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Adenmosun, Ex- Director of Bank PHB Arraigned over Alleged N26.6Bn Fraud
Economic and Financial Crimes Commission (EFCC), Friday, arraigned Samuel Funmi Adenmosun, a former director of Bank PHB (now Keystone), before a Federal High Court, Lagos over alleged money laundering amounting to N26.6 billion.
Samuel Funmi Adenmosun
Adenmosun was arraigned alongside his company, Home Trust Savings and Loan Limited and a private company, Rare Properties and Development Limited.
They were arraigned before the court presided over by Justice Daniel Osiagor, on a 10-count charge bordering on Conspiracy, money laundering and fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.
Earlier, Mr. Rotimi Oyedepo, EFCC prosecutor, informed the court of the 10-count charge dated January 5, 2020 and urged the court to direct that the charge be read to the defendants.
Following the reading of the charge, Adenmosun pleaded not guilty to all 10-count charge.
Following the defendant’s plea of not guilty, the prosecutor, Oyedepo, asked the court for a trial date and urged the court to remand him in custody of the Nigerian Correctional Services (NCoS), till the determination of the charge.
However, Mr. Wale Adesokan (SAN), Adenmosun’s lawyer, informed the court that a bail application dated January 13, 2022, has been filed and same has been served on the prosecution.
He urged the court to hand over Adenmosun to him assuring the court that he would always attend to his case.
But, Justice Osiagor refused the request and granted him bail in the sum of N250 million with two sureties.
Court ordered that one of the sureties must be a grade level 15 officer in either federal or state ministry, while the other surety must be a blood relation of the defendant.
The court further directed that he should be remanded in EFCC custody pending the perfection of his bail application.
Whle adjourned the matter till February 25 and March 4, 2022 for commencement of defendant’s trial.
Some of the charges against the defendant reads: “That you, Funmi Adenmosun and Home Trust Savings and Loan Limited and Rare Properties and Development Limited sometimes in 2007 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to ronvect the toil sum of N26, 600, 000, 000 (Twenty Six Billion, Six Hundred Million Naira} which sum you reasonably ought to have known forns part of proceeds of Fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 18(a) of the Money laundering Prohibition Act, 2011 as amended and punishable under section 15 (2) (b) of the same Act.
“That you Funmi Adenmosun and Home Trust Savings and Loan Limited on or about the 8 day of November, 2007, in Lagos within the Jurisdiction of this Honourable Court indirectly transferred the sum of N450,000,000.00 (Four Hundred and Fifty Five Million Naira) to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Pic and you thereby committed an offence contrary to section 15 (2) (b) of the Money Laundering Prohibition Act, 2011, as amended and punishable under section 15 (3) of the same Act.
“That you, Rare Properties and Development Limited or about the 8 day of November, 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N450,000,060.00 (Four Hundred and Fifty Five Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2} (d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.
“That you, Funmi Adenmosun and Home Trust Savings and Loan Limited, on or about the 9th day of November, 2007 in Lagos within the jurisdiction of this Honourabie Court indirectly transferred the sum of N610.600,000.00 (Six Hundred and Ten Million Naira) to Rare Properties and Deveapment Limited which sum you reasonably ought to have knawn forms part of the proceeds of fraudulent Conversion of che funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Ple and you thereby committed an offence contrary ta section 15 (2) (b} of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.
“That you, Rare Properties and Development Limited on or about the 9” day of November, 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N610,000,000,00 (Six Hundred and Ten Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (d) of the Money Laundering Prohibition Act, 2017 as amended and punishable under section 15 (3) of the same Act.
“That you, Rare Properties and Development Limited on or about the 12th day of November, 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N702, 000, 000. 00 (Seven Hundred and Two Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (d) of the Money Launderina. Prohibition Act, 2011 as amended and punishable undef section 15 (3) of the same Act.
“That you, Funmi Adenmosun and Home Trust Savings and Loan Limited on or about the 13th day of November, 2007, within the Jurisdiction of this Honourable Court indirectly transferred the sum of N706,000,000.00 (Seven Hundred and six million) to Rare Properties and Development Limited which you reasonably ought to have known forms part of the proceeds of fraudulent Conversion of the funds raised from the subscriber to the private placement conducted in the name of investment & Allied Assurance Plc and you hereby committed an offence contrary to section 15 (2)(4) Of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same act.
