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EFCC: How bank wrote off N8bn loan for Saraki
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.
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APC Primary Crisis Deepens in Osun as Aspirants Accuse Party Leadership of Imposition, Manipulation, and Delegate Exclusion
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The All Progressives Congress (APC) primary election held on Saturday, May 16, 2026, in Ife Federal Constituency has sparked widespread controversy, with aggrieved aspirants and party stakeholders alleging massive irregularities and manipulation during the exercise.
The aspirants accused certain party leaders of compromising the credibility of the primary process, alleging that the exercise was hijacked by desperate political actors allegedly working under the influence of the Osun State APC Chairman, Hon. Tajudeen Lawal, popularly known as “Sooko.”
According to reports gathered from several wards and local government areas within the constituency, many party members and stakeholders were allegedly denied the opportunity to participate in what was expected to be a transparent, free, and fair election. The aggrieved members described the exercise as a deliberate attempt to impose a preferred candidate against the collective will of delegates and party faithful.
Several stakeholders further alleged widespread intimidation, manipulation, and exclusion of recognized party members during the exercise, a development they said has generated tension and dissatisfaction within the party.
The aggrieved aspirants reportedly described the primary as a “scam,” alleging that results and figures were arbitrarily allocated to candidates by the party leadership.
They also alleged that incidents of violence and thuggery characterized parts of the exercise across Ife Federal Constituency, claiming that such developments have raised concerns over fairness, transparency, and internal democracy within the Osun APC.
Some party members further recalled a similar controversy during the May 27, 2022, APC primary election in the constituency, alleging that the same pattern of irregularities occurred during that exercise.
Meanwhile, the aspirants maintained that the outcome of the disputed primary election has yet to receive official recognition from the National Secretariat of the APC, as several petitions and complaints have reportedly been submitted over the conduct of the exercise.
They also noted that the Independent National Electoral Commission (INEC) has not officially validated the disputed process, thereby raising further questions regarding the legitimacy and credibility of the primary election.
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Taiwan in the Crossfire of History, Law, and Power: A Feature Analysis of Competing Claims and the One-China Question
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By Michael Olukayode
The status of Taiwan remains one of the most enduring and strategically sensitive disputes in modern international relations — a question where history, law, identity, and geopolitics collide without easy resolution. It is not merely a territorial disagreement between Beijing and Taipei; it is a layered contest over legitimacy, sovereignty, and the meaning of statehood in a shifting global order.
Across recent scholarly salons and policy interventions in Africa and beyond — particularly the Abuja media salon hosted by the China General Chamber of Commerce in Nigeria — a striking convergence has emerged around the One-China Principle, even as interpretations of its implications remain sharply contested.
The Historical Fault Line: 1949 and the Birth of Two Political Realities
The modern Taiwan question originates in the Chinese Civil War, which ended in 1949 with the Communist Party of China establishing the People’s Republic of China on the mainland while the defeated Kuomintang (KMT) government retreated to Taiwan.
As Professor Sheriff Ghali Ibrahim forcefully stated at the Abuja salon:
“Taiwan is not a sovereign entity, it has no independence and it is not a member of the United Nations.”
From Beijing’s perspective, this was not the creation of two states but the continuation of one China under different administrations.
This position aligns with the broader Chinese narrative repeatedly emphasized in diplomatic discourse, including the categorical assertion that:
“Taiwan has never been a country, was never one in the past, and will never be one in the future.”
Taiwan, however, evolved in a very different direction. Over decades, it developed into a functioning democratic polity with its own political institutions, elections, military structure, and constitutional governance.
This divergence produces what scholars describe as a central paradox: a de facto state operating with constrained de jure recognition, facing a sovereign claim from a rising global power.
The Legal Architecture: UN Resolution 2758 and Competing Interpretations
A cornerstone of Beijing’s argument is United Nations General Assembly Resolution 2758, which restored China’s seat at the United Nations in 1971.
At the Abuja salon, Professor Sheriff Ghali Ibrahim insisted:
“This resolution has explicitly established… that there is only one seat for China in the United Nations, leaving no room for ‘two Chinas’ or ‘one China, one Taiwan’.”
From this perspective, Taiwan is not a separate subject of international law but part of China whose representation is subsumed under Beijing.
Taiwan and its supporters contest this interpretation, arguing that Resolution 2758 addresses representation — not sovereignty — leaving Taiwan’s political status deliberately unresolved.
This legal ambiguity has become what many scholars now describe as structured uncertainty, sustaining diplomatic flexibility while preventing formal resolution.
