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Nigerian who diverted UK firm’s funds to forfeit N342m, says EFCC
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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EFCC Debunks Fake Wanted Poster of Sabinus
EFCC Debunks Fake Wanted Poster of Sabinus
The Economic and Financial Crimes Commission (EFCC) has dismissed as false a viral “wanted” poster featuring popular Nigerian comedian Emmanuel Chukwuemeka Ejekwu, widely known as Sabinus, describing it as fake, misleading, and the work of mischief-makers.
In a statement shared via its official social media platforms on Thursday, the anti-graft agency clearly stamped the circulating image “FAKE NEWS”, warning individuals responsible for spreading such content to desist. In a strongly worded caption, the EFCC wrote, “Clout chaser, stop this now!” — signaling frustration over the growing trend of misinformation online.
The doctored poster, which spread rapidly across social media, mimicked the official EFCC “wanted” notice format, including the agency’s logo and layout. It falsely claimed that Sabinus, allegedly aged 43, was wanted for obtaining money under false pretence, and even listed a supposed last known address in Victoria Island, Lagos State.
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However, further checks confirm that no such notice exists on any official EFCC platform, including its verified website and social media pages, which are the only legitimate channels through which the commission declares individuals wanted. The agency reiterated that all authentic wanted notices are publicly verifiable, urging Nigerians to rely on official sources before sharing sensitive claims.
The EFCC did not disclose whether it has identified those behind the fabricated poster but emphasized that the spread of false information could have serious legal and reputational consequences. The commission has, in recent years, intensified warnings against the circulation of fake news, impersonation of government agencies, and digital misinformation, particularly on social media.
Sabinus, a widely recognised entertainer known for his viral comedy skits and brand endorsements, commands a massive following both within Nigeria and internationally. As of the time of reporting, he has not publicly reacted to the incident.
The development highlights growing concerns about the misuse of digital platforms to create convincing but false narratives, especially involving public figures. Authorities continue to advise the public to verify information carefully and avoid amplifying unconfirmed reports that could harm individuals or undermine public trust.
EFCC Debunks Fake Wanted Poster of Sabinus
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12-Year-Old Dies After Alleged Bullying at FGC, Ikot Ekpene
12-Year-Old Dies After Alleged Bullying at FGC, Ikot Ekpene
Tension and outrage have gripped Federal Government College, Ikot Ekpene in Akwa Ibom State after a 12-year-old Junior Secondary School 2 student, Ufokobong Edwin Godwin, reportedly died following alleged bullying by a senior student over provisions. The incident, which began before the Easter break, has raised serious concerns about student safety and bullying in Nigerian schools.
The attack reportedly occurred when a Senior Secondary School 3 student demanded provisions from the younger pupil during terminal examinations. Godwin refused, saying he did not have enough to share. Witnesses allege that the senior student responded with physical violence, repeatedly striking Godwin on the neck and throat, causing him to faint multiple times. Other students only intervened after the assault escalated.
Godwin was initially hospitalized on Easter Sunday for a neck injury. He briefly regained consciousness but was later returned to school without his parents being informed of the seriousness of the incident. Upon returning home for the holiday, the boy began complaining of severe neck and throat pain. Despite taking pain relief medication at home, his condition worsened, prompting his father to rush him back to the hospital, where he tragically died. Medical personnel later confirmed that his death resulted from complications associated with blood clots around the neck and throat area.
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The school principal, Mr. Jude Ezeogu, described the incident as deeply unfortunate and confirmed that the school community is in mourning. He said a school management committee will meet to review the circumstances surrounding the student’s death and communicate their findings to the public.
The family of the deceased has called on the Federal Government of Nigeria to investigate the matter and ensure justice. The boy’s father urged the authorities to intervene, saying he would provide more details at an appropriate time.
The tragic death of Ufokobong Edwin Godwin has reignited discussions about bullying, student protection, and campus safety across Nigeria, with parents and education stakeholders calling for stricter measures to prevent such incidents in boarding schools.
12-Year-Old Dies After Alleged Bullying at FGC, Ikot Ekpene
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Boko Haram Attack in Borno: Brigadier-General, Soldiers Killed as ISWAP Overruns Military Base
Boko Haram Attack in Borno: Brigadier-General, Soldiers Killed as ISWAP Overruns Military Base
A deadly assault by insurgents linked to Boko Haram and its Islamic State-backed faction, Islamic State West Africa Province, has left several Nigerian troops dead, including a senior commander, following a late-night attack on a military base in Borno State.
The fresh Boko Haram attack in Borno reportedly took place on Wednesday night at a Joint Task Force formation in Benisheikh, located in Kaga Local Government Area along the busy Damaturu–Maiduguri highway.
Among those killed in the attack was Brigadier-General O. O. Braimah, commander of the 29 Brigade, alongside several officers, soldiers, and the brigade’s Imam. His death marks a significant setback in ongoing counterinsurgency operations in Nigeria’s North-East, with military sources describing the incident as one of the most intense recent assaults on a military formation in the region.
According to security sources, the attackers launched a coordinated assault using explosives and heavy gunfire, overwhelming troops after hours of intense fighting. The insurgents reportedly deployed improvised explosive devices (IEDs) to breach the base, engaged soldiers in sustained gunfire, and targeted critical military infrastructure. The prolonged attack caused panic within the base and surrounding communities, with casualties feared to be high, although official figures have not yet been released.
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Several soldiers were seriously injured during the Boko Haram attack, while others are still unaccounted for. Rescue operations are ongoing as the military works to locate missing personnel and secure the area.
The latest incident highlights renewed violence by insurgent groups in Borno. In recent weeks, Boko Haram and ISWAP attacks in Nigeria have intensified, targeting military bases, checkpoints, and civilian settlements. Security experts warn that the attack suggests growing operational strength of insurgents, increased vulnerability of remote military bases, and the need for improved intelligence and aerial surveillance.
As of the time of filing this report, the Nigerian military has yet to issue an official statement on the attack. However, reinforcements and surveillance operations have reportedly been deployed to the Benisheikh axis to prevent further attacks.
Despite years of military operations, Boko Haram and Islamic State West Africa Province continue to pose serious threats in Nigeria’s North-East. The Borno attack on soldiers underscores persistent insecurity and raises fresh concerns about the safety of military formations and personnel in the region.
Boko Haram Attack in Borno: Brigadier-General, Soldiers Killed as ISWAP Overruns Military Base
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