Business
EXPOSED!!! How Saraki Diverted N45million Kwara state fund to acquire land in Lagos, Abuja.
A detective with the Economic and Financial Crimes Commission, Mr. Michael Wetkas, on Tuesday narrated to the Code of Conduct Tribunal how the Senate President, Dr. Bukola Saraki, allegedly diverted Kwara State Government’s funds as the governor of the state.
The witness said Saraki, who was the governor of Kwara State between 2003 and 2011, used the proceeds of the loot to repay personal bank loans which the former governor allegedly expended on the acquisition of landed assets in Lagos and Abuja.
Saraki is being prosecuted on 13 counts of false and anticipatory asset declaration which he made at the beginning and at the end of each of his two terms as governor.
Wetkas was the Federal Government’s first prosecution witness in a trial which only commenced on Tuesday after about six months of delay caused by a series of interlocutory applications and appeals deployed by Saraki.
The witness said, “It was discovered that the properties were acquired through the loans.
“The loans were repaid, through cash lodgements collected from the defendant at the Kwara State Government House and made in GTB, GRA, Ilorin branch.”
Wetkas said it was discovered that some of the individuals, who lodged funds into the accounts, were bank officials.
He added that the bank officials and some aides to the former governor collected the funds lodged into the accounts directly from Saraki at the Kwara State Government House.
He explained that Saraki paid back the loans with Kwara State Government’s fund through his aides, one of whom lodged between N600,000 and N900,000 in the former governor’s account 50 times on a particular day.
He said, “Because of the suspicious inflows into the account, the bank (GTB) officials were invited. The reason for the invitation of the officials was that some of the individuals, who were making the cash lodgements into the account, were bank officials.
“One Oluwatujimu reported to the commission.”
From our interactions with him, we discovered that some of the lodgements were made through his superior at the bank, Bayo Daudu, who was the Relationship Manager of the account.
“In our interaction with Daudu, it was discovered that the cash sums were handed over to him by the defendant (Saraki) for lodgement in the account.
“According to Daudu, he goes to Kwara State Government House to collect the money from the defendant for lodgement into the account at the GRA Ilorin branch of GTB.
“We discovered one name, Abdul Adama, who made transaction 50 times into the account in a single day. The sum was broken down to N600, 000 and N900, 000 and was lodged in the same day.
“Subsequently, after that one, Ubi made a lodgement on the same day about 20 times in the same range of N600,000 and N900,000. Adama reported that the cash sums were handed over to him by the defendant and stated further that the cash sums that were lodged in by Ubi into the same account were from the defendant.
“Adama and Ubi were personal assistants to the defendant while he was governor. Further investigations revealed that other individuals, who made lodgements into the account, were fictitious.
“From the lodgements into the accounts, we observed and discovered that one Ubi (we don’t have his surname) made five lodgements of over N37m in cash.”
According to the witness, Saraki failed to declare many of the landed assets as of 2011 when he completed his second term as governor.
The prosecution, led by Mr. Rotimi Jacobs (SAN), crossed the last legal hurdle before it could call its first witness on Tuesday after the tribunal dismissed another request for an adjournment by the defence.
The defence team had sought another adjournment on the basis of a fresh application for stay of proceedings and appeals, both of which they only filed on Monday, against a ruling of the tribunal which had been delivered on March 24.
Wetkas, who was led in evidence by Jacobs, said the EFCC received a number of petitions, accusing Saraki of abuse of office, misappropriation of public funds and money laundering shortly after the Senate President completed his second term as governor.
The witness said this prompted the then Chairman of the EFCC, Mr. Ibrahim Lamorde, to set up an investigative team, which he (Wetkas) headed in 2014.
He said his team, which later harmonised its findings with another broad investigative team, comprising operatives of the Department of State Services and the Code of Conduct Bureau, revealed that Saraki operated a number of companies which had accounts with Zenith and Guaranty Trust banks.
He said investigation revealed that between 2005 and 2013, a GTB account of one of the firms had an inflow of about N4bn, with the major source of the fund coming from the N2.5bn loans which he took from the bank within the period.
He said between 2009 and 2013, the dollar account operated by Saraki’s firm, Tiny Tee Properties Ltd, had an inflow of $6m.
The witness said, “The commission received several petitions from various groups. One of the petitioners was Kwara Freedom Network. They brought several petitions all bordering on abuse of office by the defendant, misappropriation of public funds and money laundering.
“Sometime in 2014, the then executive chairman of the EFCC, Ibrahim Lamorde received intelligence reports of suspicious transactions involving the defendant. He set up a team of investigators. Our task was to investigate the intelligence reports.
“The investigation report was reviewed by my team. In the course of our investigation, we discovered that there were several companies which were linked to the defendant. Some of them include Carlisle Properties Investment Ltd, Skyview Properties Ltd, Limkars Ltd, and Tiny-Tee Ltd. Some of the companies maintain accounts with Guaranty Trust Bank, Zenith Bank, Access Bank and other banks.
