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$65m fraud: Ex-CEO of Federal Mortgage Bank gets N100m bail
$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
metro
Saraki Denies Offa Robbery Link, Accuses AbdulRazaq of Witch-Hunt
Saraki Denies Offa Robbery Link, Accuses AbdulRazaq of Witch-Hunt
Former Senate President, Bukola Saraki, has strongly denied any involvement in the 2018 Offa armed robbery, accusing Kwara State Governor, AbdulRahman AbdulRazaq, of reviving “baseless allegations” to pursue a political witch-hunt.
In a statement issued on Friday, Saraki described attempts to initiate criminal proceedings against him as “insidious,” insisting he has no direct or indirect link to the crime or any form of criminal activity. He said he was compelled to respond due to growing public concern and what he described as deliberate efforts to mislead Nigerians.
Saraki further alleged that the Offa robbery case was politicised from the outset, claiming it was used during the administration of Muhammadu Buhari as a tool to weaken his political influence ahead of the 2019 general elections. According to him, the renewed claims are part of a broader attempt to tarnish his image following his recent comments on insecurity in Kwara State.
The former Senate President also cited legal advice from the Office of the Attorney General of the Federation, noting that the Director of Public Prosecution (DPP) had twice found no evidence linking him to the Offa robbery. He explained that the reports concluded there was no nexus between him and the suspects and that no prima facie case could be established for offences including armed robbery, criminal conspiracy, and culpable homicide.
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He added that suspects arrested in connection with the robbery were prosecuted and convicted, with their convictions upheld on appeal, while the matter is currently pending before the Supreme Court. Saraki argued that revisiting the case despite these outcomes amounts to an abuse of judicial process.
Saraki also vowed to challenge any fresh move against him in court, stating that his legal team is prepared to defend his innocence. He further alleged that attempts were made to involve families of victims in civil actions against him, but claimed those efforts failed.
The Offa robbery incident, which occurred in April 2018 in Offa, involved coordinated attacks on banks and police facilities, resulting in the deaths of several people, including security personnel. The case drew nationwide attention and led to multiple arrests by the Nigeria Police Force.
The renewed controversy highlights ongoing political tensions in Kwara State between Saraki and Governor AbdulRazaq, with analysts suggesting the dispute may be linked to evolving political alignments and early positioning ahead of future elections.
As of the time of filing this report, the Kwara State Government has not issued a detailed response to Saraki’s latest claims.
Saraki Denies Offa Robbery Link, Accuses AbdulRazaq of Witch-Hunt
metro
Troops Arrest Bandit Kingpin’s Deputy, Wife in Gombe
Troops Arrest Bandit Kingpin’s Deputy, Wife in Gombe
Nigerian troops have arrested the deputy to a notorious bandit kingpin, Kachalla Auta, alongside his wife in Gombe State following an intelligence-driven operation that tracked the suspects across multiple locations in northern Nigeria.
Security sources confirmed that the suspects, identified as Bala—popularly known as “Pakapaka”—and his wife were intercepted after fleeing from the Dajin Madam Forest in Plateau State, where the criminal group was previously believed to have maintained a hideout.
The arrest followed sustained intelligence surveillance and coordinated ground tracking by security operatives targeting fleeing members of the armed network.
The suspects are currently in military custody and are undergoing interrogation to determine their level of involvement in the group’s activities, logistics operations, and possible links to other cells operating across state boundaries in the North-Central region.
According to counter-terrorism analyst Zagozola Makama, the operation was part of ongoing efforts to dismantle bandit networks that frequently relocate across forest corridors linking Plateau, Bauchi, Taraba, and Gombe states to evade security pressure.
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Follow-Up Operations in Duguri Axis
In a related development, troops reportedly conducted follow-up patrols around Bayar village in the Duguri axis after intelligence suggested that the main bandit kingpin, Kachalla Auta, may have fled into the area.
However, security sources confirmed that no contact was made during the search operation.
Despite the absence of direct engagement, troops have maintained heavy presence in the area, carrying out sustained patrols aimed at restricting the movement of armed groups and preventing regrouping.
Sustained Pressure on Bandit Networks
Security officials say ongoing operations are part of a wider strategy to disrupt criminal networks operating in forested areas across Plateau, Taraba, and neighbouring states.
The Nigerian military has intensified surveillance, reconnaissance missions, and joint patrols in recent months as part of efforts to degrade bandit command structures and cut off escape routes used by fleeing fighters.
Authorities say investigations into the arrested suspects are ongoing, while efforts continue to locate other members of the group still at large.
Troops Arrest Bandit Kingpin’s Deputy, Wife in Gombe
metro
Power Supply Drops in Lagos as Transmission Faults Trigger Load Shedding
Power Supply Drops in Lagos as Transmission Faults Trigger Load Shedding
Electricity supply across parts of Lagos has been significantly disrupted following a reduction in power allocation from the national grid, the Eko Electricity Distribution Company (EKEDC) has said.
In a public notice issued on Friday, the distribution company attributed the development to forced outages on two major transmission خطوط—Benin–Egbin and Oshogbo–Ikeja West 330kV lines—which have constrained the volume of electricity available for distribution.
According to EKEDC, the outages have resulted in a sharp drop in power supply, making it necessary to implement extensive load shedding across its network to manage the limited electricity.
“These constraints have led to a reduction in power allocation, resulting in widespread load shedding across our network,” the company stated.
The affected transmission lines are operated by the Transmission Company of Nigeria (TCN), which is responsible for the bulk transfer of electricity from generation companies to distribution firms nationwide.
Industry analysts note that the Benin–Egbin and Oshogbo–Ikeja West lines are critical infrastructure for power supply into Lagos and surrounding areas. Any disruption along these routes often has immediate and far-reaching consequences for consumers.
Residents and businesses in EKEDC coverage areas have already begun experiencing prolonged outages and erratic supply, raising concerns about economic losses and disruptions to daily activities.
EKEDC, however, appealed for patience, assuring customers that efforts are ongoing to restore normal supply once the transmission faults are resolved.
The company did not provide a specific timeline for restoration but reiterated its commitment to keeping customers informed as the situation evolves.
Power Supply Drops in Lagos as Transmission Faults Trigger Load Shedding
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