Business

Indian Docked For Issuing N70m Dud Cheque

Published

3 years ago

March 26, 2022

An Indian national, Yuvraj Kumar Mehra, has been arraigned by the Ibadan Zonal Command of the Economic and Financial Crimes Commission (EFCC) on eight count charges bordering on conspiracy and issuance of a dud cheque in the sum of N70 million.

The defendant was arraigned before Justice Olanrawaju Majekobe of the Ogun State High Court alongside his firm, Dolphin Steels Nigeria Limited.

Yuvraj was docked for failing to pay the Ibadan Electricity Distribution Company (IBEDC) the said sum for power supplied to his company.

Investigation carried out by the operatives of the Ibadan Command revealed that the defendant issued a total number of thirteen dud cheques for N125 million to IBEDC between October 2, 2018 and December 3, 2018.

IBEDC, the defendant made a part payment but reneged in paying the balance of N70 million while all efforts to get him to pay the outstanding sum were futile.

One of the counts reads: “That you Yuvraj Kumar Mehra, Dolphin Steels Nigeria Limited, Mohit Gupta (at large) and Sushil Kumar (at large), on or about the 5th of December, 2018 at Sango Ota within the Jurisdiction of this Honourable Court conspired to commit an illegal act to wit: issuance of Dishonoured Cheque, an offence contrary to Section 516 of the Criminal Code, Cap 30 Laws of Ogun State.”

Another count reads: “That you Yuvraj Kumar Mehra, Dolphin Steels Nigeria Limited, Mohit Gupta (at large) and Sushil Kumar (at large), on or about the 5th of December, 2018 at Sango Ota within the Jurisdiction of this Honourable Court knowingly and fraudulently issued Zenith Bank Plc Cheque No. 2493, dated 30th of November, 2018 in the sum of (N10, 000, 000.00) Ten Million Naira only, made payable to Ibadan Electricity Distribution Company, which when presented for payment was dishonoured on the grounds that no funds or insufficient funds were standing to the credit of the account on which the cheque was drawn.”

The defendant pleaded “not guilty” to the charges preferred against him by the EFCC.

Upon his plea, the prosecution counsel, Sanusi Galadanchi, asked the court for a trial date and the remand of the defendant pending the determination of the case.

Counsel to the defendant, Clifford Anuge, prayed the court to admit his client to bail as he informed that the bail application had been filed and served on the prosecution and the court.

Justice Majekobe, after listening to both parties, granted Yuvraj bail in the sum of N4.1 million and two sureties in the sum of N2,050,000 each.

She further ordered that sureties must provide the court with their “affidavits of means, passport photographs and one of the sureties must be a resident of Ogun State with landed property”.

Furthermore, the defendant must deposit his international passport with the court registrar.

The matter was adjourned till May 18, 2022 for commencement of trial.

In another development, the EFCC on March 23, 2022 secured the conviction and sentencing of one Osinuga Oluwa Adeyemi and Musa Lanre Dauda before Justices Uche Agomoh of the Federal High Court and Sherifat Adeyemi of the State High Court, both sitting in Ibadan, Oyo State, on separate one count charge each bordering on cyber crime.

The convicts pleaded “guilty” to the charges preferred against them.

Consequently, Adeyemi was convicted and sentenced to five months imprisonment while Dauda bagged six months community service.

Also, the convicts were ordered to restitute their victims as well as forfeit all items recovered from them by the EFCC.

Business

Naira Depreciates Against Dollar

Published

3 days ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.

Business

JUST IN: Dangote Refinery Hikes Petrol Ex-depot Price

Published

2 weeks ago

June 20, 2025

Editor

Nigerians may soon pay more for petrol as the Dangote Petroleum Refinery on Friday increased its ex-depot price for Premium Motor Spirit to N880 per litre, raising fresh concerns over fuel affordability and price volatility in the downstream sector.

Checks on petroleumprice.ng, a platform tracking daily product prices, and a Pro Forma Invoice seen by The PUNCH confirmed the hike, representing a N55 increase from the previous rate of N825 per litre.

The increment would ripple across the entire fuel distribution chain, likely pushing pump prices above N900/litre in some parts of the country, especially in areas far from the distribution hubs.

The hike comes despite global crude prices falling. Brent crude dipped by 3.02% to $76.47, WTI fell to $74.93, and Murban dropped to $76.97 on Friday. The decline in benchmarks offers little relief due to persistent fears of sudden supply disruptions.

The refinery has increased its reliance on imported U.S. crude and operational costs amid exchange rate instability, which adds to its pricing pressure.

On Thursday, the President of the Dangote Group, Aliko Dangote, said his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.

This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.

Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.

On Monday, the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, accused oil marketers of exploiting Nigerians through inflated petrol prices, insisting that the current pump price of PMS should range between N700 and N750 per litre.

He criticised the disparity between falling global crude oil prices and the stagnant retail price of petrol in Nigeria.

“If you go online and check the PLAT cost per cubic metre of PMS, convert that to litres and then to our Naira, you will see that with crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre.”

He asserted that if Nigerians bear the brunt of higher fuel costs, they should be allowed to enjoy the benefit of low pricing.

His forecast of increased costs now appears spot on, considering the latest developments.

Marketers are already adjusting. Depot owners and fuel distributors in Lagos and other cities anticipate a domino effect, with new price bands expected to follow Dangote’s lead.

Many had held back pricing decisions since Tuesday, when the refinery halted sales and withheld fresh PFIs. The delay fueled speculation, allowing opportunistic price hikes across various depots.

Business

Naira Appreciates At Official Market

Published

1 month ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.