Lagos court resumes trial of $950,000 forex fraud allegations Nov 12 - Newstrends
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Lagos court resumes trial of $950,000 forex fraud allegations Nov 12

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Lagos court resumes trial of $950,000 forex fraud allegations Nov 12

The Federal High Court sitting in Lagos will, on November 12, resume the trial of five defendants for alleged conspiracy to defraud, and obtain $950,000 from a businessman, Nnamdi Ezenwa, under false pretence.

The businessman is the prosecution’s star witness, while first to fifth defendants are Chibueze Ojeh, Obinna Nwosu, Emeka Njoku, Castle Equipment & Logistic Ltd and the bank.

They are being prosecuted by Inspector-General of Police before Justice Deinde Dipeolu on a five-count amended charge in FHC/AWK/C/25/2020.

Ezenwa, managing director and chief executive officer of Vinna Investment Limited, alleged he was duped of the $950,000 in a fraudulent forex deal, a charge the defendants – three persons, a firm and a bank – denied during their arraignment earlier in the year.

At the resumed trial on July 23, prosecution counsel, Abdulmoruf Animashaun, who held the brief of Simon Lough (SAN) informed the court the defendants were being prosecuted on a third amended charge, adding the case ought to be expeditiously heard.

First prosecution witness Ezenwa said he was called sometime in 2014 by his account officer in the bank that a customer had $1.9 million to sell.

Led in evidence by the prosecutor, the witness said the account officer was aware Ezenwa needed dollars to send to Italy for importation of toothpaste.

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He testified that he called his company’s accountant to go to the bank’s Aba branch to confirm the situation. The latter did.

“I then went to meet the bank’s Branch manager, account officer and customer that wanted to sell the dollars, together with my company’s accountant.

“I bought the $1.9 million as recommended by UBA but $950,000 of it was fake.

“I demanded that my money be returned to me, but every effort proved abortive,” Ezenwa added.

When Dr. D.A. Awosika (SAN), counsel to first defendant, objected to the tendering of some documents, the prosecution counsel urged the court to adjourn the case to enable him regularise the position.

Justice Dipeolu adjourned till November 12 and 14.

Count two of the charge against the defendants read:

“That you, Chibueze Ojeh, ‘M’ 40 years, managing director and chief executive officer of Castle Equipment & Logistics Limited of Lekki County Homes, Westend Estate Road 4, House 4, Lekki Lagos State;

Obinna Nwosu ‘M’ 45 years of No. 1 Shofidiya Close, Adegoke Estate, Masha Roundabout, Surulere, Lagos, Emeka Njoku “M 41years, former Staff and marketer with United Bank for Africa Plc, of No. 3 Azikiwe Road, Port Harcourt, Castle Equipment & Logistics Ltd and United Bank for Africa Pic;

Onyinyechi Oraegbunem ‘F’ former branch manager of UBA Aba branch, and Pamela Onaga, former staff of UBA Plc Aba branch/account officer to Nnamdi Ezenwa, now at large, between April 3, 2013 and June 31, 2013 in Lagos and Aba, with intent to defraud Chief Nnamdi Ezenwa, managing director and chief executive officer of Vinna Investment deceitfully induced Chief Nnamdi Ezenwa that you have dollars to sell to him at a lower rate of N159.00 per dollar and deceitfully collected N294,150,000,00 equivalent to $1,850,000 from him on the pretence that you will transfer the dollars equivalent to his customers in Italy.

But having collected N294,150,000,00, you transferred only $900,000 equivalent to N143.100,000.00 and converted $950,000 Dollars, equivalent to N151,000,000.00 to your use.

You thereby committed offence contrary to Section 1(1) and punishable under Section 1(3) of the Advance Fee Fraud and Other Related Offences Act 2006.

Lagos court resumes trial of $950,000 forex fraud allegations Nov 12

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Former Finance Minister Kemi Adeosun Loses Husband, Niyi Adeosun

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Former Finance Minister Kemi Adeosun Loses Husband, Niyi Adeosun
Former Finance Minister Kemi Adeosun and late Husband Adeniyi Adeosun

Former Finance Minister Kemi Adeosun Loses Husband, Niyi Adeosun

The Adeosun family has announced the passing of Mr. Anthony Adeniyi (Niyi) Adeosun, husband of former Minister of Finance, Mrs. Kemi Adeosun. He died on Tuesday, August 5, 2026, in Lagos at the age of 62.

In a statement issued on Thursday, the family confirmed the news “with profound sorrow, yet in total submission to the will of Almighty God.” The announcement was signed by Reverend C. A. Adeosun on behalf of the family.

