A’Ibom forex broker arraigned over N2bn scam - Newstrends
Connect with us

metro

A’Ibom forex broker arraigned over N2bn scam

Published

on

Rufus John Isip

A’Ibom forex broker arraigned over N2bn scam

The Economic and Financial Crimes Commission (EFCC) has arraigned one Rufus John Isip, a self-acclaimed forex broker, for alleged investment scam amounting to over N2 billion.

The suspect was arraigned before Justice C. S. Onah of the Federal High Court sitting in Uyo, Akwa Ibom State.

In a statement by the EFCC spokesperson, Dele Oyewale on Saturday, the suspect was arraigned alongside his company, ITM-IT Resources Limited on an eight-count charge bordering on fraudulent conversion, money laundering and obtaining by false pretence.

According to the statement, “Count one of the charge reads: That you, Rufus John Isip while being the Director of ITM-IT Resources Limited and ITM-IT Resources Limited sometime in December 2020 and May 2021 in Uyo, Akwa Ibom State, within the jurisdiction of the Federal High Court of Nigeria, with intent to defraud, obtained the sum of (431, 331, 172. 00) Four Hundred and Thirty-one Million, Three Hundred and Thirty-one Thousand, One Hundred and Seventy-two kobo from one Michael Okon, the Director of N-Rex Resources Limited under the false pretence that it is an investment in Vandera, an online investment platform, on his behalf, which pretence you knew to be false and thereby committed an offence contrary to Section 1 (1) (a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act.

READ ALSO:

“Count eight of the charge reads: That you, Rufus John Isip, while being the Director of ITM-IT Resources Limited and ITM-IT Resources Limited sometime between December 2020 and May 2021 in Uyo, Akwa Ibom State, within the jurisdiction of the Federal High Court of Nigeria, converted the total sum of (N730, 870, 000. 00) Seven Hundred and Thirty Million, Eight Hundred and Seventy Thousand Naira to crypto currency (Bitcoin) and transferred same into your Binance Wallet knowing that the said money formed part of your unlawful act and you thereby committed an offence contrary to Section 15 (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2011 and punishable under Section 15 (3) (4) of the same Act.”

The statement noted that the suspect pleaded not guilty when the charges were read to him and Khamis Mahmud, counsel to the EFCC, prayed the court to remand him in EFCC custody on the grounds of investigating him on other cases, adding that the defence counsel, Samson Ewuje did not pose any objection.

Justice Onah adjourned the matter to October 14, 2024 for trial and the defendant was remanded at the Uyo Zonal Directorate of the EFCC.

“Isip was arrested based on a petition from one Michael George, alleging that he lured him to invest in his online trading platform called Vandora.io.

“According to the petitioner, the defendant told him that it was more profitable to trade on his platform with a minimum trading capital of $100, 000. 00 (one hundred thousand dollars) and that he would earn more profit if he involved more investors.

“The petitioner thereafter invested, reached out to other investors and companies who also invested in the defendant’s phony online trading platform and after 60 days (as agreed) for the investors to start earning their profits, the defendant disappeared into thin air,” the statement disclosed.

A’Ibom forex broker arraigned over N2bn scam

Loading

metro

Trump Denies Offering Iran Sanctions Relief, Release of Frozen Funds

Published

on

Trump Denies Offering Iran Sanctions Relief, Release of Frozen Funds
President Donald Trump winks as the members of the media depart the Oval Office of the White House as Essar Capital Director Prashant Ruia, from left, Energy Secretary Chris Wright, Commerce Secretary Howard Lutnick, John Jovanovic, chairman of the Export-Import Bank of the United States, Iowa Attorney General Brenna Bird, Mariannette Miller-Meeks, R-Iowa., and Rep. Ashley Hinson, R-Iowa, look on, Monday, Sept. 28, 2026, in Washington. (AP Photo/Alex Brandon)

Trump Denies Offering Iran Sanctions Relief, Release of Frozen Funds

US President Donald Trump has denied reports that he offered Iran sanctions relief and access to frozen funds in exchange for concrete concessions on Tehran’s nuclear programme.

