Connect with us

news

EFCC: How bank wrote off N8bn loan for Saraki

Published

on

Bank directors are beneficiaries

Ex-bank MD, Akingbola, on trial over N179bn fraud
A witness of the Economic and Financial Crimes Commission (EFCC), Abdulraheem Jimoh, yesterday narrated before a Federal High Court in Lagos how loans running into billions of naira advanced to the Senate President, Dr. Bukola Saraki and others by the defunct Intercontinental Bank Plc., led to the prosecution of the bank’s former Managing Director, Dr. Erastus Akingbola. The witness made the narration while testifying in the on-going trial of the former bank chief over alleged N179 billion fraud. He testified that he was aware of some other companies owned by Dr. Saraki which were also indebted to Intercontinental Bank, but whose loans were written off. He listed some of the Senate President’s companies whose loans were written off as: Joy Petroleum Limited, with loan of N3.932 billion; Linkers Limited with N3.6 billion loan; Skye View Property with written off loan of N200.8 million and Dice Trade Limited with N1.832 billion. Saraki and his companies had N7.915 billion total loans written off by the Intercontinental Bank.

Jimoh, who was the Chief Inspector in Intercontinental Bank and presently working with the Access Bank Plc., told Justice Mojisola Olatoregun that some of the loans indebted to the defunct bank were eventually written off by Akingbola’s successor, Lai Alabi, in the interest of the ‘powers that be”. He added that some of the companies indebted to the defunct bank were owned by a former Managing Director of Access Bank Plc., Mr. Aigboje Aig- Imoukhuede and his successor, Mr. Herbert Wigwe. According to the witness, Aig-Imoukhuede and Wigwe are directors of some of the companies the then Managing Director of Intercontinental Bank, Mr. Lai Alabi, wrote off their loans.

The witness named one of the companies as United Alliance Company Limited with non-performing loans of N4.5 billion, N4.27 billion and N10.97 billion respectively. The witness testified further that he was aware that Intercontinental Bank was merged with Access Bank, adding that before Access Bank took over Intercontinental Bank, Intercontinental Bank was larger and bigger than Access Bank in asset capital base. He testified that as at the time of taking over Intercontinental Bank, he was aware it had branches and subsidiaries internationally, including Ghana and the United Kingdom. He said further that at the material time, Aig- Imoukhuede and Wigwe were MD and Deputy MD respectively at Access Bank.

The witness, however, denied suggestions by Akingbola’s lawyer, Chief Wole Olanipekun (SAN) that some people at the top made Lai Alabi the Managing Director of Intercontinental Bank for the purpose of writing off their loans in the bank. Further hearing in the trial continues today. Akingbola was, on 13th March, 2019, re-arraigned by the EFCC before Justice Olatoregun over charges related to fraud and abuse of office. The last arraignment on a 22-count charge was the third time since 2010 that the former bank chief will be arraigned on the alleged offence. Akingbola was first arraigned sometimes at the Federal High Court in 2010 on a 26-count bordering on the alleged offence. About two years later, the charge was struck out by Justice Charles Archibong for want of diligent prosecution.

However, on 20th February, 2015, the Court of Appeal, Lagos Division overturned the Federal High Court’s decision striking out the charges against Akingbola. Dissatisfied, Akingbola lodged an appeal at the Supreme Court asking that the ruling be overturned. However, the apex court, in a judgement delivered on 18th May, 2018, ordered him to return to the Federal High Court to answer to the charges slammed on him by the Economic and Financial Crimes Commission (EFCC). Justice Sidi Bage, who read the lead judgement of the apex court, held that the appeal is lacking in merit. He ordered that the case file be remitted to the Federal High Court for expeditious trial.

