News
21 Bank Accounts Frozen by Abuja Court Over Alleged Money Laundering
A Federal High Court in Abuja has ordered the interim freezing of 21 bank accounts across multiple commercial banks over allegations of money laundering.
Presiding judge Emeka Nwite also directed the police to arrest the owners of the accounts.
The judge granted the order on Friday, January 3, following a motion ex parte marked FHC/ABJ/CS/1965/V/2024, filed by Ibrahim Mohammed, counsel for the Inspector-General of Police (IGP). The order mandates the banks to “issue details of the account package(s) and to place a post-no-debit (PND) on the accounts, disable the ATMs while allowing inflow into the said accounts” pending the conclusion of the investigation.
“I have listened to the submission of the learner counsel for the applicant and gone through the affidavit evidence,” Nwite stated. “I am of the view that the motion ex parte is meritorious. The application is hereby granted except that the period of the investigation can only last for a period of 90 days.”
The motion ex parte submitted by the IGP’s counsel argued that the accounts were under investigation for allegedly warehousing proceeds of unlawful activities or fraud.
“If there is any dealing with the accounts by way of withdrawal or transfer to another account by the person under investigation/investigator and the person that has absolute power to deal with the account, it will render nugatory any consequential order(s) which the court may make at the conclusion of this application,” Mohammed stated.
An affidavit attached to the motion, filed by Glory Ohio, a detective with the Nigeria Police Force (NPF) attached to the Force Criminal Investigation Department, outlined the details of the case. Ohio stated that the IGP had received a petition involving allegations of stealing and breach of trust, which preliminary investigations revealed to involve money laundering.
“That the complainant alleged that he needs a special purpose vehicle company to enable him to secure the contract with the Nigerian Navy, which led him to enter a joint venture agreement with the defendant, who has the company name Indetix Limited,” the affidavit reads. Ohio explained that the petitioner had been awarded a contract to supply ICT equipment and accessories, wooden canoes, outboard engines, inverter batteries, and firefighting equipment to the Nigerian Navy. Both parties reportedly opened a joint account with Zenith Bank, where they were signatories.
The affidavit stated, “That both parties concerned drafted a memorandum of understanding and a clause spelt the sum of 15% of the profit to be paid to the defendant and parties appended their signatures. The Nigerian Navy disbursed the contract sum in installments to be used in the execution of the contract.”
However, tensions arose when the complainant received a letter from the suspect proposing a revision of the initial agreement from 15% of the profit to 7.5% of the total contract sum. “The petitioner disagreed with the proposal and the new terms intended to be smuggled into the parties’ earlier agreement,” the affidavit continued.
The refusal allegedly led the suspect to send a “purported company resolution” to the bank, removing the petitioner as a signatory to the joint account, effectively making himself the sole signatory.
“That his act was motivated in furtherance of his clandestine motives to steal from the joint account, and he did steal money under the guise of the purchase of the board engine,” the affidavit alleged.
Ohio further claimed that the suspect transferred the contract sum from the joint account to various other accounts to disguise the origin of the funds.
“The purported money disbursed for the purchase of the engine board was later transferred back to the suspect via a different account from the joint account,” the detective added.
The affidavit concluded that intelligence reports indicated ongoing attempts by the suspects to withdraw or transfer funds from the accounts, emphasizing that without the court’s intervention, the investigation could be compromised. The case has been adjourned to April 3 for mention.
Africa Prudential Plc has reaffirmed its commitment to sustainable growth and digital transformation after posting another strong half-year financial performance, driven by robust growth in its core registrar business, technology-driven solutions and increased activity in Nigeria’s capital market.
Speaking during the company’s H1 2026 Investor Call on Tuesday, the management outlined plans to deepen revenue diversification and accelerate innovation as part of efforts to reduce reliance on interest income and strengthen long-term profitability.
The company reported gross earnings of ₦4.28 billion for the first half of 2026, representing a 27 per cent increase from ₦3.34 billion recorded in the corresponding period of 2025.
Profit before tax rose by 22 per cent to ₦2.41 billion, while profit after tax climbed 18 per cent to ₦1.59 billion.
Net operating income also increased by 27 per cent to ₦4.21 billion, while total assets grew by 13 per cent to ₦46.53 billion. Shareholders’ funds similarly rose by 13 per cent to ₦12.52 billion.
According to the company, the impressive performance was driven by sustained growth in its registrar business, increased corporate actions across the Nigerian capital market, stronger treasury earnings supported by the prevailing interest rate environment and rising adoption of its technology-enabled products and services.African Mineral Wealth
Managing Director and Chief Executive Officer, Dr. Catherine Nwosu, said Africa Prudential is steadily evolving from a traditional share registrar into a diversified technology and business solutions provider serving the broader capital market ecosystem.
Addressing concerns from investors about the sustainability of earnings if interest rates decline, Nwosu said the company was deliberately expanding its non-interest income sources.
