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Bashir Abdullahi, a witness of the Economic and Financial Crimes Commission (EFCC) in the ongoing trial of Patrick Fernandez, an Indian businessman before a Federal High Court in Lagos, on Tuesday gave graphic details of how the accused defrauded some Nigerian banks to the tune of N32 billion. Fernandez is standing trial alongside three of his companies on a 56 count-charge of fraud. The witness, who is a former investigator with the EFCC, told the court that the commission learned of the fraud when one of the banks contacted the agency’s Financial Intelligence Unit. According to him, in July 2008, he was assigned to investigate the case of suspicious financial activities involving Fernandez and his companies. The affected banks, he said, were Zenith Bank, Afribank, Intercontinental Bank, Union Bank and Wema Bank. His investigations, he said, revealed high volume transactions from one account to another, which he said were suspected to be fraudulent. Abdullahi said: “In our findings, we discovered that the accused was involved in cheque-kitting and round tripping. It is also known as Lazy Susan, a business model.” Lazy Susan, he said, involves members of a business group transferring money from one sister company to another without selling any commodity, using money obtained from other banks. He said as at September 2007, the accused had less than N2million in his account. “The volume of transaction was also minimal, starting with N20million. Within the same month, it rose to N600million. The volume of transaction also sky rocketed to billions of naira within just three months,” he said. Abdullahi said the transactions involved the use of “suspended cheques” which did not go through the clearing house initially. “If he brings a cheque, credit will be given to him immediately without going through clearance. Because he has a cheque discounting facility, if he brings N1billion cheque, they will give him N800million,” Abdullahi said. He said Wema Bank, for instance, discovered that it allegedly lost N23billion to the activities of Fernandez and his companies. On how the fraud was perpetrated, he said a high ranking staff of Wema Bank aided the fraudulent transactions. The Wema Bank insider, the witness said, “was suppressing the cheque”, such that when other banks asked whether there is money in Fernandez’s account, the official would answer in the affirmative. “All the banks will ask Wema Bank staff, is there N5billion in his account, and he will say yes,” said the witness. Abdullahi said the accused person claimed to be involved in oil and gas business which he said was “cash-intensive” and therefore needed to move money from one bank to the other. He said the bubble burst when the banks, at the clearing house, discovered that “they were clearing the same cheque”. Under cross examination by defence counsel, James Ocholi (SAN), Abdullahi said he did not know the banks’ account officers or branch managers who dealt with Fernandez. He said the defendant’s companies were duly incorporated, and that his accounts were opened through “traditional” means. He added Fernandez was considered high net-worth individual and so the banks took him for his words. “If they had not taken him for his words, we won’t be talking about missing billions. The accused person stated that a point, he became the darling of the banks,” the witness said. He said the investigation was triggered by a Suspicious Transaction Alert received from Afribank. “They reduced the complaint to intelligence and forwarded to EFCC operatives for investigation. I don’t know if there was a petition,” Abdullahi said. Justice John Tsoho adjourned till June 16 for continuation of trial http://dailyindependentnig.com/2015/04/indian-defrauded-nigerian-banks-n32b-court-told/ |
may be pressure from wife…what has IG done to Mama Peace to deserve this ![]() |
Ebonyi State Election Petition Tribunal, sitting in Abakaliki yesterday said it had received six petitions from aggrieved candidates, arising from the just concluded National Assembly elections in the state. The Secretary of the tribunal, Daniyan Ogunyemi, who disclosed this in Abakaliki, said Governor Elechi’s son, Nnanna Elechi, who contested Ebonyi Central Senatorial election on the platform Labour Party (LP) filed a petition against Chief Obinna Ogba of the Peoples Democratic Party (PDP). He disclosed that the member representing Ebonyi/Ohaukwu Federal Constituency in the House of Representatives, Chief Peter Ogeali, who contested Ebonyi North Senatorial election, also of the LP is challenging the declaration of former governor, Dr. Sam Egwu by INEC as the winner of the election. Ogunyemi said Chief Tobias Okwuru, a member of the House of Representatives and of the LP, who contested the Ezza South/Ikwo Federal Constituency had filed his petition against Chief Lazarus Ogbee of the PDP. He stated that others that had submitted their petitions include Helen Nwaobasi of LP, against Chief Sylvester Ogbaga of the PDP for Abakaliki/Izzi federal constituency; Ikechukwu Nwobo also of the LP against Chief Anayo Nwonu of the PDP for Ezza North/Ishielu federal constituency; and Chief James Nweke of the LP against Linus Okorie of the PDP for Ohaozara/Onicha/Ivo federal constituency. He explained that more petitions were being expected from other aggrieved candidates, adding that the tribunal will commenced sitting after receiving all the petitions. ENDS source: sunnewsonline.com |
ABUJA — THE Inspector-General of Police, Mr Suleiman Abba, yesterday, became the first major casualty of the just concluded general elections, which President Goodluck Jonathan and his party, the Peoples Democratic Party, PDP, lost to the opposition.http://www.vanguardngr.com/2015/04/why-jonathan-fired-igp-suleiman-abba/
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For real ![]() |
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mjames:Horrific Car Crash. |
this happened just around the corner from Encomium magazine.
