Police Uncover Alleged Fraud at Luxury Prime Real Estate in Abuja… Arrest Staff Members

The Nigerian Police have uncovered what appears to be a large-scale housing scam allegedly orchestrated by Luxury Prime Real Estate Nigeria Limited, a company headquartered at No. 2 Potiskum Street, Area 1, Garki, Abuja. The firm, owned by one Eze Samuel, is currently under investigation for alleged fraud, conspiracy, breach of trust, and obtaining money under false pretenses.

Trouble began when officers from the Force Headquarters stormed the company’s office recently to question its management following a petition by multiple victims. However, the company’s Chief Executive Officer, Eze Samuel, was said to be nowhere in sight during the police operation. Two staff members — Kennedy Ogoina and Elizabeth Onah — were arrested and detained for an entire weekend over their alleged role in the fraudulent scheme.

According to the petition, Luxury Prime Real Estate lured unsuspecting Nigerians into paying for non-existent housing projects using forged Certificates of Occupancy and other fake land documents. Investigators identified several top company officials now wanted for questioning, including Emmanuel (Chief Operating Officer), Ikechukwu “Hyke” Otutubuike (Executive Director), Kennedy Ogoina (Sales Manager), Elizabeth Onah, and Winner Ignatius (Sales Executives).

One of the most notorious schemes linked to the firm involved a purported housing project named “Lux de Ville Estate”, which the company advertised as being located at Plot 1078, Kaura District, Abuja. Prospective buyers were promised a 3-bedroom terrace duplex with a boys’ quarters on a 2,600 sqm parcel of land, with assurances that construction would begin in March 2025 and be completed by December 2025.

Several buyers, swayed by glossy marketing brochures and persuasive sales pitches by Elizabeth Onah and Winner Ignatius, reportedly made 50% down payments of a non-existing housing scheme. To their shock, six months later, not a single block had been laid at the advertised site. Matters worsened when police discovered that Luxury Prime does not own the land and had no approval to build on it.

In another disturbing twist, some staff of the company were reportedly apprehended by soldiers around Asokoro Abuja while scouting a parcel of land allegedly owned by the Nigerian Army, raising suspicions of further fraudulent land dealings.

Police sources confirm that under pressure and fear of litigation, Luxury Prime Real Estate has been robbing Peter to pay Paul by scouting money from other innocent members of public to refund victims. Discreet checks reveal that Luxury Prime CEO, Eze Samuel who shuttles between Nigeria and Kigali, Rwanda has stepped up his pranky game by moving into a more cozy office located at Churchgate, Abuja in a bid to further hoodwink innocent Nigerians. A growing number of clients have lodged fresh complaints, citing deliberate deception, impersonation, and fraudulent collection of funds.

“This is a clear case of criminal conspiracy and organized fraud,” a source familiar with the investigation said. “If left unchecked, many more Nigerians could fall prey to this syndicate.”

The police investigation into Luxury Prime Real Estate is ongoing, with authorities urging members of the public to exercise caution when investing in real estate ventures and to verify all land titles and development projects through appropriate government agencies.

GTCO Plc Releases 2025 Half-Year Audited Results… Sustains Strong Performance on Core Earning Lines Growth

Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the period ended June 30, 2025, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

The Group recorded profit before tax of ₦600.9billion on the back of strong performance on core earning lines of interest income and fee income, which grew y-o-y by 31.5% and 33.0%, respectively. The strong core-earning performance doused the impact of the ₦493.01bn fair value gains recognised in H1-2024 which did not recur in H1-2025, thereby narrowing y-o-y dip in PBT to 40%.

The Group recorded growth across all its asset lines and continues to maintain a well-structured, de-risked, and diversified balance sheet in all the jurisdictions wherein it operates a Banking franchise, as well as across its Payments, Pension and Funds Management business verticals. Total assets and shareholders’ funds closed at ₦16.7trillion and ₦3.0trillion, respectively. Capital Adequacy Ratio (CAR) remained very robust and strong, closing at 36.2%. Asset quality also improved as evidenced by IFRS 9 Stage 3 Loans which closed at 3.2% at Bank level and 4.5% % at Group in H1-2025 (Bank -3.5% (Group- 5.2% in December 2024) and Cost of Risk (COR) improved to 1.7% from 4.9% in December 2024.

