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Alleged N20 billion Fraud : EFCC grills Sterling Bank CEO, Abubakar Suleiman
The Economic and Financial Crimes Commission (EFCC) has interrogated Abubakar Suleiman, the Chief Executive Officer of Sterling Bank Plc, and two other senior executives of the bank over the ‘hidden’ N20 billion reportedly belonging to the Kogi State government.
The troubled lender is responsible for everything from fraud to sloppy balance sheets and other nefarious acts, making it almost impossible to bank with the supposed “One Customer Bank” with both eyes closed.
In August 2021, the EFCC stated that it had credible intelligence that funds alleged to be proceeds of illicit activities were in an account named Kogi State Salary Account with account number 0073572696 at Sterling Bank Plc.
The money was supposed to be a rescue fund for the state to pay workers’ salaries, but it was allegedly moved to an interest-bearing account as state employees moan in poverty.
The state government, on the other hand, categorically disputed the allegations. The EFCC, on the other hand, claimed that the diverted funds had been recovered and remitted to the Central Bank of Nigeria (CBN), a transaction that the apex bank had apparently acknowledged.
According to the EFCC, the apex bank informed the executive chairman of the EFCC, Abdulrasheed Bawa, that the money had been received in a letter titled DFD/DIR/CON/EXT/01/099 and dated November 9, 2021.
“We refer to your letter of November 5, 2021 on the aforementioned subject with Ref. No: CR:3000/EFCC/LS/CMU/REC-STE/VOL.4/047 and desire to confirm the following information of the receipt of the amount: The commission stated, “Bank: Sterling Bank Plc; Amount: N19, 333, 333.36; Date of receipt: 04 November 2021.”
Newsthumb Newspaper reports that even though the money is in the CBN coffers, the Kogi State government has continued to insist that it neither authorized the opening nor operated the bank account, an assertion confirmed by Sterling Bank.
“Let it be known that the Kogi government has disbursed its bailout loans for the purpose of which it was granted as at October 2019,” said Kogi State commissioner for Information and Communication, Kingsley Fanwo.
“There is, therefore, no hidden bailout funds/loan belonging to Kogi that is capable of being returned to the CBN or frozen by order of court. The EFCC knows this, which is why it withdrew the suit it filed in court on the bailout fund.”
The Kogi State House of Assembly had also summoned the CEO of the bank to appear before it in person for clarification on the N20 billion bailout fund.
However, Sterling Bank had admitted that Kogi State Bailout Account exists in its record and “categorized under the account type ‘Intervention Fund,’” even though it was not opened by the state government or at its instance.
According to insider source, rising from this development, the EFCC invited and interrogated the Sterling Bank boss, Abubakar Suleiman alongside two other officials of the bank for several hours to get the true picture of the circumstances around the said account. Abubakar Suleiman and other officials were released after intense interrogation and they were to return anytime the EFCC needed them on the matter.
It was however gathered that Abubakar Suleiman has allegedly made a useful statement to the commission while investigation is still on.
“The bank’s officials were grilled for several hours by the EFCC on the matter and going by their statements, heads may roll soon,” a source said.
Speaking further, the source divulged, “If the bank says the account was not opened and operated by the Kogi State government, then something is fishy and the bank must answer to it.”
“Who authorized the opening of the fixed deposit account and when? Who are/were/was the signatory to the account? How much had been withdrawn from the account since 2019? And who is keeping the N666.7 million which made up the balance of N20 billion initially said to be deposited into the bailout account? These are some of the questions the EFCC is trying to unravel.”
Recent events have however placed the Abubakar Suleiman led Sterling Bank nulli secondus with scandals. The troubled lender is responsible for everything from fraud to sloppy balance sheets and other nefarious acts, making it almost impossible to bank with the supposed “One Customer Bank” with both eyes closed.
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Update : NIMC Records Facilitate Arrest of Seven Boko Haram, ISWAP Commanders – Ojo Reveals
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NIMC database helped arrest seven Boko Haram, ISWAP commanders returning from Hajj – Minister
The Minister of Interior, Dr Olubunmi Tunji-Ojo, said on Friday that Nigeria’s integrated identity management system led to the arrest of seven suspected Boko Haram and ISWAP commanders returning from the 2026 Hajj pilgrimage.
Tunji-Ojo disclosed this at the Presidential Villa, Abuja, shortly after President Bola Tinubu signed the National Identity Management Commission Act 2026 into law, as contained in a statement signed by the President’s aide, Bayo Onanuga.
According to the minister, the suspects were arrested last Thursday at the Katsina airport after returning from Mecca and were subsequently handed over to the Department of State Services.
He said the arrests were made possible through the integration of the National Identity Management Commission database with the Nigeria Immigration Service database and its connection to Interpol.
”I know, sometime ago, the Senate President was alarmed by how some terrorists went on pilgrimage, wondering how they crossed our borders. We inherited a fractured system.
”But I’m happy to tell you that even last week, Thursday, seven of the known commanders of Boko Haram and ISWAP at the point of coming back from Mecca were arrested in Katsina at the airport and were handed over to the DSS.
”This is only possible because NIMC’s ID is already connected with the immigration database, and it’s already speaking to even the Interpol 24/7, and we have been able to automate this,” the minister said.
Tinubu signs NIMC Act into law
Tunji-Ojo said the newly signed NIMC Act would further strengthen Nigeria’s security architecture by accelerating the harmonisation of identity databases and improving inter-agency collaboration.
