Mrs Remilekun Soyannwo, and Mr Justus Ineanacho.

GTBank alleged that Stanbic IBTC suppressed material facts in its affidavit, claiming a defendant’s account was unfunded despite earlier correspondence showing a lien and funds of R8.7 million.

The court had previously ordered the attachment of the disputed funds in February 2026.

Stanbic IBTC’s counsel, J.C. Iheanacho, argued that the affidavits filed were accurate and that the correspondence cited by GTBank was routine, not evidence of available funds.

Justice Dipeolu, however, ruled that the letter’s contents were clear and ordered all 16 alleged contemnors to appear on April 20, 2026, to show cause why they should not be committed to prison.

GTBank is also seeking to lift the corporate veil of Stanbic IBTC, holding its principal officers personally liable for contempt until they purge themselves and restore the authority of the court.

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Justice Friday Ogazi of the Federal High Court in Lagos has fixed July 6, 2026, for the commencement of trial in the alleged N156 million fraud case involving a Bureau De Change (BDC) operator and politician, Atoyebi Lateef Bamidele, popularly known as Bam-Bam.

The judge adjourned the matter for trial on Monday when the case came up before the court.

Bamidele, who reportedly operated under the name Prosocial International Limited, is facing charges bordering on conspiracy, obtaining by false pretence and stealing in connection with an alleged failed foreign exchange transaction.

He was first arraigned in September 2023 before Justice Abimbola Awogboro by operatives of the Force Criminal Investigation Department (ForceCID), Annex, Alagbon-Ikoyi, Lagos.

According to the charge, the prosecution, led by S.O. Ayodele, alleged that the defendant and others still at large, between December 2022 and January 2023, obtained a total of N157.206 million under the false pretence of providing the United States dollar equivalent of the funds.

The prosecution told the court that the money was allegedly collected from a traders’ representative, Mrs Priscillia Oyiowo, through Obinna Ozuah.

The prosecution further stated that the alleged offences contravene Sections 8(a) and 1(1)(c) of the Advance Fee Fraud and Other Related Offences Act, Cap A8, Vol. 1, Laws of the Federation of Nigeria, 2004, and are punishable under Section 1(3) of the same Act.

The defendant is also facing a separate count of alleged stealing, said to be contrary to Section 383 of the Criminal Code Act, Cap C38, Laws of the Federation of Nigeria, 2004, and punishable under Section 390(9) of the same law.

Bamidele, however, pleaded not guilty to the charges.

He was subsequently granted bail on terms earlier set by the court.

The case was later reassigned to Justice Ogazi for a trial de novo following the transfer of Justice Awogboro to another division of the Federal High Court.

At the resumed proceedings on Monday, the defendant reportedly informed the court that he would pay N70 million out of the disputed sum that same day and requested a short adjournment.

Following the development, the court adjourned the matter to July 6, 2026, for trial and further report.

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The Federal High Court in Abuja has ordered the final forfeiture of N3.444 billion and three properties linked to Salihu Nuhu Jamari, a former managing director of the Nigerian National Petroleum Corporation’s (NNPC) Gas and Power Investment Company Limited.

Justice J.O. Abdulmalik granted the order on Tuesday, March 31, 2026, following a motion on notice filed by the Economic and Financial Crimes Commission (EFCC) on March 17, 2026, through its counsel, Ekele Iheanacho, SAN.

The assets forfeited include an uncompleted six-bedroom semi-detached duplex with boys’ quarters located at Plot 3168, Asokoro District, Abuja; a two-bedroom flat at Block 2, Apartment A1, Block EFG, Osborne II, Ikoyi, Lagos; and a restaurant property at Plot 102, Cadastral Zone C09, Lokogoma District, Abuja.

The court had earlier, on February 25, 2026, granted an interim forfeiture order and directed that the order be published in a national newspaper to allow any interested party to show cause why the assets should not be permanently forfeited to the Federal Government.

According to the EFCC, the N3.444 billion is connected to an alleged scheme involving conspiracy, kickbacks, bribery and money laundering among staff and contractors of the NNPC.

The anti-graft agency said Jamari’s name featured prominently in a petition dated April 28, 2025, which triggered a series of investigations.

Following the petition, the EFCC said its investigators uncovered evidence suggesting that Jamari, while serving as Managing Director of NGPIC, allegedly used his influence through two private companies, Cumulus Energy Limited and Pius and Phillips Petroleum Limited, where he was said to be a director and signatory to the accounts.

The Commission alleged that the companies received kickbacks from three contractors who had been awarded three major projects by the Nigerian National Petroleum Company Limited (NNPCL).

After reviewing the application and the evidence placed before the court, Justice Abdulmalik held that the EFCC’s request had merit and consequently ordered the final forfeiture of the funds and properties to the Federal Government of Nigeria.

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The Chairman of the Independent National Electoral Commission (INEC), Prof. Joash Amupitan (SAN), on Tuesday called for a stronger and more adaptive legal framework to address the growing governance challenges posed by Nigeria’s rapidly evolving digital landscape.

Amupitan made the call while delivering his opening remarks as Chairman of the Occasion at the 47th Founders’ Day Lecture of the Nigerian Institute of Advanced Legal Studies (NIALS), held at the Ayo Ajomo Auditorium, University of Lagos.

The lecture, titled “Civic Participation, Rule of Law and Accountable Governance in a Digital Era,” brought together senior legal scholars, policymakers, jurists and public officials to examine the intersection of law, democracy, and technology.

Amupitan said the digital environment had fundamentally transformed governance globally, making it imperative for Nigeria to strengthen its laws and institutions to safeguard democratic processes.

According to him, technology has created new pathways for citizen participation and accountability, but has also introduced serious risks that could weaken public institutions if not properly regulated.

“We live in a time when technology is fundamentally reshaping governance. From digital platforms that amplify citizens’ voices to tools that enhance transparency, technology is creating vast opportunities for participation and accountability.

