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

Published

6 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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INEC notifies Natasha, Senate of recall petition

Published

9 hours ago

March 27, 2025

Trends Admin

Natasha Akpoti-Uduaghan

INEC notifies Natasha, Senate of recall petition

Suspended Senator Natasha Akpoti-Uduaghan yesterday got a memo from the Independent National Electoral Commission (INEC).

It is a notification to her of the receipt of petition from voters in her Constituency demanding her recall.

The same notification was sent by the electoral agency to the leadership of the Senate.

The Commission also unfolded plans to scrutinise the signatures of the petitioners to ascertain their authenticity.

INEC National Commissioner and Chairman of the Information and Voter Education Committee, Sam Olumekun, confirmed in a statement that the addresses, phone numbers and email addresses of representatives of the petitioners, which were initially not attached, had been submitted to the commission.

On Tuesday, the Commission had picked holes in the petition, pointing out that it failed to meet the standard because the addresses and phone numbers of the petitioners’ representatives were not provided as required by law.

Exuding confidence after INEC’s confirmation that that aspect of recall requirements had been met, the petitioners said the recall request was meant to correct what they described as the error of wrong choice.

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Olumekun said: “Further to the statement issued yesterday, Tuesday 25th March 2025, the Commission hereby confirms that the contact address of representatives of the petitioners, their telephone numbers and e-mail addresses have now been provided in a letter addressed to the Chairman of the Commission, dated today Wednesday 26th March 2025.

“As provided in Clause 2(a) of the Commission’s Regulations and Guidelines for Recall 2024, a letter has been written to notify the Senator sought to be recalled about the receipt of the petition and delivered to her official address.

“The same letter has been copied to the presiding officer of the Senate and published on the Commission’s website.

“The next step is to scrutinise the list of signatories submitted by the petitioners to ascertain that the petition is signed by more than one half (over 50%) of the registered voters in the Constituency.

“This will be done in the coming days. The outcome, which will be made public, shall determine the next step to be taken by the Commission. We once again reassure Nigerians that the process will be open and transparent.”

Senator Akpoti-Uduaghan, is serving a six-month suspension for misconduct and abuse of the Senate rules after her seat was changed.

She went ahead to make allegations of sexual harassment against Senate President Godswill Akpabio.

On Wednesday, Zubairu Yakubu, who wrote the petition, accompanied by former Education Minister Dr. Oby Ezekwesili, appeared before the Senate Committee on Ethics, Code of Conduct and Public Petitions sitting to defend the allegations.

However, the Committee threw out her petition, saying that the matter was already a subject of litigation.

During the meeting, Dr Ezekwesili and Senator Onyekachi Nwebonyi (Ebonyi North) clashed, exchanging hot words.

Senator Akpoti-Uduaghan has been junketing between the United States and Europe, granting interview against Senate president.

INEC notifies Natasha, Senate of recall petition

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FG declares public holidays for Eid-el-Fitr

Published

10 hours ago

March 27, 2025

Trends Admin

Minister of Interior, Dr Olubunmi Tunji-Ojo

FG declares public holidays for Eid-el-Fitr

The Federal Government has declared Monday, March 31, and Tuesday, April 1, 2025, as public holidays in celebration of Eid-el-Fitr.

The announcement was made by the Minister of Interior, Dr. Olubunmi Tunji-Ojo, on behalf of the government.

He urged Muslims across the country to use the period for prayers, reflection, and acts of kindness, emphasizing the importance of peace, unity, and national development.

In a statement on Wednesday by the ministry’s Permanent Secretary, Magdalene Ajani, the minister congratulated Muslims on the successful completion of the Ramadan fast, highlighting the significance of the holy month in fostering self-discipline, compassion, and spiritual renewal.

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Tunji-Ojo called on all Muslims to continue embodying the virtues of love, generosity, and peace, emphasising the need for national unity and religious harmony.

He also urged Nigerians to use the festive period to pray for the country’s peace, stability, and prosperity.

“As we celebrate Eid-el-Fitr, let us reflect on the lessons of Ramadan, embrace one another with love and forgiveness, and work together to build a more united and prosperous Nigeria,” the minister stated.

He further encouraged citizens to celebrate safely and responsibly, while extending acts of kindness to the less privileged, in line with the values of Ramadan and Eid.

On behalf of the Federal Government, Tunji-Ojo wished all Muslim faithful a joyous Eid Mubarak and prayed that the blessings of the season bring happiness and fulfilment to everyone.