“From the investigation, it was discovered that the defendant maintained three accounts with the GTB. The first account is a naira currency account, the second is a US dollar account and the third is a pound sterling account.
“The naira account was analysed and it was discovered that between 2005 and 2013, the account had an inflow of about N4bn. The major source of inflow into the account was loans taken from GTB within the period. The loans were about N2.5bn, and the other source of inflow into the account was massive lodgements by individuals. Other inflows into the account were from the companies.
“It was discovered that the money was used for the purchase of property. The dollar account was also analysed. The major source of inflow into the dollar account was Tiny Tee Properties Ltd, which was about $2m. Other source was from bureau de change companies. And the rest was cash lodgements by individuals.
“The cash in the dollar account between 2009 and 2013 was $6m. We discovered that up to $3.4m was wired to American Express Services Europe Limited, which was used to fund the defendant’s American Express Service New York card account number 374588216836009.
“The defendant wired over 1.5m pound sterling to Fortis Bank for the purchase of a property in the UK.”
He said Saraki failed to list the assets in his asset declaration form.
Wetkas added, “My team searched the office of Carslie Properties and Investment Limited in Lagos at 30 Saka Tinubu, Victoria Island, Lagos, where the team discovered documents containing the list of documents of properties linked to the first defendant.
“Some of them were purchased from Presidential Implementation Committee on Government Properties.
“Some were bought from the Central Bank of Nigeria. We had to write a number of land registries in Abuja, Lagos Land Registry and we also wrote the CBN.
“These properties were not in the asset declaration forms.
“In analysing the forms, some infractions were observed on some of the forms.
“We discovered that property, known as 15 Mcdonald, Ikoyi, Lagos, which was purchased through a company, Hitel Limited, was not declared in the forms. We also discovered that 17A and 17B of Mcdonald, Ikoyi, Lagos, were bought for aggregate sum of N497.2m in 2006.”
He said the Senate President failed to declare his property at Plot 2A Glover Road, Ikoyi, Lagos, which he bought for N325,000,000 between 2007 and 2008, through his company called Carlisle Properties.
He said the accused also failed to declare the property at 37A Glover Road, Ikoyi, Lagos, which he allegedly bought through Carlisle Properties.
He stated that the defendant failed to declare the property at No. 1 Targus Street, Maitama, Abuja, otherwise known as 2482, Cadastral Zone A06, Abuja, on September 16, 2003.
The accused allegedly failed to declare the property at No. 3 Targus Street, Maitama, Abuja, otherwise known as 2482, Cadastral Zone A06, Abuja, which he acquired from one Alhaji Attahiru Adamu.
He was said to have failed to declare his leasehold interest in No. 42 Remi Fani-Kayode Street, Ikeja, Lagos, which he acquired through his company, Skyview Properties Limited, from First Finance Trust Limited.
His asset declaration forms, which he submitted to the CCB at the beginning and at the end of each of his tenure as governor in 2003 and 2011, were admitted as exhibits.
Also admitted was the asset declaration forms he has submitted to the CCB as a senator since 2011.
The defence, led by Mr. Paul Usoro (SAN), said he would defer his objection to the admissibility of the documents in his final written address.
Saraki was accompanied to the Tuesday’s proceedings by some senators.
The trial continues on Wednesday (today). -PUNCH
Business
Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects
Group Signs Investment Promotion Agreement in Ivory Coast as UNIPGC Deploys Funding for Capital Projects
– Ivorycoast, Cot’devouir
Noble & Gold Consulting Ltd has officially signed a partnership agreement with Gicobat Group of Company to facilitate funding for capital projects in Abidjan, Côte d’Ivoire, through the UNIPGC–Global Economic Development Council (GEDC), during a high-level Business and Investment Roundtable held in the country.
The meeting, which took place on May 12, 2026, at the World Trade Centre in Abidjan, brought together senior executives and stakeholders from both organizations, including His Excellency, Amb. Jonathan Ojadah GCOP, Global President of UNIPGC; Mr. Noble Eze, CEO of Noble & Gold Consulting Ltd; and the Chairman of Gicobat Group of Company, Côte d’Ivoire.
The roundtable focused on opportunities for capital project financing, investment promotion, and business development across strategic sectors of the economy. Following extensive deliberations, the parties finalized terms and signed an agreement aimed at advancing the projects discussed during the engagement.
Speaking at the event, the Chairman of the UNIPGC-GEDC, His Excellency Amb. Jonathan Ojadah, delivered a presentation titled *“How Reputable Brands Can Secure Funding for Capital Projects.”* He stated that the agreement represents a major milestone in supporting high-profile business initiatives that require structured financing and professional project management.
According to him, the partnership aligns with UNIPGC-GEDC’s mandate as a leading investment promotion, advisory, and business development institution operating across Africa and internationally.