“But the digital space is not without challenges. We are faced with misinformation, digital manipulation, data breaches and concerns around artificial intelligence.

“These developments test the resilience of our legal system,” he said.

The senior lawyer stressed that Nigeria must enact responsive legislation capable of keeping pace with technological innovation.

“Technological innovations must not outpace regulation or undermine democratic institutions.

“This is why Nigeria requires a forward-looking legal framework that supports transparency while protecting the integrity of governance,” he said.

Amupitan also called for greater collaboration among legal scholars, policymakers, technologists and civil society actors to build an accountable, inclusive and future-ready governance structure.

Speaking on the significance of the Founders’ Day celebration, he described it as more than a ceremonial event, saying it should serve as a moment of reflection and renewed commitment to legal reform.

“Founders’ Day is not only a celebration of the past but also a call to action. Institutions remain relevant not by their history alone, but by their continued impact and responsiveness,” he said.

He commended NIALS for its longstanding contributions to legal development in Nigeria, describing the institute as a vital bridge between legal theory and practice.

“Over the years, NIALS has justified its creation and has produced cutting-edge research, convened policy dialogues and trained generations of legal practitioners, judicial officers and policymakers.

“As the leading centre of legal scholarship, NIALS must continue interrogating new issues, generating evidence-based insights and guiding the development of adaptive legal frameworks,” he added.

Earlier in his welcome remarks, the Director-General of NIALS, Prof. Abdulqadir Abikan, said the institute remained committed to advancing legal knowledge and supporting governance through evidence-based research.

Abikan said the annual Founders’ Day remained a historic reminder of the vision of the 1966 Nigerian Association of Law Teachers (NALT) Conference, which led to the establishment of the institute despite disruptions caused by the civil war era.

He paid tribute to past legal icons and former Directors-General whose contributions helped shape NIALS into what he described as Nigeria’s apex legal research institution.

According to him, NIALS has continued to provide policy support to government agencies through research in areas such as criminal justice, environmental justice, money laundering reforms and consumer protection.

Abikan disclosed that the institute recently concluded a MacArthur Foundation-funded project that produced policy bulletins, case digests, and 23 drafted court rules and practice directions.

He further revealed that in 2025, NIALS trained 972 participants across 31 capacity-building programmes, excluding public lectures and hybrid seminars.

Despite challenges such as inflation, high staff attrition and the institute’s temporary office arrangement in Abuja, Abikan said the institute was making steady progress.

He also announced the recovery of the institute’s long-disputed property at Dolphin Estate, Lagos, after a 16-year legal battle.

The NIALS Director-General appealed to the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), for additional support toward completing the institute’s permanent headquarters in Abuja.

Delivering the keynote lecture, Mr Theodore Maiyaki (SAN) warned that while digital technology offers new opportunities for civic engagement, it could also endanger democracy if not properly governed.

Maiyaki said digital transformation had redefined how societies live, communicate and govern, noting that technology now shapes public discourse, policy debates and state-citizen relations.

“We live in a world increasingly powered by algorithms, data centres and digital platforms.

“Citizens no longer participate only through town halls or ballot boxes, but through hashtags, petitions, online campaigns and virtual communities,” he said.

He described the digital era as a paradox of opportunity and danger, arguing that the same tools that broaden access to information can also fuel misinformation, manipulation and intrusive surveillance.

Referencing political thinkers such as Aristotle, Robert Dahl, and Jürgen Habermas, Maiyaki said civic participation remains central to democratic legitimacy.

“Technology can strengthen democracy or weaken it; empower citizens or control them. That is why purposeful safeguards are a democratic necessity,” he said.

He added that governance should not be left solely to elected officials, insisting that citizens must engage continuously and not only during elections.

“Governance is not the exclusive domain of elected officials. Citizens must engage continuously, not only during elections. Democracy collapses when public voices go silent,” he said.

Maiyaki expressed concern over what he described as declining elite participation in Nigeria’s political processes, especially during party congresses.

He also said the rule of law must move beyond elite discourse and translate into functional schools, hospitals, jobs and other basic public services.

According to him, delays in justice delivery, selective anti-corruption enforcement and political interference have deepened public scepticism about governance.

He called for stronger safeguards in digital governance, including robust data protection, improved cybersecurity and transparent use of artificial intelligence.

“With vast personal data now held by government agencies, digital rights must be protected as rigorously as traditional rights,” he said.

Maiyaki further urged that elections, legislative oversight, judicial review, civil society activism and the media be strengthened to meet the demands of a digital society.

“Digital innovation must strengthen transparency, not obscure it, because accountability is a public trust and no office is above scrutiny,” he added.

He urged Nigerians to “walk the talk,” deepen civic engagement and help build a governance culture capable of serving future generations.

Also speaking, the Dean of the Faculty of Law, University of Lagos, Prof. Abiola Sanni (SAN), called for closer collaboration between the faculty and NIALS to strengthen legal scholarship and research in Nigeria.

Sanni said the faculty was committed to integrating intellectual resources and research facilities with the institute, noting that stronger partnerships would boost legal education, research innovation and policy impact.

“We are committed to building productive linkages with NIALS, drawing inspiration from global models like the Institute of Advanced Legal Studies in London,” he said.

He also highlighted ongoing efforts to improve infrastructure and academic development within the faculty, including new buildings, digitalised libraries and modern lecture theatres dedicated to prominent legal scholars.

According to him, such developments would help create a more vibrant environment for learning, research and professional engagement, while preparing graduates and scholars to contribute meaningfully to Nigeria’s legal and governance landscape.

Notable dignitaries at the lecture included Prof. Epiphany Azinge (SAN), the Asagba of Asaba; Lagos State Attorney-General and Commissioner for Justice, Mr Lawal Pedro (SAN); Justice Hakeem Oshodi; and Justice Modupe Nicole-Clay.

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Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, Lagos, has frozen funds and assets valued at N448,263,172.41 belonging to Relic Resources and four other defendants in a debt recovery suit filed by Keystone Bank Limited.