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isan:Refresh the page. |
This is an eye witness report. ''A serious and terrible motor accident occurred in the afternoon (between 12.30 and 1pm) yesterday on Thomas Salako Street, Ogba when a Nissan Xterra lost control and hit a Nepa pole in front of No. 21 in order to stop while coming from the opposite street where the Celestial church is located. We learnt the two (young man and an older woman understood they are mother and son. The son was on the wheels) occupants were attending the marriage ceremony holding in the celestial church. Unfortunately, the jeep hit a female Hausa hawker selling the locally made Koko (pap). The lady's two legs were terribly damaged while the occupants of the vehicle were also injured. "All were rushed to the hospital and i dont know yet who survived.will bring update.''
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After watching this video........ MissTechy #putmeinacoffin |
Phinity318: ![]() |
wiloy2k8:Sorry. |
cococandy: |
#putmeinacoffin |
winningbt: ![]() |
Bugatie:Done |
President-elect, Muhammadu Buhari has vowed to take legal action against the persons responsible for the lawless acts perpetrated by the Peoples Democratic Party in the elections of Rivers and Lagos states. Buhari says that PDP desperately wanted to be in control of the two states and as such employed various tactics, such as inducement and violence to make sure the polls favoured them. He made the comments in an interview with Vanguard, where he also lauded the doggedness of Rivers state governor, Rotimi Amaechi. Read below an excerpt from the interview. “For what happened in Lagos, I think that for whatever political reason, the PDP wanted to have Lagos by all means. I have a lot of respect for the governor of Rivers State for his courage. At a certain time, the Commissioner of Police virtually hijacked the state and the governor was virtually sentenced to the streets fighting thugs without law enforcement agents while the Constitution makes it very clear that the governor is the Chief Security Officer of the state. So, a lot of lawless acts of the PDP are on record and we intend to make the PDP understand it and make sure that, according to the law, those who are responsible for that are taken to the court and properly charged. We are in this system because we believe in it and we want it to stabilize because it is good for our country. If Nigerians have the confidence that their votes count, then they will mind their business and I assure you that there will be more security in the country. But when people feel that they are abandoned, then they will resist. I think that by nature, human beings are rebels especially in Nigeria. You must try and placate them, convince them and show them that their rights are respected or you will not have peace. On what we hear about the money that changed hands, it would have been impossible for APC to win anything in this country because we don’t have the treasury in our pocket. There was no amount of money that could convince Nigerians this time around. A lot of them took the money and did exactly what their conscience wanted them to do, while some even returned the money. Somehow, Rivers and Lagos were seen as strategic to the PDP. Otherwise, how could APC have a marginal 100,000 votes over APC in Lagos which is virtually the capital of the APC in the South- West? A lot of things will come out, but we want to do it basically on facts which can be verified and quantified.” source: www.ynaija.com http://ynaija.com/pdp-will-taken-court-lawless-things-rivers-lagos-buhari/
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15. Faith Ifarajimi (Bloke Oluwajimi) ![]()
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14. Oluwafolakemi Aigbirior (Fowal Flair) Oluwafolakemi Aigbirior is a fashion designer with the taste for style, finishing and fit, she loves paying attention to details. Her love for arts and crafts is borne out of the desire for designing and making people look good. The graduate of Home Economics at Obafemi Awolowo University and creative director of Fowal Flair started her brand during her undergraduate days and was incorporated in 2011. Aigbirior is an expert in creating bespoke and ready to wear creations. This rising brand is also into designing and production of timeless designs for women that love good taste. Over the years, they have been able to train a good number of young females by helping them bring out their potential creative ability. She is also a Goldman Sachs' 10,000 Women scholar of the Enterprise Development Centre (EDC) at the Pan Atlantic University. Fowal Flair entails what femininity is and embraces all aspects of it, making it a favourite among folks with the best fashion taste buds. When Folakemi is off fashion, She's into BlackNbold Fashion club, She was also a part of the just concluded Ife Runway Season Three Goodwill Ambassador. Her designs has been featured in some fashion magazines and blogs in Nigeria.
