Business

CBN links #EndSARS campaigners to terrorism

Published

5 years ago

November 11, 2020

The Central Bank of Nigeria got a Federal High Court in Abuja to freeze the accounts of 20 #EndSARS campaigners after saying money in their accounts could be linked to terrorist activities.

This is contained in a written address in support of a motion ex parte filed by the CBN.

The CBN last month secured an ex parte order to freeze the accounts.

In the case with suit number FHC/ABJ/CS/1384/2020, filed before Justice A. R. Mohammed, the CBN, however, made no mention of the fact that the 20 accounts were owned by persons involved in the #EndSARS protests, but told the court that the funds might have emanated from terrorist activities.

The written address read in part, “My lord, the nature of the transactions undertaken through the defendants’ accounts are of suspected terrorism financing in contravention of Section 13(1)(a)and(b) of the Terrorism (Prevention)(Amendment) Act, 2013 and Regulation 31(2)(a)and (3)(b) of the Central Bank of Nigeria Anti-Money Laundering/Combating the Financing of Terrorism Regulations, 2013.”

In a supporting affidavit deposed to by one Aondowase Jacob on behalf of the CBN, it was stated that the Head of the Economic Intelligence Unit of the Governor’s Department, CBN, Joseph Omayuku, had conducted an investigation on the accounts of the defendants and other individuals and entities held with certain banks in Nigeria.

According to the affidavit, the investigation showed that the owners of the accounts may have been involved in terrorist activities.

It added, “There is a grave allegation that the defendants are involved in suspected terrorism financing via their bank accounts in contravention of the provisions of extant laws and regulations. The aforesaid transactions undertaken by the defendants, using their bank accounts, can cause significant economic and security harm to the public and the Federal Republic of Nigeria if left unchecked.

“The applicant (CBN governor) is thus desirous to have the court empower him to direct the freezing of the 20 accounts listed on the annexure to this application and all other bank accounts held by the defendants.

“A freezing order of this honourable court in respect of the defendants’ accounts would also enable the investigation of the activities of the defendants to a logical conclusion with a view to reporting same to the Nigerian Financial Intelligence Unit.”

The apex bank said unless the order was granted, it would not be able to ensure that the money remained intact, while investigations were ongoing.

The 20 accounts frozen by the CBN are domiciled in Access Bank, Guaranty Trust Bank, Fidelity Bank, United Bank for Africa and Zenith Bank.

The accounts were said to have been flagged after they received money with the narration #EndSARS.

One of the frozen accounts, marked 0056412470 and domiciled in Access Bank, belongs to Bolatito Olorunrinu Oduala, an #EndSARS campaigner, who was appointed into the Lagos State judicial panel set up by Governor Babajide Sanwo-Olu.

Another frozen account marked 0033974485 and domiciled in Access Bank belongs to Bassey Israel, the medical team coordinator for the #EndSARS protests in Port Harcourt.

Similarly, an account marked 0054676984 domiciled in Access Bank belongs to Gatefield Nigeria Limited, which paid freelance journalists to cover the protests.

Justice Mohammed froze the accounts for 180 days subject to renewal, but said anyone who was not satisfied with the ruling was free to challenge it.

Freezing protesters’ accounts illegal – Yesufu

A leading member of the #EndSARS protesters, Aisha Yesufu, described the freezing of the #EndSARS protesters’ accounts as illegal, noting that the government “is behaving like a terrorist.”

She questioned the freezing of the accounts ahead of the court injunction ordering the banks to block the accounts.

Yesufu stated, “The question is, why did they freeze the accounts before obtaining a court injunction? Why the illegality? Our judiciary should know that it is an independent arm of government and there is separation of power.

“The government should be ashamed of itself. The United Arab Emirates just convicted some Nigerians, who were accused of terrorism, and we are hearing that the government would appeal on their behalf. That is where the problem is.”

The activist accused the Federal Government of pampering insurgents, while bearing down on peaceful and harmless protesters.

She added, “#EndSARS campaigners are protesters and they protested the way the Constitution allows, so all these are shenanigans. They had better focus on the terrorists.

“Bandits are laying down their arms and they are taking them to Government Houses, while Boko Haram members are being given preferential treatment, but Nigerians, who were protesting, were being killed by the government. The government is the one behaving like a terrorist right now.”

-The Punch

Insurance

Lasaco Assurance Launches N18.47bn Rights Issue to Strengthen Capital Base

Published

1 day ago

April 3, 2026

Trends Admin

L-R: Deputy Managing Director, Rilwan Oshinusi; Non-Executive Director, Biodun Dosunmu; Betridge; Managing Director, Adeyemo Shobo; Non-Executive Director, Oluwatobiloba Lawal; Fola Tinubu, during a signing ceremony on rights issue of N18.47bn.

Lasaco Assurance Launches N18.47bn Rights Issue to Strengthen Capital Base

Lasaco Assurance Plc has unveiled a ₦18.47 billion rights issue, announcing plans to offer 9,236,321,546 ordinary shares as part of efforts to reinforce its capital base and drive future growth.

The announcement was made during a signing ceremony held at the company’s head office in Lagos, following approvals from the Nigerian Exchange Group (NGX) and the Securities and Exchange Commission (SEC).