According to him, the law will enhance the integrity of the National Identity Number system while boosting the country’s capacity to combat identity theft, terrorism, financial crimes and other security threats.
He said that before the current administration, identity management systems were fragmented, noting that services such as passport issuance and driver’s licence processing were disconnected from the national identity database.
”When Mr President came on board, we had a disconnected system within our identity data management system. At that time, getting a passport and getting a driving permit were completely disconnected from our identity database.
”But today, you can’t get a Nigerian passport without pulling data from NIMC,” he stated.
Tinubu signed the NIMC Act 2026 on Friday in the presence of Senate President Godswill Akpabio, Deputy Speaker of the House of Representatives Benjamin Kalu and other senior government officials.
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Ozekhome Ordered to Stop Using SAN Rank Amid Forgery Allegations
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Senior Advocate of Nigeria (SAN), Mike Ozekhome, has been barred by the Legal Practitioners’ Privileges Committee (LPPC) from further parading or referring to himself with that title pending the conclusion of ongoing disciplinary proceedings and other cases involving him.
“This action was taken pursuant to Paragraph 26(6) of the Guidelines for the Conferment of the Rank of Senior Advocate of Nigeria and All Matters Pertaining to the rank, pending the final determination of the disciplinary proceedings, presently before the Disciplinary and Ethics Sub-Committee of the LPPC and other proceedings.
“Accordingly, Chief Mike Ozekhome shall refrain from parading himself, presenting himself, or otherwise holding himself out as a Senior Advocate of Nigeria pending the final determination of the disciplinary proceedings,” the LPPC said in a statement issued on Wednesday evening by its Secretary, Kabir Akanbi.
Besides the “disciplinary proceedings” which the LPPC said are pending before its Disciplinary and Ethics Sub-Committee, Ozekhome and another defendant, Ponfa Useni, are currently being prosecuted before a High Court of the Federal Capital Territory (FCT) in Maitama.
Ozekhome and Useni are being prosecuted by the office of the Attorney General of the Federation (AGF) for, among others, allegedly forging documents, including an international passport and an irrevocable power of attorney, and engaging in impersonation to lay claim to a property in London allegedly acquired unlawfully by the late Jeremiah Useni, former Minister of the FCT.
Alleged forgery: Court AGF takes over Ozekhome’s case from ICPC
Fed Govt charges Ozekhome with forgery over UK property
The statement by Akanbi read, “The Legal Practitioners’ Privileges Committee (LPPC), at its 173rd general meeting held on 23rd June 2026, approved the suspension of Chief Mike Ozekhome, from the rank of Senior Advocate of Nigeria.
“This action was taken pursuant to Paragraph 26(6) of the Guidelines for the Conferment of the Rank of Senior Advocate of Nigeria and All Matters Pertaining to the rank, pending the final determination of the disciplinary proceedings, presently before the Disciplinary and Ethics Sub-Committee of the LPPC and other proceedings.
“The suspension is intended to safeguard the integrity, dignity, and prestige of the rank of Senior Advocate of Nigeria, while due consideration is given to the matters under review.
“Accordingly, Chief Mike Ozekhome shall refrain from parading himself, presenting himself, or otherwise holding himself out as a Senior Advocate of Nigeria pending the final determination of the disciplinary proceedings.
“The LPPC remains committed to upholding the highest standards of professional ethics, integrity, and discipline within the legal profession and to ensuring that the rank of Senior Advocate of Nigeria continues to command public confidence and respect.”
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Update : UK Lauds Nigeria’s Recovery Under Tinubu, Urges Others to Learn
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The United Kingdom (UK) has commended the economic reforms being implemented by President Bola Ahmed Tinubu’s administration, describing Nigeria’s ongoing recovery as a success story that other countries can draw inspiration from.
The UK National Security Adviser, Jonathan Powell, made the remarks on Tuesday at the opening of the 4th UK-Nigeria Security and Defence Partnership Dialogue, held at Nigeria’s Office of the National Security Adviser in Abuja.
Powell said the reforms had required difficult decisions but were beginning to yield tangible results in economic growth and recovery.
“The economic reforms undertaken by the government have not been easy, but the remarkable progress Nigeria is making today in terms of growth and economic recovery demonstrates that difficult decisions can produce significant results. It is a success story from which many can draw inspiration,” he said.
The UK official described Nigeria as an “African superpower” whose influence and strategic importance would continue to grow as its population, capabilities and economic strength expand.
“For the United Kingdom, Nigeria is a vital partner—our foremost partner in Africa. Nigeria is an African superpower, a nation that is already influential and one whose importance will continue to grow,” he said.
According to Powell, the UK has strong confidence in Nigeria’s future and remains committed to deepening bilateral relations through a partnership founded on mutual respect, shared objectives and practical outcomes.
“We want that relationship to be a mature and equal partnership, one in which we share strategic objectives and work together to deliver tangible outcomes.
“We have immense respect for Nigeria’s leadership role within the country, across the region and throughout Africa, and we are committed to supporting that leadership,” he added.
Powell also acknowledged the professionalism and dedication of Nigeria’s security services in addressing the country’s security challenges, stressing that Nigeria remains indispensable to regional stability and collective security.
“Nigeria remains central and indispensable to regional stability and collective security. There is simply no substitute for Nigeria’s role in promoting peace and stability across West Africa and beyond,” he said.
He expressed satisfaction with the continued success of the UK-Nigeria Security and Defence Partnership Dialogue, describing it as a cornerstone of the two countries’ growing security cooperation.
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