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$65m fraud: Ex-CEO of Federal Mortgage Bank gets N100m bail

Published

5 months ago

November 28, 2024

$65m fraud: Ex-CEO of Federal Mortgage Bank gets N100m bail

The Federal High Court in Abuja has granted N100 million bail to a former Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Kumo Yau, who is accused of allegedly awarding a $65,000,000 real estate contract to an allegedly incompetent firm, Good Earth Power Nigeria Limited, in 2012.

Justice James Omotosho granted N100 million bail each to Yau and co-defendants Bola Ogunsola and Mr. Tarry Rufus on Wednesday, in the matter filed by the Independent Corrupt Practices and Other Related Offences Commission‘s (ICPC) lawyer, Dr. Osuobeni Ekoi Akponimisingha, in the charge sheet marked FHC/ABJ/CR/333/24.

Good Earth Power Nigeria Limited and T. Brend Fortunes Limited were also joined as defendants, having been sued for their alleged contravention of the Public Enterprises Regulatory Commission Act and Section 19 of the Money Laundering (Prevention and Prohibition) Act, 2022.

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Facts of the case

In ICPC’s five-count charge, the anti-graft agency accused Yau of making payment to Good Earth Power Nigeria Limited in the sum of N3,785,000,000.00 out of the total contract sum of $65,000,000 for the development of 962 units of residential housing in Kubwa, Abuja, named “Goodluck Jonathan Legacy City,” contrary to accepted practice.
The ICPC maintained that the former bank CEO allegedly contributed to his organization’s failure at the time by approving $65,000,000 to a firm that could not carry out and complete the real estate project.
The allegations stated that Mr. Gimba Kumo Yau and Bola Ogunsola, in their roles as  chief executive officer and executive director of the bank in August 2012, had secured a loan of N14 billion from Ecobank Nigeria PLC on behalf of the bank.
This loan was said to be earmarked for the development and completion of 962 residential housing units in Kubwa, Abuja, named “Goodluck Jonathan Legacy City,” within 18 months.
ICPC further alleged that Mr. Gimba Kumo Yau, as the bank’s CEO, awarded the $65 million contract despite knowing that the company lacked the capacity to carry out the contract.
ICPC added that the project remains incomplete as of today, thereby amounting to “economic adversity” for the bank and in violation of Section 68(1) of the Public Enterprise Regulatory Commission Act, CAP P39, Laws of the Federation, 2004.
The other defendants were accused of giving and receiving $3,550,000.00 of the contract sum in cash in contravention of the Money Laundering Act.
When the charges were read out to the defendants in open court, they had pleaded not guilty.
Subsequently, their legal team applied for bail.

What transpired in court

The defendants had argued that bail is at the discretion of the court and that the applicants are entitled to bail, being presumed innocent under the law.
They also assured that their clients would not jump bail when granted bail, as one of the defendant’s counsel also submitted that the charge against his client is not one punishable by death.
On the part of the ICPC counsel, he did not oppose the applications for bail.
Ruling on the bail applications on Wednesday, Omotosho held that bail is premised on the presumption of innocence, which an accused person enjoys until he is declared guilty by the court.
He also said that bail is at the discretion of the court.
Subsequently, he granted N100 million bail to each of the defendants with two sureties in like sum.
He ruled that each of the sureties must be owners of property worth N100 million and that they must swear to an affidavit of means and show evidence of tax payment for the past three years.

“The sureties and defendants shall submit their recent passport photographs and certified bank statements.

“The Defendants shall submit their international passports to the registrar of this court,” the judge said. 

He also ordered that the registrar of the court shall verify these documents and issue a report while the defendants are remanded pending the perfection of the bail conditions.

$65m fraud: Ex-CEO of Federal Mortgage Bank gets N100m bail

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Police dispel rumour of sexual assault victim as Seyi Tinubu’s sister

Published

17 hours ago

April 24, 2025

Trends Admin

FCT Police Command Spokesperson, SP Adeh Josephine

Police dispel rumour of sexual assault victim as Seyi Tinubu’s sister

The Federal Capital Territory (FCT) police command has clarified that a sexual assault case involving Ebunoluwa Fatoyinbo is not connected to the family of President Bola Tinubu.