“That you, Rare Properties and Development Limited on or about the 13th day of November, 2007 in Lagos, within the Jurisdiction of this Honourable Court retained the sum of N706,000,000.00 (Seven hundered and Six Million Naira) which sum you reasonsbly ought to have known forms part of the proceeds of fraudulent Conversion of the funds raised from the subscriber to the private placement conducted in the name of investment & Allied Assurance Plc and you hereby committed an offence contrary to section 15 (2)(4) Of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same act.
“That you Funmi Adenmosun and Home Trust Savings and Loan Limited between 14 day of November and 31st day of Decernter 2007, wage, in ing jurisdiction of this Honourable Court indwecthy teanaforred the aggregate wen of N12, 572,001,080.00 (twelve billion, Five Hundred and Seventy Two Millon, One Thousand, eighty Naire) which you reaonably ought to have known forms part of the proceeds of fraudulent Conversion of the funds raised from the subscribers to the private placement conducted in the name of lnvestments & Allied Assurance Plc and you hereby committed an offence contrary 10 section 35 (2) (b) Of the Money Laundering Prohibition Act, 2011 as amended and punishabie Under the same Act”.
Oladipupo Adebutu, Peoples Democratic Party (PDP) governorship candidate in Ogun State, has alleged that all state governors in Nigeria are benefiting from and misappropriating local government allocations.
Oladipupo Adebutu
Adebutu made the remarks at the Ake Palace in Abeokuta during a meeting with the Egba Traditional Council, where he sought the support and blessings of traditional rulers for his governorship ambition.
He was accompanied by his running mate, Lateefat Sowunmi-Kolapo; the PDP senatorial candidate for Ogun Central, Iyabo Obasanjo; the Ogun State PDP Chairman, Abayomi Tella; and other party leaders and candidates.
Addressing the traditional rulers, Adebutu declared that granting full financial autonomy to local governments would be one of the defining policies of his administration.
“I will do something that will stun this nation and put us in the right direction. Local governments shall get their own money,” he said.
He added: “We must make sure we get local government autonomy. I have been reiterating to you that I, Oladipupo Olatunde, son of Adebutu, was at the National Assembly twice, and I can boast that I didn’t embezzle public funds. How many politicians can say this?”
Adebutu accused governors across party lines of diverting local government funds.
“It’s not a party thing. Both APC and PDP, all the governors are embezzling local government allocations. It’s not a secret,” he said.
He argued that local councils were able to deliver more development when they had greater control over their finances.
On infrastructure financing, Adebutu said governments must adopt new approaches rather than relying on borrowing.
“You don’t borrow money for infrastructure anymore,” he said, while promising to construct roads that would improve connectivity between Ogun State and Lagos.
In his remarks, Abayomi Tella, State Chairman of the PDP, lamented that the local government system in the state is in a state of collapse, recalling that as a former council chairman, he received N200 million as an allocation and used it to construct four roads within his local government.
He expressed concern that the current local government chairmen cannot point to any project of similar impact, attributing the situation to a lack of financial autonomy.
The PDP chairman said he strongly believes in Adebutu’s advocacy for local government autonomy, stressing that Adebutu is prepared and ready to lead the development of Ogun State.
Sowunmi-Kolapo, deputy governorship candidate, called on her kinsmen to support her political aspiration, noting that she has continued to support the development of Egbaland.
Also speaking, Iyabo Obasanjo, PDP candidate for Ogun Central Senatorial District, said that after leaving the APC following her unsuccessful governorship bid, she came to believe that Adebutu has the vision and political will to actualise her aspirations and manifesto for the people.
Obasanjo further noted that no political party has a more formidable team in Egbaland than the PDP, urging Egba monarchs to throw their weight behind the party in the interest of the people.
In his welcome address, the Alake and Paramount Ruler of Egbaland, Oba Adedotun Aremu Gbadebo, described Adebutu as “trustworthy and reliable,” declaring his support for the party’s flag bearer ahead of the 2027 governorship election.
The Alake recalled his long-standing relationship with Adebutu’s father and expressed confidence in Adebutu’s character and leadership qualities.
“The son of a lion must resemble the lion. In fact, he is an even better version of his father,” Oba Gbadebo said.