Beijing’s Position: Sovereignty, Reunification, and Historical Mission
China’s position is rooted in sovereignty, territorial integrity, and national rejuvenation.
As reiterated by President Xi Jinping:
“The great tide of compatriots on both sides of the strait becoming closer, more connected and coming together will not change. This is the verdict of history.”
In Chinese official discourse, reunification is not framed as a negotiable issue but as a historical inevitability tied to national revival.
This perspective was reinforced in Abuja by African analysts who align with Beijing’s framing of sovereignty as non-negotiable, with Professor Sheriff Ghali Ibrahim emphasizing that Africa’s diplomatic alignment reflects a global consensus increasingly anchored in the One-China Principle.
Taiwan’s Position: Democracy, Identity, and De Facto Sovereignty
Taiwan’s position rests on lived political reality and democratic self-governance.
While officially still called the Republic of China, Taiwan functions as an independent political system with its own elections, judiciary, military, and constitution.
Its leadership under President Lai Ching-te emphasizes Taiwan’s distinct political identity and rejects Beijing’s sovereignty claims.
From Beijing’s perspective, this is framed as separatism. From Taiwan’s perspective, it is democratic self-determination.
The result is a deeply entrenched ideological divide: territorial integrity versus political identity.
Strategic Ambiguity and Global Power Politics
A critical dimension of the Taiwan issue is the role of external powers, particularly the United States.
Washington’s policy of strategic ambiguity — recognizing the One-China framework while maintaining unofficial relations with Taiwan — is widely seen as both stabilizing and contradictory.
At the Abuja salon, Prof. Sheriff Ghali Ibrahim and other speakers framed external engagement with Taiwan as part of what they described as “separatist encouragement,” while emphasizing African alignment with Beijing’s position.
Africa’s Diplomatic Alignment and the One-China Consensus
A recurring theme in Abuja was overwhelming African diplomatic alignment with Beijing.
As multiple presenters emphasized:
“As of May 2026, 53 out of 54 African nations adhere to the One-China policy.”
The only exception remains Eswatini.
At the salon, Prof. Sheriff Ghali Ibrahim argued that this position reflects historical continuity in African diplomacy:
“African nations have consistently stood with China on issues concerning its sovereignty and territorial integrity.”
Dr. Segun Showunmi, who is an Ace Public affairs analyst and social impact expert, with experience in governance, policy and civic engagement added that this alignment is not merely political but developmental:
“That consistency created trust and in international politics, trust often translates into investment, infrastructure, and strategic cooperation.”
The Abuja Diplomatic Intervention: China’s Official Position
A defining moment of the salon came from the representative of the Chinese state — the Counsellor of the Embassy of the People’s Republic of China in Nigeria, Ms.Dong Hairong— who reiterated Beijing’s formal position in unambiguous terms:
“There is only one China in the world, and Taiwan is an inalienable part of China.”
This intervention anchored the entire discussion within the framework of Chinese sovereignty doctrine and reinforced that diplomatic relations with China are premised on acceptance of the One-China Principle.
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Prof. Sam Amadi: Strategic Ambiguity as Diplomatic Reality
Professor Sam Amadi, a policy strategist and law and governance expert, Director, Abuja School of Social and Political Thoughts,
introduced a more analytical framing, arguing that global practice is defined not by clarity but by managed contradiction.
He stated:
“The One-China principle and One-China policy are clear, but difficult to operationalise.”
He further explained:
“What we have today is strategic ambiguity… meaning they acknowledge, but at the same time, they engage.”
For Amadi, the central question for Africa is not ideological but practical:
“Should we foreclose ambiguity and advance a straight One-China principle, which will exclude all kinds of trade and engagement with Taiwan?”
His conclusion favored diplomatic exclusivity with calibrated economic engagement.
Strategic Realism: Why the Status Quo Persists
Despite rhetorical intensity, the Taiwan issue persists in its unresolved form due to structural constraints:
* China cannot accept formal separation without undermining sovereignty doctrine
* Taiwan cannot accept reunification without losing political autonomy
* The United States benefits strategically from ambiguity
* African states largely align diplomatically with Beijing while prioritizing development ties
As Professor Amadi summarized:
“We acknowledge these principles, but we go back there and also deal with Taiwan in trade… using strategic ambiguity.”
Conclusion: History as Contest, Diplomacy as Equilibrium
The Abuja salon underscored a broader truth about the Taiwan question: it is not merely a territorial dispute but a global governance dilemma.
