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Access Bank prosecutes defunct Intercontinental Bank staff for stealing N1.2bn from customers

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Following the startling discovery of a whopping N1.2bn fraud, allegedly committed by one Olayinka Sanni, qa former staff of Access Bank, through illegal siphoning of customers’ money, the bank has now taken the bold step to prosecute the said former staff, through the anti-graft agency, Economic and Financial Crimes Commission (EFCC,) after intensive investigations confirmed Sanni’s culpability in the alleged fraud.

An employee of Access Bank, one Arthur Ezindu, narrated how Olayinka Sanni, then an Account General Manager, AGM, of several plum accounts, severally stole a sizeable amount of money to the tune of N1.2billion from several accounts belonging to customers of the bank. Some of these customers’ accounts include: the Falana & Falana Chambers; Babington Junior Seminary; Viju Industries; Mechano Nigeria, PWU Nigeria; Elizade Nigeria; Murhi International Group, to mention a few. Sanni was reportedly arraigned alongside one Oyebode Oteyebi by the Economic and Financial Crimes Commission (EFCC) on an eight-count charge bordering on stealing, forgery and altering of forged documents. Ezindu, who gave his office address as Block 99C Damole, off Adeola Odeku, testified as a prosecution witness before an Ikeja High Court, Lagos. While being led in evidence by the EFCC Lawyer, Rotimi Oyedepo, Ezindu said that Sanni withdrew the said huge sum of money from different customers’ accounts without their consent and thereafter issued them forged documents of confirmation which he purportedly claimed, emanated from the bank. In the course of interrogation, Arthur Ezindu told the Special Offences Court that, Olayinka, who was his boss at the time of the incident, was a regional Executive, Lagos Mainland North at Intercontinental bank, now Access Bank. According to him, “The bank received several complaints from several customers whose accounts were debited without their consent. However, during the preliminary investigation, we noticed that all the complaints were centered on our staff, Olayinka Sanni. We then invited him to the head office for questioning, but he claimed that everything was under control. He told us not to bother investigating the matter on the ground, that there was more behind what was happening. So since he was our senior officer, being the AGM at that time, we decided to petition his case to the EFCC for proper investigation. When asked how much was involved as at the time the bank petitioned for EFCC, Ezindu replied, the total sum was about N1.2billion. The prosecution thereafter tendered the petition dated September 2011 in evidence. Meanwhile, the two defendants were also arraigned alongside a company, Sidaw Ventures Limited, which was allegedly used to transfer and cash out the stolen funds. The employee further said that during the preliminary investigation, the bank discovered that the company, Sidaw had Adamu as its signatory, while Sanni indirectly managed the account. Some of the handwriting on the cheques belonged to Sanni. He was the one indirectly signing and filling the cheques for Adamu. But in the wake of this unfolding scenario that is creeping into the good image of Access Bank, it was found out that the sleaze by Sanni was actually committed when he was still a staff of now defunct Intercontinental Bank, before it was acquire by Access Bank, thus with its assets and liabilities, as normally done in cases of acquisition. Upon acquisition, Access Bank began a fresh look into the books and records of Intercontinental Bank; that was when the Olayimka Sanni’s lead was broken, as many atrocities and malfeasances were discovered, all pointing in the direction of Sanni, who by this time had resigned from Access Bank, apparently due to the fact, that it would not take long before his misdeed will be found, and he would go in for it. Subsequently, he was invited by the bank and handed over to EFCC for further investigation, which now led to his present prosecution at the Ikeja High Court (Special Offences Unit.) The case was adjourned to a later date for further hearing, while the accused was refused bail, and still in the detention of EFCC. The deduction from the case is that the implication being created is that the fraud was committed by Sanni as a staff of Access Bank, but the truth of the matter is that the fraud was committed by Sanni while he was a top official of defunct Intercontinental Bank, until it was eventually acquired by Access Bank with all its assets and liabilities, which now, in a fresh bid to regularize the acquisition, found out the sleaze committed by Sanni.

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Senator Gbenga Daniel Celebrates Aare Adetola EmmanuelKing at 50

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Senator Gbenga Daniel Celebrates Aare Adetola EmmanuelKing at 50

The distinguished Senator representing Ogun East Senatorial District and Chairman of the Senate Committee on Navy, His Excellency, Otunba Engr. Gbenga Daniel, has extended warm congratulations to Aare Adetola EmmanuelKing, Chairman/CEO of Adron Group, on the occasion of his 50th birthday.

In a heartfelt message, Senator Daniel praised Aare Adetola EmmanuelKing for his outstanding dedication and immense contributions to the Nigerian housing sector. He described the celebrant as a shining example in the business community, whose passion and commitment have left an indelible mark on the real estate industry across Nigeria.

“You are indeed a source of inspiration to your generation and a shining example within the business environment. There is no doubt that you had written your name in an indelible ink across Nigeria and most especially among the real estate developers,” he wrote.

Senator Daniel also acknowledged Aare Adetola EmmanuelKing’s conferment as the ‘Otun-Asiwaju of Remo Christians’ by the Ogun State branch of the Christian Association of Nigeria (CAN), as a reflection of his God-fearing nature, philanthropic spirit, and commitment to humanity.

