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FCMB Manager Docked Over Alleged N1.2n Fraud

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Mr. Tope Munis, branch manager with First City Monument Bank (FCMB), Ikeja branch, has been docked by a Lagos State High Court for allegedly aiding N1.2billion fraud against Star Orient Nigeria Limited.

FCMB Manager Docked Over Alleged N1.2n Fraud

The defendant was arraigned on 15-count amended charge alongside Dare Osamo and Ayoola Oloore Bisola who had earlier been arraigned over the alleged fraud before Justice Oyindamola Ogala.

During their arraignment on Wednesday, Dr. Jide Martins, director, Lagos State Department of Public Prosecution, informed the court that the State have an amended charge to include the branch manager who allegedly connived with Dare Osamo to swindle Star Orient, a company owned by Otunba Babatunde Akanbi Babalola, a businessman.

According to the amended charge, Munis on 15 February, 2016, while acting as branch manager, FCMB Plc, Isaac John Street, GRA Ikeja, Lagos allegedly committed the offence.

Munis and Osamo, allegedly demonstrated intention to defrauding and without lawful authority or excuses approved the opening of a new account for Star Orient Nigeria Limited when there were no SCUML (i.e Special Control Unit against Money Laundering) certificate number on the account opening form.

The charge also added that the duo of Munis and Osamo, allegedly ran foul of banking rules when they opened the account without full details of the directors of Star Orient Nigeria Limited, no means of identification nor BVN (Bank Verification Numbers) of the directors of Star Orient Nigeria Limited and upon a forged resolution purportedly signed by Dare Osamo as sole signatory when there are two directors who are signatories to Star Orient Nigeria Limited’s account.

The state prosecutor, upon announcing to the court of the existence of the amended charge urged the court to take his plea over the allegations leveled against him.

Consequently, Munis pleaded not guilty to four-count charges relating to him out of the 15 amended count charges.

Dr. Martins thereafter, asked the court for a trial date and a remand order pending the determination of his bail application.

In a counter reaction, J.O. Olushade who represents Dr. Wale Olawoyin, SAN as a counsel to the branch manager, informed the court of his bail application while praying for liberal terms.

The defence counsel moved the bail application by adopting it as he prayed the court to admit the defendant to bail because the offence allegedly commented by the defendants are bailable.

Opposing the bail, the state prosecutor, said the court must consider the severity of the offence, as he prayed the court to turn down the bail application of the defendant.

Munis was granted bail in the sum of N20 million.

Justice Ogala pronounced that the third defendant is granted bail during a ruling on his bail application following his arraignment alongside two others, Dare Osama and Ayoola Olore Bisola who are first and second defendants.

The third defendant was granted bail in the sum of N20million, with two sureties in like sum, each of the sureties must own property valued at N10million in like sum, must be resident of the state.

One of the sureties must have title to landed property, produce evidence of financial status, and the residential addresses of the sureties must be provided while international submitted to the court.

Further hearing of the matter was adjourned till May 26 and June 8, 2022.

 

 

 


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Prof. Aliyu, AI Practitioner to Keynote ABoICT 2024

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CommunicationsWeek Media Limited, a certified global ICT company with over two million online subscribers, is delighted and proud to announce Prof. Yakub Aliyu, as the keynote speaker at Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture series 2024.

 

Aliyu, will be speaking on the theme: Artificial Intelligence (AI): The Good, The Complex and The Anticipated”, this leans heavily on the fact that AI changing our lives– we just need to know where to look today.

This year’s rebranded Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture/Awards Series is slated for Saturday, May 25, 2024 at the Four Points by Sheraton, Lagos.

The event is the most prestigious annual event that brings together captains of industry in both technology and financial worlds.

According to Ken Nwogbo, CEO, Communication Week Media Ltd, organisers of the ABoICT Distinguished Lecture/Awards Series, “the choice of Prof. Yakub Aliyu is deliberate because of his exceptional career in Artificial Intelligence (AI)”.

He added that, AI is considered to have the potential to instigate a fourth industrial revolution,1 and is dramatically changing people’s patterns of interaction and economic activities.

“The traditional factors of production and physical capital and labour may no longer promote substantial economic growth. It is generally believed that AI will be one of the most important factors determining future economic growth,” he said.

A professor of microelectronics and a scholar-practitioner in artificial intelligence and deep machine learning for industrial applications and high-speed application processors. His research interests include Multimodal AI models for high-efficiency industrial robot applications and Human AI interactions.

He also has adjunct academic professorships at five African, USA, and UK universities. Holds a BS in Applied Physics Electronics from Karlsruhe and A Bello Universities in Germany and Nigeria, an MBA in International Business Management from the University of London, an MSEE (Master of Engineering, Electronics), and a Ph.D. in Electronics Engineering from the University of Wales.

Prof. Aliyu is the global quality director for Bourns Inc., Riverside, California, USA, an electronics system, and components manufacturer. I oversee quality functions in 21 factories worldwide.

He has also held quality and operational management leadership positions at National Semiconductors, Bell Labs-Lucent Technology, Texas Instrument, Global Foundries, and Roper Technologies USA.

Authored and coauthored over 30 Advanced Technology United States-issued patents in High-Speed Application Processors and Contributed to over 40 international impact Journals, chapters, and conferences; FASI, SMIEEE USA, MIEE UK, M. Inst pf Physics Chartered Phys and C Eng UK.

Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.

Others are: Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, Managing Director, Rack Centre Limited; Peter Adedayo Arogundade, managing director and chief executive officer, Sidmach Technologies Nigeria Limited; Dr. Adewale Obadare, chief visionary officer, Digital Encode and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, minister of Communications and Digital Economy; Dr. Seyi Akindeind, co-founder, Digital Encode; Dr Krishnan Ranganath, Regional Director, Africa Data Centres.


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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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