Federal high court in Abuja has ordered the final forfeiture of N941,994,079.86 linked to suspected ghost workers uncovered in the integrated payroll and personnel information system (IPPIS) to the federal government.
IPPIS is a centralised payroll system the federal government introduced to manage the salaries of federal public sector employees.
Binta Nyako, presiding judge, gave the order following an application filed by the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
“That an Order is hereby made for the Final Forfeiture to the Federal Republic of Nigeria the Sum of N941,994,079.86 seized during investigation into the IPPIS Payroll scam in the year 2024,” Nyako ruled.
Okor Odey, ICPC spokesperson, announced the forfeiture in a statement issued at the weekend.
The ICPC spokesperson said investigations by the commission uncovered “large-scale payroll fraud involving hundreds of non-existent public servants, with a total sum of N941,994,079.86 traced to accounts linked to the scheme”.
Odey said a review of the IPPIS conducted in 2023 revealed the “existence of numerous “ghost workers” embedded within the payrolls of several Ministries, Departments and Agencies (MDAs)”.
According to him, following the findings, President Bola Tinubu approved a “comprehensive audit” of the IPPIS.
He added that a joint investigation between the ICPC and the office of the accountant-general of the federation in April 2025 led to the discovery of 587 suspected ghost workers on the IPPIS platform.
“Investigations revealed that fictitious IPPIS identities had been created for non-existent personnel across multiple MDAs, with salaries paid over extended periods into accounts belonging to individuals and companies,” Odey said.
“In many cases, the account names did not correspond with those of the purported employees, while some accounts received multiple salary payments simultaneously.”
The ICPC spokesperson said the agency placed post no debit (PND) restrictions on all identified accounts to freeze the funds suspected to be proceeds of fraud.
He said the affected MDAs include the Nigeria Police Force (NPF), federal ministries of defence, education, agriculture and rural development, works, water resources, and interior.
Others are National Board for Arabic and Islamic Studies, University of Benin, University of Calabar, University of Nigeria, Nsukka, University of Maiduguri, Ahmadu Bello University, Zaria, and the office of the accountant-general of the federation.
The ICPC spokesperson said 120 civil servants were cleared after their identities and employment status were confirmed following a verification exercise in 2025.
He added that 467 bank accounts remain linked to unverified individuals with holders yet to be identified.
He noted that the N941.9 million currently frozen in the 467 bank accounts has been forfeited to the federal government.
He disclosed that the agency published the names of the 910 individuals suspected to have benefited from the purported fraud in two national dailies on March 18, 2026.
The Nigerian Maritime Administration and Safety Agency (NIMASA) has introduced the Blue Economy Accelerator Programme, a strategic initiative designed to identify, nurture, and accelerate innovative startups that will contribute to the sustainable growth of Nigeria’s marine and blue economy.
The Blue Economy Accelerator Programme is aimed at attracting young, vibrant minds with innovative ideas capable of transforming Nigeria’s maritime ecosystem.
Dr. Dayo Mobereola, Director-General of NIMASA, said that through the initiative, participants will receive structured business development support, industry mentorship, and technical guidance to convert promising concepts into viable ventures that address critical challenges and opportunities within the blue economy.
“The programme reflects NIMASA’s commitment to supporting the implementation of the vision of the Federal Ministry of Marine and Blue Economy in unlocking the immense potential of the blue economy by empowering young innovators, entrepreneurs, and technology-driven enterprises. We at NIMASA want to provide a platform for investors to identify young talents and invest in them”.
Mobereola, who commended the Minister of Marine and Blue Economy, Adegboyega Oyetola for codifying the Marine and Blue Economy Policy as a clear roadmap for the sector’s development, urged young Nigerians to embrace the programme which has the potential to transform raw talents into big investments in the maritime sector.
Applications are open to startups and innovators developing solutions across several strategic sectors, including marine waste management and the blue circular economy; aquaculture and sustainable fisheries; maritime technology and logistics innovation; ocean energy including wave, tidal, and offshore renewable energy; marine tourism and coastal recreation; marine biotechnology such as, ocean data and analytics; green shipping, including vessel decarbonization; smart port solutions; autonomous marine vehicles; biofouling prevention technologies; and coastal resilience through nature-based coastal defencesolutions.
The first phase of the programme is expected to attract a minimum of 150 high-quality applications from within and outside the country provided they are Nigerian citizens.
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