According to the family, the late Anthony Adeosun was a distinguished businessman and a devoted Christian whose life was marked by integrity, generosity and unwavering faith. His character and values earned him admiration from all who knew him, as he remained devoted to serving God while making lasting contributions to his family and community. “Niyi was a distinguished businessman and a devoted Christian whose integrity, generosity, and steadfast faith touched the lives of all who knew him. He lived a life defined by hard work, service to God, and an unwavering commitment to his family and community,” the family’s statement read.

The deceased is survived by his wife, former Minister of Finance Kemi Adeosun; his cherished children; and his siblings, including Mr. Adewale (Wale) Adeosun, founder of Kuramo Capital Management, a leading African private equity firm with over $500 million under management. He is also survived by numerous other relatives, friends and associates.

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While mourning his death, the family said it was comforted by its Christian faith and the assurance of eternal rest for believers. They cited Revelation 14:13, which says: “Blessed are the dead which die in the Lord… that they may rest from their labours; and their works do follow them.”

The family has appealed to the public to respect its privacy as it mourns the loss, noting that details of the funeral and Christian burial arrangements would be announced in due course. The family also expressed appreciation to friends, associates and well-wishers who had reached out with prayers, condolences and support since the news of his passing. “We thank all who have reached out with prayers, condolences, and support. May his gentle soul rest in perfect peace in the bosom of the Lord,” the statement added.

Mrs. Kemi Adeosun served as Nigeria’s Minister of Finance from 2015 to 2018 under the administration of late former President Muhammadu Buhari. During her tenure, she spearheaded a number of fiscal reforms, including the Whistle-blower policy, the Treasury Single Account (TSA), and the Efficiency Unit, which helped recover billions of naira and improve transparency in public finance. She has since devoted herself to philanthropy, focusing on uplifting vulnerable children and supporting the less privileged.

Former Finance Minister Kemi Adeosun Loses Husband, Niyi Adeosun

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176 Kwara Abductees Regain Freedom After Six Months in Captivity

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176 Kwara Abductees Regain Freedom After Six Months in Captivity

176 Kwara Abductees Regain Freedom After Six Months in Captivity

The Kwara State Government has confirmed the release of 176 residents abducted during the February 3, 2026 attack on Woro and Nuku communities in Kaiama Local Government Area, bringing an end to nearly six months of captivity for the victims. The development was announced on Wednesday through a post on the state government’s official Facebook page by Olayinka Fafoluyi, media aide to Governor Abdulrahman Abdulrazaq. The statement expressed gratitude to President Bola Ahmed Tinubu and security forces for their role in securing the victims’ freedom. “Alhamdulillaah and kudos to President Bola Ahmed Tinubu GCFR, security forces, and everyone who played a role in this huge feat. We are grateful!” the statement read.

The victims, who spent 183 days in captivity following their abduction during one of the deadliest attacks in Kwara State’s history, were rescued on Wednesday in what officials described as a joint security operation. Confirming the development, the Chairman of Kaiama Local Government Area and Chairman of the Association of Local Governments of Nigeria (ALGON) in Kwara State, Abubakar Abdullahi Danladi, disclosed that the victims were being held at the Wawa Military Cantonment in neighbouring Niger State pending their transportation back to Kwara. “Yes, it’s true that they have been released, and I can’t tell for now whether ransom was paid or not. They are currently in Wawa Military Cantonment in Niger State because our people are not the only victims released. The Office of the Secretary to the State Government is currently arranging vehicles that will bring them to Ilorin,” Danladi stated.

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The victims were abducted when suspected Boko Haram-linked extremists invaded the rural communities of Woro and Nuku on motorcycles, launching a coordinated assault that reportedly lasted for several hours. The attack, regarded as one of the deadliest in the state’s history, reportedly claimed more than 200 lives, left several others injured, destroyed homes and businesses, and displaced many residents. Local vigilantes who attempted to resist the attackers were reportedly overwhelmed, with some allegedly trapped and burnt inside their operational office. In April, a video circulated on social media showing one of the abducted women appealing to the Kwara State Government to intensify efforts to secure their release. Speaking from captivity alongside fellow victims, the woman disclosed that the group included pregnant women, young children and sick persons. “We are from Woro in Kaiama local government. We were taken on February 3, and today is April 8. This is the last opportunity they have given us,” she said.

