metro
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.
READ ALSO:
- UK govt okays fee waiver for bereaved foreign partners
- Illegal parking: Lagos govt impounds 28 vehicles at Berger along Lagos-Ibadan Expressway
- Men beware – Lack of sex can make your wife miserable, angry
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.
READ ALSO:
- Air traffic controllers threaten to ground Nigeria’s airports Wednesday
- Bobrisky reveals plans to have children in next 5 years
- JUST IN: Tinubu returns to Abuja today after China, UK trips
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
![]()
metro
Trump Denies Offering Iran Sanctions Relief, Release of Frozen Funds
Trump Denies Offering Iran Sanctions Relief, Release of Frozen Funds
US President Donald Trump has denied reports that he offered Iran sanctions relief and access to frozen funds in exchange for concrete concessions on Tehran’s nuclear programme.
Trump rejected the reports on Monday, describing them as false after Axios reported, citing unnamed US officials, that his administration was willing to provide sanctions relief and release Iranian funds as part of a potential deal.
“This is untrue. I offered them NOTHING,” Trump wrote on Truth Social.
CNN separately reported, also citing an unidentified US official, that Trump was prepared to offer similar concessions if Iran demonstrated concrete progress on the nuclear issue.
The conflicting reports emerged as US and Iranian officials engaged separately with mediators in a renewed diplomatic effort aimed at ending the seven-month conflict between Washington and Tehran.
READ ALSO:
- Nigeria XI vs Guinea-Bissau: Awoniyi, Lookman, Adams Lead Super Eagles Attack
- Federal Workers Back N500 Petrol Demand, Threaten Three-Day Warning Strike
- NNPC Profit Rises to N7.2tn Despite Revenue Decline
Iranian President Masoud Pezeshkian has said Tehran is prepared to negotiate over its nuclear programme and other issues but would not accept what he described as pressure or coercion.
Iran maintains that it is not seeking nuclear weapons and insists it has the right to develop nuclear technology for peaceful purposes.
Iranian Foreign Minister Abbas Araghchi has also said that diplomacy remains the route to resolving the conflict, while Tehran has linked any reopening of the Strait of Hormuz to the fulfilment of conditions under discussion with mediators.
The Strait of Hormuz remains a major issue in the negotiations because it is a crucial route for global oil and liquefied natural gas shipments. Disruptions linked to the conflict have contributed to higher energy prices and increased concerns about global supplies.
Trump had rejected an earlier Iranian proposal concerning the reopening of the waterway, while Araghchi said Tehran was awaiting a formal response through mediators.
The latest disagreement over the reported sanctions offer adds uncertainty to the diplomatic efforts, with Washington and Tehran yet to announce a final agreement on the nuclear programme or the broader conflict.
Trump Denies Offering Iran Sanctions Relief, Release of Frozen Funds
![]()
metro
Federal Workers Back N500 Petrol Demand, Threaten Three-Day Warning Strike
Federal Workers Back N500 Petrol Demand, Threaten Three-Day Warning Strike
Federal workers have backed the demand by organised labour for a reduction in the pump price of petrol to N500 per litre, warning that they will join a proposed three-day warning strike if the Federal Government fails to address their concerns.
The Federal Workers Forum (FWF) announced its position in a communiqué issued on Tuesday, September 29, 2026, after an online general meeting of federal workers held on Sunday.
The workers said they unanimously supported the call by the Joint National Public Service Negotiating Council (JNPSNC) for the Federal Government to reduce the price of Premium Motor Spirit (PMS), commonly known as petrol, to N500 per litre.
The JNPSNC had given the Federal Government until September 30, 2026, to respond to its demands, which include a reduction in petrol prices, an immediate wage award and a review of salaries and allowances across the public service.
The Federal Workers Forum said its members were prepared to participate in the proposed three-day warning strike if the government failed to act.
The group also called for any reduction in petrol prices to be reflected in the prices of kerosene, diesel and cooking gas, arguing that high energy costs were contributing to the wider cost-of-living crisis.
READ ALSO:
- NNPC Profit Rises to N7.2tn Despite Revenue Decline
- Hamzat Clarifies Lagos Traffic ‘Lifestyle’ Remark After Backlash
- US Judge Blocks Trump From Tying Counterterrorism Grants to Election Rules
The workers said the current price of petrol was placing additional pressure on households through higher transportation, food and other living costs.
They also backed labour’s demand for an immediate Wage Award, which they said should be converted into a reasonable Cost of Living Allowance (COLA) to provide continuing relief to workers.
The forum argued that workers’ incomes had been eroded by rising prices and called for urgent measures to restore their purchasing power.
Beyond the immediate wage relief, organised public-sector workers are seeking the commencement of negotiations for a new National Minimum Wage ahead of January 2027.
The JNPSNC has proposed a minimum monthly salary of N500,000 for an officer on Grade Level 01, Step 1 under the proposed 2027 salary structure.
The council also wants salaries and allowances across federal, state and local government services to be harmonised and periodically reviewed in line with inflation.
