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N10m fraud : Court grants Lanre Smith N30m bail for defaulting his Old team mates of Island Football Club

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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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Humanity, Leadership and Legacy: Ooni of Ife Celebrates Prince Eludoyin at 78

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The Permanent Chairman of the Southern Nigerian Traditional Rulers Council (SNTRC), Arole Oodua Olofin Adimula and the Natural Head of the Oduduwa race worldwide, the Ooni of Ife, Ooni Adeyeye Enitan Ogunwusi, CFR, Ojaja II, has celebrated renowned businessman and illustrious son of Ile-Ife, Prince Eludipo Elusanmi Eludoyin, on the occasion of his 78th birthday.

In a statement on Monday released by the Director of Media and Public Affairs, Ooni’s Palace, Otunba Moses Olafare, the Ooni who is also the Permanent Co-chairman of the National Council of Traditional Rulers of Nigeria (NCTRN) described Prince Eludoyin as one of the shining lights of Ile-Ife whose life has remained dedicated to hard work, service to humanity and the growth of Nigeria’s economy.

The Ooni praised the Ife-born business mogul for his remarkable achievements in the international business community, noting that his contributions through Paragon Holdings Limited and other business platforms have created employment opportunities for thousands of people while also supporting meaningful development projects within and outside Nigeria.

Ooni Ogunwusi said Prince Eludoyin’s impact goes beyond business, describing him as a man who has consistently used his success to uplift people and support communities through various philanthropic activities.

According to the Ooni, the celebrant’s humility, wisdom and commitment to humanity have earned him respect across different sectors both in Nigeria and abroad.

The royal father also acknowledged Prince Eludoyin’s longstanding relationship with President Bola Ahmed Tinubu, describing the celebrant as a trusted confidant and loyal friend whose influence and experience continue to contribute positively to national development.

“Prince Eludoyin is a pride to Ile-Ife and the Yoruba race. His life story is one of vision, resilience and service. At 78, he remains a source of inspiration to younger generations who desire success built on integrity, excellence and compassion,” the Ooni stated.

The Ooni prayed for more years of sound health, peace, strength and continued accomplishments for the elder statesman as he continues to serve humanity and contribute to the progress of society.

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Between Hope and History: What Nigerians Expect from Tegbe as Power Minister

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By Michael Olukayode
For decades, electricity has remained Nigeria’s most enduring national embarrassment. From military administrations to democratic governments, promises of stable power supply have come and gone with little to show beyond recurring darkness, collapsing grids, abandoned projects and rising public frustration.

Now, with the appointment of Joseph Olasunkanmi Tegbe as Minister of Power, expectations are once again rising. Yet unlike in previous eras, Nigerians are no longer impressed by ambitious declarations. They are demanding results.

The question confronting Tegbe is not whether he understands the scale of the crisis. It is whether he can succeed where many before him failed.

Nigeria’s electricity sector is littered with the ruins of grand promises.

From the Olusegun Obasanjo administration’s multi-billion dollar National Integrated Power Projects (NIPP), to the Goodluck Jonathan-era privatisation of generation and distribution companies, successive governments repeatedly promised that stable electricity was around the corner. Under former President Muhammadu Buhari, Nigerians were told that the Siemens-backed Presidential Power Initiative would revolutionise transmission and distribution. The current administration of President Bola Ahmed Tinubu also pledged sweeping reforms, improved generation and a more efficient market-driven electricity sector.

Yet millions of Nigerians still rely on generators as their primary source of power.

The irony remains painful: Africa’s largest economy continues to generate barely between 4,000 and 5,000 megawatts for over 200 million people, despite an installed capacity exceeding 13,000MW.

Entire industries have collapsed under the burden of self-generated electricity. Small businesses spend more on diesel than on salaries. Manufacturers complain of rising operational costs. Students study under torchlights. Hospitals struggle to preserve vaccines and operate life-saving equipment. For many Nigerians, electricity is not merely an infrastructure issue; it is the dividing line between poverty and productivity.

That is why Tegbe’s appointment comes with enormous pressure.

Unlike many previous political appointees in the sector, Tegbe comes into office with the image of a technocrat rather than a career politician. A chartered accountant and management consultant, he built his reputation in the private sector through years of corporate advisory work, investment strategy and institutional restructuring. He previously served as the Director-General and Global Liaison for the Nigeria-China Strategic Partnership, where he was credited with helping to deepen investment engagement between Nigeria and Chinese investors in infrastructure, manufacturing and industrial development initiatives.

Before that appointment, Tegbe had a long corporate career spanning consulting, finance and business transformation. He worked with multinational consulting firm Deloitte and later became a senior business strategist with extensive experience in public-private partnerships, governance systems and economic planning. Supporters argue that this background gives him a better understanding of the financial and structural complexities that have crippled Nigeria’s power sector for years.

His defenders also point to his record in economic coordination and institutional reforms, arguing that the electricity crisis is no longer just a technical problem but a management and governance challenge requiring strategic execution, investor confidence and policy discipline.

