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£15bn Petro Union Fraud: Attorney-General Intervenes

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£15bn Petro Union Fraud: Attorney-General Intervenes

£15bn Petro Union Fraud: Attorney-General Steps In

 

In a significant move to safeguard Nigeria from potential fraud, the Attorney-General of the Federation and Minister of Justice, Chief Lateef Fagbemi (SAN), has led a team of senior lawyers to represent the Federal Government at a Supreme Court hearing over the Petro Union Oil and Gas Limited case. 

 

The development marks the first time the Federal Government was represented at such a high level since the little-known company secured a judgment from the Federal High Court in Abuja for £2.556 billion.

 

However, the Economic and Financial Crimes Commission (EFCC) had concluded in its investigation report that Petro Union obtained the judgment by allegedly using a Barclays Bank UK cheque to draw from an account closed five years before it was presented.

 

The anti-graft agency’s finding led to the ongoing prosecution of the oil company’s directors before the Federal High Court in Lagos. 

 

The directors, Prince Kingsley Okpala, Prince Chidi Okpalaeze, Prince Emmanuel Okpalaeze, and Abayomi Kukoyi (trading as Gladstone Kukoyi & Associates), are facing a 13-count charge of conspiracy, forgery, and fraud before Justice Chukwujekwu Aneke. 

 

Chief Fagbemi’s appearance in the controversial case is particularly notable because it demonstrates the Federal Government’s resolve to fight the March 11, 2014, court order, which directed the Central Bank of Nigeria (CBN), Union Bank of Nigeria, the Minister of Finance, and the Attorney-General to jointly pay Petro Union the judgment amount along with 15 per cent interest per annum.

 

During the March 17, 2025 proceedings, Chief Fagbemi led a team of lawyers, including Mohammed Gazali (SAN), a Director in the Federal Ministry of Justice, and other lawyers representing the Federal Government and its agencies. 

 

Chief Adegboyega Awomolo (SAN) led the legal team for Union Bank, while the CBN’s legal representation was headed by Damian Dodo (SAN) alongside Mrs. Olabisi Soyebo (SAN) and others.

 

Chief Awomolo argued an application to amend the Notice of Appeal by adding eight additional Grounds of Appeal. 

 

While the AGF and the CBN’s lawyers supported the motion, Petro Union’s legal team opposed it.

 

After listening to arguments on the matter from the lawyers, the Supreme Court reserved its ruling for a later date to be communicated to the parties.

 

The judgment sum against the Federal Government, CBN, and Union Bank now stands at over £15 billion, including interest—exceeding 50% of Nigeria’s foreign reserves. 

 

Legal experts have compared this situation to the infamous $10 billion Process and Industrial Development (P&ID) case.

 

The troubling events leading to this judgment began in 1994 when Petro Union allegedly fraudulently obtained a cheque worth £2.556 billion from a Barclays Bank branch in the UK. 

 

The company presented this cheque at a Union Bank branch in Lagos, claiming it was for a contract related to refinery construction and the establishment of a bank.

 

Subsequent investigations by the CBN and Union Bank unveiled that the cheque, dated December 29, 1994, and drawn in favour of Gladstone Kukoyi & Associates, was confirmed by Barclays Bank to be counterfeit. 

 

Barclays Bank had also indicated that Gazeaft Limited, the issuer of the bill of exchange, did not have an account with them and was not listed as a registered company in the UK.

 

Despite these findings, Petro Union and its agents persisted in their claims that Union Bank had received £2,556,000,000.00 on their behalf and had transferred £2,159,221,318.54 to the CBN while retaining £396,778,681.46. This led to court actions against the CBN and Union Bank based on these dubious claims.

 

In a concerning development, Petro Union managed to secure a judgment by presenting an alleged statement of account from the CBN, neglecting the fact that a Central Bank serves as a banker to the government and banks, not to individual companies or persons.

 

Following these proceedings, both the CBN and Union Bank filed appeals to overturn the judgment, particularly as evidence of fraudulent motives began to emerge during the ongoing criminal prosecution of Petro Union and its executives at the Federal High Court in Lagos.

