News
EFCC Increases Charges Against Fayose’s Ally To 24
The Economic and Financial Crimes Commission has increased the charges against Abiodun Agbele, an ally of a former Ekiti State Governor, Ayodele Fayose, from 11 to 24.
The EFCC had in 2016 arraigned Agbele, alongside a former Minister of State for Defence, Musliu Obanikoro; Sylvan Mcnamara Limited; Lt. A.O Adewale; Tunde Oshinowo and Olalekan Ogunseye (all at large) at a Federal High Court in Abuja on 11 charges of money laundering to the tune of N1.219bn.
The money is part of N4.7bn allegedly transferred from an account belonging to the Office of the National Security Adviser in the Central Bank of Nigeria.
In the amended charges, Agbele, Sylvan Mcnamara Limited, De Privateer Limited, and Spotless Investment Limited were listed as the first to fourth defendants.
The EFCC accused Agbele of indirectly accepting N1.219bn cash through an official of Zenith Bank in Akure from Obanikoro on behalf of Fayose in June 2014 without going through a financial institution.
READ ALSO: Shaibu Breaks Silence On Impeachment Saga
The EFCC said he committed an offence contrary to Section 1(a) of the Money Laundering (Prohibition) Act 2011(As Amended) and punishable under Section 1503) of the same Act.
The EFCC also accused Agbele of aiding De Privateer to commit an offence to take possession of N200m which formed part of N1.219bn, a proceed of money laundering on behalf of Ayo Fayose contrary to section Section 18(A) of the Money Laundering Prohibition Act 2011 (as amended) and punishable under Section 18 of the same act.
When the charges were read to him during the proceedings on Tuesday, he pleaded not guilty.
At the resumed trial, a former Central Bank of Nigeria official, Aliyu Mukadas, had while being led in evidence by counsel for the EFCC, Wahab Shittu told the court that a total sum of N4.15bn was paid to Sylvan Mcnamara Limited’s account.
At the proceedings in November 2023, a former Minister of State for Defence, Musiliu Obanikoro while giving evidence in the court stated that Sylvan Mcnamara Ltd’s account “was created to deal with the issue of Boko Haram in Lagos, the account was created by Taiwo Kareem and was used for the purpose of disbursing funds for election.”
READ ALSO: Man To Die By Hanging In Ekiti For Armed Robbery
Mukadas stated that money was paid in trances to the company’s Diamond Bank account.
The retired CBN staff also confirmed that the National Security Adviser maintains an account with the apex bank meant to fund security operations and not elections.
He said, “I worked with CBN for 30 years at its Abuja branch and banking services department where I retired last year.
“We effected payments to all ministries or departments. The Office of National Adviser is one of the agencies having an account with the CBN.
“The purpose of the NSA account is for security operations, not for election purposes.
“We paid N200m to Sylvan Mcnamara Limited through Diamond Bank.
We also paid N2bn, N700m, N1bn and N225m into Sylvan Mcnamara Limited.”
READ ALSO: President Tinubu To Launch Students Loan Scheme Thursday – Presidency
When asked if he knew what the money was used for, Mukadas replied that he was not aware.
During cross-examination by Agbele’s counsel, Lekan Ojo (SAN)
Mukadas confirmed to the court that the payment mandate was verified before the payments were made.
When asked if the payment mandate showed the purpose for which the funds were to be paid to the company, the retired CBN official said, “For services rendered.”
He, however, said he had no suspicion the money was for fraudulent purposes.
Another witness called by the EFCC, a former Chief Executive Officer of Zenith Bank, Peter Amagbo denied the bank funded the Ayo Fayose’s re-election campaign.
READ ALSO: Troops Arrest Suspected Killers Of Community Leader, Retired Military Personnel
He said, “We did not fund election for Ekiti state. We didn’t have any meetings with my chairman and Fayose. I have never seen Agbele before. I met Fayose once as MD/CEO. My second meeting with him was an ex-governor during a friend’s father’s funeral.”
Amagbo informed the court that the bank was with the state before the emergence of Fayose and sustained that during his tenure.
He said, “We had a relationship before Fayose and it was maintained during his time. ”
When asked if he was privy to all conversations or interactions between Fayose and the bank he said, “No. The governor deals with people in their location.”
