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
AfCFTA, AGRA Collaborate to Reduce Non-tariff Barriers to Intra-African Food Trade

The African Continental Free Trade Area (AfCFTA) secretariat signed a Memorandum of Understanding with nonprofit organisation Alliance for a Green Revolution in Africa (AGRA), towards improving agricultural trade in the continent.

On the margins of the 39th African Union Summit over the weekend when the MoU was signed, Wamkele Mene, secretary-general of the African Continental Free Trade Area (AfCFTA) Secretariat, said the three-year ‘Agriculture Trade Action Plan’, was created to ensure better distribution of food products and solve enduring food insecurity for producers, processors and consumers across the continent.
“The continent of Africa in the last few years has been undergoing a food crisis. Africa has the grains but we continue to be a net food importer.” The Secretariat would leverage on the “technical skills,” and “the expertise of AGRA combined with trade tools to enable movement of agric products across the African continent.”
“The main objective is to reduce the cost of food import bill in Africa,” he added.
On its website, AGRA says it is an African-led institution focused on scaling agricultural innovations that help smallholder farmers to increase incomes, live better, and improve food security.
Mene said the Secretariat had spent the last three years working on the plan that is expected to “reduce the cost of food and help to develop agro processing industries. Ministers of trade will adopt it and take it to heads of state for adoption,” he said.
Alice Ruhweza, president of AGRA said the partnership was about “virtual water.”
“When we trade maize, citrus and processed dairy across borders, we’re also trading the water we use to produce them,” she said “And by integrating our markets, water-abundant regions can nourish water-scarce regions,” she said.
AGRA and the AfCFTA said they will commit to protecting food systems from drought and floods, by linking food corridors and food baskets into agro-processing zones that utilise sustainable water management
“We will empower smallholder farmers to ensure the free trade prosperity reaches farmers and youth who farm our land and protect our streams,” they promised, with the end goal being that “ no child goes to bed hungry.” “Let this partnership prove that when Africa trades with itself, it feeds itself,” Ruhweza said.
General News
NDPC Orders Probe into Temu over Alleged Data Privacy Breaches

Nigeria Data Protection Commission (NDPC) has launched an immediate investigation into the data processing activities of popular e-commerce platform Temu, amid allegations of violating key provisions of the Nigeria Data Protection (NDP) Act.

Dr Vincent Olatunji, National Commissioner/CEO of NDPC, personally directed the probe following mounting concerns over Temu’s handling of personal data, including issues of online surveillance, accountability deficits, failure to uphold data minimisation principles, lack of transparency, inadequate duty of care, and questionable cross-border data transfers.
Preliminary inquiries by the commission reveal that Temu, a fast-growing global online marketplace, processes personal information belonging to approximately 12.7 million data subjects within Nigeria alone, while boasting 70 million daily active users worldwide. These figures underscore the platform’s massive reach and the potential scale of any non-compliance with local data laws.
In a stern public advisory, Dr Olatunji warned data processors engaging in activities on behalf of controllers to rigorously verify their partners’ adherence to the NDP Act, stressing that failure to do so could expose them to direct liability under the legislation.
The investigation was formally announced by Babatunde Bamigboye Esq., CDPRP, NDPC’s Head of Legal, Enforcement and Regulations, who emphasised the commission’s commitment to safeguarding Nigerians’ privacy rights in the digital age.
This action fits into NDPC’s broader enforcement drive against data mishandling in Nigeria’s booming tech sector. Just last year, the commission probed over 1,369 firms for similar infractions and launched sector-wide audits targeting fintechs and other high-risk processors. Earlier cases included investigations into the National Identity Management Commission (NIMC) over alleged privacy lapses and Optasia for data rights violations.
Experts view the Temu probe as a signal of heightened regulatory vigilance, particularly for foreign platforms tapping into Nigeria’s vast consumer base without full alignment to local laws. “Cross-border transfers without safeguards pose real risks to data sovereignty,” noted one digital rights advocate, speaking anonymously.
For millions of Nigerian shoppers drawn to Temu’s bargain deals, the development raises urgent questions about the security of their personal details, from payment information to browsing habits. NDPC urged affected users to monitor official channels for updates and report suspicious activities.
As the investigation unfolds, processors across the e-commerce ecosystem are bracing for potential audits, with non-compliant entities facing fines, operational curbs, or forced data localisation under the NDP Act.
NDPC reaffirmed its mandate to enforce compliance, promising swift action to protect citizens in an era of pervasive data-driven commerce.
General News
Leo Stan Ekeh Foundation, Zinox Group To Invest 10B on 1000 University Tech Scholarships for Indigent Nigeria Wiz-kids