The order, granted on March 26, 2026, followed an ex parte application moved by Mofesomo Tayo-Oyetibo, SAN, against Relic Resources, Olufunmilayo Emmanuella Alabi, Uwadiale Donald Agenmonmen, The Magnificent Multi Services Limited, and Raedial Farms Limited.

In his ruling, Justice Aneke issued a Mareva injunction restraining the defendants, either personally or through agents, from withdrawing, transferring, or dealing with funds, shares, dividends, and other financial instruments up to the disputed sum in any Nigerian bank or financial institution.

The court directed all banks and financial institutions to immediately preserve any funds linked to the defendants upon service of the order.

They are also required to file affidavits within seven days disclosing account balances and statements for all accounts connected to the defendants.

A further preservative order bars the defendants from selling, transferring, or encumbering any movable or immovable property, including future or contingent interests, up to the value of the alleged debt.

Justice Aneke also granted leave for substituted service on the second and third defendants via courier to their last known addresses.

The case was adjourned to April 9, 2026, for mention.

Court documents show the dispute arose from a N500 million overdraft facility granted to Relic Resources on March 28, 2023, with a 365-day tenure at 32 per cent interest per annum.

Keystone Bank said the facility was initially secured by $200,000 cash collateral, later replaced by a mortgaged property in Itunu City, Epe, Lagos.

The loan expired on March 27, 2024, with an outstanding balance of N448,263,172.41 as of October 31, 2024.

In a supporting affidavit, the bank alleged that the third defendant, Uwadiale Donald Agenmonmen, diverted the loan for personal use and channelled funds into the fourth and fifth defendant companies, The Magnificent Multi Services Limited and Raedial Farms Limited.

The bank further claimed that Relic Resources is no longer a going concern and failed to honour repayment demands sent between May and October 2025.

Keystone Bank argued there was a real risk the defendants could dissipate or conceal assets to frustrate enforcement of any eventual judgment, and urged the court to preserve the assets pending determination of the suit.

After hearing submissions from Tayo-Oyetibo, Justice Aneke granted all the reliefs sought.

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•As Launch Begins April 1, 2026

Ridesmash has officially announced the commencement of applications for Electric Vehicle (EV) car registration for both individuals and hire-purchase drivers, beginning April 1, 2026.

The initiative is set to transform urban mobility in Abuja and Lagos, offering a more sustainable, cost-effective, and future-driven transportation solution.

A New Opportunity for Drivers and Individuals

According to co-founder Eigbefoh Paul Smith, the programme is designed to create flexible access to vehicle ownership while promoting the adoption of clean-energy transportation.
The initiative offers two major options:
1. Outright Purchase
Immediate ownership of electric vehicles
Ideal for individuals looking to invest in modern mobility
2. Drive-to-Own (Hire Purchase Plan)
Flexible 24-month repayment plan
Designed for drivers who want to earn while owning
Lower operating expenses compared to fuel-powered vehicles

Why This Matters

With the rising cost of fuel and the increasing demand for efficient transport systems, Ridesmash is positioning itself as a leader in:
Sustainable mobility
Driver empowerment
Cost-efficient transportation
Electric vehicles offer several key benefits, including:
Reduced fuel dependency
Lower maintenance expenses
Higher long-term profitability for drivers

Call to Action

Residents of Abuja and Lagos are encouraged to take advantage of this opportunity by applying early and positioning themselves within the evolving ride-hailing ecosystem.

As emphasised by Eigbefoh Paul Smith: “The future of transportation in Nigeria is electric, and this initiative is about creating access, ownership, and opportunity for everyone.”

Ridesmash is not just launching a service, it is driving a movement toward a smarter, cleaner, and more inclusive mobility system.

An Ikeja Special Offences Court on Monday sentenced businessman Olumuyiwa Teniola-Idowu to 30 years’ imprisonment after finding him guilty of stealing $62,500 and €36,020, and failing to disclose assets.

Justice Ismail Ijelu delivered the judgment following the prosecution by the Economic and Financial Crimes Commission (EFCC), which arraigned Teniola-Idowu alongside his company, Tennyvans Nigeria Ltd, on a six-count charge of stealing and non-disclosure of assets.

The court held that the prosecution proved its case beyond reasonable doubt and convicted the defendant on all counts.

Sentence breakdown:

Counts 1–4 (stealing): 5 years each, to run concurrently

Counts 5–6 (non-disclosure of assets): 5 years each, with an option of N1 million fine per count

The fines must be paid within six months, otherwise the custodial terms will take effect

Justice Ijelu also ordered Teniola-Idowu to restitute the full $62,500 and €36,020 to the nominal complainant, Mr Rene Theodorous Johannes Brouwers of Brouwers USA Trucks and Parts, within six months.

According to the EFCC, the convict in 2012, in Lagos, dishonestly converted the funds, meant for the purchase of caterpillar parts, to his personal use.

The agency added that he also failed to declare the funds in his possession, violating statutory requirements.

EFCC counsel, Mr Ebuka Okongwu, called three witnesses and tendered 11 exhibits, all admitted by the court. Defence counsel, Mr Kehinde Olawumi, called one witness.

The offences contravene Section 285 of the Criminal Law of Lagos State, 2011, and Section 27(3) of the EFCC Act, 2004, which cover stealing, non-disclosure of assets and refusal to declare properties.

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•Upholds Stamp Duty Liability in 11 Plc v. Milan Industries

By Tamuno Boboye

The recent decision of the Supreme Court in Appeal No. SC/CV/374/2023 – 11 Plc v. Milan Industries Limited signposts a doctrinal refinement of two critical issues that have hitherto presented practitioners with doubts and uncertainties.

While the judgment highlights a number of key legal positions — ranging from jurisdiction and competence of the court to salient lines of discourse in company law, this article considers two central legal points which signal a redefinition of the law in relation to:

(1) the jurisdiction of the courts over the sale of eligible bank assets by the Assets Management Corporation of Nigeria (AMCON); and

(2) the limited effect of stamp duty on secured credit transactions.

