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.
Yola Electricity Distribution Company (YEDC) has alerted its customers to a fraudulent message circulating on social media, falsely claiming that electricity consumers can receive an additional 20 per cent bonus units when recharging their prepaid meters through unofficial channels.
In a statement issued by the company’s management on Monday, YEDC described the claim as false and urged customers to disregard the misleading information, stressing that it did not originate from the company.
According to the statement, YEDC does not offer bonus electricity units through individuals, agents, personal bank accounts, phone numbers, or social media contacts.
The company advised customers to purchase electricity tokens only through approved cashless payment platforms, including the YEDC Pay App, OPay, Interswitch, and other authorised vending channels, or to visit the nearest YEDC office for assistance.
YEDC also cautioned customers against sharing their meter details or personal information, or making payments to unauthorised persons claiming to represent the company.
The company further urged customers to rely exclusively on information disseminated through its official communication channels to avoid falling victim to fraud.
The management thanked customers for their continued cooperation and reaffirmed its commitment to serving them.
Central Bank of Nigeria (CBN) has disclosed that two foreign currency accounts opened in connection with the controversial Presidential Foreign Investment Promotion Council (PFIPC) have remained inactive since their creation, with no funds deposited and no transactions recorded.
The revelation emerged on Monday during the ongoing investigation by the House of Representatives Ad-hoc Committee probing the circumstances surrounding the establishment and operations of the council.
Lawmakers are investigating allegations that the PFIPC was created and operated without a valid legal framework and outside the established procedures required for government agencies and institutions.
Appearing before the committee, representatives of both the Central Bank of Nigeria and the Office of the Head of the Civil Service of the Federation (OHCSF) distanced their institutions from the establishment of the council.
The Office of the Head of the Civil Service of the Federation stated that it neither created the council nor possessed the constitutional authority to establish federal agencies.
Representing the office, officials explained that the OHCSF is only responsible for approving administrative structures of government agencies after all necessary requirements have been fulfilled.
According to the office, records showed that the council submitted a request on August 6, 2025, seeking approval for its organisational structure.
However, the application was not approved because the required supporting documents were not attached.
The committee heard that despite the rejection of the request, officials linked to the Presidential Economic Advisory Council (PEAC)/PFIPC later appeared during the 2025 manpower budget defence exercise and sought approval for staffing and recruitment arrangements.
The office disclosed that the council informed government officials that its activities were being carried out largely through personnel seconded or deployed from other institutions.
Lawmakers were told that the council requested approval for a total of 314 positions. The figure consisted of 14 existing officers and an additional 300 proposed positions.
The Office of the Head of the Civil Service further revealed that concerns later arose regarding documents presented by the council as evidence of its legal backing.
Officials told the committee that upon examination, the documents failed to display essential features expected of an enabling law or valid legal instrument establishing a government body.
Mrs. Didi Esther Walson-Jack, head of the Civil Service of the Federation, also rejected claims that her office deployed civil servants to work for the council.
She maintained that the office did not assign personnel to the body and did not provide office accommodation for its operations.
According to her, matters relating to the creation, supervision and oversight of government agencies fall under the responsibilities of other relevant institutions, including the Office of the Secretary to the Government of the Federation.
The Central Bank of Nigeria also provided details regarding accounts linked to the council.Nigerian current events
Hamisu Abdullahi, director at the apex bank, who represented the CBN Governor before the committee, explained that the bank opened two foreign currency accounts following a formal request from the Office of the Accountant-General of the Federation.
He told lawmakers that the request was received on July 30, 2025, and instructed the bank to create a United States dollar domiciliary account and a Pound Sterling domiciliary account.
Abdullahi stressed that the CBN only opens accounts for government agencies after receiving official authorisation from the Accountant-General’s office.
However, he disclosed that the accounts never became operational because the council failed to provide authorised signatories required for activation.
As a result, both accounts remained dormant from the day they were opened.
He informed the committee that neither account had received deposits nor processed withdrawals. The accounts also recorded no foreign exchange allocations, remittances, inflows or outflows.Governor election news
According to him, the balances in both accounts remain at zero.
The CBN official further stated that the council did not engage directly with the apex bank regarding the management or operation of the accounts after they were created.
Following the submissions, members of the committee demanded more information as part of efforts to determine the full scope of the council’s activities.
Hon. Abdulmalik Danga, chairman of the committee, directed the Central Bank to submit comprehensive records relating to both the Presidential Foreign Investment Promotion Council and the Presidential Economic Advisory Council.
The committee requested details covering the opening of the accounts, their operational history and any information connected to related banking activities.
Lawmakers also instructed the CBN to work with commercial banks to identify and provide records of any accounts linked to the entities under investigation.