At his Senate screening, Tegbe outlined a reform agenda focused on improving gas supply, strengthening grid reliability, accelerating metering, enforcing accountability among distribution companies and restoring financial discipline across the sector.

Those priorities are significant because Nigeria’s electricity crisis is no longer just about generation. The problems are systemic.

Generation companies complain of unpaid debts and inadequate gas supply. Distribution companies struggle with huge financial losses, weak infrastructure, electricity theft and poor revenue collection. Transmission infrastructure remains fragile and outdated, leading to frequent system collapses and stranded power capacity.

The national grid itself has become symbolic of institutional weakness. Grid collapses have repeatedly plunged large sections of the country into darkness, disrupting businesses and exposing the fragility of the system. Regulatory reports continue to show wide gaps between installed generation capacity and actual available electricity supply.

For many Nigerians, these recurring failures have destroyed public confidence.

Citizens openly question whether government officials genuinely intend to solve the crisis or merely manage it politically. Some blame corruption and weak regulation; others argue that decades of policy inconsistency and poor implementation are the real culprits.

That skepticism explains why Tegbe’s promises are being greeted with cautious optimism rather than celebration.

Still, his supporters believe he enters office with certain advantages. His experience in corporate restructuring and investment negotiations may prove useful in a sector desperate for efficiency, investor confidence and credible execution. But technical knowledge alone will not solve Nigeria’s electricity crisis.

What the sector requires most is political courage.

Any meaningful reform will involve difficult decisions: enforcing payment discipline, restructuring failing distribution companies, addressing subsidy distortions, improving tariff transparency, tackling electricity theft and compelling stronger private sector accountability. These reforms are politically sensitive because electricity affects every household and business in the country.

The minister must also confront the deeper institutional problem that has undermined previous reforms — weak governance.

Over the years, billions of dollars have reportedly been invested in power infrastructure with minimal impact on supply. Projects are often launched with fanfare only to disappear into bureaucratic delays, contractual disputes or funding crises. Nigerians have grown weary of ceremonial commissioning without measurable outcomes.

That is why measurable targets will matter more than speeches.

If Tegbe hopes to build public trust, Nigerians will expect clear timelines, transparent reporting and visible improvements in supply stability. Citizens want fewer excuses and more accountability. They want to know why power plants cannot get gas despite Nigeria’s enormous natural gas reserves. They want to know why transmission bottlenecks continue years after repeated intervention programmes. They want to know why estimated billing still persists despite promises of mass metering.

Most importantly, they want leadership that acknowledges that electricity is central to national development.

No serious industrial economy can thrive in darkness.

Countries that transformed their economies invested heavily in stable electricity infrastructure. Without reliable power, Nigeria’s ambitions for industrialisation, digital innovation, manufacturing growth and foreign investment will remain severely constrained.

The challenge before Tegbe therefore goes beyond fixing transformers or stabilising the grid. His real assignment is to restore credibility to a sector where public trust has nearly collapsed.

There are signs that structural reforms may finally be gaining momentum. The Electricity Act 2023 has opened the door for states to develop independent electricity markets, reducing overdependence on the fragile national grid. Several states are already moving toward decentralised power arrangements.

But Nigerians have heard reform language before.

What they seek now is evidence.

The success or failure of Tegbe’s tenure may ultimately depend on one simple question: can his administration deliver stable and predictable improvement, even if gradual?

If he succeeds, he could become the minister who finally begins the long-delayed transformation of Nigeria’s electricity sector.

If he fails, he risks joining a long list of officials whose promises disappeared into the darkness Nigerians know too well.

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Ekiti North Residents Reject Fasuyi, Fault Repeated Claims Against Tinubu on Project Funding

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……Stop Using Governor Oyebanji’s Name” — Orin Ora

…….Ward Fires Warning Over Fasuyi Endorsement

Fresh political tension reportedly erupted in Orin Ora Ward, Ido/Osi Local Government Area of Ekiti State, as aggrieved party members and residents allegedly rejected the re-election bid of Senator Cyril Fasuyi over what they described as “three years without visible development.”

The protest mood in the ward was said to have intensified following claims that the senator had repeatedly blamed President Bola Ahmed Tinubu for not funding constituency projects and budget allocations.

According to sources within the ward, residents expressed frustration over what they called “unfulfilled promises, lack of empowerment, and absence of meaningful projects” since the senator assumed office.

Political stakeholders in Orin Ora Ward were also said to have rejected alleged attempts to impose Senator Fasuyi on the people ahead of the 2027 elections.

“There is no Sakamaje endorsement here. Orin Ora Ward cannot be forced into supporting any candidate,” a party source reportedly declared.

The stakeholders further warned against dragging the name of Governor Biodun Oyebanji into what they described as “political imposition tactics.”

Residents reportedly insisted that any endorsement must reflect the genuine wishes of the people and not political pressure from powerful interests.

 

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