Broadcasting
Witness Testifies against Mba, Others in NBC’s N2.9Bn Fraud Allegation
Abubakar Aliyu Madaki, a principal witness, has given a detailed account of how Emeka Mba, former director-general of National Broadcasting Commission (NBC) and four others, fraudulently transferred N2.9billion belonging to the Commission to different private bank accounts.
He gave the testimony on Wednesday and Thursday before Justice Mojisola Giwa-Ogunbanjo of the Federal High Court, Abuja.
The Economic and Financial Crimes Commission (EFCC), is prosecuting Mba alongside Patrick Areh, (former NBC director of finance), Basil Udotai (alleged owner of Technology Advisor), Babatunji Amure (alleged owner of Divine Partners and fourth defendant) and Technology Advisors, a company for alleged criminal diversion and stealing of NBC’s funds to the tune of N2.9billion.
The money was meant for the purchase of setup boxes for a switch-over from the current analogue to digital system of broadcasting in the country.
Madaki, who appeared as the 13th prosecution witness tendered 16 documents as exhibits, unearthed in the cause of investigating the fraudulent transactions.
The prosecution counsel, Chile Okoroma, boosted the exhibits by tendering their Certified True Copies, (CTC) in court. Madaki revealed to the court that in 2015, the first and second defendants (Mba and Areh) made an inflated fixed deposit of the sum of N13.890billion, as collateral with Zenith Bank to enable them offset the liabilities accruing from the execution of the digital setup boxes.
“We discovered that the entire sets of boxes were to cost N9billion and some fractions, however for reasons best known to the first and second defendant, N13.890 billion was paid to Zenith Bank,” he added.
He disclosed that on September 10, 2015, the first and second defendants issued a mandate order to the bank to move the funds to other accounts without reference to the first letter of claims of the collateral.
“On 10, 2015 the first and second defendants sent a letter to the bank, contrary to the first letter of claims that the funds should be moved out of that account to a Zenith bank’s collateral account, which became suspicious,” he said.
According to him, that was why he probed the transaction and discovered that only N3.7 billion, out of the N13billion, was used to raise the letter of credit for the manufacturing of the setup boxes.
He explained that the balance of N10.61 billion and some fractions was ordered to be transferred to EFCC’s recovery account, after which the former President Goodluck Jonathan directed that the funds should be moved back to NBC’s account to enable them continue their work.
He further stated that President Jonathan, gave an approval for the spectrum licence to be sold on auction to the highest bidder and the approval was obtained.
According to Madaki: “The bill submitted by the communication chamber was £10,000 (Ten Thousand Pounds) while the records of the payment showed that N5.560million (Five Million Five Hundred and Sixty thousand Naira) was paid. From the analysis, the Communication Chambers put the spectrum at $300million (Three Million Dollars), even though it was licensed for $171million (One Hundred and Seventy-one Million) to MTN.
“When the transaction was concluded and they came to MTN to pay the sum of N34, 114.500million(Thirty-four Million One Hundred and Fourteen Thousand Five Hundred Naira) equivalent of $171 million for the spectrum, NBC, however forwarded two accounts to MTN for the payment. The accounts are the NBC Switch Over Project Account and the Technology Advisor’s Account,” Madaki stated.
Emeka Mba, former DG, NBC
The witness further revealed that, “there was a delay in payment because MTN was not convinced and comfortable with the transaction, as there was no third party (Technology Advisor) involvement all through the time of communication. This was made known in a reply letter. They also noted that Technology Advisor was not part of the transaction because it is not a subsidiary of NBC. After some time, NBC forwarded an NBC’s account, where the funds were credited on July 28, 2015.”
Madaki also said that on August 12, 2015, a mandate was again issued by Mba and Areh to Zenith Bank, where the NBC Account is domiciled to transfer N2, 899,723,500billion, adding that the bank transferred the sum to Technology Advisor’s account, contrary to what was in the mandate and that as soon as the company received the money, the second defendant began to transfer and redistribute it.
“Between August 17 and September 29, he (Areh) transferred the sum of N348million to the account of Divine Partners Investment Limited, a company belonging to the fourth accused person. Also on 20 August 2015, he transferred the sum of N252million to a company called Lingage Corporations Resources, which he claimed served as public relations consultant to him.
The witness also told the court that on August 19, 2015, the defendant transferred another N390 million to a company, named Calas Ventures, a bureau de change, operated by one Kabiru Abdullahi on his behalf.
