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Nigerian who diverted UK firm’s funds to forfeit N342m, says EFCC

Published

2 months ago

September 15, 2024

Nigerian who diverted UK firm’s funds to forfeit N342m, says EFCC

A Federal High Court in Abuja has ordered the interim forfeiture of N342,545,933.75 traced to a Nigerian former administrator of the British-based Lineroom Limited, over allegations of fraudulently diverting the company’s £2,000,000.

The order was delivered on September 10, 2024, based on a motion ex parte filed by the Economic and Financial Crimes Commission (EFCC).

The development arose from a petition by the solicitors of the company’s parent company, Ecclestarn Limited, which alleged fraud, forgery, and breach of trust by the former staff against one of its subsidiaries, resulting in fraudulent loan approvals and diversion.

In the motion marked FHC/ABJ/CS/1260/2024, exclusively seen by Nairametrics, EFCC lawyer Ogechi Ujam Esq. sought the court’s interim order to forfeit the sum of N342,545,933.75, reasonably suspected to be proceeds of unlawful activity, to Lineroom Limited through the Federal Government of Nigeria.

She submitted that a preliminary investigation into the petition revealed that the suspect, Ayomide Otubanjo Oluseun, owner of VHC (Nigeria) Limited, fraudulently diverted substantial funds belonging to Lineroom Limited, a company based in the United Kingdom, to the account of VHC (Nigeria) Limited domiciled in a Nigerian bank.

She explained that the suspect fraudulently executed a loan agreement between Lineroom Limited and VHC (Nigeria) Limited and imported a total sum of £2,000,000 in four tranches of £500,000 from Lineroom Limited’s account in the United Kingdom to VHC (Nigeria) Limited’s account in Nigeria.

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She added that the diverted funds are due to be restituted to Lineroom Limited through the Federal Government of Nigeria.

In the affidavit accompanying the motion, dated August 26, 2024, Gidado Abdulkadir, an investigator with the EFCC, stated that Ecclestarn Limited appointed the suspect as the sole administrator of one of its subsidiary companies, Lineroom Limited, to oversee its affairs.

He stated that in November 2017, the suspect, being the sole administrator of Lineroom Limited and with alleged intent to defraud the company, approved the purported loan applications by his company, VHC (Nigeria) Limited, for a loan facility of £2,000,000.

The suspect was accused of fraudulently executing a loan agreement between Lineroom Limited and VHC (Nigeria) Limited and signing on behalf of both companies.

He stated that the suspect, through VHC (Nigeria) Limited, wrote to a Nigerian bank, informing the bank of its intent to bring in a capital investment of £1,000,000 (One Million British Pounds) and also requesting the bank to sell the funds, credit the company’s account with the proceeds, and issue a certificate of capital importation.

“The suspect also attached a board resolution from VHC (Nigeria) Limited to that effect. A copy of the letter to the bank and the board resolution is attached and marked Exhibit EFCC 4A & 4B, respectively,” he stated.

According to the investigator, the bank approved certificates of capital importation for the £2,000,000. Upon receipt of the funds into the account of VHC (Nigeria) Limited, the suspect used the funds to purchase time deposits and treasury bills in the bank.

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He said that upon maturity of the time deposits, the matured deposits and interest were deposited into the personal account of the suspect, Otubanjo Ayomide Oluseun.

“Upon maturity of the treasury bills, the suspect liquidated the matured treasury bills and invested them in Guaranty Trust Fund Managers Limited to the tune of N149,999,642.38.

“That the invested funds at Guaranty Trust Fund Managers Limited are worth N155,725,933.75 (One Hundred and Fifty-Five Million, Seven Hundred and Twenty-Five Thousand, Nine Hundred and Thirty-Three Naira, Seventy-Five Kobo),” he stated, adding that the suspect also invested N100,000,000 in another venture.

The EFCC told the court that the suspect was invited to its office, where he volunteered a written statement under caution, “admitting that he signed all the documents for the purported loan facility from Lineroom Limited without authorization from the holding company, Ecclestarn Limited, and further stated that he used the funds as working capital for VHC (Nigeria) Limited and is willing to refund the monies to Lineroom Limited.”

