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Adenmosun, Ex- Director of Bank PHB Arraigned over Alleged N26.6Bn Fraud

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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.

Adenmosun, Ex- Director of Bank PHB Arraigned over Alleged N26.6Bn Fraud

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”.

 

 

 

 


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Electricity Theft in Nigeria: Impact, Strategies and the Way Forward

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By Okoko Chidozie Christian

[email protected]; 09025179984.

Epileptic power supply has been a mainstay of Nigerian society and profoundly impacted communities, undermines the access of individuals to electricity and hampered economic growth.

Electricity Theft in Nigeria: Impact, Strategies and the Way Forward

And, a range of factors have been identified by stakeholders as the root causes including energy theft.

Electricity – essential part of our daily lives is used for powering our homes, offices, businesses and industries. Unfortunately, some people choose to illegally tap into it.

Illegal electricity connections, also known as “power theft” refers to the unauthorized tapping of electric from a power grid, often without the knowledge or approval of electricity providers.

According to source, electric theft is the criminal practice of stealing electric power, and it is nearly as old as electricity distribution.

Accomplished through a variety of means, from methods as rudimentary as direct hooking to a power line, to manipulation of computerized electrical meters endangering the environment.

For instance, if the power consumption in a region increases to a level where the average demand exceeds the rating of transformer or other electrical equipment due to power theft, then power quality problem like voltage collapse or transformer overloading may occur.

Frequent power cuts lead to deterioration in the customer-utility relationship. Illegal connections to the electricity network often transverse roads, fields, footpaths and present a safety risk for communities who must go about their normal daily activities into contacts with live cables and wires that have not been properly installed.

However, bypassing an electric meter co-located with fuses, circuit breakers, residual current earth leakage detection will often lead to risk of electrical faults and excessive use within the house may not be detected.

And, the supply will remain live within the house, increasing the risk of electrocution or fire. Cost of electricity is substantially compared with low income flow and credit constraints in most countries. For examples, more than 70% of Nigerians live on less than US2.0dollars per day. Yet, there is need to pay for the cost of power consumed.

So, it would appear illogical to conclude that residential consumers steal electricity thereby contributing to this loss.

According to the new Electricity Act, offenders to electric theft shall be subject to imprisonment for a term exceeding three years, a fine or both. If the load consumed or used or attempted consumption or use, does not exceed 10 kilowatts, the first conviction shall warrant a fine no less than three times the financial gain resulting from the electricity theft.

In Nigeria today, the Power Distribution Companies, DisCos face several challenges of electricity theft which remain one of the major causes of massive revenue losses thereby increases the debt profile in Nigeria Electricity Supply Industry, hence negatively impacting the nation’s economy.

Recently, Adetayo Adegbemle, executive director of Power Up Nigeria,  expressed that the Senators are out of touch with the realities of the power sector and should seek advice from professionals and experts for accurate information. According to him, electricity is also not a public utility anymore, it is now a commodity.

Energy theft is an international problem and globally estimated in 2022 that consumers spent up to 1.4 billion pounds annually. This costs have to be passed to customers in the form of higher energy charges. The annual worldwide financial losses due to power or electricity theft are estimated to be around US 100billion dollars.

In a recent report by the Director of the Power Sector Advocacy Group in Nigeria; one (1) transmission company TCN, twenty-three(23) generation companies, GenCos and eleven (11) electricity distribution Companies, DisCos operates in Nigeria. Moreover, the plants are managed by generating companies (GenCos), independent power providers, and the Niger-Delta Holding Company.

Unfortunately, the twenty-three (23) power-generating plants connected to the national grid with the capacity to generate 11,165.4MWs of electricity has not been feasible. Despite having a capacity of 22,000 MWs, the country’s power generating peaked at 4,594.6 MWs as of November 2022 has been insufficient for the populace. So, the electricity generated is considerably low for over 200million people.

Although, some anti-theft products can help shield the network and consequently reduce power theft. Just like in United Kingdom, their electrification is made under subsurface about 100meters; not so easy for human to access, study confirms.