Lasaco Assurance Plc

Prior to this development, the company had secured shareholder backing at an extra general meeting, where investors approved the move to raise fresh capital through a rights issue.

Under the terms of the offer, shares are priced at ₦2.00 per share, with each share having a nominal value of 50 kobo. The rights issue is structured on the basis of five new shares for every six existing shares held by shareholders.

According to details released by the insurer, eligibility is limited to shareholders whose names appeared on the company’s register as of the close of business on February 20, 2026. The acceptance list opened on April 2, 2026, and will close on April 24, 2026.

Auto

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Published

2 days ago

April 2, 2026

Trends Admin

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Rising fuel prices in Nigeria are accelerating interest in electric vehicles (EVs) as households, transport operators, and businesses seek cost-effective alternatives to petrol- and diesel-powered cars. Experts say the spike in petrol costs is no longer just an economic concern but a turning point, pushing electric mobility from a futuristic idea into a practical solution for everyday commuting and commercial use.

At the Abuja Compact on Electric Mobility Roundtable, stakeholders highlighted how increasing transport expenses are reshaping decisions, especially among commercial drivers and small business owners. Rising fuel costs are prompting many Nigerians to see EVs as a survival strategy rather than a luxury option.

Chairman of the Presidential Initiative on Compressed Natural Gas and Electric Vehicles (Pi-CNG & EV), Ismaeel Ahmed, explained that the removal of fuel subsidies has widened the cost gap between petrol-powered vehicles and EVs. Charging an EV for a 200-kilometre journey costs around ₦4,500, compared to roughly ₦22,500 for petrol vehicles — a difference that offers a “strong economic incentive” influencing consumer choices. Ahmed added that the federal government is pursuing a balanced transition strategy supporting both compressed natural gas (CNG) and electric vehicles to encourage sustainable energy alternatives.

Financial solutions are helping Nigerians overcome the high upfront costs of EVs. Mohammed Abdul, Divisional Head at Alternative Bank, noted that lease-to-own, pay-as-you-go, and partnership schemes are making EVs accessible to drivers in the informal transport sector. These financing models allow gradual adoption while easing financial burdens.

Soaring Fuel Prices Drive Nigerians Toward Electric Vehicles

Business

Rite Foods, BJAN champion consumer safety at Ososa factory tour

Published

2 days ago

April 2, 2026

Trends Admin

Rite Foods, BJAN champion consumer safety at Ososa factory tour

By Daphne Uduneje

To commemorate World Consumer Rights Day 2026, the Brand Journalists’ Association of Nigeria (BJAN) partnered with Rite Foods Limited to host a high-level stakeholder engagement at the company’s ultra-modern manufacturing plant in Ososa, Ogun State.

Under the theme “Safe Products, Confident Consumers,” the event combined rigorous policy discourse with a firsthand look at the cutting-edge technology behind one of Nigeria’s leading indigenous brands.

The journey began at Rite Foods’ Lagos office, transitioning from the city’s urban bustle to the expansive, scenic greenery of the Ososa facility. For the journalists in attendance, the factory’s exterior—a sprawling, sophisticated complex—signalled a facility capable of competing on a global scale.

Inside, the hum of precision machinery served as the backdrop for the day’s discussions. Olufemi Ajileye, General Manager for Operations at Rite Foods, welcomed guests by emphasizing that safety is the bedrock of their market strategy.

Since breaking into the carbonated soft drink sector, Rite Foods has leveraged advanced technology and stringent quality controls—including international laboratory testing for water purity—to earn and maintain public trust.

Despite improvements in legislation, speakers noted a persistent gap in consumer awareness. Sola Salako-Ajulo, founder of the Consumer Advocacy Foundation of Nigeria (CAFON), described consumer confidence as the “oxygen of any market.”

To empower the public, she unveiled the CAFON Consumers Companion (3C), an AI-powered platform designed to educate Nigerians on their rights and provide a roadmap for dispute resolution.

“Consumers often feel powerless,” she noted, “but technology can bridge the gap between grievance and redress.”

The Regulatory Stance

The Federal Competition and Consumer Protection Commission (FCCPC) and NAFDAC reaffirmed their commitment to enforcement:

FCCPC: Executive Vice Chairman Tunji Bello (represented by Olubunmi Dorcas Otti) urged businesses to maintain transparency, noting that economic participation thrives only when safety is guaranteed.

NAFDAC: Director-General Mojisola Adeyeye (represented by Tinuola Akinnubi) reminded attendees that consumer rights are legally enforceable obligations, highlighting the importance of “technological traceability” in the modern market.

BJAN Chairman Daniel Obi emphasized that the association had sustained this initiative for over a decade because consumer protection is a collective burden.

“It is not the responsibility of regulators alone,” Obi stated. “Businesses, media, and civil society must work in harmony.”

The event concluded with a guided tour of the production floor. Journalists observed a seamless, automated “dance” of technology where drinks were corked, labeled, and packaged with surgical precision.

As the delegation departed Ososa, the takeaway was clear: building a “confident consumer” requires more than just marketing—it requires the transparency of the factory floor and the accountability of the boardroom.