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N10m fraud : Court grants Lanre Smith N30m bail for defaulting his Old team mates of Island Football Club
A Federal High Court sitting in Lagos on Tuesday granted N30m bail to a businessman, Lanre Smith, accused of N10m fraud.
Justice Ibrahim Kala granted the bail following a motion filed and argued by the defendant’s lawyer, Akin Apara.
Apara who pleaded with the court to admit the defendant to bail on liberal terms stated that Smith was still presumed innocent until otherwise proved.
The judge agreed with the defence’s submission and granted bail to the defendant in the sum of N30m, with two sureties in like sum.
Kala said one of the sureties must be a Grade Level 14 at a government establishment and second, must be a landed property owner within the court’s jurisdiction.
He also ordered that Smith should submit his passport with the court’s deputy chief registrar.
However, after granting the defendant bail, trial commenced and the prosecution counsel, Mike Enejere, called the first witness, Stephen Ogunlola, an operative of Interpol Section of Force CID Annex, Alagbon.
Ogunlola told the court that after the conclusion of investigation, findings emerged and that the nominal complainant and the defendant were old team mates from the defunct Island Football Club.
He said the defendant had approached the complainant for a foreign transaction, and that the complainant availed his Well Fargo Account in the US for the transfer of the forex funds.
The witness said, “That the bone of contention from our investigation was the transaction of $26,000 which the account of the nominal complainant is under investigation by the authority in US.”
Apara, who cross-examined Ogunlola, tendered a statement made by Ogunlola who had also testified as the first prosecution witness before Justice Ayokunle Faji, in the same case involving one Precious Usifo, where he had stated that the “culprit, Usifo Precious, residing in Benin has paid back the money. So, my investigation did not review anything wrong done by Mr Lanre Smith.”
Ogunlola also told the court that the defendant had in his statement of facts, stated that: “He met the nominal complainant, Okwudili Okeke, sometime in March 2014 in a football club in Lekki where they are both members.
“Okwudili Okeke sometime in 2016 approached him to help source for the sum of $40,000 or more. And that he had informed Okeke not to pay dollar equivalent until the dollars had been delivered.
“He approached one Mr. Ahmed Mukhaila who had informed him that the dollars were available for sale in the United States. And that he had informed Mukhaila that he will only accept cash from him so as to be certain that the funds were legitimately his.
“Mukhaila initially paid the sum of $20, 000 to Okwudili Okeke’s Wilok Wells Fargo account in the United States and provided him with the deposit slip showing the cash deposit which he then sent to Okeke,” the witness said.
The witness also told the court that Okeke paid the fair market value for the dollars to Pay Express, a company not operated by him (but the company that was introduced by Ahmed Mukhaila to him). This money was then forwarded to Mukhaila. And Mukhaila thereafter provided him with a deposit slip for $26,000.
According to him, upon seeing the said slip, Okeke noticed that it was not a cash deposit and he immediately called Mukhaila to express his displeasure and instructed that the same be recalled.
“Mukhaila thereafter put him on a conference call with some of his Bureau de Change colleagues who confirmed that the reason for the bankers’ cheque deposit was as a result of the volume of the money and that the bank will not accept cash deposit of the said volume.
“Okeke then insisted that Mukhaila and his colleagues should sign an agreement to the effect that the said money is legitimate and that they will indemnify Smith against any liability as a result of the funds.
“Interpol invited Mukhaila and his colleagues which include Awulu Hassan, Saidi Paki, Huzeni Taeeb, Adigure Chares, Elizabeth Aruoma and Anthony Ojo, who confirmed that they sold the $26,000 in question,” he said.
Smith was arraigned on January 30, 2024, before the court by the police. He is facing charges of alleged conspiracy and fraud preferred against him by the police.
The police prosecutor, Mr Mike Enejere, told the court that the defendant and others at large had sometime in August 2016, conspired among themselves and conducted a financial transaction which involved proceeds of unlawful activity.
However, the defendant, who is the founder of Grocedy Limited, pleaded not guilty to the charges.
