Author: Staff Editor
The Nigeria Deposit Insurance Corporation (NDIC), acting as liquidator of the defunct Gulf Bank Plc, has instituted two separate actions at the Federal High Court in Lagos against Wema Bank Plc. The combined claims amount to approximately ₦125,384,535,500.00 (One Hundred and Twenty-Five Billion, Three Hundred and Eighty-Four Million, Five Hundred and Thirty-Five Thousand, Five Hundred Naira), arising from two distinct sets of disputed high-value properties in Banana Island, Lagos, alongside an alleged improper cash transaction of ₦401 million. Both suits were filed under the Failed Banks (Recovery of Debts and Financial Malpractices in Banks) Act and form part of NDIC’s…
Justice James Omotosho of the Federal High Court sitting in Abuja on Wednesday, May 13, 2026, granted the final forfeiture of shares worth ₦1.9 billion, ₦288 million, and a five-bedroom duplex located at No. 20, City Gate Estate, Kukwaba, Abuja, linked to former Acting Accountant-General of the Federation (AGF), Chukwunyere Anamekwe Nwabuoku, to the Federal Government. Following his conviction and sentencing on March 23, 2026, on all nine-count charges bordering on money laundering and abuse of office, the Economic and Financial Crimes Commission (EFCC), in a Motion on Notice dated April 1, 2026, applied for an order of the court…
The fourth prosecution witness, PW4, in the trial of former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, on Wednesday, May 13, 2026, told Justice Joyce Abdulmalik of the Federal High Court, Maitama, Abuja, that Zenith Bank Plc, where the former AGF maintained accounts, filed Suspicious Transaction Reports (STRs) in respect of his transactions. The Economic and Financial Crimes Commission (EFCC) is prosecuting Malami alongside his wife, Hajia Bashir Asabe, and his son, Abubakar Abdulaziz Malami, on an amended 16-count charge bordering on conspiracy, procuring, disguising, concealing and laundering proceeds of unlawful activities to the tune of ₦8,713,923,759.49…
The High Court of the Federal Capital Territory (FCT), sitting in Apo, on Wednesday fixed May 25 for ruling on the bail application filed by the detained former Chairman of the Board of Directors of the defunct Skye Bank Plc, Tunde Ayeni, pending the determination of the case against him. Ayeni was remanded in prison custody on May 4 after pleading not guilty to a 17-count charge bordering on his alleged involvement in a ₦15.665 billion fraud. The trial judge, Justice Jude Onwuzuruike, had declined the defendant’s request to be kept in the custody of the Economic and Financial Crimes…
The Federal High Court sitting in Abuja on Wednesday sentenced former Minister of Power, Saleh Mamman, to a total of 75 years imprisonment on a 12-count charge of money laundering involving ₦33.8 billion linked to the Zungeru and Mambilla hydroelectric power projects. The trial judge, Justice James Omotosho, handed down the sentence after finding Mamman, who was absent from court, guilty on all 12 counts of conspiracy and money laundering brought against him by the Economic and Financial Crimes Commission (EFCC). Justice Omotosho said the absence of the former minister in court on Wednesday and on the last adjourned date…
The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, has charged the management of Guinness Plc on the need to ensure compliance with rules and regulations in the course of doing business in the country. He gave the charge on Tuesday, May 12, 2026, in his remarks while receiving the management team of the company, led by its Managing Director/Chief Executive Officer, Girish Sharma, in his office. “I want to thank you for what you stand for. I heard your director talking about compliance. That’s one of the things you must hold very dear to…
The Economic and Financial Crimes Commission, EFCC, on Tuesday, May 12, 2026, opposed the defence’s application for an adjournment in the trial of an Austrian national arrested by the Nigeria Customs Service, NCS, for allegedly failing to declare $800,575 and €651,505 at the Murtala Muhammed International Airport, Ikeja, Lagos. The defendant, Kavlak Onal, who was scheduled to travel to Dubai aboard Emirates Airline, was intercepted by operatives of the NCS during a routine check at the Anti-Money Laundering/Combating the Financing of Terrorism, AML/CFT, Currency Declaration Desk on Tuesday, December 16, 2025, and was subsequently handed over to the EFCC for…
A Federal High Court sitting in Abuja on Tuesday commenced a trial-within-trial in the ongoing prosecution of six persons accused of plotting to overthrow the government of President Bola Tinubu, by calling its first witness to defend the voluntariness of extra-judicial statements made by the defendants. The trial-within-trial is aimed at determining whether statements allegedly made by the defendants to military investigators were obtained voluntarily or under duress, coercion, torture, or inducement, as alleged by the defence. When the proceedings commenced on Tuesday, the trial judge, Justice Joyce Abdulmalik, cautioned parties to restrict themselves strictly to issues relating to the…
Justice Maryanne Anineh of the Federal Capital Territory (FCT) High Court, Maitama, Abuja, on Monday, May 11, 2026, admitted in evidence newspaper publications tendered by the Economic and Financial Crimes Commission (EFCC) in the trial of former Governor of the Central Bank of Nigeria (CBN), Godwin Ifeanyi Emefiele, over the alleged unlawful naira redesign. While leading the eighth prosecution witness (PW8), Jegede Oluwasegun, an official of the National Library, in his testimony, prosecution counsel, Rotimi Oyedepo, SAN, presented certified copies of The Punch, ThisDay, Vanguard, Daily Sun, and The Nation newspapers containing reports on the alleged unlawful naira redesign, alongside…
The Lagos State Government has announced plans to introduce a state-issued driver’s licence in partnership with the Federal Government as part of ongoing efforts to strengthen road safety, improve traffic regulation, and ease licensing procedures for motorists across the state. The Commissioner for Transportation, Oluwaseun Osiyemi, disclosed this on Monday during the 2025 ministerial press briefing held in Alausa, Ikeja. Osiyemi explained that when the initiative becomes operational, motorists would have the option of obtaining either the existing federal driver’s licence or the newly proposed Lagos State-issued licence. According to him, the initiative is aimed at enhancing compliance with traffic…