The EFCC urged the court to hold that it is pertinent for the funds in dispute to be forfeited to the UK company through the Federal Government of Nigeria, as recovery of the sum fraudulently diverted from the company.

Ruling on the motion on September 10, 2024, Justice Emeka Nwite said the application was meritorious and granted it.

He also directed the publication of the interim forfeiture order in any national daily for anyone interested in the funds sought to be forfeited to appear before the court to show cause within 14 days of the publication why the final order of forfeiture of the funds to Lineroom Limited, through the Federal Government of Nigeria, should not be made.

The case was adjourned to November 5, 2024, for a hearing.

Nigerian who diverted UK firm’s funds to forfeit N342m, says EFCC

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200,000 repentant terrorists surrender, drop arms in North East – CDS

Published

12 hours ago

November 26, 2024

Trends Admin

Chief of Defence Staff, General Christopher Musa

200,000 repentant terrorists surrender, drop arms in North East – CDS

The Chief of Defence Staff, General Christopher Musa, has disclosed that about 200,000 repentant terrorists have so far dropped their arms and surrendered to troops in the North East, noting that the twin strategy of kinetic and non-kinetic operations was responsible for this achievement.

The CDS made this known at the Security and Justice Symposium organised by the Office of the National Security Adviser (ONSA) in collaboration with the British High Commission, which began at the National Counterterrorism Centre in Abuja on Tuesday.

He disclosed that the theme of the symposium, ”Securing Peace, Ensuring Justice, Protection, Conduct, and Accountability,” speaks volumes about the deluge of security challenges the armed forces and security agencies are facing.

His words, “All the challenges we are facing today have to do with fairness, equity, justice, and accountability.

“There will not be peace without justice, equity, fairness, and accountability. In our operations, we are conducting both kinetic and non-kinetic strategies, which have to a large extent yielded significant successes, and we want to particularly thank the National Security Adviser for his great support in this regard.

“Nigeria is going through so many challenges, and we feel we’re able to address this, and everybody has a sense of belonging. A lot of the security challenges we are having, we are sure, will go down. I want to thank the National Security Advisor for all the support he’s given us, both the kinetic and the non-kinetic.

“We have said it; the kinetic aspect is just less than 30%. The non-kinetic has a lot to play. The non-kinetic, because when you have democracy, people must have the evidence of democracy. As long as it tells people to sleep well and be peaceful, and they are hungry, their children cannot eat, and all this creates more problems.

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“The issue of informants. We have to look at how we tackle this issue of informants. Because these are the people who have created the issue.

“Those supporting the terrorists by giving them logistics, we have to look for the oxygen. Where is the funding coming from? How are they getting the logistics across?

For us in the Armed Forces during our operations, one of the challenges is IEDs. IEDs have been the major challenge since the beginning of the insurgency. So we are looking at aspects of how we handle this, what solutions, and what new things we can do.

“Because you have to be creative. To fight this insurgency, you have to be creative and innovative every day. Because they are not relenting.

“As the theatre commander in the Northeast, we found out that if we are able to deny them this logistics, this oxygen, they will not survive. We did that, and that’s why you have almost 200,000 that have surrendered.

“But through enhanced communications and non-kinetic activities, many of the terrorists are realising the fruitlessness of what they are doing and retracing their steps.

“I’ve observed that with the asymmetrical challenges we are facing if you don’t communicate, you might be doing the right thing, but the perception might be different. And the enemy is working on that. So it’s important that we get that part right.

“And then you cannot work in isolation as a country. We need our international partners working together with us. Our neighbours are very, very relevant to us. Nigeria, as we are all aware, is surrounded by Francophone countries. And so the challenges are there.

In his remarks, the National Security Adviser, Mallam Nuhu Ribadu, said, “The objective of the Security and Justice Symposium, a vital platform for dialogue and collaboration among our security and justice institutions, is clearly to delve into the successes, challenges, and opportunities for growth within the realms of security and justice.

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“As we embark on this journey of critical analysis and discussion, let us keep in mind the noble goals set before us, from analysing and strengthening the intricate relationship between military operations and law enforcement, to enhancing the protection of civilians, very important, and fostering a culture of justice and accountability, to promoting a unified approach in countering improvised explosive devices.

“Each objective is poised to make a significant impact. Our intended achievements are ambitious, of course, yet entirely within our reach.

