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Court Jails Hackers Who Stole N2.Bn from Union Bank

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Economic and Financial Crimes Commission (EFCC) has secured the conviction of one Abass Mohammed and Ibrahim Saidu Jogal, a Bureau De Change (BDC) operator.

Court Jails Hackers Who Stole N2.Bn from Union Bankc

They connived to hack into the Flexcube database of Union Bank and stole N2,550,000,000.

Dele Oyewale,  spokesman, EFCC, a statement on Friday, said it received a petition on the theft.

Investigation showed that the money was credited into the accounts of mostly BDC operators, including one Jaxmine BDC, Gona BDC and Great Well Communication.

Mohammed sourced for the account details of Jaxmine BDC from one of his friends, Lawal Ubah, who was a signatory to the account.

“He subsequently gave the details to one Salisu Liman (aka Zico), the ring leader of the syndicate. The sum of N450million was then credited into the account”, EFCC noted.

The sum of N79million was transferred from the account of Jaxmine BDC into the account of Digare BDC owned by Jogal for the purpose of buying $500,000.

Further investigations revealed that Jogal only paid $80,000 to Mohammed and kept the balance of $420,000.

The gang was arraigned before Justice K. A. Jose of the Lagos State High Court sitting in Igbosere, on three-count charges bordering on conspiracy, retention and use of proceeds of criminal conduct.

The offenses were contrary to Section 331(1)(b) of the Criminal Laws No. 11, Vol 44 of Lagos State 2011.

The accused pleaded “not guilty” to the charges, paving the way for the commencement of their trial.

EFCC presented three witnesses – Vincent Agwu, a Union Bank official, and two investigators, Joseph Nkeson and Aliyu Abubakar.

Several documents were tendered in court by the prosecution.

Justice Jose found the defendants guilty on counts two and three, and discharged them on count one, which bordered on conspiracy to defraud.

Mohammed was sentenced to one year in prison.

Jose ordered that the sum of $37,000 and $7,000 recovered from him be handed over to Union Bank.

He also directed that a car seized from him be sold and the proceeds given to Union Bank.

On Jogal, the judge observed that he showed no contrition, and failed to pay back a substantial sum of the money traced to him.

Jogal was sentenced to three years in prison.

Justice Jose ordered that the sum of $220,000 and another $200,000 earlier recovered from him be given to Union Bank.

The judge also ordered that his property, whose title documents he gave to the EFCC, be sold and the proceeds handed over to the financial institution.

 

 

 

 

 


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Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

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Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.

Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

Participants at the event

Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,

This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.

While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.

Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.

It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.

Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.

Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.

 

 

 

 

 

 

 

 

 


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As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

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While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.

As Nigeria Struggle, Tanzania Turns off Power Plants Due to Excess Supply

Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.

It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.

“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.

The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.

Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.


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President Tinubu Appoints Jim Ovia as Student Loan Fund Chairman

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President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.

Jim Ovia

Jim Ovia

Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.

The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.

“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.

The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.

Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”


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