He was subsequently docked before Justice Olatoregun on a 26-count charge of alleged fraud. In the latest charge marked, FHC/L/443C/2009, Akingbola was alleged to have, between November 2007 and July 2008, created a misleading appearance of active trading in the shares of Intercontinental Bank Plc. on the Nigerian Stock Exchange by being connected with the utilization of an aggregate sum of N179,385,000,000 of the bank’s funds for the purchase of Intercontinental Bank Plc.’s shares and thereby committed an offence contrary to Section 105 (1) (a) of the Investment and Securities Act 2007 and punishable under Section 115 (a) of the same Act.

The EFCC also accused Akingbola of recklessly granting credit facilities of N8 billion each to five firms without adequate security in violation of Section 15(1) (a)(i) of the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, Cap F2, Laws of the Federation of the Federal Republic of Nigeria, 2004, and punishable under Section 16(1)(a) of the same Act. The five firms involved are: Soo-Kok Holding Limited; Tofa General Enterprises; Cinca Nigeria Limited; Harmony Trust and Investment Limited and Stanzus Investment Limited. The anti-graft agency also alleged that Akingbola took £1.3 million from Intercontinental Bank Plc.’s GBP NOSTRO account at Deutsche Bank, London, and remitted same into the bank account of Fuglers Solicitors with the Royal Bank of Scotland Plc., London.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

news

Dangote Refinery to Begin Nationwide Distribution of PMS, Diesel, for smooth logistics to marketers

Published

on

 

The Dangote Petroleum Refinery has announced that it will begin distribution of Premium Motor Spirit (PMS) and diesel nationwide.

The statement added that the Refinery has invested in the procurement of 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers to ensure smooth take-off of the scheme, which will continue over an extended timeframe

The statement said, “To ensure the smooth takeoff of the free logistics for marketers and petrol dealers buying from Dangote, the statement further disclosed that the refinery has procured 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers.

“This phase of the programme will continue over an extended timeframe. The refinery is also investing in Compressed Natural Gas (CNG) stations, commonly referred to as daughter booster stations, supported by a fleet of over 100 CNG tankers across the country to ensure seamless product distribution.

This strategic programme is part of our broader commitment to eliminating logistics costs, enhancing energy efficiency, promoting sustainability and supporting Nigeria’s economic development. It affirms our dedication to improving the availability and affordability of fuel, in support of broader efforts to strengthen the economy and improve the well-being of all Nigerians.

“Under this initiative, all petrol stations purchasing PMS and diesel from the Dangote Petroleum Refinery will benefit from this enhanced logistics support. Key sectors such as manufacturing, telecommunications, and others will also gain from this transformative initiative, as reduced fuel costs will contribute to lower production costs, reduced inflation, and foster economic growth. Players in these key sectors and others can purchase directly from the Dangote Petroleum Refinery.

The Dangote Petroleum Refinery has announced that it will begin distribution of Premium Motor Spirit (PMS) and diesel nationwide.

In a statement on Sunday, the company said effective from 15th of August 2025, it will begin the distribution of the products to marketers, petrol dealers, manufacturers, telecoms firms, aviation, and other large users across the country, with free logistics to boost distribution network.

The move, according to the company, was a significant national initiative aimed at transforming Nigeria’s fuel distribution landscape.

The statement added that the Refinery has invested in the procurement of 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers to ensure smooth take-off of the scheme, which will continue over an extended timeframe.

“This phase of the programme will continue over an extended timeframe. The refinery is also investing in Compressed Natural Gas (CNG) stations, commonly referred to as daughter booster stations, supported by a fleet of over 100 CNG tankers across the country to ensure seamless product distribution.

“This strategic programme is part of our broader commitment to eliminating logistics costs, enhancing energy efficiency, promoting sustainability and supporting Nigeria’s economic development. It affirms our dedication to improving the availability and affordability of fuel, in support of broader efforts to strengthen the economy and improve the well-being of all Nigerians.

“Under this initiative, all petrol stations purchasing PMS and diesel from the Dangote Petroleum Refinery will benefit from this enhanced logistics support. Key sectors such as manufacturing, telecommunications, and others will also gain from this transformative initiative, as reduced fuel costs will contribute to lower production costs, reduced inflation, and foster economic growth. Players in these key sectors and others can purchase directly from the Dangote Petroleum Refinery.”

