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How Lagos Banker Stole N700m From Customers- EFCC
The Economic and Financial Crimes Commission, EFCC, Lagos Zonal Office, on Monday, February 26, 2018, arraigned one Nsa Ayi before Justice Mojisola Dada of the State High Court sitting in Ikeja, Lagos on an 11-count charge bordering on fraudulent false accounting to the tune of N700 million, an offence contrary to Section 335(a) of the Criminal Law of Lagos State of Nigeria, 2011.
The defendant, a former Relationship Officer, Coronation Merchant Bank, allegedly connived with unknown parties to move funds using customers’ electronic instructions meant for investment in the Federal Government of Nigeria (FGN) Bonds, Treasury Bills and Fixed Deposits.
The defendant was also said to have altered instructions and falsified signatures of customers to transfer money into various accounts outside the bank.
The money was allegedly transferred in tranches into the defendant’s Guaranty Trust Bank account No. 0001600855 as well as his Zenith Bank account No. 1002771899.
One of the counts reads:
“That you, Nsa Ayi, on or about 4th day of February, 2015, being an employee of Coronation Merchant Bank, in Lagos within the Lagos Judicial Division with intent to defraud, falsified account No. 1990000158 belonging to African Alliance Insurance Plc in possession of your employer by debiting the said account to the tune of N172, 076, 712.33, using an instruction which you purported to have been issued by the said African Alliance Insurance Plc.”
Another count reads: “That you, Nsa Ayi, on or about 13th day of January, 2014, being an employee of Coronation Merchant Bank, in Lagos within the Lagos Judicial Division with intent to defraud, falsified account No. 2990001176 belonging to Ogunjemiyo E. Mascot in possession of your employer by debiting the said account to the tune of N4, 277, 000.00, using an instruction which you purported to have been issued by Ogunjemiyo E. Mascot.”
He however, pleaded not guilty when the charge was read to him.
In view of his plea, the prosecution counsel, Nnemeka Omewa, asked the court for a trial date and also prayed the court to remand the defendant in prison custody.
The defence counsel, B.A. Ayeni, informed the court of a pending application for bail on behalf of his client.
However, in his response, the prosecution counsel, Omewa, opposed the bail application, saying that “he is a flight-risk who had plans to relocate with his entire family to the United States of America last year, if not for the timely response in arresting him by the EFCC.”
Omewa further informed the court that there was no document showing that the defendant’s son was critically ill to warrant him being flown abroad for treatment.
“My Lord, the defendant’s health is very much okay, as he was well fed in the EFCC custody,” the prosecution counsel added.
After listening to both parties, Justice Dada ruled that if the defendant’s son was truly ill and needed medical treatment abroad, the defendant should not be pleading with the court to allow him travel out with his entire family only to treat his son.
“I, therefore, conclude that the defendant is a flight-risk as put before the court by the prosecution.
“There is no guarantee of him coming back to Nigeria, if he had travelled out with his family, despite booking for return tickets,” Justice Dada held.
Consequently, Justice Dada adjourned the case to March 6, 26, 29 and April 16 and 27, 2018 for commencement of trial and remanded the defendant in Kirikiri prison pending the hearing of his bail application.
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Reps Give Nod to Tinubu’s $516.33m Loan Request for Sokoto-Badagry Highway
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The House of Representatives on Tuesday approved President Bola Tinubu’s request to secure a $516.33m loan from Deutsche Bank to finance Section I of the ambitious Sokoto-Badagry Superhighway project, a key infrastructure initiative under the administration’s Renewed Hope Agenda.
The approval followed the consideration of the President’s request by the Committee of Supply during plenary presided over by Speaker Tajudeen Abbas.
In a letter read on the floor of the Green Chamber, Tinubu described the Sokoto-Badagry Superhighway as a transformative national project aimed at connecting Nigeria’s far northwest to its southwestern coastline through an approximately 1,000-kilometre dual carriageway stretching from Illela in Sokoto State to Badagry in Lagos State.
The corridor is expected to pass through Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, opening up major agricultural, commercial and industrial hubs across the country.
According to the President, the project was designed to stimulate economic growth by significantly improving the movement of goods and people across Nigeria’s northern and southern regions.
He said the highway will “improve north-south connectivity, safety and network performance on the corridor; reduce logistics costs and travel times by providing a continuous high-capacity expressway standard link to downstream markets and strengthen trade facilitation, food security and national cohesion through improved access between production zones, markets and ports.”