“Interest rates influence our treasury income positively, but that is why we are deliberately diversifying our revenue streams. Our strategy is to grow recurring fee-based business lines such as our digital solutions, Know Your Customer (KYC) services, AGM technology, probate services and the SabiVest mobile app. Over time, this will reduce our reliance on interest income and create a more balanced and resilient earnings mix,” she said.
She noted that increasing activity in the Nigerian capital market presents fresh opportunities for technology-driven solutions.
“With capital market activity nearly doubling over the past year, demand for seamless digital investor experiences, improved market efficiency and stronger compliance standards continues to grow. We are investing in technology-enabled solutions that position us to capitalise on these opportunities while delivering sustainable value to our shareholders,” she added.
Looking ahead, the company identified five strategic priorities for the second half of 2026, including driving sustainable growth through its core registrar business and new revenue streams, accelerating technology-led product innovation, strengthening brand leadership, investing in talent development and reinforcing corporate governance.
The investor call attracted institutional investors, shareholders, analysts, regulators and other capital market stakeholders, reflecting strong interest in Africa Prudential’s earnings outlook, revenue diversification strategy and long-term growth plans.
News
IHS Nigeria Donates Business-Support Equipment to Empower People with Disabilities in Abuja Community
Communications infrastructure company, IHS Nigeria, has donated business support equipment to empower people with disabilities within the Karonmajiji community in the Federal Capital Territory, Abuja. This is part of the company’s commitment to drive inclusive community development and sustainable livelihood support under its Project Empower initiative.
The equipment was distributed to beneficiaries during a ceremony held in the community on Monday, July 27. The initiative was conceived following a community needs assessment and is designed to empower active traders by providing them with business tools rather than cash grants, thereby strengthening their businesses and ensuring long-term economic impact and accountability.
Speaking at the event, Director, Sustainability, IHS Nigeria, Titilope Oguntuga, described the initiative as a reflection of the company’s commitment to advancing inclusive development by equipping persons with disabilities with the tools and opportunities needed to build resilient livelihoods.
She explained that rather than providing short-term financial assistance, IHS Nigeria adopted an asset-based approach by donating 50 pieces of business support equipment, including sewing machines, freezers, generators and hairdressing kits, to the selected beneficiaries.
According to her, the intervention is designed to create lasting value by supporting entrepreneurship, promoting self-reliance and strengthening household incomes, while contributing to the achievement of the United Nations Sustainable Development Goals, particularly SDG 1 (No Poverty), SDG 8 (Decent Work and Economic Growth) and SDG 10 (Reduced Inequalities).
In his opening remarks, the Chief of the Karonmajiji Disabled Community, Alhaji Sulaiman Muhammed Katsina, represented by the Secretary of the Community, Alhaji Mohammed Dantani commended IHS Nigeria for its commitment to empowering persons with disabilities through practical and sustainable interventions.
He described the initiative as a demonstration of genuine partnership with the community and expressed appreciation for the company’s continued engagement with the Association, noting that the donation of the equipment was a significant investment in improving the livelihoods of persons with disabilities and would create meaningful economic opportunities for the beneficiaries and their families.
The event brought together traditional rulers, government representatives, leaders and members of the Karonmajiji Disabled Community Association, implementing partners, including Field of Skills and Dreams Vocational Technical and Entrepreneurship (FSD VTE) Training Institute and other community stakeholders, reaffirming a shared commitment to promoting inclusion and sustainable community development.
Project Empower reinforces IHS Nigeria’s commitment to advancing sustainable development through strategic partnerships that promote economic inclusion, strengthen community resilience and create opportunities for underserved communities.
The Chartered Institute of Bankers (CIBN) and the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) have enjoined banks to further deepen and prioritize financial inclusion, women’s empowerment and sustained growth through strategic mandates and frameworks, aimed at closing the financial gap and empowering more small, and medium enterprise (MSME) owners.
Both organisations made this call during a courtesy visit to the newly invested 24th President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Dele Alabi, Ph.D, FCIB, as part of plans to congratulate him on his investiture as well as seek a stronger alliance between both bodies.
The visit followed Alabi’s investiture where he unveiled his “IMPACT” Vision, themed “Consolidating Our Local Impact, Enhancing Our Global Relevance.”
The vision rests on six pillars: Inclusion across geographic, gender, and generational lines; Membership growth and quality; Professionalism and ethics; Accountability; Competencies and skills development; Technology, automation, and innovation. Other areas of shared interest, include women empowerment, financial inclusion and literacy, as well as MSME clinics, all of which are top on his agenda.
Alabi explained that under him, the institute will be prioritising financial inclusion and women empowerment, because of its realisation that women are often the primary financial managers and caregivers in families. Access to savings, micro-credit, and insurance acts as a safety net during crisis and allows them to significantly improve living conditions.
He added that CIBN would be happy to drive joint knowledge sharing and exchange sessions with CBN and ACAMB across various platforms. “Educating the public through public awareness programmes, with ACAMB as the rallying point, is central to what we do,” he noted.
ACAMB President, Jide Sipe, who led the delegation, spoke in unison with the CIBN president, as he noted that, closing the inbalances in financial access help economies grow faster, reduces inequality, and encourages greater civic participation by all.
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