Brief Summary of the Appeal

Milan Industries Limited (“Milan”) had obtained credit facilities from Skye Bank Plc (a predecessor company to Polaris Bank Limited). In obtaining the loan, Milan pledged its property at Plots 244 and 255 Kofo Abayomi Street, Victoria Island, Lagos (housing the Lagos Continental Hotel) as continuing security for the facility through a Deed of Legal Mortgage.

The deed was duly perfected with the Land Registry and the Corporate Affairs Commission (CAC) in line with the Companies and Allied Matters Act (CAMA).

However, in relation to the payment of stamp duties, Skye Bank made statutory payment on an assessed sum of N2 billion. Milan subsequently defaulted in liquidating the loan, which, by then, had accrued interest far in excess of N15 billion.

The facility became a non-performing loan and was consequently classified as an eligible bank asset pursuant to the AMCON Act.

It was accordingly purchased by AMCON as a collateralised and secured loan, following which the property used as security was sold to 11 Plc.

Dissatisfied with the sale, Milan instituted an action at the Federal High Court against Polaris Bank, AMCON, and 11 Plc, seeking, among other reliefs, an order setting aside the sale by AMCON.

Milan’s case was that although its credit liability had risen beyond N15 billion, it had discharged the debt obligation of N2 billion, being the amount for which the instrument was assessed and stamped.

To that extent, Milan contended that the creditor could no longer resort to the security, which it considered discharged upon payment of the N2 billion.

Milan relied substantially on section 202 of CAMA, 1990, now reenacted as section 227 of CAMA, 2020.

Although the trial court dismissed Milan’s suit, the Court of Appeal agreed with Milan and held that: “The maximum amount secured was N2 billion and the 1st Respondent cannot use the property charged to liquidate any amount in excess of the maximum amount secured and when the maximum amount secured is paid the security is discharged.”

Aggrieved by the finding of the Court of Appeal, 11 Plc, through its lead counsel, Chief Wole Olanipekun, CFR, SAN, filed a Notice of Appeal containing 27 grounds of appeal.

In the appellant’s brief of argument settled by Chief Olanipekun, 11 Plc challenged the decision of the Court of Appeal on diverse grounds, two of which touched on: the jurisdiction of the court to interfere with a sale by AMCON; and the proper interpretation of sections 197, 199, and 202 of CAMA, 1990.

Jurisdiction of the Court Over AMCON Sale

In addressing this issue, Olanipekun contended on behalf of 11 Plc that by the combined provisions of sections 33A and 34 of the AMCON Act, the court lacked jurisdiction to entertain any action challenging the acquisition of an eligible bank asset by AMCON under the Act.

He further submitted that the decision of the Court of Appeal, which made the application of the provision conditional upon the existence of a valid acquisition, amounted to an infusion of elements not contained in section 33A of the AMCON Act.

Relying on the decision of the Supreme Court in Abegunde v. Ondo State House of Assembly (2015) 8 NWLR (Pt. 1461) 314 at 371–372, he argued that the Court of Appeal had a duty to give the unambiguous statutory provisions their ordinary meaning.

In response, lead counsel for Milan, Mr Ahmed Raji, SAN, argued that section 33A of the AMCON Act was wholly inapplicable to the case.

He further submitted, inter alia, that the referenced provisions of the AMCON Act constituted ouster clauses and could not be sustained in the face of the judicial powers vested in the courts under section 6 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).

In concurring with the appellants, the Supreme Court, per Nwosu-Iheme, JSC, observed that section 34(6) of the AMCON Act was indeed an ouster clause and held that:

“While a person’s access to the courts to have his civil rights adjudicated upon may be restricted or ousted by a statute or Act, it must be construed rather strictly. Ouster of jurisdiction needs express words.”

Pronouncing on the implication of section 34(6) of the AMCON Act, the apex court further held: “As submitted by the Appellants, and I agree, if the reliefs are not grantable by virtue of section 34(6) of the AMCON [Amendment] Act, then the Court had no jurisdiction to grant the same or even entertain the suit.

“The powers of the Court to that extent were ousted by the Act. Clearly, the prohibition enacted in that section is a mandatory provision employing the word ‘shall’.

“The Act went on to prescribe the only remedy available to a successful litigant in such an action. Again, as cited by the Appellants, it is the duty of a Court to enforce mandatory provisions of an enactment.”

In his concurring opinion, Abiru, JSC, identified the effect of the combined provisions of sections 33A, 34(1)(a), 34(2), 34(3), and 34(6) of the AMCON Act as being: “to extinguish the right of action of anyone to challenge and seek the setting aside of the purchase of an eligible bank asset by [AMCON].”

His Lordship further noted that: “The provision limits the right of action of anyone that has a grievance against the purchase of an eligible bank asset by [AMCON] to a claim in monetary compensation only and the provisions were given retrospective effect and made applicable to all eligible bank assets including but not restricted to assets acquired by [AMCON] before May 2015.”

This decision of the Supreme Court lays to rest the protracted debate over the constitutionality and effect of the referenced provisions of the AMCON Act, especially in light of conflicting decisions of the Court of Appeal.

In the unreported decision of the Court of Appeal in Appeal No. CA/L/1266/2019 – AMCON v. Shittu, delivered on 15 December 2020, the Court of Appeal had earlier held that since section 34(6) of the AMCON Act sought to curtail the discretion of the court and the right of citizens to seek redress, it was inconsistent with the Constitution and consequently null and void. See also Jumbo v. AMCON & Ors (2020) LCN/14278 (CA).

The recent position of the Supreme Court, however, now underscores the principle that while courts will jealously guard their jurisdiction and naturally lean against ouster clauses, where a statute is clearly worded to oust jurisdiction, the court will be constrained to give effect to the legislative prescription.

Stamping and Up-Stamping

One of the principal reliefs sought by Milan at the trial court was: “A declaration that the security of the Plaintiff under the Deed of Legal Mortgage is void in relation to any amount in excess of the N2 billion secured and up-stamped.”

