General News
N8Bn Fraud: How Bankers Splashed Money on Property, Exotic Cars

A Federal High Court sitting in Ibadan was yesterday told how three staff of the Central Bank of Nigeria (CBN), and five staff of a commercial bank acquired assets worth several billions of naira through fraudulent means.
This was disclosed in the course of the N8 billion fraud allegation against some staff of the CBN – now dismissed – and some deposit money banks’ staff.
The assets said to have been acquired by the accused bank workers both within Nigeria and in Pretoria, South Africa, were allegedly got by inducing the CBN and stealing N1.25bn supposed mutilated currencies meant to be destroyed and taken out of circulation.
According to the prosecution counsel, Mr. Rotimi Jacobs, the accused persons had instead of carrying out the statutory instruction to destroy the defaced currency notes as their duty demands, substituted them with newspapers neatly cut to naira sizes and proceeded to put the mutilated and defaced currency back into the economy.
The eight accused persons brought to the court by the Economic and Financial Crimes Commission (EFCC), were Kolawole Babalola, Olaniran Muniru Adeola, Toogun Kayode Phillip, Ayodeji Aleshe, Isiaq Akao, Ajiwe Sunday Adegoke, Oyebamiji Akeem and Ayodeji Festus Adeyemi.
The accused are all facing a total of 28-count charge, ranging from conspiracy, abuse of office and stealing to false declaration of actual amount, concealing of property and fraudulently acquiring assets in excess of their legitimate and provable income.
The offence, as contained in a charge sheet read out to the accused persons, is punishable under section 7(2) of the Bank Employees etc (Declaration of Assets) Act, CAP. B1, Laws of the Federal Republic, Nigeria 2004.
All the accused pleaded not guilty to the charge.
A mild drama however occurred during the court sitting, when one of the accused persons, Ayodeji Aleshe, a cashier in one of the commercial banks, said he was an illiterate and that he could not understand the English language used in reading out the charge sheet to him.
The trial judge, Justice Adeyinka Faaj, who described the suspect’s claim as false, said he had earlier communicated with him in English and that he was very fluent in the use of English language.
The accused, for about 15 minutes, however remained adamant, trying to make the court believe that he is illiterate.
There was confusion until the judge ordered that an interpreter be sought to interpret the charge to him in Yoruba language in view of its importance.
Counsel to the accused persons urged the court to admit them on bail, but the judge however impressed on him the need to make a formal application in view of the weighty evidence against them.
Counsel to the fourth accused, Mr. Nathaniel Oke, SAN, had earlier reminded the court of his pending application for bail, but agreed with the submission of the judge on the bail application.
Counsel to the fifth and eighth accused persons, Mr. Michael Lana, in his own submission, drew the attention of the court to two applications served on the prosecution on Tuesday, challenging the jurisdiction of the court to entertain the matter.
Other defence counsels, Otunba Olayinka Bolanle, Olalekan Ojo, O. Uwawah and Oliver Okeke, also put up strong arguments to secure bail for their clients, but the trial judge objected, citing technical flaws in the procedure for the bail.
Justice Faaj, while vehemently objecting to oral application from the defence counsel, later adjourned the matter to June 8, 2015 to hear the bail applications.
He said: “I will suggest to all the counsels that you endeavor to file your written application for bail today (Wednesday), while the prosecution counsel should respond to them by Friday, June 5, 2015 and on Monday, June 8, 2015, when the hearing will be on the bail application.”
The judge also ordered the eight accused persons to be remanded in Agodi Prisons until the adjourned date, when bail application would be heard.
At the opening of the second case involving six commercial bank staff yesterday, counsel to the accused also laboured in vain to make the judge accept oral application for their bail.
The accused persons are, Oni Ademola Dolapo, Afolabi Esther Olunike, Ademola Ebenezer Adewale, Kolawole Muniru Adeola, Toogun Kayode Phillip and Omotoso Abimbola (now at large).
Mr. Jacobs, who is also the lead prosecution counsel, informed the court that his team had filed a charge dated May 19 and urged the court to accept it and permit it to be read to the accused.
The six accused persons were all facing a total of 15-count charge, ranging from conspiracy, abuse of office, stealing to false declaration of actual amount, concealing of property and fraudulently acquiring assets in excess of their legitimate and provable income.
They all pleaded not guilty to the charge.
After the plea was taken, the judge ordered that they be remanded in Agodi Prisons and adjourned the case to June 8, 2015 for hearing of bail application.
In the third case, five of the accused persons were involved, including a nursing mother of nine-month-old baby.
The accused persons were Kolawole Babalola, Olaniran Muniru Adeola, Toogun Kayode Phillip, Olukunle Sijuade, and Kehinde Fadokun, the nursing mother.
The charge sheet against the accused was read out to them and they pleaded not guilty to the 15-count charge, ranging from stealing, fraud, conspiracy and acquiring for themselves supposed mutilated currencies and recycling same. Counsel to the nursing mother, Mr. Musibau Adetunbi, drew the attention of the court to the circumstances surrounding the accused person and requested the trial judge to grant an application before the court for bail for her but the judge declined.
The counsel further pleaded with the court to allow the accused to be remanded at the state CID in view of her peculiar circumstances.
The judge then granted the oral application made by the defence counsel, and ordered that the accused be remanded at the state CID, Iyaganku, Ibadan to afford her access to her baby.
Justice Faaj then adjourned the matter to June 12, 2015 for the hearing of the bail application.
General News
NiDCOM Launches Diaspora Startup Challenge to Boost Nigerian Talent