The senator offered prayers for good health, greater accomplishments, and many more remarkable years ahead for the business mogul.

He concluded by affirming his highest regards and admiration for the celebrant

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From Loss to Land: CBEX Victim Gifted Plot in Ibeju Lekki by Swedish Follower

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From Loss to Land: CBEX Victim Gifted Plot in Ibeju Lekki by Swedish Follower

CBEX Crash Sparks Outrage, Tears and Unexpected Kindness: Swedish Fan Gifts Nigerian Investor a Plot of Land

 

The dramatic crash of the CBEX investment platform has triggered a wave of public outrage and heartbreak across Nigeria and beyond, with scores of users lamenting the loss of millions in life savings, business capital, and retirement funds.

The Economic and Financial Crimes Commission (EFCC), along with the Internet Fraud Unit, has reportedly launched a probe into the circumstances surrounding the platform’s sudden collapse. The investigation comes amid mounting pressure from angry investors demanding justice and restitution.

As thousands take to social media to share their personal experiences and financial devastation, one story has stood out—not for its tragedy, but for the unexpected act of generosity that followed.

In a recent Facebook post, Nigerian digital creator Ivan Eagle shared that a Swedish follower, deeply moved by his emotional account of the CBEX fallout—originally reported by Legit.ng—gifted him a full plot of land in Lagos.

“A follower in Sweden just gifted me a FULL plot of land in Lagos after reading my CBEX story on Legit.ng,” Ivan wrote.

He revealed that the property is a 600-square-meter plot in Ibeju Lekki, one of Lagos State’s fastest-growing residential hubs, where land prices under reputable developers like PWAN reportedly start at ₦30 million.

“For those of you who live in Lagos, you all know how Lagos is gradually evolving into Ibeju Lekki, and how residential regions covered by reputable real estate firms in the area have been SOLD OUT,” Ivan added.

A Silver Lining Amid a Financial Storm

The CBEX collapse has left a bitter taste in the mouths of thousands of investors, many of whom believed they were participating in a credible digital asset investment scheme. Online forums and Telegram groups have since been flooded with screenshots of losses, emotional breakdowns, and desperate calls for recovery.

However, Ivan Eagle’s story has become a rare glimmer of hope, showcasing the unexpected humanity that sometimes arises in the aftermath of financial tragedy.

As investigations deepen, questions remain over CBEX’s regulatory compliance, investor protections, and whether its operators will face legal consequences. For now, the EFCC remains silent on the details but has urged victims to submit official complaints through its designated reporting channels.

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Prof Lawan Bala Buratai Appointed Vice Chancellor of Nigerian Army University Biu

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Prof Lawan Bala Buratai Appointed Vice Chancellor of Nigerian Army University Biu After Rigorous Selection

 

In a significant leadership transition at one of Nigeria’s foremost military-civilian academic institutions, Professor Lawan Bala Buratai has been appointed as the new Vice Chancellor of the Nigerian Army University Biu (NAUB).

Prof Lawan Bala Buratai Appointed Vice Chancellor of Nigerian Army University Biu

The appointment was announced following an intensive and merit-based selection process conducted by the Governing Council of NAUB at the Armed Forces Officers Mess and Suites, Asokoro, Abuja. The Council, under the chairmanship of Dr. Awwal Moriki, concluded its deliberations and formally presented the letter of appointment to Prof Buratai in a brief but momentous ceremony.

 

Dr. Moriki, while congratulating the new helmsman, described the selection as the culmination of a transparent and rigorous process aimed at identifying a visionary academic leader who embodies the university’s core values of excellence, discipline, and innovation.

With this appointment, Prof Buratai succeeds Professor Kyari Mohammed, whose single five-year tenure is widely credited with laying a strong foundation for the university’s academic and structural growth.

 

The Nigerian Army University Biu (NAUB) was established in 2018 as a unique public institution owned by the Nigerian Army and designed to serve both military personnel and civilians. Located in Biu, Borno State, the university was conceived as a strategic response to the security and developmental challenges facing Nigeria and the wider Sahel region.

NAUB is focused on entrepreneurship, innovation, defense studies, and technology-driven research. It offers undergraduate and postgraduate programs in diverse fields ranging from engineering and environmental sciences to social sciences, computing, and military history.

 

What sets NAUB apart is its civil-military partnership model, which aims to foster mutual understanding and collaboration between Nigeria’s armed forces and the general populace. The university plays a key role in developing indigenous solutions to security challenges while also contributing to national capacity building and economic resilience through education.

 

With increasing national and international recognition, NAUB continues to attract scholars and partnerships across Africa and beyond, committed to transforming it into a world-class institution in security and development research.

 

Professor Lawan Buratai, a respected scholar and administrator, is expected to lead the university into its next chapter—deepening academic standards, expanding infrastructure, and strengthening NAUB’s role in national transformation.

His appointment signals a continuity of vision with a renewed focus on excellence, innovation, and service to the nation.

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