“As we review and map existing frameworks, evaluate institutional practices, and establish collaborative mechanisms, our collective efforts will chart a course towards a safer and more just society for all.

“I am honoured to see such an esteemed gathering of key stakeholders from various sectors, including representatives from the military, law enforcement agencies, legal authorities, human rights organisations, and civil society groups. Your presence here today underscores the importance of our shared commitment to security, justice, and the well-being of our communities.

On his part, the British High Commissioner to Nigeria, Mr Richard Montgomery, said, “Both Nigeria and Britain have had a good dialogue on the fact that we all face really complex security challenges in many parts of the world, certainly in the West Africa region and even in Nigeria itself, and these complex challenges require a multifaceted approach.

Expressing delight that the CDS, General Musa, talked about the nexus between civil and military collaboration, between kinetic and non-kinetic action, he said this is an area where we’ve seen some really important lessons for us emerging from the Nigerian security architecture.

“At the heart of all this is a recognition of the importance of upholding the rule of law, human rights, humanitarian law, and international humanitarian law. The importance of these principles for the way in which we tackle security challenges, and our lawyers keep telling us, and we have lawyers in the British High Commission as well as the Nigerian government.

“We need to consider the different legal principles and frameworks that apply to criminal violence or to violent conflicts and how we deal with them in protracted conflict zones, and I think that there’s already been a productive dialogue in our security defence partnership.

“The UK knows only too well from our own experience, our own involvement in armed conflict, that incorporating human rights doctrine is quite challenging. The strategies needed are not without complexity, but we do. The UK strongly believes that our commitment to these legal principles and doctrines is because of the experience we’ve had.”

200,000 repentant terrorists surrender, drop arms in North East – CDS

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Robbers kill two members in shoot-out with Delta police

Published

13 hours ago

November 26, 2024

Trends Admin

Robbers kill two members in shoot-out with Delta police

The spokesperson for the police in Delta State, SP Bright Edafe, has confirmed the death of two robbery suspects in the state.

Mr Edafe, who disclosed this to journalists on Tuesday in Warri, said that the deceased were killed from the bullets shot by their gang members.

According to him, the incident occurred on Wednesday at Effurun, Uvwie Local Government Area of the state.

Mr Edafe explained that the deceased were leading the police surveillance team attached to the Ekpan Division to their hideout when they were caught during a shoot-out.

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“The suspects were arrested at Effurun roundabout with a bag containing 57 live cartridges and other items. They were leading the surveillance team to their hideout at Warri/Sapele road when their gang members, on sighting the vehicle of the police team, engaged them in a shootout.During the gun duel, the arrested suspects that were leading the police team were fatally wounded by the gun shot of their colleagues. The two injured suspects were taken to the hospital and later died while receiving treatment,” he said.

Mr Edafe said that items recovered from the hoodlums hideout included: one English pump action gun, one locally made cut-to-size gun and eight live cartridges.

Others were: six iPhones, Smart phones and a Rolex wrist watch.

He said that the command had intensified manhunt on the fleeing members of the gang.

Robbers kill two members in shoot-out with Delta police

(NAN)

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Akwa Ibom businessman abducted, driver killed, police orderly injured

Published

13 hours ago

November 26, 2024

Trends Admin

Dr. Samuel Ekerenam

Akwa Ibom businessman abducted, driver killed, police orderly injured

Gunmen kidnapped a prominent businessman, Dr. Samuel Ekerenam and k!lled his driver in Eket town, the headquarter of Eket Local Government Area of Akwa Ibom State.

Ekerena, the owner of Hephzibah Mall, was abducted about 10:00pm on Saturday, 23 November, 2024.

It was gathered that the gunmen trailed the victim to the shopping complex, shooting sporadically to scare the passers-by away before whisking him away to an unknown destination.

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The body of Ekerenam’s driver was discovered in the pool of his blood, while his police orderly was severely wounded in the gun attack.

The spokesperson of the State Police Command, ASP Timfon John, who confirmed the incident on Monday, November 25, said the Commissioner of Police, CP Joseph Eribo has deployed tactical operatives to comb for the abducted businessman.

The PPRO added that the police were on top of the game and very soon the kidnap victim would be rescued and the perpetrators made to face the full weight of the law.