The case has been adjourned till March 24, for continuation of trial.
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BREAKING: Fake Agency Scandal: Tinubu Suspends Three Perm Secs, Orders Arrest
President Bola Tinubu has ordered the immediate arrest of one George Buchi Nwabueze and the suspension of three permanent secretaries over the discovery of another fake agency operating within the Office of the Secretary to the Government of the Federation.
They include M.S. Danjuma, Nadungu Gagare, and Richard P. Pheelangwah.
Chairman of the Independent Corrupt Practices and Other Related Offences Commission, Dr Musa Aliyu, SAN disclosed this to State House correspondents on Friday after briefing the President for the second time in two days, following an earlier meeting on Thursday.
Aliyu said the newly uncovered fake office, operating under the name “National Brands Development and Made-in-Nigeria Special Project Office,” had been illegally allocated office space within the premises of the OSGF, contrary to extant laws and without presidential authorisation.
He said, “Upon further briefing by ICPC to Mr President on the ongoing investigations into the fake Presidential Foreign Intervention Promotion Council and procedural weaknesses in the public service, the Independent Corrupt Practices and Other Related Offences Commission has uncovered another fake agency and office operating under the name National Brands Development and Made-in-Nigeria Special Project Office, which has been illegally allocated office space within the premises of the Office of the Secretary to the Government of the Federation,” Aliyu said.
He said the discovery emerged in the course of the commission’s broader investigation, as earlier directed by President Tinubu, and identified the promoter of the fake office as one Prince George Buchi Nwabueze, who was found to be operating under multiple aliases.
“The fake agency office, National Brands Development and Made in Nigeria Special Project Office, was promoted by one George Buchi Nwabueze, with active suspected collaborators in the Office of the Secretary to the Government of the Federation, contrary to extant laws and without authorisation of the President of the Federal Republic of Nigeria.
“The promoter was discovered to also operate under four other variations of his name: George Nathan, George Nathan Nwabueze, Honourable George Buchi Nwabueze, Prince George Buchi Nwabueze and George Nwabueze,” Aliyu said.
He revealed that the ICPC had engaged the Office of the Secretary to the Government of the Federation to ascertain vital information relating to the fake office under investigation, and had comprehensively briefed the President on the new developments.
“I have briefed Mr President comprehensively on these new developments. ICPC will continue with its investigations accordingly,” he said.
Aliyu said following the discovery, “Mr President has directed as follows: the immediate arrest of Prince George Buchi Nwabueze; the immediate suspension of the following permanent secretaries; M.S. Danjuma, Nadungu Gagare, and Richard P. Pheelangwah,” he said.
Friday’s development is the latest in a scandal that began with the exposure of the fictitious Presidential Foreign Intervention Promotion Council, whose self-styled Director-General, Adeniyi Adeyemi Matthew, is currently facing prosecution on charges of forgery and impersonation.
The ICPC’s interim report, submitted to the President on August 6 after a 30-day investigation, had earlier disclosed the existence of two other fictitious bodies, the FCT Investment Promotion Agency and the Foreign Investment Promotion Agency and Public-Private Partnership.
The National Brands Development and Made-in-Nigeria Special Project Office is the fourth fake agency uncovered after the PFIFC scandal since early April.
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Rebuilding Nigeria’s Railway Future: From Constraints to Greater Possibilities
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Dr. Kayode Opeifa
Every morning, thousands of Nigerians traveling between Abuja and Kaduna ask the same question: Will I get a train ticket today?
We at the Nigerian Railway Corporation (NRC) understand the frustration. More than 5,000 intending passengers compete for the limited seats available on the corridor, while the current service accommodates only a fraction of that demand.
We hear the complaints about tickets selling out quickly. We see the disappointment of passengers who log on to the booking platform only to discover that seats have been exhausted. We know that some have had to alter their plans or seek alternative means of transportation.
These concerns are legitimate, and we cannot wish them away.