By Eunice Omokaro
Africa’s foremost tech icon and Chairman of Zinox Group, Leo Stan Ekeh, who turns 70 on February 22, this year, has explained why he is not celebrating his 70th birthday with a mega party, preferring to offer University scholarships to additional 1000 Nigerian indigent wiz-kids to study Computer Science in Federal Universities so that the country’s private and public sectors could have a new generation of tech wiz-kids to support the growth of the economy.

Leo Stan Ekeh
He anticipates that these students who will not be bonded, shall disrupt global wealth equation in favour of Nigeria and defend our tech independence. Selection shall be based on a minimum Intelligent Quotient and age nationwide, and they shall be schooled and exposed beyond tech to become global Tech Citizens.
Speaking on phone, Ekeh said “Each shall have a tech mentor from year one, as I plan a partnership with Computer Society of Nigeria and every vocation they shall be engaged resourcefully. Beneficiaries shall be from poor homes and those with parents who earn below Government Level 10 and its equivalent in the private sector. The first batch starts this September, and I expect each to earn first class degree. This is my Group of companies’ and my little way of appreciating my country, individuals and corporates that gave us the opportunities in the last 40 years and still patronizing our Tech Group – Task Systems, TD Africa, Zinox Technologies, Konga etc. If we are successful with this spiritual mandate, I can then celebrate my 100 years on earth with a bang. With God and AI, I am aiming to make 120 years,” he said.
Ekeh, a largely humble and private person not known for celebrating birthday milestones, explained that rather than throwing a lavish birthday party befitting his newly attained septuagenarian age, he has chosen with his Group’s Management to provide world-class tech human capital to support growth of the nation’s economy.
“We need quality and tech-savvy wiz-kids who can drive the future of government and e-governance and those who will become change-makers in the private sector.
“I have been blessed and bruised in this country and I thank God. Frankly, I don’t see enough Nigerian tech wiz-kids who can defend the massive development anticipated in the next 5 – 10 years in the oil and gas, banking, agriculture, manufacturing, mining, entertainment, etcetera, and public sectors. We are becoming slaves in our own country in a knowledge century which is unfortunate. We are all arrogantly living just for today, forgetting that only four God-anointed tech wiz-kids can alter the GDP of this country in five years. The man who controls your tech resources decides your profit level and how far your country and corporations can grow in this second quarter of the 21st Century and in future,” he said.
Ekeh, who was once decorated by President Olusegun Obasanjo as ‘Icon of Hope’ on Nigerian Independence Day in 2003, for his tech-driven transformative impact on Nigerian economy and the youths, said Nigeria must begin to plan for the disruptions coming.
“The future is here but very fragile and disruptive, it’s either you are something or nothing at all. No middle ground. We need to alter the digital trajectories of our people. Technology is realistically the only profession in the world today that can alter the destiny of brilliant and humble kids from poor families and position them as huge wealth creators and sustainers. Though I am not really from a very poor family, but I am a testimony and shall tell the whole story in my book that shall be published last quarter of 2027. It shall be most revealing.
“This is my additional contribution amongst others to appreciate Nigerians, the Federal Government, sub- nationals and corporations that have been supporting my tech commitments and innovations on this side of the Atlantic,“ the soon-to-be septuagenarian said.
When asked how much it will cost to undertake such gigantic project, he said: “It is a spirit-driven project to thank those who supported and are still supporting companies within the Zinox Group. It has an annual cost that shall run into billions of Naira and my group is committed to it amongst other social responsibility projects like TD Africa Project to produce 10,000 female tech experts out of which 400 have graduated and are fully employed in different corporates in Nigeria. This is a 10-year project with other perks. The full package shall be revealed online on April 22, 2026,” he said.
However, beyond his birthday and the scholarship initiative, Ekeh in the last 40 years has been a worthy role model for philanthropy and a living exemplar of what it means to live for public good. He has been decorated with a lot of local and international awards. His group has trained and retrained over 3000 Nigerians and donated tech centres to over 25 institutions nationwide just to mention a few.
Ekeh was a former mass servant and chorister in his local community Catholic Church at Ubomiri, a sprawling community on the fringes of Owerri, Imo State.