Although this argument was rejected by the trial court, the Court of Appeal found in its favour, holding that: “The law regulating enforcement of charges does not permit the 1st Respondent to recover any sum of money in excess of the amount secured and where the amount secured has been repaid the security is discharged and the excess amount is treated as an unsecured debt to be recovered through a debt action.”

At the Supreme Court, the appeal turned on the proper interpretation of sections 197, 199, and 202 of CAMA, 1990 (now sections 222, 224, and 227 respectively of CAMA, 2020).

Chief Olanipekun, on behalf of 11 Plc, relied, on the one hand, on the equitable rights arising from the parties’ contractual obligations as evidenced by the Deed of Legal Mortgage.

On the other hand, he emphasised that a proper interpretation of the relevant provisions of CAMA would lead to a result contrary to that reached by the Court of Appeal.

His position was that by virtue of section 199 of CAMA, the duty to register the charge and pay the appropriate stamp duty lay with Milan, and that having failed to appropriately up-stamp the instrument to the full extent of its liability, Milan could not rely on its own default to escape liability.

Olanipekun further argued that even if the bank had paid the stamp duty on behalf of Milan, the latter remained liable to reimburse the bank for the registration.

Therefore, the obligation remained with Milan at all material times.
He also relied on judicial authorities, including Omobare v. New Nigerian Bank Ltd (1986) 1 N.S.C.C 32 at 36 and Adedeji v. National Bank of Nigeria (1989) 1 NWLR (Pt. 96) 212 at 226, for the proposition that a court of equity would not allow a party to enjoy the benefits of credit facilities and simultaneously disclaim liability by raising issues that would have rendered the transaction void or irregular.

The Supreme Court was also invited to consider foreign jurisprudence on similar statutory provisions. Of particular note was the decision of the Chancery Division of the English High Court in Independent Automatic Sales Ltd v. Knowles and Foster [1962] 3 All ER 27 at 30–31, which involved an interpretation of section 95 of the Companies Act 1948, a provision in pari materia with section 197 of CAMA, 1990.

In that case, the court held that it did not lie in the mouth of the company to contend that charges were void for lack of registration, as such a position could only properly be taken by the company’s liquidator or creditors.

Arguing per contra on behalf of Milan, Mr. Ahmed Raji, SAN, maintained that the Court of Appeal’s interpretation of section 202 of CAMA was correct and unassailable.
According to Raji, it is CAMA, and not the Deed of Legal Mortgage, that regulates the creation, registration, and enforcement of charges. He further contended that section 202 of CAMA creates a condition subsequent which ties enforceability to the amount of stamp duty paid and voids the continuing security to the extent that it charges the mortgaged property beyond the sum assessed and paid as stamp duty.

In the lead judgment, Honourable Justice E.N. Nwosu-Iheme, JSC, observed: “It appears to me that the 1st Respondent is approbating and reprobating in the same breath.

While it acknowledges that it is indebted to the 2nd Respondent to the tune of N13 billion, it at the same time argues that the property which it used to secure the debt cannot be used to liquidate same.

The 1st Respondent wants to eat its cake and still have it. This is instructive, because the requirements of compliance with the registration of the charge under sections 197 and 202 of CAMA, 1990 rest on the Respondent.”

In his concurring judgment, Honourable Justice H.A. Abiru, JSC, emphasised that the essence of statutory interpretation is to discover the intention of the lawmaker as conveyed by the words of the statute, and that in doing so, the court must assume that the legislature did not intend to create injustice or absurdity.

Agreeing with the appellant, his Lordship held that: “It is obvious that the essence and purpose of registering charges created on the assets of a company under the Companies and Allied Matters Act was not for the protection of the debtor company creating the charges, but to protect the liquidator and creditors of the company.”

Conclusion

Beyond the issues in dispute between the parties, it is instructive that the Supreme Court has, by its decision in 11 Plc v. Milan Industries Limited, streamlined the class of persons with locus standi to invoke the provisions of sections 222, 224, and 227 of CAMA, 2020, in relation to the adequacy or otherwise of the payment of stamp duty.

While the decision reaffirms the settled principle that a party cannot take the benefit of a contract and subsequently turn around to challenge the validity of that same contract, it also clarifies the legal obligation for the registration of a charge over company property.

Not only has the judgment activated the practical essence of section 224 of CAMA, 2020, the apex court has also, with judicial finality, clarified the implications of default and the extent of liability under the provision.

In practical terms, the decision is likely to shape future litigation involving AMCON asset acquisitions, mortgage enforcement, corporate charges, stamp duty compliance, and secured credit transactions in Nigeria.

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The Rivers State Accountant-General and the Ministry of Budget and Economic Planning have told the High Court in Port Harcourt that the administration of former sole administrator, Vice Admiral Ibok-Ete Ibas (Rtd), spent over ₦302.35 billion between March and August 2025.

The disclosure was made in a counter-affidavit filed in response to a Freedom of Information (FOI) lawsuit, PHC/4153/CS/2025, instituted by the Socio-Economic Rights and Accountability Project (SERAP) to demand transparency on spending during the state’s six-month emergency rule.

The suit, filed on 31 October 2025 against the Accountant-General and the Budget Ministry, is before Justice S.H. Aprioku.

The case has since been adjourned to May 19, 2026.

In the counter-affidavit dated March 10, 2026, the state officials said Rivers received ₦253.48 billion (₦253,480,052,907.33) from FAAC allocations between March and August 2025, plus ₦44.87 billion (₦44,868,976,368.32) from other receipts — bringing total inflows to approximately ₦298.35 billion (₦298,349,029,275.65).

Two exhibits — DTI (bank statements) and DT2 (capital pages of the Government House estimate), totalling 49 pages, show expenditures exceeding ₦302.35 billion (₦302,352,458,523.07) in the same period, with a closing balance of ₦19.93 billion as of August 2025.

