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Former Federal Mortgage Bank MD, Kumo Ya’u, 2 Others Docked Over $65m Fraud

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2 weeks ago

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has arraigned in court, the former Managing Director/Chief Executive Officer (CEO) of the Federal Mortgage Bank of Nigeria (FMBN), Gimba Kumo Ya’u, and two others over an alleged diversion of $65,000,000 meant for the development of 962 units of residential housing in the Kubwa area of Abuja.

 

Ya’u was arraigned alongside the former Executive Director of FMBN, Bola Ogunsola, and the Managing Director of T-Brend Fortunes Nigeria Limited, Tarry Rufus, before the Federal High Court in Abuja on Tuesday, November 26, 2024.

 

The ICPC, in a charge sheet marked FHC/ABJ/CR/333/24, said alleged offences against the trio contravened the Public Enterprises Regulatory Commission Act and Section 19 of the Money Laundering (Prevention and Prohibition) Act, 2022.

 

 

The ICPC, in a five-count charge, accused Ya’u of making payment to Good Earth Power Nigeria Limited in the sum of N3,785,000,000 out of the total contract sum of $65,000,000, for the development of the residential building named “Goodluck Jonathan Legacy City” contrary to accepted practice.

 

The commission stated that the former Federal Mortgage Bank CEO and Ogunsola, in their roles as Chief Executive Officer and Executive Director of the bank in August 2012, secured a loan of N14 billion from Ecobank Nigeria Plc on behalf of the bank.

 

The ICPC further alleged that Ya’u, as the then CEO of the Federal Mortgage Bank awarded the $65 million contract despite knowing that the company lacked the capacity to carry out the contract.

 

 

It added that the project remains incomplete “as of today thereby amounting to economic adversity for the bank and in violation of Section 68(1) of the Public Enterprise Regulatory Commission Act, CAP P39, Laws of the Federation, 2004.”

 

The other defendants were accused of giving and receiving $3,550,000 of the contract sum in cash in contravention of the Money Laundering Act.

 

Rufus, Good Earth Power Nigeria Limited, and T-Brend Fortunes Limited were accused of directly converting the sum of N991,399,255 into $3,550,000 and handing over the same to one Jason Rosamond (now at large) in cash, “contrary to Section 18(2) (b) and punishable under Section 18 (a) of the Money Laundering (Prevention and Prohibition) Act, 2022.”

 

The defendants however pleaded not guilty when the charges were read to them.

 

 

Following their not-guilty plea, the presiding judge, Justice James Omotosho, granted the defendants bail in most liberal terms.

 

Justice Omotosho, therefore, adjourned the matter to February 6, 2025, for the commencement of trial.

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Lagos Takes a Giant Leap Towards a Cleaner, Greener Future with Proper Waste Disposal Bins

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23 hours ago

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December 11, 2024

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Join the Movement to Build a Culture of Proper Waste Segregation and Disposal in Lagos. 

 

As part of its efforts to promote a cleaner, greener, and healthier environment, The Architects Place Ltd In conjunction with the Ministry of Environment and Water Resources has launched an initiative to provide proper waste disposal bins across the state.

 

The initiative, which is aimed at building a culture of proper waste segregation and disposal, is designed to encourage residents, businesses, and institutions to properly dispose their waste and recyclables.

The proper waste disposal bins, which are designed to accommodate different types of waste, including recyclables, organics, and non-recyclable waste, will be strategically located in public spaces, markets, and other high-traffic areas.

 

This will help to reduce the amount of waste that ends up in landfills and waterways, improving environmental health and reducing the risk of disease. By providing separate bins for recyclables, the initiative will encourage residents and businesses to recycle more, reducing waste and conserving natural resources.

 

We urge all residents, businesses, and institutions in Lagos to join us in this effort to build a culture of proper waste segregation and disposal. Together, we can make a difference and create a cleaner, greener, and healthier environment for all.

 

For more information on the proper waste disposal bin initiative, please contact:

 

Ministry of Environment & Water Resources, Alausa Lagos State.

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National Grid Collapses 12th Time In 2024

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24 hours ago

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December 11, 2024

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Nigerians were left in darkness on Wednesday following yet another collapse of the national power grid.

 

Since January 2024, the grid has collapsed 11 times.

 

 

In just one week in October, the grid failed three times, causing widespread blackouts and prompting reactions from Nigerians

 

 

A tweet from Nigeria’s National Grid official handle confirmed the collapse at approximately 2:09 pm on Wednesday.

 

“The major grid setback has occurred and the restoration is to commence,” the tweet stated.

 

 

 

 

More to come…

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Just In: Abuja High Court Denies Yahaya Bello’s Bail Request…..

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2 days ago

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December 10, 2024

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A High Court of the Federal Capital Territory (FCT) in Maitama has rejected the bail request by former Kogi State Governor, Yahaya Bello.

 

Bello is standing trial, along with two others, on an alleged N110bn money laundering charge brought against him by the Economic and Financial Crimes Commission (EFCC).

 

Justice Maryanne Anenih, in a ruling on Tuesday, faulted the competence of Bello’s bail application, stating that it was filed prematurely.

 

Justice Anenih held that, since the application was made when Bello was neither in custody nor before the court, it was deemed incompetent.

 

She said: “Consequently, the instant application, having been filed prematurely, is hereby refused.”

 

 

 

More to come…

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