So, being a complex challenge, there are some ways to combat the illegalities of energy theft in Nigeria, but the consumers-utility relationship is a key determinant. Improvement of this relationship through local participation in development of renewable energy schemes such as rooftop solar photovoltaic, use of biomass and many more could bring benefit. Also, financing, redesigning of the distribution system and utility company codes and standards, competence in post-installation maintenance.

Strengthening of legal and regulatory framework particularly with larger users, and installing high security tampered-resistant metering systems for commercial consumers may have more effect.

 

 

 


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Clean Technology Hub, FCT Launch Climate and Change Youth Movement in Abuja Secondary Schools

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Clean Technology Hub, renewable energy and climate change advocacy firm has launched a Climate Change and Youth Movement in FCT secondary schools in collaboration with the Department of Science, Technology, and Innovation of the FCT Education Secretariat.

Clean Technology Hub, FCT Launch Climate and Change Youth Movement in Abuja Secondary Schools

Ms Ifeoma Malo, founder and CEO of Clean Technology Hub,

 

The collaborators commenced the Climate and Change Youth Movement recently at the Government Science and Technical College, Bwari, FCT.

The Climate Change and Youth Movement is a platform for students to learn about the environment and contribute to solving challenges linked to climate change starting from their local communities. It aligns with a worldwide effort to raise awareness and educate children and youth about climate change and renewable energy.

Experts say children and youth are potential driving forces in achieving the climate change objectives in the Sustainable Development Goals.

Clean Technology Hubs’ Climate Change and Youth Movement, for public secondary school students and teachers, seeks to support schools in building climate education programs.

CTH says it will implement it by Establishing new environmental clubs (Green Clubs) or partnering with existing ones targeting science and art students and equipping them with a club manual to guide their meetings.

The schools will also participate in the first-ever Nigerian Students Climate Summit billed to commemorate World Environment Day on 6 June 2024.

The program aims to increase awareness, sustainability, and resilience regarding climate change and clean energy, build capacity on the various technical skills required in the clean energy market value chain, and increase understanding of opportunities in the renewable energy sector.

Ms Ifeoma Malo, founder and CEO of Clean Technology Hub, remarked, “The agreement signed with DSTI enables us to launch a pilot program in the Government Science and Technical College, Bwari, which, upon its successful completion, will be replicated in other colleges in Abuja.”

 

 

 


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Dana Air Sacks over 1,000 Workers Weeks after License Suspension

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Dana Air has laid off about 1000 employees, including 583 permanent members of staff and expatriates, following the suspension of its operations by the Nigerian Civil Aviation Authority (NCAA).

Dana Air Sacks over 1,000 Workers Weeks after License Suspension

Though the airline claims this disengagement is temporary,  but emails seen Nigeria CommunicationsWeek,  suggested that it a permanent termination.

A paraphrased email sent to all the disengaged members of staff from the airline’s management read: “We regret to inform you that your service is no longer required effective May 9, 2024. This difficult decision was necessitated by the unfortunate suspension of our AOC/business operations by the Nigerian Civil Aviation Authority (NCAA) and enormous challenges the suspension continues to occasion. We take this oppourtunity to thank you for your contribution to the organisation during your time here with us and wish you the best in your future endeavours.”

Kingsley Ezen, head, Corporate Communications for the airline, in a statement, however blamed the development on the ongoing audit by the Nigerian regulatory authorities.

“In light of the ongoing audit, Dana Air has decided to temporarily disengage some staff members pending the conclusion of the audit,” Ezen said.

“The Management of Dana Air extends its sincere appreciation to all staff members for their resilience and dedication during this period of uncertainty. It recognises the difficulties that staff have had to endure and assures them that every effort is being made to resolve the situation promptly,” it added.

Recall that on April 24, the Nigerian Civil Aviation Authority suspended the Air Operators Certificate of Dana Air 24 hours after the airline’s plane from Abuja landed at the Lagos airport runway and veered off into a nearby field.

Reacting to the development, Festus Keyamo, minister of Aviation and Aerospace Development, said the airline has been operating in an unhealthy status.


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