One of his favourite pastimes is to seek out the poor and help them come up the ladder of life. He is an entrepreneur who draws a distinct line between capitalism and welfarism? He believes that capitalism must wear a human face; that profit must not take the place of empathy as no one came with and shall leave this earth with cash.
His philanthropy is not limited by geography. From south to the north, his imprints of charity dot many educational institutions. A couple of years ago, he built a church complete with rectory in his Ubomiri community, the same church where he was once a mass servant.
At the dedication of the church, he recalled in an emotion-laden voice: “My grandfather produced a Reverend Father who was ordained same day with Rev Canon Tansi. My father as a past time was a soloist in this church, and he served God with all his might; I was a mass servant and a member of this choir (pointing to the horde of choristers robed in red outfit). I have never tasted alcohol or smoked since I was born and I don’t know why. It was something that never appealed to me or fascinated me. I believe our good God decided to save me from birth.
“I come from a lineage of people who served God dedicatedly. I think I am a miracle child and was clear who I wanted to be from the day I launched out as a tech entrepreneur. I saw myself as an only Child even though I have siblings and, as an orphan even though my parents were alive and a bit civilized because no person around me even though educated, had tech knowledge to advise me, so I decided to take the pain before pleasure alone.
“I love God and will never hesitate to do anything in the service of God and humanity. I built this church as a mark of God’s special love and mercy towards me. I have the best wife any man would wish to have. She is a super star. She is intelligent, beautiful and unlike some women, she is not expensive and more importantly, we operate on the same tech wavelength. If for any reason I get stuck, she is the one to figure out the solution for me. God blessed me with brilliant and responsible children too. I am grateful to God because He has seen me through the valleys and mountains of life. As a mark of God’s mercy to me, I pay corporate tithes for all my companies. I didn’t read it in the Bible but I do it”, he told the audience.
“God is the architect of my success. As an entrepreneur, I have strategised, stayed up late, made projections but if there was no mercy of God and His grace to help me implement these, there will be no success. God has done me well; even for me to be alive, to come from the family I come from, the village, town, region and country I come from. Most importantly, God has managed me because He gave me a proactive personality, removing all the holes in my life. The temptations are there, you can imagine them. Maybe if I was taking alcohol, I would have been a mental guy. I work an average of 20 hours a day and near zero holidays and I have no health challenges,” he once told some journalists.
For Ekeh, the Forbes Best of Africa Leading Tech Icon, the scholarship for 1,000 Nigerian students remains a tiny drop in the ocean of multitude of philanthropies he has extended to persons and institutions across the continent quietly. Through his Leo Stan Ekeh Foundation (LSEF), his family’s non-profit, and the various companies under the Zinox Group, he has impacted humanity and institutions both in cash and kind, especially human-capital development, upskilling the hitherto unskilled in tech-techniques, institutionalising entrepreneurship in select universities and awarded countless local and overseas scholarships to Nigerians of all tribes and tongues to advance their quest for knowledge.
In the last two years alone, the Foundation launched three entrepreneurship centres at St. Augustine University in Epe, Lagos, Federal University, Birnin Kebbi, Kebbi State, Imo State University (IMSU) etc. The centres had been upskilling young men and women turning them to wealth and job creators, rather than job-seekers. At the IMSU centre, it was a moment of joy for about 200 young Nigerians who were the first set of beneficiaries of a 3-month entrepreneurship boost programme.
They were taught the fundamentals of entrepreneurship by the best coaches and experts drawn from Nigeria, United States and United Kingdom. Not only were they tutored by the best whizzes in diverse fields of human endeavour, they were also kept on a stipend throughout the duration of the programme to augment their weekly commute to the centre. In addition, each trainee was gifted a brand-new Z-pad tablet to aid their learning and upskilling process. Some also received interest free loans to launch their businesses.
What’s unique about Ekeh and his philanthropy is that he does them behind the scene. No cameras flashing. No media buzz. Just humane acts of a man fated for greatness and encased in God’s grace.
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