 

Additionally, information already presented to the Supreme Court suggests that Petro Union may have obtained the judgments at lower courts by allegedly providing evidence that appears to be based on falsehoods, forgery, misrepresentation of facts, and concealment.

 

Given Nigeria’s increasing debt profile, many observers are alarmed by the prospect of this additional £15 billion ‘debt’ looming over the nation. They are looking to the Supreme Court to deliver justice in this complex matter.

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Milestone Achievement: LASUSTECH Mass Communication Department Secures ARCON Nod

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Milestone Achievement: LASUSTECH Mass Communication Department Secures ARCON Nod

LASUSTECH Mass COMMUNICATION DEPARTMENT EARNS FULL ARCON ACCREDITATION

 

Lagos, Nigeria – The Advertising Regulatory Council of Nigeria (ARCON) has granted the Department of Mass Communication at Lagos State University of Science and Technology (LASUSTECH) a five-year full accreditation to run advertising-related courses. This milestone achievement is a testament to the department’s commitment to excellence and its positioning for global competitiveness.

The accreditation exercise, conducted in January 2025, underscores the department’s adherence to industry standards and best practices. With this accreditation, students of the department will no longer need to write the ARCON professional examination before applying for membership in the noble council.

According to Dr. Steven Anu’ Adesemoye, Head of Department, Mass Communication, “This accreditation is a significant milestone for us, and we’re thrilled to have met ARCON’s rigorous standards. Our students will greatly benefit from this, as they’ll have a competitive edge in the industry.”

The department’s accreditation status places it at a greater advantage in marketing communication training, providing students with a comprehensive education that prepares them for the ever-dynamic media and communication workspace.

“As we continue to reculture and position ourselves for global competitiveness, this accreditation serves as a validation of our efforts,” said Adesemoye.
“We’re committed to providing our students with a world-class education that equips them for success”

The department is open to mutual collaborations, seeking to leverage partnerships with industry stakeholders to enhance its curriculum and provide students with practical, real-world experience.

“We’re excited to collaborate with industry partners to further enrich our curriculum and provide our students with the skills and knowledge required to excel in the industry,” added Dr. Adesemoye.

With this accreditation, LASUSTECH’s Mass Communication Department solidifies its position as a leading institution for media and communication education in Nigeria, offering students a globally recognised qualification that opens doors to exciting career opportunities.

The Dean, College of Applied Social Sciences (CASS), Professor Olamuyiwa Olamade felicitate the department for the academic feat, “The College extends heartfelt congratulations to the Department of Mass Communication and expresses its gratitude to the Vice-Chancellor for meeting our accreditation requirements, leading to this significant achievement.”

Milestone Achievement: LASUSTECH Mass Communication Department Secures ARCON Nod


Public Relations and Advertising, Unit,
Department, Mass Communication

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Property mogul; Dr Shakirat Ayobami floats NGO

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Property mogul; Dr Shakirat Ayobami floats NGO

In the competitive landscape of Nigeria’s real estate industry, Dr. Shakirat Ayobami emerges as a formidable leader and innovative force. As the founder and driving force behind White Rose Properties, she has successfully carved out a distinct niche for herself in a sector that has historically been dominated by men. Her journey is a testament to resilience, marked by her unwavering determination to overcome challenges and break through the barriers that often hinder women’s progress in such fields.

Dr Ayobami’s strategic mindset and sharp business acumen have been pivotal in elevating her company to unprecedented heights, allowing it to thrive despite fierce competition. Her achievements reflect not only her hard work and dedication but also serve as a powerful challenge to societal stereotypes that often discourage women from pursuing ambitious careers. Despite facing scepticism and criticism from some quarters, her success stands as a beacon for aspiring entrepreneurs, particularly women, in Nigeria. Through her leadership and commitment to excellence, Dr. Ayobami is reshaping the future of the real estate sector.

Starting her career as a property realtor, Dr. Ayobami embodies the “girl child can do spirit,” which champions resilience, determination, and hard work. With years of experience that have transformed her ideas into stunning condominiums and homes that enrich the skylines of Lagos, she has remained steadfastly connected to her humble beginnings. Her journey has been one of grit; having faced significant challenges before reaching the pinnacle of the real estate business, she now owns properties in prime locations across Lagos and has built a loyal clientele. This loyalty stems from her meticulous attention to detail and her passion for delivering exceptional quality in every project.