The statement added that the refinery will offer a credit facility to those purchasing a minimum of 500,000 litres, which would allow them to obtain an additional 500,000 litres on credit for two weeks, under bank guarantee.

It described the effort as a milestone in its vision to revolutionise the Nigeria’s energy sector.

“This pioneering effort marks a major milestone in our vision to revolutionise Nigeria’s energy sector. Dangote Refinery is dedicated to ensuring that no place is left behind. Our goal is to provide equitable access to affordable fuel for all Nigerians, regardless of location, making energy more accessible and sustainable for everyone, wherever they may b

 

Continue Reading

news

NMA FCT Issues Indefinite Strike Threat Over Alleged Ethnic Victimisation and Unjust Dismissal of Three Abuja Doctors

Published

on

Tensions are rising at the National Hospital Abuja (NHA) as the Nigerian Medical Association (NMA) FCT Branch threatens an indefinite strike following the controversial dismissal of three medical doctors. According to insider sources, the crisis is unfolding under the leadership of Dr. Mahmud Raji, the Chief Medical Director (CMD), who is alleged to be using his office to intimidate these doctors—believed to have been targeted because of their opinions. This disturbing allegation has intensified outrage within the medical community, raising serious concerns about fairness, professionalism, and ethnic bias within the healthcare system.

In what is fast becoming a major flashpoint in Nigeria’s embattled healthcare sector, the Nigerian Medical Association (NMA) FCT Branch has issued a 14-day strike ultimatum to the management of National Hospital Abuja over the controversial and unexplained disengagement of three medical doctors who have served the hospital diligently for years.

In a strongly worded notice dated June 11, 2025, following its Ordinary General Meeting (OGM) held at the VIP Hall of the Federal Medical Centre Abuja, the NMA FCT leadership formally communicated its dissatisfaction with the National Hospital’s refusal to reinstate its disengaged members. The affected doctors, who completed their residency training in 2020, were appointed as locum consultants in March 2022 after working as post-Part II fellows. After three years of dedicated service, they were abruptly dismissed without any stated reason—unlike their contemporaries who remain in service. The hospital only stated that “their services were no longer needed” and advised them to reapply when vacancies arise.

The association described the move as selective victimisation and scapegoating, pointing out that 30 doctors were employed under similar terms, yet only three were let go. Multiple advocacy efforts—including visits from the NMA President, FCT Chairman, and a committee of senior, reputable medical professionals—have all been ignored by the hospital’s leadership.

The NMA expressed deep frustration that despite its peaceful engagement efforts, the hospital remained unmoved, even in the face of the ongoing “japa” wave—mass migration of medical professionals abroad—leaving Nigeria’s healthcare system dangerously understaffed.

“This disengagement worsens an already fragile system, adding to the mental and economic burdens of doctors, increasing anxiety and threatening family stability,” the NMA noted in its communiqué.

The association has now declared that if the doctors are not reinstated, members at National Hospital Abuja will embark on a total and indefinite strike from June 30, 2025, following a two-week warning strike from June 15–29. If after seven days of this action no resolution is achieved, the entire NMA FCT branch will join the strike in solidarity.

Investigations within the hospital revealed that the affected doctors had no records of disciplinary actions or professional misconduct. Their Heads of Department (HODs) had recommended them for continued service, and it was confirmed that they were already on the IPPIS scale, meaning they posed no additional financial burden to the hospital.

The outrage is further fueled by the irony that, while NMA is pushing for an increase in doctors’ retirement age to 70 due to acute personnel shortages, National Hospital is disengaging young, skilled doctors who chose to remain in Nigeria instead of seeking better opportunities abroad. “Are we saying NHA has enough specialists to let go of such committed professionals?” the association questioned.