But Nigerians also need to understand the operational reality. Demand for rail transportation has grown considerably, particularly on the Abuja–Kaduna corridor, while available capacity has not kept pace.
At different periods, three train sets were deployed on the route, providing substantially more daily trips. Today, one operational rake is serving the corridor, placing considerable pressure on available seats.
In the last three months, NRC management has added three coaches to the operating rake: one Executive Coach with 28 seats and two Standard Coaches with 88 seats each. The additions have increased the rake to nine coaches and created 204 extra seats for passengers on each journey.
It is an important step, but we recognise that more needs to be done.
We are working with the Federal Government and other stakeholders to address the larger requirements for restoring and expanding train services. We remain confident that the necessary interventions will be made.
Improving the railway, however, is not only about adding coaches and trains. It is also about improving the passenger experience.
Our immediate priority is to ensure that critical facilities at stations along the Abuja–Kaduna corridor including air-conditioning systems, elevators, escalators and lifts are fully functional. Passengers should not have to choose between safety, reliability and comfort.
We are equally strengthening our ticketing and passenger-verification systems. Ticket racketeering remains a concern, and our responsibility is to ensure that available seats go to genuine passengers through a transparent and secure process.
But technology cannot solve a capacity problem. Ultimately, we need more operational trains, more coaches and more trips.
The near completion of the Kano Mega Train Station along the Kaduna–Kano Railway Corridor represents more than the construction of another station. It offers a glimpse of the modern railway system Nigeria should have.
A railway station should not merely be a place where passengers board and alight. It should be a functional transportation hub designed around the needs, safety and dignity of the passenger.
The Kaduna–Kano corridor is strategically important, linking major population centres and commercial communities while strengthening rail connectivity across northern Nigeria. The Kano station is therefore part of a broader vision of a railway capable of supporting passenger mobility, freight movement and economic activity.
We know that Nigerians will judge us not by our promises but by their experience when they use our trains.
There will be operational constraints, and there will be complaints. We must listen to them. But there is also progress.
Additional coaches are being deployed where possible. Maintenance is being prioritised. Station facilities are receiving attention. Ticketing systems are being strengthened, while our engineers and technical personnel continue to keep the railway moving under challenging circumstances.
Our responsibility is to make the best use of the resources entrusted to us, improve efficiency, protect railway assets and ensure that investment in the railway delivers value to Nigerians.
For the passenger waiting at midnight to secure an Abuja–Kaduna ticket, these larger developments may seem distant. What matters is getting a seat.
That is why increasing capacity remains one of our most urgent priorities.
The additional coaches are important steps. More coaches, more trains and more reliable services must follow.
The Kano Mega Train Station is another step towards the railway system we are building for the future.
We ask for the patience of our passengers, but we do not take that patience for granted.
We owe Nigerians results. And we will continue working with the federal government and other stakeholders to build a railway system that Nigerians can depend on not only today, but for generations to come.
Opeifa is the Managing Director of the Nigerian Railway Corporation.
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FCCPC Tackles Rising Cement Prices, Investigates Alleged Manipulation
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Agency summons product manufacturers to explain pricing methodology, others
CEMENT PRICES
Kenya N7,344
Tanzania N6,528
Togo N9,180
Nigeria N15,000
Cement manufacturers are under the searchlight of the Federal Competition and Consumer Protection Commission (FCCPC) over rooftop prices of cement, the agency has confirmed.
It said the probe followed an extensive industry-wide investigation that suggested possible manipulation of product prices in the Nigerian market.
The FCCPC stated that findings from a three-month cross-border study by its Anti-competitive Practices Department (ACP), undertaken in response to widespread public complaints over the high cost of cement, provided reasonable ground for probe of the cement manufacturers.
According to the commission, subsequent to the findings, it has issued “Notices of Commencement of Investigation and Summons to Producer” to the key players in the sector.
With the summon, the companies are required to provide information and records relating to, among other matters, their pricing methodologies, production and capacity utilisation, exports and relevant commercial relationships.