In her commitment to giving back to society, Dr. Ayobami recently established The White Rose Foundation, a non-governmental organization dedicated to supporting abandoned children whose families can no longer afford their educational needs. Over the years, her deep sense of social responsibility has driven her to pay school fees for vulnerable children, an effort that has cost her millions of Naira. As demand for assistance grew, she decided to channel the proceeds from her business to expand her charitable efforts, ensuring that more beneficiaries could benefit from her foundation’s initiatives. In celebration of her 40th birthday, she aims to touch more lives through educational grants, reflecting her desire to empower youth and create a brighter future.

In contrast to many of her peers who might host extravagant parties to mark such milestones, Dr Ayobami has chosen to adopt over 100 vulnerable children in each state across the nation to benefit from her scholarship scheme. This initiative is designed to empower them and offer them a more promising future. She plans to initiate the selection process in her home state of Osun and subsequently extend it to Lagos State, where she resides.

“The desire to establish a charity organization stems from my own experiences as a woman, which have shaped my perspective on life,” Dr. Ayobami explains. “I recognize that to break the cycle of adversity that I endured while growing up, I must ensure that others have access to the educational opportunities I once fought for. My educational scheme is not just about empowerment; it is about opening doors to new possibilities for these children in the future.” With her unwavering vision and commitment to social change, Dr Shakirat Ayobami is making a profound impact, one life at a time.

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Dr. Ifeoma Eze Delivers Inspiring Message on Value and Purpose

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Dr. Ifeoma Eze Delivers Inspiring Message on Value and Purpose

 

Abuja, Nigeria – Dr. Ifeoma Eze, a renowned minister, author of books and wife of Prophet Okwudili Eze, General Overseer of Zion Heritage Ministries, recently delivered a powerful sermon titled “Your Gift Is an Instrument of Value.” Drawing from her book, Becoming A Person of Exceptional Value, Dr. Eze’s message challenged individuals to recognize their worth and embrace their God-given purpose.

 

During her sermon, Dr. Eze defined value as the measure of one’s usefulness through acquired skills and the ability to provide solutions. She emphasized that an individual’s value is determined by who seeks them, who needs them, and who demands what they carry.

“Value means that what you have to offer on the table of life is useful, needed, and relevant,” she stated. “It is your value that transports you to the level of relevance that you desire.”

Dr. Eze further explained that different levels of value attract different audiences. While some talents may appeal to the sick, the hungry, or the vain, others will draw the attention of kings, royalty, and influential personalities. She posed a critical question to her audience: “What kind of value do you bring, and who do you bring it for?”

To illustrate her point, Dr. Eze referenced the biblical story of Hiram of Tyre, a skilled craftsman sought out by King Solomon for his expertise in brasswork (1 Kings 7:13-14). She used this example to highlight how exceptional value creates demand and opens doors to extraordinary opportunities.

Dr. Eze also drew inspiration from Jeremiah 1:5, where God affirms that He knew His people before forming them in the womb. She urged individuals to recognize their God-given potential, declaring that everyone is uniquely gifted to become a trailblazer, a pacesetter, and a generational curse breaker.

“Before He formed you, He knew you were full of potential, loaded with greatness, and anointed for impact. He knew you would be a source of transformation, bringing people to the saving knowledge of Christ,” she proclaimed.

Her message serves as a call to self-discovery and purposeful living, reminding believers that their gifts are not merely talents but divine tools for influence and kingdom advancement.

Dr. Ifeoma Eze’s sermon aligns with the themes of her book, Becoming A Person of Exceptional Value, which continues to inspire countless individuals on their journey to discovering their true worth and fulfilling their God-given purpose.

Through her teachings, Dr. Eze is empowering people to embrace their unique gifts, break barriers, and make a lasting impact in their communities and beyond. Her work stands as a testament to the transformative power of recognizing and living out one’s value.

For more information about Dr. Ifeoma Eze’s ministry and her book, visit Zion Heritage Ministries or follow her on social media platforms.

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