The Nigerians in Diaspora Commission (NiDCOM) has sought to harness the innovation and expertise of Nigerians across the globe with the launch of the Connected Diaspora x DOWA Start-Up Challenge and the Connected Diaspora Flagship Event 2025.

Speaking at a news conference in Lagos, Abike Dabiri-Erewa, Chairman/CEO of NiDCOM, described the initiatives as timely and transformative, noting that they are strategically designed to tap into the creativity, enterprise and professional strength of Nigerians in the diaspora.
She said the Start-Up Challenge, themed “Building, Breaking and Believing in Nigeria,” aims to energise innovators abroad by promoting knowledge transfer, enterprise development and strategic investment to support Nigeria’s rapidly expanding economy.
According to a statement by NiDCOM, the challenge, which offers cash prizes of up to ₦1 million, is targeted at spotlighting exceptional ideas and supporting impactful ventures created by Nigerians living overseas.
According to Dabiri-Erewa, the initiative aligns with the Federal Government’s overarching goal of engaging the diaspora community as key partners in national progress.
She further announced that the Connected Diaspora Flagship Event will take place on December 19, 2025, in Lagos, and will bring together entrepreneurs, policymakers, investors, technology leaders and strategic partners for critical discussions on Nigeria’s future.
Kadiri Hamzat, Deputy Governor of Lagos State, will serve as the Special Guest of Honour and is expected to speak on the importance of collaboration between government and the diaspora in accelerating development.
NiDCOM also revealed that notable contributors from the global diaspora community and Nigeria’s entrepreneurship ecosystem will enrich the sessions and help shape new pathways for meaningful engagement.
Dabiri-Erewa said their support remains invaluable in driving the success of the initiative. She emphasized that their continued collaboration helps unlock the potential of Nigeria’s global talent pool and fosters sustainable economic growth.
The Commission called on stakeholders across both the public and private sectors to support the initiative, stressing that the opportunities for innovation, collaboration and nation-building are immense.
NiDCOM urged young Nigerians and diaspora returnees to participate actively in the Start-Up Challenge, reminding them that entries close on December 12, 2025.
The December event will also feature a Diaspora Talent Career and Internship Fair, aimed at connecting diaspora returnees with internship opportunities offered by DOWA partner organisations.
NiDCOM said the fair will further strengthen talent exchange and deepen the country’s development capacity.
The programme timeline includes the opening of applications for the Start-Up Challenge from November 18 to December 12, followed by public voting on Instagram from December 13 to 17.
The winner will be announced on December 18, ahead of the final presentation at the JK Randle Centre in Lagos on December 19.
NiDCOM encouraged interested participants to follow the provided registration details and take advantage of the platform created to connect, innovate and contribute to national advancement.
General News
PromoPrint Rekindles Nigerian Resilience @ 25th Anniversary

Indigenous printing company, PromoPrint Ventures Ltd, celebrated 25 years of operations in the country on Tuesday 2nd December, at an event held at the Lagos Motor Boat Club in Lagos.