Three companies account for more than 90 per cent of Nigeria’s cement production. They are: Dangote Cement Plc, HMB Nigeria Plc, formerly known as Lafarge Africa Plc. and BUA Cement Plc.
FCCPC stated that its actions were sequel to concerns raised over the comparatively high retail price of cement in the local market compared with other markets, despite the country’s substantial limestone deposits, significant domestic production capacity and reported surplus installed capacity relative to domestic consumption.
The commission explained that, beyond Nigeria, its investigations extended to markets in sub-Saharan Africa like Kenya, Tanzania and South Africa as well as Egypt, Morocco and Algeria, using metrics such as availability of limestone, the basic raw material for cement production, as well as other variables such as population, production capacity and consumption.
The commission’s survey indicated that Nigeria has installed cement production capacity of more than 60 to 65 million metric tonnes annually, while estimated domestic consumption is approximately 25 to 30 million metric tonnes.
Nigeria is also a net exporter of cement to neighbouring markets, a statement signed by its Director of Corporate Affairs, Ondaje Ijagwu, stated.
The FCCPC statement reads: “Of particular concern to the Commission is that this level of production capacity has not resulted in the downward pressure on domestic prices that might ordinarily be expected in a competitive market with substantial excess capacity.”
Executive Vice Chairman and Chief Executive Officer (EVC\CEO) of the commission Mr. Tunji Bello said the investigation reflected the commission’s responsibility to examine market conditions that have significant consequences for consumers and the wider economy.
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He said: “Cement occupies a strategic place in the Nigerian economy. Its price affects the cost of building a home, developing commercial property, delivering public infrastructure and, ultimately, the cost of doing business. When concerns persist about how such an important market is functioning, the Commission has a duty to look beyond assumptions and establish the facts.” DownloadingInteractive Geographic Maps
He explained that the scrutiny is not intended to dictate the commercial decisions of businesses, rather, it is to determine whether the market is functioning competitively and whether consumers are receiving the benefits that effective competition should provide.
Bello said: “Businesses are entitled to make legitimate commercial decisions and earn returns on their investments. Competition law does not prevent that. Its purpose is to protect the competitive process, so that prices, output and other market outcomes are determined by genuine competition rather than conduct that unlawfully restricts it. That distinction is important to the work we are undertaking”.
The FCCPC spokesman provided additional details on the findings from the ACP investigation.
He said: “For instance, Kenya with 58.6 million population, 76 per cent lower than Nigeria’s population, had domestic cement demand of approximately 9.3m metric tonne per annum (MTPA) in 2025. Retail price in Nairobi is $5.40 or N7,344. Kenya is endowed with limestone. DownloadingInteractive Geographic Maps
“Tanzania, with population of 66.3 million, 72 per cent lower than Nigeria’s population, had domestic cement demand of 9.3m MTPA by 2025 with a bag of cement selling for $4.80 or N6,528.
“In Togo, which does not have limestone deposit, a bag of cement sells for $6.75 or N9,180.
“However, in Nigeria, with its huge limestone deposit and installed capacity, market intelligence reviewed by the commission showed that the retail price of a 50kg bag of cement rose significantly during the first half of 2026. DownloadingInteractive Geographic Maps
“A cement bag selling for between N9,300 and N9,700 in January was selling for between N10,500 and N13,000 by mid-year and by July, prices had risen to between N13,000 and N15,000 in some parts of the country.”
The commission noted that information provided by industry participants had identified energy costs, depreciation of the naira and its effect on imported machinery and spare parts, as well as transportation and logistics costs, among the factors contributing to cement prices.
It said: “The Commission is testing these explanations against verified information on costs, production, pricing and market conditions. However, the weight of preliminary findings provides sufficient grounds for the investigation to continue.
“Next is to determine whether prevailing cement prices can be explained by legitimate costs and market conditions, or whether there is evidence of coordinated conduct, abuse of market power, restriction of domestic supply, anti-competitive distribution practices or other conduct contrary to the provisions of the FCCPA.”
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