According to Madaki, on the same date, the defendant also transferred another N260million, which was changed into dollars and handed it over to one Ibrahim Ismailia, his associate.
The witness also told the court that NI30million was again transferred by the second defendant to one Azuku Inter Global Services for the construction of a radio staton for him in Onitsha.
Madaki further revealed that on September 10, 2015, the third defendant transferred the sum of N20million to Azuku Inter-Global Services on behalf of the second defendant and that between August 18, 2015 to January 12, 2016, that the third defendant had transferred accumulatively the sum of N530million from Technology Advoser’s account to other accounts.
“Out of all the accounts associated with the transactions, only Lingage Corporation Resources Limited could not be reached. We did all we could within our power but we couldn’t contact them as he claimed to be his public relations officers,” Madaki said.
The witness further stated that some other documents show that Technology Advisor auctioned the spectrum licence on behalf of NBC, and was to be paid 10 per cent of the total sum of the transaction.
He mentioned a proposal, written on October 30, 2015 by Technology Advisor to the former DG of NBC, where it said that it was going to raise funds by auctioning the spectrum to local telecommunications companies, who would participate in the auction in order for the DG to raise funds for the project called DASO (Digital Switch Over).
Justice Ogunbanjo adjourned the proceeding till October 22, 23 and 24, for continuation of trial.
Broadcasting
NBC Files Fresh Appeal against Judgment Barring it from Imposing Fines on Broadcast Stations
National Broadcasting Commission (NBC) has filed an application seeking the permission of the court of appeal to file a fresh appeal against the judgement of the federal high court in Abuja barring it from imposing fines on erring broadcast stations.
In the application filed at the court of appeal in Abuja by Dapo Akinosun, counsel to the NBC, the commission argued sanity in Nigeria’s broadcasting sector is under threat and that the public interest would be better served if the court grants the application.
On January 17, 2024, Rita Ofili-Ajumogobia, a judge at the federal high court in Abuja, restrained the NBC from imposing a N5 million fine on broadcast stations sanctioned in 2022 over allegations of “undermining Nigeria’s national security by broadcasting documentaries on banditry in Nigeria”.
The affected broadcast stations were Multichoice Nigeria Limited, owners of DSTV; TelCom Satellite Limited (TSTV); Trust-TV Network Limited; and NTA StarTimes Limited.
The suit was filed by Media Rights Agenda (MRA).
Dissatisfied with the ruling, the NBC appealed the judgement filed an appeal at the court of appeal in Abuja.
In June, the court of appeal dismissed the commission’s appeal, holding that it was “fundamentally defective” and incompetent.
Jane Inyang, lead judge of the panel, held that the parties before the lower court were identified as “Incorporated Trustees of Media Rights Agenda (as applicant) and National Broadcasting Commission (as respondent)” but in the notice of appeal the purported appellant was described as the “Nigerian Broadcasting Commission”,
The judge held that the discrepancy was significant and that the court lacked jurisdiction to entertain the commission’s appeal.
In the application, the NBC urged the court to grant it leave to raise and argue a fresh issue on appeal relating to the legal capacity of MRA to institute and maintain the original suit before the lower court.
The commission argued that the defect in the earlier notice of appeal, which resulted in the dismissal of its appeal, arose “solely from an inadvertent misdescription” of its name by its lawyer.
The NBC told the court that the subsisting judgement raises questions on the commission’s statutory powers to regulate broadcasting and enforce compliance with broadcasting standards in Nigeria.
The commission argued that the subsisting judgment is capable of creating uncertainty regarding its regulatory powers if it is allowed to stand.
The NBC also argued that without the pronouncement by the appellate court on the issues raised in the appeal, its regulatory framework would be weakened.
“A weakened regulatory framework may embolden non-compliance with established broadcasting standards, thereby increasing the dissemination of false, misleading and unverified information capable of causing unnecessary public anxiety, panic and social unrest,” the NBC said.
“Absence of effective regulatory oversight may further encourage irresponsible broadcasting practices and the misuse of broadcast and digital media platforms by persons who deliberately publish sensational, inaccurate or inflammatory content to intimidate, harass or unduly influence individuals, institutions and public discourse.”
David Adedeji Adeleke, known professionally as Davido, has shared his past suicidal thoughts as he dropped Oriadé, his sixth studio album yesterday.