This clarification comes after widespread social media reports claimed Fatoyinbo is the sister of Seyi Tinubu, the president’s son. According to the reports, Oscar Ilochi allegedly assaulted Fatoyinbo while she was exercising alone in a gym basement, prompting an investigation that includes reviewing the facility’s CCTV footage.

In a statement released on Wednesday, Josephine Adeh, the FCT police spokesperson, confirmed that the command has launched an investigation based on a formal complaint filed by Fatoyinbo. However, she emphasised that the police have not established any familial link between Fatoyinbo and the Tinubu family.

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metro

Niger Gov Bago makes U-turn on dreadlocks ban after backlash

Published

18 hours ago

April 24, 2025

Trends Admin

Governor Mohammed Bago

Niger Gov Bago makes U-turn on dreadlocks ban after backlash

Governor Umar Bago of Niger State has reversed his controversial directive ordering the arrest of individuals with dreadlocks, following widespread backlash from the public and civil rights advocates.

Bago had earlier instructed security agencies to arrest anyone seen with dreadlocks across the state, linking the hairstyle to rising cult-related activities and insecurity, particularly in Minna, the state capital.

“Rascality in Minna: anybody that you find with a dreadlock, arrest him and barb his hair. From this moment, it’s fire for fire. Any attempt to harass any security officer is an attempt to harass the government of Niger State,” Bago had declared during a public address.

In addition to the dreadlocks directive, Bago also announced a 12-hour daily restriction on commercial motorcycles and tricycles, banning their operations from 6pm to 6am, as part of efforts to end violent crimes.

He also threatened to demolish any house found to be housing criminals or drug dealers, emphasising that his administration will “apply maximum force to restore order.”

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The governor’s early statements, notably the one targeting people with dreadlocks, provoked widespread condemnation on social media and from members of the public, who accused him of encouraging discrimination and lacking a thorough understanding of effective crime-fighting techniques.

In response to the anger, Bago reaffirmed his position on Wednesday at a ceremony in Minna, declaring the Bola Ahmed Tinubu International Airport as an alternative to Abuja’s Nnamdi Azikiwe International Airport.

“Yesterday, we read a riot act on hooliganism, and people misconstrued our words for people who have dreadlocks. We don’t have a problem with dreadlocks, but we have a problem with the cult here with dreadlocks.

So, if you have dreadlocks and you have business, please come to Niger State,” Bago said.

The state governor went on to describe the backlash as “media propaganda” and reiterated that the enforcement efforts are targeted specifically at criminal groups.

He said, “We are only driving that cult that is becoming a menace in Niger State. Thank you.”

Bago insisted that law-abiding residents are not at risk, claiming that the crackdown is primarily directed at criminal elements who utilize “cult” insignia, such as dreadlocks, to conceal their operations and elude law enforcement.

Niger Gov Bago makes U-turn on dreadlocks ban after backlash

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Cultists kill teen during anti-cultism walk in Lagos

Published

18 hours ago

April 24, 2025

Trends Admin

Lagos Police Public Relations Officer, CSP Benjamin Hundeyin

Cultists kill teen during anti-cultism walk in Lagos

A 16-year-old kid named Mustapha was killed by a stray bullet during a suspected cult clash in the Oyingbo area of Ebute Metta, Lagos State, on Monday.

Chronicle NG gathered that the incident happened during a peace walk sponsored by several young people to address escalating cult-related violence in the town.

It was reported that the walk had hardly ended when an argument erupted between them.

A resident, who talked to our correspondent on the condition of anonymity, claimed the fight escalated when a suspected cultist pulled out a pistol and shot indiscriminately, injuring Mustapha with a stray bullet.

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Another resident told reporters that the teenager was not affiliated with any cult group.

“Mustapha just came out to support the walk. He was not part of any gang. He is a calm and respectful boy. He was taken to the hospital after the bullet hit him, but he died on the way,” the source said.

The incident was said to have caused chaos in the community, while the event ended abruptly.

Meanwhile, our correspondent reported that one of the organisers, who was struck by a gunshot, is in critical condition.

The Lagos State Police Public Relations Officer, SP Benjamin Hundeyin had yet to comment on the incident at the time of filing this report.