The Federal Workers Forum had previously called for an upward review of the current N70,000 minimum wage, saying rising food, fuel, transportation and housing costs had reduced its purchasing power.
The workers also criticised reliance on food palliatives as a response to the economic hardship, arguing that a reduction in petrol prices would have a wider impact because transportation and the cost of moving goods are closely linked to fuel costs.
The forum urged Nigerians to support organised labour’s campaign for lower petrol prices and said federal workers should mobilise for any industrial action approved by labour leadership.
The group further backed proposals for greater use of Nigeria’s domestic refining capacity, including making crude oil available to local refineries in naira and expanding national petroleum storage capacity.
It said such measures could strengthen energy security, create economic value and reduce the country’s exposure to fluctuations in international oil prices.
The latest position by federal workers adds pressure to an already tense labour-government relationship as the September 30 deadline approaches.
However, the workers’ statement does not mean that a nationwide strike has already commenced. Their commitment is to participate in the proposed three-day warning strike if the labour leadership calls the action and the government fails to address the outstanding demands.
The Federal Workers Forum also expressed hope that President Bola Ahmed Tinubu would address the concerns in his forthcoming Independence Day broadcast.
The government’s response to the workers’ demands, particularly on petrol prices, wage relief and negotiations for a new minimum wage, is expected to determine the next steps by organised labour.
Federal Workers Back N500 Petrol Demand, Threaten Three-Day Warning Strike
![]()
metro
Hamzat Clarifies Lagos Traffic ‘Lifestyle’ Remark After Backlash
Hamzat Clarifies Lagos Traffic ‘Lifestyle’ Remark After Backlash
Lagos State Deputy Governor Obafemi Hamzat has clarified his controversial description of Lagos traffic as a “lifestyle”, saying the remark was taken out of context and was not intended as an endorsement of persistent gridlock.
Hamzat made the original comment while speaking at Podfest Naija 2026, where he discussed storytelling, the creative industry and how Lagos residents consume digital content during their daily journeys.
Using the experience of commuters on the Third Mainland Bridge as an example, Hamzat said traffic had become part of everyday life in Lagos. He also linked the long hours residents spend commuting to the growing consumption of podcasts, music, films and other digital content.
He specifically referred to journeys between Ojota and Obalende, suggesting that many Lagos residents listen to podcast episodes and consume other creative content while travelling through the city’s heavily congested roads.
The remarks generated criticism on social media, with some people interpreting the “lifestyle” description as an indication that the Lagos State Government considered traffic congestion a normal condition that residents should accept.
READ ALSO:
- US Judge Blocks Trump From Tying Counterterrorism Grants to Election Rules
- School Attack: 13-Year-Old Student Kills Teacher, Injures Two
- Bauchi Woman Arrested After Co-Wife Dies in Alleged Pestle Attack
Hamzat subsequently addressed the controversy, explaining that he was speaking about the relationship between Lagos traffic and the creative industry, rather than discussing the causes of congestion, road design or suggesting that traffic should be regarded as desirable.
He also questioned how his remarks had been connected to separate criticisms of the state’s traffic situation.
Hamzat said he decided to clarify the remarks after seeing how excerpts from his speech were interpreted on social media.
The controversy has nevertheless renewed discussion about the impact of Lagos traffic congestion on commuters, businesses and productivity.
Lagos remains one of Nigeria’s busiest urban centres, with long commuting times forming part of the daily experience for many residents, particularly along major routes during peak periods.
The deputy governor’s remarks also highlighted the opportunities created by the city’s large and diverse audience for podcasters, filmmakers, musicians, writers and other content creators.
His argument was that the time residents spend travelling has contributed to increased consumption of creative content, creating opportunities for the industry to reach audiences during daily commutes.
The Lagos State Government has continued to promote investments in rail transportation, waterways, road construction, junction improvements and intelligent traffic management as part of efforts to improve mobility across the state.
The debate has therefore shifted beyond the wording of Hamzat’s “lifestyle” remark to broader questions about Lagos traffic, urban mobility and the challenges faced by residents who spend significant time commuting.
Hamzat Clarifies Lagos Traffic ‘Lifestyle’ Remark After Backlash
![]()
-
News3 days agoFake Agency Scandal: Gbajabiamila Says He Never Betrayed Tinubu’s Trust
-
International2 days agoIran Claims Capture of Second US Underwater Drone in Strait of Hormuz
-
metro3 days agoWoman Busted With Alleged Alcohol Hidden in Water Pack at Ogun Prison
-
metro19 hours agoOsogbo Food Bonanza Turns Nightmare as Discount Vendor Vanishes With Customers’ Millions
-
News2 days agoAnambra Govt Demands Unreserved Apology From Peter Obi Over Debt Claims
-
metro1 day ago24 Hours in Darkness: Iju Ishaga Residents, Businesses Count Losses as Ikeja Electric Fails to Restore Power
-
metro2 days agoPassenger Dies After Jumping From Moving Bus In Lagos
-
Politics3 days ago2027: NDC State Chairmen Reject Obi-Kwankwaso Movement’s Parallel Structures