Davido
Davido said he chose the date on purpose as it marks exactly 15 years since he began his professional music career.
Oriadé is a Yoruba word combining “Ori,” meaning destiny, and “Adé,” meaning crown.
It translates to “the crowned head.” The album has 13 tracks and features Black Sherif, Aya Nakamura, Leon Thomas, Mayorkun, and Llona.
It follows his 2025 project, 5ive, which reached number two on the Billboard World Albums chart.
Davido also announced an international tour to support the new record.
In the days leading up to the release, Davido gave interviews that revealed personal details about his past and his current life.
Speaking to Vibe Magazine on Thursday, he described a 2014 incident in Ghana that left him feeling suicidal.
He said he invited a woman back to his hotel room after a show, and she later posted a photo of him sleeping online.
He said the fallout overwhelmed him.
“My daddy was calling me. My sisters were calling me. If I saw the balcony that day, I would have jumped,” he said.
He said he was young at the time and did not fully understand the consequences of his actions.
He described the experience as a turning point that changed how he thinks about privacy and fame.
In the same interview, he explained why he often dresses down in public despite his wealth.
He recalled a trip to the South of France where he went out in shorts and slippers without his watch.
“I’ve been on jets, I’ve been flying, I’ve been in all these places since I was a baby. I’ve been seeing money since I was a baby. So all these things don’t really excite me,” he said.
He added that he sometimes prefers to drive a Toyota to the supermarket in Atlanta instead of one of his luxury cars.
In a separate livestream with Davrel, Davido spoke about how his life has changed since marrying his wife, Chioma, and becoming a father.
He said his home no longer holds the large crowds it once did.
“I can no longer have 100 people in my house like before,” he said.
He said he speaks to Chioma every day regardless of his schedule.
He also disclosed that he spends between $200,000 and $300,000 a month on himself, not including costs for his wife, children, jewelry and cars.
He said the amount is lower when he is in the United States, where he described his lifestyle as quieter.
Africa Prudential Plc has reaffirmed its commitment to digital transformation, revenue diversification and sustainable growth after reporting a strong financial performance for the first half of 2026.
Dr Catherine Nwosu
The company made this known during its H1 2026 Investor Call, which brought together institutional investors, shareholders, investment analysts, regulators and other stakeholders to review its financial performance and strategic outlook.
Dr Catherine Nwosu, managing director and Chief Executive Officer of Africa Prudential, said the company’s performance reflected the resilience of its business model and the effectiveness of its long-term growth strategy despite prevailing macroeconomic challenges.
According to the company’s financial results, gross earnings rose by 27 per cent year-on-year to N4.28 billion, from N3.34 billion recorded in the corresponding period of 2025.
Profit before tax increased by 22 per cent to N2.41 billion, while profit after tax grew by 18 per cent to N1.59 billion.
The company also reported a 27 per cent rise in net operating income to N4.21 billion, while total assets increased by 13 per cent to N46.53 billion.
Shareholders’ funds equally rose by 13 per cent to N12.52 billion, reflecting continued financial strength.
Management attributed the performance to sustained growth in its core registrar business, increased corporate action activities in the Nigerian capital market, improved treasury earnings and rising adoption of its technology-driven solutions.
The company said it was steadily transforming from a traditional share registrar into a broader technology and business solutions provider serving Nigeria’s capital market ecosystem.
During the interactive session, investors sought clarification on the sustainability of earnings, particularly as interest rates are expected to moderate.
Responding, Nwosu said the company was deliberately expanding its recurring fee-based revenue streams to reduce dependence on treasury income.
“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, Annual General Meeting (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.
Nwosu noted that increasing capital market activities had created stronger demand for seamless digital investor experiences, improved operational efficiency and enhanced compliance solutions.
She said the company would continue investing in technology-enabled products capable of delivering long-term value to shareholders while strengthening its competitive position.
According to her, Africa Prudential has identified five strategic priorities for the second half of 2026.
The priorities include driving sustainable growth across its core registrar and emerging business lines, accelerating technology-led product innovation, strengthening brand leadership, investing in talent development and deepening corporate governance.
She said the investor engagement demonstrated the company’s commitment to transparency, accountability and regular engagement with shareholders and the investment community.
Africa Prudential reaffirmed its commitment to leveraging innovation, operational excellence and sound financial management to sustain growth and strengthen its leadership position in Nigeria’s capital market.
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