When further asked since he was not privy to the conversation between Fayose and the bank, he was not in the position to know if the bank had promised to assist Fayose.
Amagbo said, “I am the head of the management of the bank. The chairman is a part-time member of the management. He needs my approval to do that and he knows that we do not sponsor elections.”
Justice Nnamdi Dimgba, however, adjourned the matter till May 2, 2024, for the continuation of trial.
News
N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs
First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.
The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.
At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.
Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.
READ ALSO:I’ve Been Blacklisted In Music Industry For 13 Years – Seun Kuti
Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.
“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.
“Women-led enterprises are critical to economic activity, yet they face structural barriers.
This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”
“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).
READ ALSO:My Beef With Wizkid Is For Life – Seun Kuti
“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”
Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.
Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.
Applications for the zero-interest loan are now open.Apply now.
News
Xenophobic Attacks: Oshiomhole Tells FG To Retaliate Against South African Companies In Nigeria
Senator Adams Oshiomhole has called on the Federal Government to retaliate against South African businesses operating in Nigeria following the recent attacks on Nigerians in South Africa.
Speaking during plenary on Tuesday, Oshiomhole said the Federal Government should consider revoking the working license of South African owned companies such as MTN and DSTV.
He argued that Nigeria must respond firmly to what he described as persistent hostility against its citizens.
READ ALSO:South Africa To Investigate ‘Mystery’ Of Planeload Of Palestinians
“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.
He argued that while some South Africans accuse Nigerians of taking their jobs, Nigerians should return home and take over employment opportunities created by major South African companies operating in the country, including MTN and DSTV.
“When we hit back, the President of South Africa will not only talk but will also go on his knees to recognise that Nigeria cannot be intimidated.
READ ALSO:South African Ambassador Found Dead Outside Paris Hotel
“We will not condone any life being lost. If a crime has been committed under the South African law they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that,” Oshiomhole added.
DAILY POST reports that several Nigerians in South Africa have reportedly been attacked, and their businesses destroyed, in ongoing xenophobic attacks in the country.
News
IGP Orders Officers Display Name Tag On Uniform, Gives Update On State Police
The Inspector General of Police, IGP, Tunji Disu, has ordered all police personnel to always have their name tags on their uniforms for easy identification.
Disu disclosed that only police personnel who are undercover are exempted from displaying their name tags.
Speaking on Tuesday, Disu said: “All police officers should have their name tags. All of us on the high table have our names apart from the undercover among us so if you look at all the Commissioners of Police we have our name tags, so it’s not our standard.
READ ALSO:
“All the Commissioners of Police are here and that is why we called this meeting, we have list of things like this that we will want to discuss with the Commissioners of Police, we have told them earlier and we will still let them know that every that happens within their area of jurisdiction falls under their control.”
On the issue of state police, the IGP said: “Since we got the signal that the Federal Government of Nigeria intend to establish State Police and since we are the federal police, we decided to take the bull by the horn and put down our own side of what we believe on how the state police should be run.
“A lot of things were taken into consideration, a lot of comparative analysis was done and it has been transmitted to the National Assembly.”
-
Politics4 days ago2027: Tinubu’s Re-election May Put An End To Nigeria — Baba Ahmed Warns
-
Politics5 days agoBREAKING: 2027: Former Adamawa APC Guber Candidate, Aishatu Binani Defects To NDC
-
Business4 days agoJUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike
-
Politics5 days agoSenatorial Seat: Ogbakha-Edo Warns Against Imposition Of Candidates In Edo South
-
Entertainment5 days agoActress Eniola Badmus Gets New Federal Appointment
-
News2 days agoBREAKING: Wike Picks Alabo George For Rivers Governorship
-
News3 days agoOPINION: Why South Africans Murder Nigerians In Cold Blood
-
Politics4 days agoNDC Speaks On Peter Obi, Kwankwaso Joining Party
-
News4 days ago2027: Pastor Adeboye Speaks On Nigeria’s Next President
-
Politics5 days ago2027: Pondi, Otuaro, Other Delta South Stakeholders, Endorse Senator Joel-Onowakpo For Second Term