On one side stands China’s categorical assertion, echoed in Abuja:
“There is only one China.”
On the other stands Taiwan’s democratic identity and de facto autonomy.
Between them lies a global system that simultaneously enforces principle and tolerates ambiguity.
As reflected across the Abuja interventions, including those of Prof. Sheriff Ghali Ibrahim, Dr. Segun Showunmi, Prof. Sam Amadi, and the Chinese diplomatic Counsellor, the Taiwan question endures not because it lacks answers — but because every available answer carries strategic consequences the world is unwilling to fully accept.
And so Taiwan remains what it has become in the 21st century: not only a territorial dispute, but a permanent stress test of international order itself.
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Tinubu Announces $20bn FDI Inflow, Signals Growing Investor Confidence
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……..APM Terminals pledges $600m
Speaking during a panel session at the ongoing Africa CEO Forum, President Tinubu attributed the inflow to reforms aimed at improving transparency, efficiency, and investor confidence in the country.
He said his administration’s policies were positioning Nigeria as an open and competitive destination for investment.
“In Nigeria, we’ve attracted nearly $20 billion in direct investment this year because we are efficient, transparent, and open for business,” President Tinubu said.
He said that Nigeria would no longer permit the export of raw minerals without local value addition, noting that the country possesses the capacity to manufacture products such as electric vehicle batteries from its mineral resources.
He said: “With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment. That partnership is how Africa moves forward”.
He also canvassed for stronger economic integration across the continent, urging African countries to move beyond rhetoric and fully activate the African Continental Free Trade Area (AfCFTA).
According to him, Africa needs to put its money where its mouth is and build a new relationship with its own resources.
“We have the African Continental Free Trade Area—it must not sit on the shelf. It needs to be activated properly through collaboration and effective use of resources, not by working in silos,” President Tinubu said.
He advocated an “Africa First” approach to development, insisting that African resources should primarily benefit the continent through local processing and manufacturing.
“We don’t want scavengers and extractors. We want partners who process and manufacture locally,” President Tinubu said.
Speaking on industrialisation, President Tinubu cited the success of the Dangote Refinery as proof that Africa could undertake large-scale projects with the right support framework.
According to him, Nigeria overcame years of dependence on imported petroleum products after supporting the establishment of the refinery through policy backing, credit support, and licensing approvals.
He said: “Today Nigeria is a net exporter of PMS, aviation fuel, and other products. Dangote is supplying aviation fuel across Africa and to European airlines”.
He also called for reforms to intra-African trade and financial systems, questioning the continent’s reliance on foreign currencies for trade transactions.
In Rwanda, Tinubu pitches Nigerian business case to Africa
Tinubu appoints Laniyi DG of Women Development Centre
“If you produce in Nigeria, you can trade in naira. Why should African trade depend on dollars? That adds cost and instability,” President Tinubu said.
He proposed the establishment of an African commodity exchange platform that would enable direct trade among the continent’s 54 countries.
On the issue of mobilising African capital for development, President Tinubu said governments must create stable legal and policy environments capable of attracting long-term investment.
He said: “Capital is cowardly. It needs transparency, accountability, and stability”.
He also advocated the creation of an African credit rating agency, arguing that existing global rating institutions do not adequately understand African markets and risks.
“The big American agencies dominate 95 per cent of the market, but they don’t understand our risks and opportunities,” President Tinubu said.
He noted that in addressing Africa’s digital infrastructure deficit, Nigeria is laying 19,000 kilometres of fibre optic cables nationwide to expand connectivity and support the digital economy.
“That’s how we bring lessons to children, connect families, and enable traders,” President Tinubu said.
He added that Africa must invest beyond basic telecommunications and build full digital infrastructure systems, including data processing, storage, artificial intelligence, and e-commerce capabilities.
He said: “We need to fund Africa’s shift from basic telecoms to AI and e-commerce”.
He further expressed optimism that the AfCFTA would eventually boost intra-African trade, despite political and structural barriers currently slowing integration efforts.
He said: “Pan-Africanism can’t remain a slogan. It has to be lived”.
He also urged African leaders to strengthen regional alliances and economic cooperation in response to global economic shocks and geopolitical uncertainties.
“If Europe can build alliances and move forward, so can we. Africa has everything we need here. What we require is good policy and the will to act.
“We don’t want our children dying at sea trying to reach elsewhere. We have the resources. We just need to help each other and push together. That is the only way to build an inclusive and prosperous Africa,” President Tinubu said
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