In specific term, the Group’s loan book (net) grew by 20.5% from ₦2.79trillion position of December 2024 to ₦3.36trillion in June 2025. Similarly, deposit liabilities grew by 16.6% from ₦10.40trillion to ₦12.13trillion during the same period. The Board approved an interim dividend of ₦1.00 per share for H1-2025.

Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “Our half year performance reflects the strength of our core business and the progress we are making in building a truly diversified financial services ecosystem. Beyond the extraordinary one-off gains of last year, we are now driving sustainable growth with recurring earnings that highlight the resilience and scalability of our model. A key driver of this momentum is our continued investment in technology, particularly the comprehensive upgrade of our core banking systems, which is already delivering stronger uptime, greater efficiency, and increased capacity to scale as our customer base grows.”

He added: “Across Banking, Funds Management, Pension, and Payments, we are leveraging a fully de-risked balance sheet to reinforce our market position while maintaining strategic flexibility for growth. This foundation positions us to take advantage of emerging opportunities and deliver lasting value for all stakeholders.”

Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 60.4%, Pre-Tax Return on Assets (ROAA) of 10.6%, Capital Adequacy Ratio (CAR) of 36.2% and Cost to Income ratio of 30.1%.

Guaranty Trust Holding Company Plc (GTCO Plc) is a leading financial services group with operations across Africa and the United Kingdom. Renowned for its strong corporate governance, innovative financial solutions, and customer-centric approach, GTCO Plc provides a wide range of banking and non-banking services including payments, funds management, and pension fund administration. The Group is committed to delivering long-term value to stakeholders while driving growth and development across its markets.

Court Stops NUPENG, Trucking Union from Planned Strike, Picketing of Dangote Refinery

The National Industrial Court has issued an interim injunction restraining the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Direct Trucking Company Drivers Association from embarking on any industrial action or picketing against the Dangote Petroleum Refinery.

Justice Emmanuel Danjuma Subilim, ruling on an ex parte motion filed by Dangote Refinery’s counsel, George Ibrahim (SAN), also barred the unions from obstructing public roads or disrupting operations at Dangote Refinery, MRS Oil Nigeria Plc, and MRS Oil and Gas Company Ltd.

The court sitting in Abuja Wednesday, held that irreparable damage could occur if the injunction was not granted. The restraining order, valid for seven days, is to remain in effect pending the hearing of a motion on notice.

Justice Subilim directed that the unions be served within the week and ordered the case file transferred to the court president for reassignment, as the vacation jurisdiction ends on September 23.

Dangote Refinery had approached the court and sought orders restraining NUPENG and the drivers’ association, their members, agents, and representatives from engaging in industrial action aimed at crippling refinery operations.

The Refinery further asked the court to compel the drivers to continue petroleum trucking services to the refinery, MRS, and the Nigerian public pending the determination of the motion on notice.

Mr. Ibrahim argued that the unions’ actions contravened Section 40 of the 1999 Constitution, which guarantees freedom of association, and Section 12(4) of the Trade Union Act. He maintained that the court had jurisdiction to intervene in the dispute.

In the supporting affidavit, the refinery pledged to pay damages if the injunction is later deemed unjustified. The court found that the balance of convenience favoured the refinery and that a serious issue was at stake.

Meanwhile, Dangote Refinery reiterated its support for voluntary unionism, stating it respects workers’ rights to join or abstain from union membership. It also dismissed monopoly claims, noting that over 30 refinery licences have been issued to other private operators.

NUPENG, however, accused the refinery of violating a recent resolution on workers’ rights and intimidating union officials. The union has placed its members on red alert and called for government and civil society intervention.