However, the committee is expected to continue its hearings as more government agencies and officials appear before lawmakers to provide explanations on the controversial council and the circumstances surrounding its operations.
STEM Africa Fest, an annual science, technology, engineering and mathematics (STEM) education event designed to expose children to hands-on learning, returned to Lagos, with organisers urging greater integration of practical STEM education into Nigeria’s school curriculum to prepare young people for future careers.
The organisers said the initiative has reached over 25,000 children across Africa in six years, renewing calls for greater integration of practical STEM education into Nigeria’s school curriculum.
The festival, which began in 2021 during the COVID-19 lockdown, has expanded beyond Nigeria to Ghana, Sierra Leone, The Gambia, Zambia, Rwanda and Kenya, promoting experiential learning through science, technology, engineering, arts and mathematics (STEAM). The sixth edition which held in Lagos, attracted about 3,500 children and parents from all over.
Conveners, Titi Adewusi and Jadesola Adedeji, said the initiative was conceived to address the gap between classroom theory and practical learning, giving children opportunities to build, experiment and interact with emerging technologies.
According to Adewusi, this year’s theme, “Building Future Innovators”, reflects the organisers’ vision of nurturing Africa’s next generation of innovators, problem-solvers and creative thinkers.
“Children are learning the theories and we wanted to bring the real thing, hands-on. If you’re teaching a child about 3D printing, we want them to actually experience it. If you’re teaching a child about building robots or AI, we wanted them to experience it,” she said.
Adedeji, said the idea for the festival emerged from a shared desire to make science education more engaging after discussions between the founders several years ago.
She said the maiden edition, held during the pandemic, attracted over 1,000 participants globally, while the first physical edition recorded over 6,000 attendees.
They identified funding, stakeholder mobilisation and expanding the festival to other locations as some of the challenges encountered since its inception. They noted that increasing demand from different states and African countries had prompted them to adopt a partnership model that allows collaborators replicate the programme using an established framework.
They also urged governments at all levels to strengthen support for STEM education by integrating practical learning into school curricula and partnering with private organisations to improve access to science and technology education.
Adewusi said they have developed a STEM curriculum that is being implemented in some schools and expressed readiness to collaborate with the government to expand its adoption in line with the United Nations Sustainable Development Goal on quality education.
Adedeji added that government support should go beyond funding to include curriculum development, teacher training and institutional backing for STEM-focused initiatives.
Representing Access Holdings, Programme Manager for Sustainability, Ikechukwu Iheagwam, said the company’s continued support for the festival aligns with its commitment to advancing education and technology.
He said exposing children to emerging technologies such as artificial intelligence and robotics would better prepare them for the future, adding that private sector participation should complement government efforts in improving STEM education.
Some pupils who attended the festival said the practical sessions strengthened their interest in science and technology.
A student of Court Hill College, Opebi, Jason Lawal, said he participated in activities including a Rubik’s Cube challenge and an artificial intelligence masterclass where participants created short AI-generated animations.
Another student of Greater Ecstasy High School, Iyana-Ipaja, Fatima Namama said attending the festival over the years had deepened her interest in laboratory science and technology. She called for wider integration of STEM education into the school curriculum and more opportunities for pupils to participate in similar learning events.
The organisers said the festival’s impact extends beyond attendance figures, noting that some former participants have returned in recent years as exhibitors in coding and robotics, reflecting its contribution to nurturing future innovators.
YEDC Warns Customers, Says 20 Percent Electricity Bonus is Scam
FG to Support 12 Tech Startups with N482m under iDICE
NBC, INEC, Plan Joint Broadcast Monitoring Framework ahead of 2027 Elections
No Going Back on July 31 Deadline for Insurance Firms’ Recapitalisation – NAICOM
Court Affirms FCCPC’s Power to Regulate Digital Lending
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries
Tokenization, Blockchain Technology will Transform Financial Institutions – IMF
News1 day agoNIMASA Unveils Accelerator Scheme to Drive Innovation, Sustainable Growth
E-Business1 day agoSERAP to Sue NASS over Bill Empowering NDPC to Regulate Social Media
E-Financial1 day agoAccess Holdings Sells 7.44% Stake in Ghana Unit
E-Financial1 day agoNRS Issues July 31 Deadline for e-Invoicing Compliance
News24 hours agoICPC Secures Final Forfeiture of N941m Linked to IPPIS Fraud
E-Financial1 day agoNDIC Urges Youths to Shun Ponzi Schemes, Embrace Savings
News1 day agoeBusinessLife Advocates Greater Support for Girls in ICT as Students Showcase AI Innovations
News23 hours agoAdebutu, PDP Chieftain Accuses Nigerian Governors of Embezzling LG Allocations