Trump rejected the reports on Monday, describing them as false after Axios reported, citing unnamed US officials, that his administration was willing to provide sanctions relief and release Iranian funds as part of a potential deal.

“This is untrue. I offered them NOTHING,” Trump wrote on Truth Social.

CNN separately reported, also citing an unidentified US official, that Trump was prepared to offer similar concessions if Iran demonstrated concrete progress on the nuclear issue.

The conflicting reports emerged as US and Iranian officials engaged separately with mediators in a renewed diplomatic effort aimed at ending the seven-month conflict between Washington and Tehran.

READ ALSO:

Iranian President Masoud Pezeshkian has said Tehran is prepared to negotiate over its nuclear programme and other issues but would not accept what he described as pressure or coercion.

Iran maintains that it is not seeking nuclear weapons and insists it has the right to develop nuclear technology for peaceful purposes.

Iranian Foreign Minister Abbas Araghchi has also said that diplomacy remains the route to resolving the conflict, while Tehran has linked any reopening of the Strait of Hormuz to the fulfilment of conditions under discussion with mediators.

The Strait of Hormuz remains a major issue in the negotiations because it is a crucial route for global oil and liquefied natural gas shipments. Disruptions linked to the conflict have contributed to higher energy prices and increased concerns about global supplies.

Trump had rejected an earlier Iranian proposal concerning the reopening of the waterway, while Araghchi said Tehran was awaiting a formal response through mediators.

The latest disagreement over the reported sanctions offer adds uncertainty to the diplomatic efforts, with Washington and Tehran yet to announce a final agreement on the nuclear programme or the broader conflict.

Trump Denies Offering Iran Sanctions Relief, Release of Frozen Funds

Loading

Continue Reading

metro

Federal Workers Back N500 Petrol Demand, Threaten Three-Day Warning Strike

Published

on

Federal Workers Back N500 Petrol Demand, Threaten Three-Day Warning Strike

Federal Workers Back N500 Petrol Demand, Threaten Three-Day Warning Strike

Federal workers have backed the demand by organised labour for a reduction in the pump price of petrol to N500 per litre, warning that they will join a proposed three-day warning strike if the Federal Government fails to address their concerns.

The Federal Workers Forum (FWF) announced its position in a communiqué issued on Tuesday, September 29, 2026, after an online general meeting of federal workers held on Sunday.

The workers said they unanimously supported the call by the Joint National Public Service Negotiating Council (JNPSNC) for the Federal Government to reduce the price of Premium Motor Spirit (PMS), commonly known as petrol, to N500 per litre.

The JNPSNC had given the Federal Government until September 30, 2026, to respond to its demands, which include a reduction in petrol prices, an immediate wage award and a review of salaries and allowances across the public service.

The Federal Workers Forum said its members were prepared to participate in the proposed three-day warning strike if the government failed to act.

The group also called for any reduction in petrol prices to be reflected in the prices of kerosene, diesel and cooking gas, arguing that high energy costs were contributing to the wider cost-of-living crisis.

READ ALSO:

The workers said the current price of petrol was placing additional pressure on households through higher transportation, food and other living costs.

They also backed labour’s demand for an immediate Wage Award, which they said should be converted into a reasonable Cost of Living Allowance (COLA) to provide continuing relief to workers.

The forum argued that workers’ incomes had been eroded by rising prices and called for urgent measures to restore their purchasing power.

Beyond the immediate wage relief, organised public-sector workers are seeking the commencement of negotiations for a new National Minimum Wage ahead of January 2027.

The JNPSNC has proposed a minimum monthly salary of N500,000 for an officer on Grade Level 01, Step 1 under the proposed 2027 salary structure.

The council also wants salaries and allowances across federal, state and local government services to be harmonised and periodically reviewed in line with inflation.

The Federal Workers Forum had previously called for an upward review of the current N70,000 minimum wage, saying rising food, fuel, transportation and housing costs had reduced its purchasing power.