The government said it “does not contest SERAP’s right to access information” and has “substantially complied” by furnishing the documents.

According to SERAP’s preliminary assessment of the exhibits:

Government House transfers: Multiple payments ranging from ₦1.8 million to ₦4.27 billion, including repeated ₦900 million transfers and a single ₦4.27 billion transfer in August.

Salaries, pensions and overheads: ₦112.41 billion (₦112,408,021,641.07)

MDAs: ₦163.44 billion (₦163,441,654,922.70), with over ₦106 billion disbursed in August alone

Loan servicing and bank charges: ₦26.50 billion (₦26,502,781,959.30), comprising ₦26.01 billion in loan service and ₦491.59 million in bank charges

Projects: ₦2.5 billion released for Government House quarters (about ₦1.1bn reflected as spent); office building repairs revised to ₦2.67 billion (about ₦404m spent); ₦350 million allocated for canteen/kitchen equipment; over ₦463 million for rehabilitation projects; and one project raised from ₦800 million to ₦1.56 billion.

The counter-affidavit also noted that ₦28 billion was approved for CCTV installation at the State House but no expenditure was incurred, so no documents exist for the project.

SERAP Deputy Director, Kolawole Oluwadare, said the group is “studying the large documents” and analysing spending “project-by-project” to determine whether the state has fully complied with its FOI request or whether it will seek fresh information or amend its suit.

“Our teams will decide whether our requests have been fully complied with,” he said on 29 March 2026.

In its suit, SERAP asked the court to determine whether, under Sections 13, 15(5), 16(2) and 39 of the 1999 Constitution (as amended) and Sections 1(1), 2(3)(d)(v), 2(4) and 4(a) of the FOI Act 2011, it is entitled to the information sought.

The Rivers government, while defending the delay in releasing the documents, argued it “did not occasion any specific or proven injury to SERAP.”

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Returns Lekki Title Documents to Customer

The Tapa Commercial Division of the Lagos State High Court has dismissed a debt recovery suit filed by United Bank for Africa (UBA) Plc against its customer, Mr Arueyingho Gbemi Mac, ending a 12-year legal battle.

Delivering judgment in suit No. LD/146/2013, Justice A. M. Ipaye, held that UBA failed to prove its claim that the defendant owed N57.4 million under a mortgage facility granted in 2007.

Instead, the court found that the customer was entitled to a credit balance of N7,574,592.87.

The judge further ruled that UBA acted in breach of the Central Bank of Nigeria (CBN) Act and the Banks and Other Financial Institutions Act (BOFIA) in its management of the customer’s account, describing the conduct as a breach of fiduciary duty.

UBA, represented by Mrs G. Opeyokun, had asked the court to recover the alleged debt with 22 per cent interest per annum and grant an order to sell a mortgaged property at Lekki Phase 1, Lagos, claiming the loan had become non-performing.

The defendant, through its counsel, Emmanuel Umoren, contested the claim and filed a counterclaim alleging excessive charges, unlawful interest, and breach of contractual and regulatory obligations.

He also argued that the bank prematurely called in the loan before the agreed 10-year tenor expired.

Central to the court’s decision was an independent auditor’s report commissioned through a process approved by the court and involving the Chartered Institute of Bankers of Nigeria (CIBN).

The report showed that UBA imposed excess charges totalling over N51.9 million, including inflated interest and unauthorised fees, in violation of CBN guidelines.

Justice Ipaye adopted the auditor’s findings, holding that although the bank had the contractual right to call in the loan upon default, it forfeited that right by applying unlawful charges.

Once the excess charges were removed, the court concluded, the defendant was not indebted to the bank.

“The claimant has failed to prove its entitlement to the reliefs sought,” Justice Ipaye ruled, adding that the right to sell the mortgaged property could not arise in the absence of a proven debt.

Consequently, the court Dismissed all of UBA’s claims and set aside an interlocutory judgment granted in 2014, awarded N7.57 million with 10 per cent annual interest from the date of judgment until full payment, in favour of the customer;

Ordered UBA to immediately return all title documents relating to the Lekki property to Mr Mac.

https://www.tvcnews.tv/court-dismisses-ubas-%E2%82%A657m-debt-claim-orders-refund-to-customer/

• Says Corruption Threatens Development

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has commended the United Nations Office on Drugs and Crime (UNODC) for placing anti-corruption and illicit financial flows at the centre of its Nigeria Country Programme 2026–2030.

Olukoyede spoke in Abuja on Friday at the official launch of the programme, describing corruption as a grave threat to national and global development that demands sustained, coordinated action.

“For the EFCC, the programme’s emphasis on combating corruption and illicit financial flows is particularly significant.

“Corruption continues to impose enormous economic and social costs on our country. Hence, the imperatives of sustained action to turn the tide,” Olukoyede said.

The EFCC boss noted that the launch comes at a critical time when Nigeria is grappling with complex, evolving threats, including transnational organised crime, terrorism, and cyber-enabled offences.

He warned that criminal networks are exploiting technology, global financial systems, and governance gaps to move illicit funds across borders with alarming speed.

“Confronting these challenges requires coordinated national responses, strong institutions and sustained international cooperation,” he added.

Olukoyede lauded the longstanding partnership between the EFCC and UNODC, expressing confidence that the Nigeria Country Programme 2026–2030 will deliver tangible results through its focus on capacity development, inter-agency collaboration, and data-driven approaches to organised crime.

He said the initiative aligns closely with the EFCC’s statutory mandate and Nigeria’s broader commitment to strengthening its anti-corruption architecture.

In its remarks, UNODC described the programme as significant given Nigeria’s strategic position as Africa’s largest economy and most populous nation, with a projected population of 400 million by 2050, placing it in a position to drive regional transformation.

The launch drew key stakeholders from Nigeria’s justice and law enforcement sector, including the National Judicial Institute (NJI), National Drug Law Enforcement Agency (NDLEA), Nigeria Police Force (NPF), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Director of Public Prosecution of the Federation (DPPF).