Doctors familiar with the affected doctors shared personal testimonies: “I worked with Dr. Fernandez during the COVID-19 pandemic. We carried out countless caesarean sections when fear was palpable. Only a doctor with heart would do that. Is this how the system rewards bravery?”

Emotionally charged reactions have poured in from across the country. A senior doctor lamented: “It’s difficult to believe that doctors would ignore juicy offers abroad to make the sacrifice of practising in Nigeria, only to be treated like trash for speaking up on poor welfare. How do you keep a doctor as locum for 3 years, earning barely ₦400,000, and expect them to live a dignified life? This is the reward for years of service?”

He added that the refusal of the hospital to heed the advice of the NMA President and respected elders “is deeply worrisome” and raises concerns of possible hidden motives.

The broader concern is that this crisis could demoralize others in the system. “We are already overwhelmed, underpaid, and understaffed, yet our sacrifices are ignored,” the doctor continued. “Meanwhile, national honours are reserved for political loyalists, while real heroes are discarded.”

He appealed to the NMA and well-meaning members to establish a financial support plan for the affected doctors, who have now been unpaid for three months, pushing them to the brink emotionally and economically.

In his final remarks, he called for unity: “All hands must be on deck to preserve the Hippocratic brotherhood we swore to uphold. A brother should not snuff the life out of another. This is not the future we envisaged. We must fight to leave a better one for the next generation.”

As the clock ticks toward June 30, the healthcare sector in the FCT braces for what may become one of the most consequential strikes in recent years—one born not just from policy failure, but from a cry for justice, equity, and professional dignity.

The NMA is also using this opportunity to call on the Minister of Health, Dr. Muhammad Ali Pate, to urgently intervene before the situation escalates further. At a time when the country is grappling with critical challenges in the healthcare sector—and the President is actively working to reverse the “japa” trend and restore stability through the Renewed Hope Agenda—it would be deeply unfortunate for such avoidable crises to undermine those efforts. Supporting doctors who have chosen to remain in Nigeria is essential to rebuilding trust and encouraging others, both at home and abroad, to return and contribute to the nation’s healthcare revival.

Continue Reading

news

BREAKING: Tinubu honours Abiola, Kudirat, Soyinka, Onanuga others in State of the Nation address

Published

on

President Bola Ahmed Tinubu has conferred national honours on more than 80 Nigerians—both living and deceased—during his inaugural State of the Nation address in honour of this year’s Democracy Day.

The President, who reeled the names out with other messages while addressing a joint session of the National Assembly to mark 26 years of uninterrupted democratic rule in Nigeria on Thursday, also announced the granting of full pardon to the heroes of the Ogoni Struggle, identified as the Ogoni nine.

The president used the solemn occasion to commemorate key figures in the June 12 pro-democracy movement, notably Chief Moshood Kashimawo Olawale Abiola, his late wife Alhaja Kudirat Abiola, and environmental rights activist Ken Saro-Wiwa.

Alhaja Kudirat Abiola was posthumously awarded the Commander of the Federal Republic (CFR) for her role in resisting military rule, a struggle that ultimately led to her assassination. Tinubu described her as the “heroine of the June 12 struggle.”

Also honoured was the late Major General Shehu Musa Yar’Adua, who received the Grand Commander of the Federal Republic (GCFR), the highest national honour typically reserved for heads of state.

He was recognised for mobilising political resistance to military rule and advancing democratic reforms.

Other posthumous recipients included key figures in Nigeria’s pro-democracy movement: Professor Humphrey Nwosu (CON), who chaired the National Electoral Commission during the 1993 elections; Rear Admiral Ndubuisi Kanu (CON); Pa Alfred Rewane (CFR); Bagauda Kaltho (OON); Chima Ubani (OON); Dr. Beko Ransome-Kuti (CON); Chief Alao Aka-Bashorun (CON); and Chief Frank Kokori (CON), among others.

The list extended to civil rights advocates, journalists, politicians, and unionists who lost their lives in the pursuit of justice and democracy.