The workers also criticised reliance on food palliatives as a response to the economic hardship, arguing that a reduction in petrol prices would have a wider impact because transportation and the cost of moving goods are closely linked to fuel costs.

The forum urged Nigerians to support organised labour’s campaign for lower petrol prices and said federal workers should mobilise for any industrial action approved by labour leadership.

The group further backed proposals for greater use of Nigeria’s domestic refining capacity, including making crude oil available to local refineries in naira and expanding national petroleum storage capacity.

It said such measures could strengthen energy security, create economic value and reduce the country’s exposure to fluctuations in international oil prices.

The latest position by federal workers adds pressure to an already tense labour-government relationship as the September 30 deadline approaches.

However, the workers’ statement does not mean that a nationwide strike has already commenced. Their commitment is to participate in the proposed three-day warning strike if the labour leadership calls the action and the government fails to address the outstanding demands.

The Federal Workers Forum also expressed hope that President Bola Ahmed Tinubu would address the concerns in his forthcoming Independence Day broadcast.

The government’s response to the workers’ demands, particularly on petrol prices, wage relief and negotiations for a new minimum wage, is expected to determine the next steps by organised labour.

Federal Workers Back N500 Petrol Demand, Threaten Three-Day Warning Strike

Loading

Continue Reading

metro

Hamzat Clarifies Lagos Traffic ‘Lifestyle’ Remark After Backlash

Published

on

Hamzat Clarifies Lagos Traffic ‘Lifestyle’ Remark After Backlash
Lagos State Deputy Governor Obafemi Hamzat

Hamzat Clarifies Lagos Traffic ‘Lifestyle’ Remark After Backlash

Lagos State Deputy Governor Obafemi Hamzat has clarified his controversial description of Lagos traffic as a “lifestyle”, saying the remark was taken out of context and was not intended as an endorsement of persistent gridlock.

Hamzat made the original comment while speaking at Podfest Naija 2026, where he discussed storytelling, the creative industry and how Lagos residents consume digital content during their daily journeys.

Using the experience of commuters on the Third Mainland Bridge as an example, Hamzat said traffic had become part of everyday life in Lagos. He also linked the long hours residents spend commuting to the growing consumption of podcasts, music, films and other digital content.

He specifically referred to journeys between Ojota and Obalende, suggesting that many Lagos residents listen to podcast episodes and consume other creative content while travelling through the city’s heavily congested roads.

The remarks generated criticism on social media, with some people interpreting the “lifestyle” description as an indication that the Lagos State Government considered traffic congestion a normal condition that residents should accept.

READ ALSO:

Hamzat subsequently addressed the controversy, explaining that he was speaking about the relationship between Lagos traffic and the creative industry, rather than discussing the causes of congestion, road design or suggesting that traffic should be regarded as desirable.

He also questioned how his remarks had been connected to separate criticisms of the state’s traffic situation.

Hamzat said he decided to clarify the remarks after seeing how excerpts from his speech were interpreted on social media.

The controversy has nevertheless renewed discussion about the impact of Lagos traffic congestion on commuters, businesses and productivity.

Lagos remains one of Nigeria’s busiest urban centres, with long commuting times forming part of the daily experience for many residents, particularly along major routes during peak periods.

The deputy governor’s remarks also highlighted the opportunities created by the city’s large and diverse audience for podcasters, filmmakers, musicians, writers and other content creators.

His argument was that the time residents spend travelling has contributed to increased consumption of creative content, creating opportunities for the industry to reach audiences during daily commutes.

The Lagos State Government has continued to promote investments in rail transportation, waterways, road construction, junction improvements and intelligent traffic management as part of efforts to improve mobility across the state.

The debate has therefore shifted beyond the wording of Hamzat’s “lifestyle” remark to broader questions about Lagos traffic, urban mobility and the challenges faced by residents who spend significant time commuting.

Hamzat Clarifies Lagos Traffic ‘Lifestyle’ Remark After Backlash

Loading

Continue Reading

Trending