Tinubu further noted that the road project would “safeguard long-term intermodal flexibility by reserving the central median for future rail integration and accommodating utility corridors.”
The President explained that the funding arrangement involves a $516.33m facility from Deutsche Bank, backed by partial guarantee cover from the insurance arm of the Islamic Development Bank, while the Federal Government will provide counterpart funding of N265.54bn.
The counterpart contribution, he said, would cover land acquisition, compensation payments, and complementary infrastructure requirements.
Tinubu urged lawmakers to expedite legislative approval of the borrowing request in view of the strategic importance of the project to national development.
The Sokoto-Badagry Superhighway was conceived as one of Nigeria’s most expansive road infrastructure projects, intended to serve as an economic backbone linking the resource-rich northern corridor with major export gateways in the south.
Beyond easing transportation challenges, the superhighway is expected to boost agricultural supply chains, enhance regional trade, improve access to seaports, and attract investments in manufacturing, logistics and real estate along its route.
The project also aligns with broader government plans to modernise transport infrastructure and strengthen Nigeria’s competitiveness under the African Continental Free Trade Area framework.
Presenting the report of the House Committee on Aids, Loans and Debt Management, Abdullahi El-Rasheed, who represented the committee chairman, Abubakar Nalaraba, urged lawmakers to support the loan request, citing the project’s strategic economic value.
He said the highway would serve as a critical driver of development and improve long-term economic productivity.
Following deliberations, the House approved the borrowing request at plenary, paving the way for the commencement of the project’s first section.
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BREAKING: Faleke Obtains Tinubu’s Presidential Nomination Forms
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(L-R): Founder of Tinubu Support Group, James Faleke; APC National Organising Secretary, Suleiman Argungu; and other APC officials during the presentation of nomination and expression of interest forms to Faleke for President Bola Tinubu in Abuja on Tuesday.
The lawmaker representing Ikeja Federal Constituency, James Faleke, has picked up the All Progressives Congress Expression of Interest and Nomination forms on behalf of President Bola Tinubu ahead of the 2027 presidential election.
The APC National Organising Secretary, Suleiman Argungu, on Tuesday in Abuja, declared the process open and presented the Expression of Interest and Nomination forms to Faleke, who also serves as the founder of the Tinubu Support Groups.
Faleke’s collection and payment for the forms, valued at N100 million on behalf of the President, formally signal the commencement of Tinubu’s bid for re-election.
The Independent National Electoral Commission has scheduled the Presidential and National Assembly elections for Saturday, January 16, 2027, while governorship and State Houses of Assembly elections will hold on Saturday, February 6, 2027.
The commission also announced that party primaries, including the resolution of related disputes, will run from April 23, 2026, to May 30, 2026.
INEC further stated that campaigns for the presidential and National Assembly elections will begin on August 19, 2026, while those for governorship and state assembly elections will commence on September 9, 2026
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Gbajabiamila Endorses Hamzat, Says Lagos Is in Safe Hands
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The Chief of Staff to President Bola Ahmed Tinubu, Femi Gbajabiamila, has assured Lagos State Deputy Governor, Kadri Obafemi Hamzat, of his support in securing the All Progressives Congress (APC) governorship ticket ahead of the 2027 election.
Gbajabiamila, a former Speaker of the House of Representatives, gave the assurance on Sunday, describing Hamzat as competent and well-suited to lead Lagos State.
He stated that the state would be in safe hands under Hamzat’s leadership.
Hamzat had visited Gbajabiamila at his Surulere residence in Lagos as part of consultations with party stakeholders over his governorship ambition.
Responding, Gbajabiamila commended Hamzat’s capacity and approach, expressing confidence in his ability to govern the state effectively.
“Dr Hamzat, you are a man of honour, and it shows in your approach to consultations. But I say this publicly—you can take my support for granted because I have full confidence in your ability and capacity. My constituency, Surulere, is for you, and Lagos is for you,” he said.
In his remarks, Musiliu Obanikoro, a member of the Governor’s Advisory Council (GAC), briefed the host on the extent of consultations carried out so far.
“I can confidently inform the Chief of Staff that the level of endorsement has been overwhelming,” he said.
Other members of the delegation included the Secretary of the GAC, Alhaji Muti Are, Senator Ganiyu Olanrewaju Solomon, Hon. Bode Oyedele, Engineer Adekunle Olayinka, Dr. Hakeem Shittu, Hon. Saheed Kekereekun, Dr. Jebe, and Hon. Rasaq Ajala, among others.
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