Honourees included Emma Ezeazu, Bamidele Aturu, Fredrick Fasehun, Professor Festus Iyayi, Dr. John Yima Sen, Alhaja Gambo Sawaba, Dr. Edwin Madunagu, Dr. Alex Ibru, Chief Bola Ige, Pa Reuben Fasoranti, Senator Ayo Fasanmi, Senator Polycarp Nwite, and Dr. Nurudeen Olowopopo.

In a move described as symbolic of national reconciliation, Tinubu posthumously recognised Ken Saro-Wiwa and his fellow environmental activists known as the Ogoni Nine, who were executed in 1995 under the regime of General Sani Abacha.

Saro-Wiwa was awarded the Commander of the Order of the Niger (CON), while Saturday Dobee, Nordu Eawo, Daniel Gbooko, Paul Levera, Felix Nuate, Baribor Bera, Barinem Kiobel, and John Kpuine were each awarded the Officer of the Order of the Niger (OON).

The President further announced that he would invoke his constitutional powers to grant a full state pardon to the Ogoni Nine and others, whose names will be released following consultations with the National Council of State.

Living icons of democratic activism and intellectual freedom were also celebrated. Nobel Laureate Professor Wole Soyinka was awarded the Grand Commander of the Order of the Niger (GCON), while renowned journalism scholar Professor Olatunji Dare received the Commander of the Order of the Niger (CON).

Related NewsProminent journalists and media pioneers were similarly honoured: Kunle Ajibade (OON), Nosa Igiebor (OON), Dapo Olorunyomi (OON), Bayo Onanuga (CON), Ayo Obe (OON), Dare Babarinsa (CON), and Seye Kehinde (OON).

Among the human rights lawyers and activists honoured were Femi Falana, SAN (CON), Barrister Felix Morka (CON), Barrister Ledum Mitee (CON), and Professor Shafideen Amuwo (CON).

Other notable recipients included Bishop Matthew Hassan Kukah (CON), Senator Shehu Sani (CON), Governor Uba Sani (CON), Senator Tokunbo Afikuyomi (CON), Honourable Labaran Maku (OON), Dr. Tunji Alausa (CON), Mr. Nick Dazang (OON), Hon. Abdul Oroh (OON), Barrister Luke Aghanenu (OON), Odia Ofeimun (CON), Hon. Olawale Osun (CON), Dr. Amos Akingba (CON), and Professor Segun Gbadegesin (CON).

Further commendations went to Professor Julius Ihonvbere, Professor Bayo Williams, Senator Abu Ibrahim, Professor Bolaji Akinyemi, Dr. Kayode Shonoiki, and Senator Ameh Ebute, who were also recognised with honours ranging from Commander to Grand Commander of the Federal Republic.

Veteran journalist and Vanguard Newspapers founder Uncle Sam Amuka Pemu was honoured with a Commander of the Order of the Niger (CON), a day before his 90th birthday.

President Tinubu also formally decorated the current presiding officers of the National Assembly, who had previously received national honours:

Senate President Godswill Obot Akpabio (GCON)

Speaker of the House of RepresentativesTajudeen Abbas (GCON)

Deputy Senate President Barau Jibrin (CFR)

Deputy Speaker Benjamin Kalu (CFR)

“The honours were not just symbolic, but a national acknowledgment of those who defended truth, fought repression, and expanded Nigeria’s democratic space”, Tinubu said.

He called on Nigerians, particularly political leaders, to uphold the values of the June 12 movement in their actions and policies.

“We must rededicate ourselves to the ideals of June 12: freedom, transparent and accountable government, social justice, active citizen participation, and a just society where no one is oppressed”, he said.

President Tinubu concluded his address with a call for national reflection and progress, urging the country to move beyond symbolic recognition and build a future anchored on the sacrifices of past heroes.

 

Continue Reading

Trending

Copyright © 2025 Newsthumb Magazine | All rights reserved