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•Seeks Stay Against Reinstatement of Ex-Board

The Central Bank of Nigeria (CBN) has launched a legal counteroffensive to overturn a Federal High Court judgment that nullified its takeover of Union Bank of Nigeria Plc, assembling a high-profile team of Senior Advocates of Nigeria (SANs) to prosecute the appeal.

Justice Chukwujekwu Aneke of the Lagos Division ruled on March 25, 2026, that the CBN exceeded its statutory powers when it dissolved Union Bank’s board and management in January 2024, ordering the immediate reinstatement of the former board led by Farouk Mohammed Gumel.

The court also quashed all decisions taken by the CBN-appointed management and halted the recapitalisation process initiated under the interim board.

Less than 24 hours later, the CBN filed a notice of appeal on March 26, 2026, raising 11 grounds to challenge the judgment in its entirety.

To prosecute the case, the apex bank briefed a formidable legal team led by Yusuf Ali, SAN, alongside Kemi Pinheiro, SAN; Tunde Fagbohunlu, SAN; Uche Val Obi, SAN; and Chukwudi Enebeli, SAN. 4cha9VFI

In its appeal, the CBN insisted it acted within the Central Bank of Nigeria Act and the Banks and Other Financial Institutions Act (BOFIA) 2020.

The regulator told the court that evidence showed Union Bank was in severe financial distress at the time of intervention, with a negative capital adequacy ratio, a capital shortfall exceeding N224 billion, and high non-performing loans. 4cha9VFI

The appeal leans on Section 34 of BOFIA, which empowers the CBN Governor to remove directors of a bank in critical condition, and Section 51, which protects regulatory actions taken in good faith.

The CBN contended that the trial judge misinterpreted these provisions, resulting in a miscarriage of justice by declaring its actions unlawful, ultra vires and unconstitutional. 4cha

Alongside the appeal, the CBN has filed a motion on notice for a stay of execution, asking the court to restrain the reinstated directors — including Bayo Adeleke and Yetunde Oni — from taking control of Union Bank, convening board meetings, altering governance structures or engaging in media actions that could destabilise the bank. The motion seeks to preserve the status quo pending the determination of the appeal.

Respondents in the suit include Titan Trust Bank Limited, Luxis International DMCC and Magna International DMCC, the core shareholders who challenged the CBN’s intervention as ultimate beneficial owners of Union Bank shares. 4cha

In a supporting affidavit, the CBN warned that enforcing the judgment could disrupt Union Bank’s operations, erode public confidence and pose systemic risk to the banking sector.

The bank argued that failure to grant a stay could render the appeal nugatory, stressing that the case raises substantial questions about the scope of regulatory authority under Nigeria’s banking laws.

The CBN, in a statement signed by Acting Director of Corporate Communications Hakama Sidi Ali on March 25, acknowledged the ruling and said it was obtaining the Certified True Copy for review, while reassuring the public that Union Bank “remains safe, sound and stable”.

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ABUJA, Nigeria — The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that the anti-graft agency in 2024 stopped a contractor engaged by the Federal Ministry of Power from executing a project with fake and substandard transmission lines.

Olukoyede said the intervention prevented what could have been a major national disaster, including possible loss of lives and destruction of property.

He disclosed on Wednesday in Abuja while receiving the Managing Director and Chief Executive Officer of the Nigerian Electricity Management Services Agency (NEMSA), Engr. Olusegun Adesayo, who paid him a courtesy visit at the EFCC’s corporate headquarters.

According to the EFCC chairman, the commission investigated the contractor and confirmed that the transmission materials imported for the power contract were fake and failed to meet the required standards.

“In 2024, we had cause to write to the Ministry of Power to blacklist a contractor when we investigated and confirmed that he imported fake and substandard power transmission lines for the execution of a contract given to him,” Olukoyede said.

He noted that the EFCC’s action averted a potentially catastrophic situation that could have endangered public safety and critical infrastructure across the country.

Olukoyede also assured the NEMSA delegation of the EFCC’s readiness to collaborate with the agency to strengthen compliance, accountability and technical integrity in Nigeria’s power sector.

“We believe that we can work together to improve electricity supply in Nigeria and to ensure that all the key stakeholders in the industry play according to the rules and laws guiding the sector.

“I believe when we do this, we will see some improvement in power supply in Nigeria. Our mandate covers economic sabotage, not only financial crimes,” he said.

The EFCC boss further urged NEMSA to pay closer attention to procurement-related fraud and contract abuses, stressing that the commission has the expertise to support the agency in tackling such issues.

Earlier, Adesayo said the visit was aimed at deepening institutional collaboration between NEMSA and the EFCC to improve safety standards, transparency, and accountability in the electricity industry.

He explained that NEMSA’s statutory role includes enforcing technical standards and regulations in the power sector to ensure the safety, reliability, and quality of electrical installations and materials nationwide.

Adesayo said the agency was seeking EFCC’s support in areas such as intelligence sharing, investigation of procurement irregularities, detection of substandard electrical materials, contract abuse, regulatory compliance, public sensitisation and capacity building.

“We recognise that effective regulation and anti-corruption enforcement are very important. Therefore, we want a coordinated effort to safeguard all our public infrastructure and natural resources,” Adesayo said.

He also requested the EFCC’s guidance in strengthening NEMSA’s internal control systems and assured Olukoyede that the agency was undertaking internal reforms to improve probity and align with the Federal Government’s anti-corruption agenda.

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A new player in Nigeria’s mobility sector, Ridesmash, is set to launch an electric vehicle (EV)-powered ride-sharing app in Abuja, in a move aimed at reshaping urban transportation and expanding access to cleaner, more affordable ride-hailing services.

As part of its market entry strategy, the company is calling on drivers across the Federal Capital Territory to take advantage of its driver empowerment scheme, which offers access to electric vehicles under a flexible 24-month repayment plan.