The evening saw business executives, clients and stakeholders in the printing space gathered to attest to the dexterity and Nigerian resilience demonstrated by Mrs. Patricia Ojora, the Founder and Chief Executive of the company in sustaining the growth of PromoPrint over the last 25 years.
Amongst many things on display that evening were PromoPrints very first t-shirt printed in the year 2000. Guests also cheerfully adorned custom-made patterns done by Promoprint on our indigenous cotton fabric (Funtau).
In her opening remarks, Mrs. Patricia Ojora recalled the past 25 years of operation in Nigeria at the helm of PromoPrint. While not easy, she says:
“We’ve been able to do it and we enjoy it. There’s nothing better than creation. To create something from nothing and do it so well, it’s a passion for me. It’s something that I really, value. I’m a great supporter of Nigeria, so I believe that we should be able to do things well in Nigeria. We don’t need to always import, that’s why we’re doing this today, to be able to collaborate with people. Most of the people here are people we’ve collaborated with and have worked hard to build Nigeria back up”.
She recounts how she was able to change the narrative of many Nigerians that were printing outside of the country who are now printing with PromoPrint Ventures. “People used to print outside the country because they didn’t trust the quality that was here in Nigeria,” Patricia explains with an understanding that “we can produce good quality here within Nigeria.”
The company is a one-stop shop for all things printing with all operations happening in-house, from the expertise of crafting graphics and garment production to the t-shirts, roller banners, corporate gifts and more being rolled out on a daily basis. “What we are selling is peace of mind in a chaotic place.” Patricia says, with nearly three decades of successful operations and collaboration under her belt.
Significantly, she makes sure the company remains primed for the future, using AI and the like to remain progressive in strategy and implementation. Patricia proudly states, “Our automated printing carousel can churn out 10,000 tees a day if needed and our many corporate clients can attest to this.”
In attendance was Atedo Peterside (CON), Founder, Stanbic IBTC Bank Plc, one of many guests in the room who spoke to PromoPrints impact. “There’s something about longevity,” he shares with the crowd, “If you’ve kept the business going for 10 years, I always tell people, it means you’re doing something right. If you get it going for 20 years, you’re doing something very correct. Patricia must be doing something phenomenally right and it’s my sincere hope that she keeps it going, keep building, keep innovating.”
“Patricia can create almost everything,” Peterside remarks, “she has the courage, audacity and the commitment.”
Mrs. Ibukun Awosika, Nigerian businesswoman and the first female Chairperson of First Bank of Nigeria, contextualises the tenacity of Patricia’s efforts rather well. She reminds the room that “when you think of how many big multinationals who have so much that protects them, who have a lot of support systems internationally and locally, who gave up on Nigerian manufacturing, then you have to go back and think about those of us like Patricia.”
Even after 25 years, Nigeria remains in need of more Entrepreneurs, particularly those like Patricia, to boost the SME and manufacturing industry in the country despite the odds. “She didn’t give up,” Awosika says in admiration.
“What is key is that, when we celebrate the likes of Patricia and her company, we know without a doubt that it’s not just because they want to have a celebration. It’s because, in truth, the Nigerian entrepreneur is a star, and even more so, the Nigerian manufacturer.” Awosika concludes.
So, we celebrate Mrs. Ojora and her PPV entire team, and all that has gone into 25 years of hard work, commitment, creativity, we also recognise the passion that does not allow you to give up on the vision, the commitment to not only creating jobs for other Nigerians but creating value within Nigeria. The commitment to innovating a solution for every challenge and every situation. Indeed, it was a worthy celebration.
General News
Optimus AI LABS CEO Showcases AI Breakthroughs in Nigeria’s Financial Sector

Mr. Lanre Basamta, Chief Executive Officer and Co-Founder of Optimus AI LABS, has unveiled a suite of artificial intelligence innovations poised to transform Nigeria’s financial services industry, aligning with recent Central Bank of Nigeria (CBN) directives on consumer protection and fraud prevention.

Mr. Lanre Basamta, Chief Executive Officer and Co-Founder of Optimus AI LABS
Basamta, speaking at a media parley in Lagos, said the company’s flagship product, Omnis, is redefining customer engagement in banking by serving as a virtual assistant embedded within mobile applications.
According to him, the platform is capable of analyzing customer behavior to recommend tailored financial products, effectively functioning as a “digital salesperson” that boosts bank revenues while enhancing customer experience.
He noted that Optimus AI LABS, which began as a modest startup targeting small businesses such as schools, has now identified greater opportunities in serving banks, fintechs, and microfinance institutions.
“The financial sector presents the biggest opportunity for AI to deliver value at scale,” Basamta said.
In response to rising fraud concerns and new CBN regulations mandating resolution of fraud cases within 14 days, Basamta highlighted the company’s AI-powered support platform designed to address customer frustrations over delayed assistance.
The system, he explained, interacts naturally with users, resolves issues promptly, and escalates unresolved cases, thereby strengthening compliance and improving customer satisfaction.
Basamta also recounted the firm’s global expansion, citing its work with Canadian clients, including the development of a dental learning environment for a major dental group.
He said this international footprint demonstrates Nigeria’s capacity to compete globally through homegrown innovation.
Reflecting on the company’s relocation into office space formerly occupied by KUDA, a fast-rising Nigerian fintech, Basamta expressed optimism that Optimus AI LABS is on a similar trajectory toward scaling into a major industry player.
He emphasized that the company’s growth would contribute not only to technological advancement but also to national development.
Basamta concluded by appreciating partners and stakeholders, stressing that “big things can emerge from small beginnings when powered by AI’s transformative capabilities.”
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