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13. Onwuka Onyeka Paschal (Royal Couture) Paschal is an undergraduate student of Babcock University and creative director of Royal Couture. He is a proficient designer so skilled in the art of making strictly male outfits. The way he fits colours together with the perfect design is impeccable. It's like he understands colour shades and designs so well, he can craft a mesh of elegant cocktail wears with these little detailing. He officially launched his designer flagship store; ROYAL COUTURE in the year 2015. He debuted the ‘Urban Soldiers’ at the just concluded Babcock University Uninfluenced Fashion Show, a western university fashion clique which also featured prominent and talented fashion designers from withing and outside the country. He is one of the prominent designers in his University and has been featured in some major blogs and magazines in Nigeria.
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12. Apooyin Abiola, Doyin Junaid, Yusuff Olusola (AWE'S CLOTHING) play Breaking into the fashion scene late 2013, Awe clothing's has been a student’s brand with distinction as they have achieved so much within the little time of establishment with roots in the United States and across campuses in Nigeria. The brand is owned by three young designers, Apooyin Abiola a student of the University of Lagos, Yusuf Olusola a student of the Federal Polytechnic Ilaro and Doyin Junaid who resides in the United States. These young protégés have been able to work together as a team and channel all their creative energy into the Awe brand. The two-time Most Outstanding Student Brand of the University of Lagos is known for taking its clients through an adventurous journey of unparalleled fashion. From its fabric selections and swatches to the detailed attention it pays to fitting, quality, finesse and timeliness of delivery. It also offer the best sartorial pieces on a quality for less basis. In the year 2014, Awe clothing's was nominated as the Emerging Brand Of The Year at FUNAAB Awards, Student Enterprise of the Year at the UNILAG Awards and also at the Behind All Youth Awards. Awe has styled Celebrities like BOJ, Tosyn Bucknor, Cynthia Morgan, Vector, Kiss Daniels, Toke of UNILAG FM amongst others. The year 2015 looks very promising for this young brand.
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11. Adepeju Okunuga (Oza Couture) Babcock University's famous fashion brand OZA COUTURE was created by Adepeju Okunuga in 2012. The young designer is one of most established and successful fashion designers on campus. Her passion for fashion has always been embedded in her since she was little but it came into limelight in her 300 level. She was raised by her mother and father who fully support and encourage her. Oza Couture is all about designing unique, stylish, classy, decent and well-tailored dresses for women. Her environment in school inspired her to be able design dresses that would still look decent and also compliant with the school rules. She showcased her first collection “The Nightingale Collection” in the early parts of 2014 in different fashion shows organized in her school. Her second collection “The Versatile Collection” was showcased at the uninfluenced 2015 Fashion Show organized in Babcock University. She also participated in the Fayrouz fashion competition in the year 2014. This showcase got her an interview by Punch Nigeria on her entrepreneurship skills in 2014. Her notable awards and accomplishments cannot be overlooked as she won the Accounting Students League of Babcock’s Departmental Award for Entrepreneur of the year in 2013, The Babcock University Students Association’s Award for Entrepreneur of the year in 2014, Most Enterprising Female Award in her hall of residence and the African Diamonds Award for Fashion Designer of the year in 2015. She intends to further her skills in fashion designing by pursuing a master’s degree in fashion designing. Now out of school, the industry should watch out for this designer.
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Gbenga Luke-Adetule (NVO) Gbenga Luke- Adetule is the Creative Director of NVO APPAREL. NVO stands for NAIJA'S VERY OWN; a proudly Nigerian fashion brand that offers premium bespoke outfits. The NVO APPAREL brand was birthed in March 2013, fuelled by the zeal to make quality, outstanding outfits that would rival established designers in the fashion industry both home and abroad. In June 2014, Gbenga showcased at the second edition of Winasbet Nigerian Student Fashion and Design Week (NSFDW), the biggest student fashion week in Africa, and this was a turning point for him, it motivated him to dream bigger and work harder, just after this showcase, he was invited to audition for a fashion project called "The Making", a lot of experience was gained as he learned from the likes of Mai Atafo. In August 2014, he showcased his second collection at the Nubian Runway and Fashion Show (N.R.F.S) where he emerged as one of the most creative designers of the night. He has been featured on notable fashion blogs, magazines and television programmes and he has styled quite a number of celebrities, OAP's, Music acts and TV personalities for red carpet events, photo shoots and music video shoots. The young designer recently signed a partnership deal with Goge Africa, where he gets to dress their TV presenters for a period of time. The year 2015 promises to be a stepping stone for this young designer as he is also looking forward to showcasing his 2015 collection at the Lagos Fashion And Design Week.