The Senior Special Assistant to the Governor on Communications, Ibraheem Abdullateef, commended the efforts of security agencies and other stakeholders involved in the operation. He also expressed the state government’s appreciation to President Bola Tinubu and security personnel for their joint roles in securing the victims’ freedom. The member representing Gwanabe/Gweria/Bani/Adena Constituency in the Kwara State House of Assembly, Saidu Baba Ahmed, described the release as a major relief. “Yes, the Woro kidnap victims have been released. I’m very, very excited about this development. We give thanks to President Bola Tinubu, Governor AbdulRahman AbdulRazaq and our security operatives,” the lawmaker said. However, the Kwara State Commissioner of Police, Ojo Adekimi, said he was yet to receive official confirmation when contacted. “I’m not aware, so I cannot confirm it. I made contacts to Kaiama Local Government; still, I couldn’t get concrete information,” the police commissioner stated.

Authorities have not disclosed the circumstances surrounding the victims’ release, including whether any rescue operation, negotiation or ransom payment led to their freedom. However, top sources in the Kwara State Government and State Security Service indicated that negotiations took place, though they did not mention whether payments were made. Last Friday, Chairman Danladi had dismissed claims that the government had abandoned the abducted residents, stating, “We have not forgotten them. We are collaborating with the state government to get them rescued. But this is a security matter and we cannot disclose everything on the pages of newspapers.” He had expressed confidence that the victims would soon regain their freedom.

176 Kwara Abductees Regain Freedom After Six Months in Captivity

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Nigerian Army Places N60m Bounty on Wanted ISWAP Leaders

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Nigerian Army Places N60m Bounty on Wanted ISWAP Leaders

Nigerian Army Places N60m Bounty on Wanted ISWAP Leaders 

The Nigerian Army has declared two senior leaders of the Islamic State West Africa Province (ISWAP) wanted, placing a combined N60 million bounty on their heads following a major intelligence breakthrough in the Lake Chad region. The military identified the terrorist commanders after troops recovered and conducted forensic analysis on technical devices, including a camcorder used by ISWAP fighters to record propaganda videos and document their operations.

Troops of Operation Hadin Kai (OPHK) recovered several technical devices and high-value intelligence materials during recent offensive operations against ISWAP/ISIS terrorists in northern Borno State. Forensic exploitation of the recovered devices generated actionable intelligence, leading to the identification of terrorist locations and senior commanders operating within the Mangari–Metele–Dogon Chukun axis along the fringes of the Lake Chad Basin in Abadam and Kukawa Local Government Areas of Borno State. According to Captain Mohammed Goni, Acting Military Information Officer of the Northeast Joint Taskforce Operation Hadin Kai, the intelligence haul is one of the most significant breakthroughs in the ongoing counter-insurgency campaign.

The military has identified several senior ISWAP leaders and key operatives, including Abu Musa Al-Mangawi Baa Shuwa, who serves as the Wali (Governor of ISIS West Africa Province) and is described as the most wanted terrorist leader currently operating within the Lake Chad Basin. His deputy, Muhammad Jidda, also known as Amirul Jaish or “The One-Handed Man,” serves as the Commander of the Jaish unit. Other identified commanders include Hamad Abu Hanifa, the Amirul-Fiya (field commander) of ISWAP, and Ibn Muhammad, who commands the Amniyya unit. The intelligence poster released by the military contains photographs and aliases of at least 38 suspected ISWAP commanders and fighters believed to be active across northern Borno and the Lake Chad region.

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The military has placed specific bounties on the wanted terrorist leaders, with N50 million offered for Ibn Muhammad, the Commander of the Amniyya unit, and N10 million for Muhammad Jidda, the Commander of the Jaish unit. Operation Hadin Kai has specifically drawn public attention to Abu Musa Al-Mangawi Baa Shuwa, the ISWAP Wali, who remains the most wanted terrorist leader operating within the Lake Chad Basin. The military will offer a substantial financial reward to anyone whose credible and actionable information directly leads to his arrest.

The military has urged members of the public to support ongoing counter-terrorism operations by providing credible and timely information that could assist security agencies in locating and apprehending these suspected terrorist operatives. All information received will be treated with the utmost confidentiality, and the identity of informants will be fully protected in accordance with established security procedures. Citizens are strongly advised not to confront or attempt to apprehend the suspected terrorists under any circumstances. Information can be reported through established security reporting channels or via the dedicated hotline at 0708 498 8859.

The recovery of the camcorder and other technical devices represents a significant blow to ISWAP’s propaganda machinery and command structure. The military believes that denying the insurgents anonymity will disrupt their ability to move, recruit, tax communities and stage attacks. This development follows a broader pattern of pressure on ISWAP’s media and command wings, as in recent related operations, Operation Hadin Kai reportedly killed Abu Salim al-Barnawi, a senior propagandist and former raid commander, during a failed attack in Cross Kauwa. The public release of names, photographs and aliases suggests the military is now pursuing a strategy to deny ISWAP the anonymity it needs to operate effectively in the region.

Nigerian Army Places N60m Bounty on Wanted ISWAP Leaders 

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