The initiative is designed to lower entry barriers for drivers, reduce the burden of fuel costs, and create more sustainable income opportunities in Nigeria’s rapidly evolving transport ecosystem.

Platform Targets Smarter, Greener Urban Mobility

Ridesmash said its entry into the Abuja market marks a major push toward smart and sustainable mobility, with electric vehicles positioned at the centre of its ride-hailing operations.

According to the company, the adoption of EVs in the ride-hailing ecosystem is expected to deliver several benefits, including reduced fuel dependency, lower operational expenses, improved efficiency, and environmentally friendly transportation.

The company believes this approach could offer a more cost-effective alternative for drivers currently struggling with rising fuel prices and vehicle maintenance expenses.

Driver-First Model at the Core

Ridesmash said its business model is built around driver inclusion and long-term profitability, positioning itself as a driver-first platform in a highly competitive market.

Under the scheme, drivers will be able to access electric vehicles through a structured repayment arrangement spread over 24 months, allowing them to begin operations without the heavy upfront costs typically associated with vehicle ownership.

In addition to the EV financing model, the company said drivers will benefit from lower running costs compared to petrol-powered vehicles, competitive commission rates, and flexible working hours.

The company said the initiative is expected to support both new entrants and existing ride-hailing operators looking to transition into a more sustainable and profitable mobility model.

App to Offer Safety, Affordability, Real-Time Tracking

Speaking on the upcoming rollout, Ridesmash CEO, Eigbefoh Paul Smith, said the app has been developed with features designed to deliver a seamless and reliable experience for both riders and drivers.

According to him, the platform includes a user-friendly booking interface, real-time trip tracking, enhanced safety features, affordable pricing, efficient driver allocation, and in-app support tools.

Smith said the company’s goal is to build a platform that prioritises convenience, safety, reliability, and long-term sustainability.

“The future of mobility in Africa is electric, efficient, and inclusive, and Ridesmash is leading that transformation,” he said.

Why Abuja?

Ridesmash described Abuja as a strategic launch market due to its expanding urban population, rising demand for dependable transportation services, and growing awareness of environmentally sustainable mobility solutions.

The company said it aims to establish itself as a leading mobility platform in the city before pursuing broader expansion across Nigeria and other African markets.

Industry watchers say Abuja’s structured road network, increasing middle-class population, and demand for tech-driven transport solutions make it a natural testing ground for innovative ride-hailing models.

Drivers Urged to Join Early

The company is encouraging drivers in Abuja to join the platform early and take advantage of the EV repayment scheme, describing it as an opportunity to own and operate electric vehicles, reduce daily operating expenses, and participate in the future of transportation.

With sustainability, innovation, and economic empowerment at the heart of its model, Ridesmash said it is not simply launching another ride-hailing app, but seeking to build a long-term mobility ecosystem that benefits both drivers and commuters.

He is a Nigerian, and he has the right to vote or be voted for.

By Eigbefoh Paul Smith

In an increasingly interconnected world, conflicts in distant regions no longer remain isolated, they ripple across global markets, economies, and local businesses.

For Nigeria, ongoing geopolitical tensions and wars have created both challenges and shifting opportunities, particularly for entrepreneurs navigating an already complex economic environment.

1. Rising Inflation and Cost of Living

Global conflicts frequently disrupt supply chains, particularly in the energy, food, and raw materials sectors. Nigeria, being heavily import-dependent in key sectors, feels this impact directly.

Increased fuel prices drive up transportation and production costs
Food prices surge due to global supply disruptions
General inflation reduces purchasing power

For entrepreneurs, this translates to:

Higher operating expenses
Reduced customer spending
Pressure on pricing strategies
2. Exchange Rate Volatility

Wars tend to strengthen global currencies, such as the US dollar, putting pressure on emerging market currencies like the Naira.

Import costs increase significantly
Businesses reliant on foreign goods face instability
Profit margins shrink due to unpredictable forex rates

Entrepreneurs are forced to either absorb costs or pass them on to customers—both risky decisions.

3. Supply Chain Disruptions

Many global conflicts affect major export routes and production hubs.

Delays in the shipment of goods and materials
Scarcity of essential business inputs
Increased logistics costs

This is particularly challenging for:

Manufacturing businesses
Import-dependent SMEs
Tech companies are reliant on hardware and infrastructure
4. Energy Crisis and Power Costs

Conflicts in oil-producing regions often trigger global energy crises.

Increased cost of diesel and petrol
Higher cost of powering businesses
Reduced operational efficiency

In Nigeria, where businesses already rely heavily on alternative power sources, this becomes a major burden.

5. Reduced Investment Inflows

Global uncertainty makes investors more cautious.

Foreign Direct Investment (FDI) declines
Venture capital becomes harder to access
Investors shift focus to safer markets

Startups and growing businesses may struggle to secure the funding needed for expansion.

6. Opportunities Amidst the Crisis

Despite the challenges, smart entrepreneurs identify and leverage opportunities:

Local production: Increased demand for locally made goods
Digital services: Growth in remote work, fintech, and e-commerce
Agriculture: Rising need for food security solutions
Innovation: Building alternatives to imported products

Resilient entrepreneurs adapt quickly and position themselves strategically.

7. Strategic Response for Entrepreneurs

To survive and grow during global uncertainty, Nigerian entrepreneurs must:

Diversify revenue streams
Reduce dependency on imports
Embrace technology and automation
Strengthen financial planning and cost control
Build resilient and adaptable business models
Conclusion

Global conflicts may be beyond our control, but our response is not.

For Nigeria, the economic pressure is real, but so is the potential for innovation and growth. Entrepreneurs who remain agile, strategic, and forward-thinking will survive and emerge stronger.

As emphasised by Eigbefoh Paul Smith, “In times of global uncertainty, resilience and innovation become the true currency of growth.”

Our security operatives in Nigeria are doing their best to protect the territorial integrity of the nation. More greece to their elbow.

This is a well deserved honour for the speaker. He has served Nigeria so well.

This is good for the Nigerian democracy and rule of law