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9. Modupe Adeoti (17.09 Couture) Spotted a few times on the red carpet, 17.09 Couture stores are go to places for red carpet events. The Graduate of English Language from the University of Ado-Ekiti in the year 2011, has the capacity to universalise the fashion world with her linguistic ability, she launched her Fashion Line in the year 2013. 17.09 Couture is a top notch brand and has been making its way to the top. With three collections released so far, the last been a runway collection showcased at the Winasbet Nigerian Student Design and Fashion Week in 2014 which was referred to as the brands major debut. Modupe has been featured on a few television programmes, fashion magazines and blogs. She was listed under the Top 12 fashion industry newcomers in the year 2014 with her brand in the Top 10. She was also one of the finalists that made it to the Game On house for team fashion, The reality TV show sponsored by Malta Guinness, which has been a huge break out for the brand. She will be releasing the "Silver Lining Collection" in a few weeks’ time. This collection will be showcased at major fashion shows in Nigeria. This is a promising year for this creative young designer.
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8. Nkechi Sonia Ntekume (Spine Cut) Nkechi has been quite crafty with the needles since her young age, she used to stitch out wears for her doll and crochet stitches. It was as though she was born to be a fashion designer. She enrolled into a vocational and skills acquisition centre; Youth Resource Center-Idia Renaissance in Benin, Edo state, where she learnt the basics of fashion designing for six months and emerged as one of the top students of the department. The 2014 graduate of the University Of Benin has been into bespoke and made-to-measure of day to day occasion and bridal wears, offering a one on one service, and working closely with clients to create their ultimate dream outfits, ensuring perfect fit to suit individual tastes. In 2014 she studied Fashion Design professionally at Needlekraft fashion school for six months. Months into the training, she got involved in exhibitions which formally introduced her brand to a part of the Lagos market. Later that year in September, she did a one month intermediate course in branding, collection making, pattern drafting plus fashion illustration at One Stop Celebration College of Fashion with Asanyah Davidson of Circa 24, as a tutor where she emerged winner of the project work which launched her first collection; Trumpet collection. Awesomely she's Currently into a bridal course at Bride Affairs and an online programme too. 2015 is a year to watch out for this promising young designer.
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7. Adebola Adebowale (Derb's Signature) Adebowale is the drive behind the fast growing fashion brand; Derb’s Signature. She is a Nigeria-UK trained engineer with an inseparable love for fashion. Derb’s signature is a true Nigerian dream reaching out to the world with innovation and originality. Adebola has always loved fashion with insistent quest to fill the fashion gap and make better image and personality brand. She has been involved in different aspect of skill acquisition and practice. She showcased her collections at the 2011, 2012 and 2013 edition of the Bristol Fashion Week in England. She was also one of the four finalists of the Zinkata Red Carpet Challenge. Her works have been featured in notable magazines in the UK and Nigeria. She is presently working on a full collection Chic bohemian which will be released in winter 2015 and she will also be showcasing at some major fashion events in Nigeria this year.
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6. Vovwe Omoko (Ovems Fashion) Omoko graduated from the Department of Textile art at Delta State University in 2014 after which she pursued training at OSC College of Fashion. Her love for fashion started from when she was a child, and she has always received the support of her parents. Her brand originated from her passion to make clothes that interprets aesthetics and speak class. Her major breakthrough was when she emerged as the most creative designer at the Winasbet Nigerian Student Fashion and Design Week in 2014 which featured over 40 young designers from various states in Nigeria. This prize brought her to limelight as she was featured in various media platforms in Nigeria. Few months later, she went ahead to win the David Wej Half a Million Naira Fashion Competition. She also won the BlackNBold Fashion Awards for Young Designer of the Year. She is presently an in house stylist and wardrobe designer for Cool TV and Wazobia TV and has styled various celebrities in Nigeria. She will be debuting the "Edgy and Classy" collection at the 2015 edition of Africa Fashion Week Nigeria. She is a designer to lookout for this year.
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5. Bimbo Oye-Akinnifesi (Reni Smiths) Bimbo Oye-Akinnifesi is the creative director of Reni Smiths. She spent her early years growing up in Lagos with her grandmother who was a seamstress, thus giving her an early taste of the world of design and fashion. Beginning her formal training at Instituto di Moda Burgo where she got a diploma in fashion styling, she entered the exciting world of fashion by establishing the Reni Smith brand which she launched at the 2013 edition of GTB Lagos Fashion & Design Week as one of the top 10 young designers showcasing the Bella Donna collection. After the launch, the brand received massive acceptance and she has had the honor of designing pieces for top female celebrities in Nigeria. Bimbo has been featured in notable fashion blogs, magazines and television programmes within and outside the country. The year looks very promising for this young designer and she is one to definitely lookout for in the year 2015.
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