> “Today, I am delighted to address this important topic on how leaders of established and reputable brands can secure the capital required for major expansion, technological advancement, or infrastructure development. The objective is not merely to find funding, but to attract the right funding at the most competitive cost of capital,” he stated.
He emphasized that brand reputation remains a critical asset in attracting investors and financial institutions.
> “In business, reputation is everything. In the world of capital-intensive projects, reputation is more than public perception; it is an asset class. A reputable brand represents stability, proven performance, and trustworthiness,” he added.
Amb. Ojadah further noted that successful funding processes begin long before formal investment pitches are made. According to him, investors seek organizations that demonstrate value stewardship, operational excellence, and financial discipline.
Drawing from his international experience in capital project engagements across Egypt, Kenya, the Democratic Republic of Congo, Zambia, and other countries, he highlighted several categories of major funding institutions involved in large-scale development financing. These include multilateral development banks, government agencies, private foundations, and impact investors focused on infrastructure, healthcare, real estate, energy, oil and gas, and sustainable development.
Among the institutions he referenced were the International Finance Corporation (IFC), the European Union (EU), the United Nations Capital Development Fund (UNCDF), the OPEC Fund for International Development, the Bill & Melinda Gates Foundation, the Mastercard Foundation, the Ford Foundation, the Rockefeller Foundation, and the UNIPGC Foundation.
He explained that through the UNIPGC Global Economic Development Council (GEDC), the organization facilitates funding opportunities for startups, private sector operators, and government projects through public-private partnerships (PPP), leveraging its network of international funding partners and financial institutions.
Amb. Ojadah identified three critical indicators commonly assessed by investors and lenders before financing projects:
1. **Transparency and Financial Performance** – Organizations must maintain audited financial records, quality assets, and sustainable growth patterns.
2. **Operational Excellence** – Investors prefer businesses with proven operational systems and stable cash flow generation, which reduce investment risks.
3. **A Strong Project Narrative** – Businesses must clearly demonstrate how proposed projects align with long-term strategic goals such as digital transformation, automation, infrastructure expansion, or increased market competitiveness.
He also outlined key strategies reputable brands can adopt in securing project financing, including bank financing, strategic partnerships, vendor financing arrangements, private equity investments, and asset-based lending structures.
> “Securing capital for projects as a reputable brand is ultimately about combining trust with strategic planning. Reputation is your strongest asset, and when paired with sound financial planning and a compelling vision, it becomes a powerful tool for building the future,” he concluded.
For Gicobat Group of Company, the partnership is expected to accelerate the execution of ongoing and proposed projects by leveraging UNIPGC-GEDC’s network of investors and financial partners. Officials of the company expressed confidence that the collaboration would significantly improve project implementation timelines and financing accessibility.
Organizers noted that the choice of the World Trade Centre, Abidjan, as the venue reflected the international scope and significance of the engagement, particularly for negotiations involving capital-intensive projects in infrastructure, trade, and industrial development.
UNIPGC-GEDC describes itself as a leading global investment promotion, advisory, and business development consultancy, working with governments, private enterprises, and institutional investors to structure, finance, and manage large-scale projects from inception to completion.
According to the organization, the Abidjan agreement adds to its expanding portfolio of strategic partnerships aimed at unlocking capital for projects with significant economic and social impact. It also confirmed that due diligence and project structuring processes had been completed prior to the signing to ensure project bankability and investor confidence.
Officials from both organizations further disclosed that implementation teams would be constituted immediately to oversee the next phase of the agreement. Although specific project details were not disclosed, both parties assured stakeholders that updates would be communicated as implementation milestones are achieved.
UNIPGC-GEDC also encouraged businesses, institutions, and investors with high-impact projects requiring financing or management support to engage with its team for collaboration opportunities. Further information on its services is available via UNIPGC-GEDC Official Website www.unipgc.org/gedc
Business
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech
Dennis Ekamah Isn’t Building Houses—He’s Redefining What Home Means for Africans Through PropTech.
The founder of coHouse.ng is reimagining how millions of Africans access, experience, and share housing through technology.
In Africa’s rapidly evolving innovation landscape, the most transformative companies are no longer defined by the industries they enter, but by the systems they redesign.
For Dennis Ekamah, the opportunity was never about constructing buildings, it was about confronting a deeper question.
why is access to housing still so structurally difficult for millions of Africans in a digital age?
Rather than stepping into real estate as a developer. Dennis chose a different path, positioning coHouse.ng as a PropTech platform rethinking how housing is accessed, experienced, and shared. At the heart of this vision which is connecting potential home owners together via resource pooling for the purpose of either Living or Growth. Simply, *Connect. Live. Grow.*
*A Platform Not a Property Company*
coHouse.ng is not a real estate company. It is a technology-driven ecosystem connecting like-minded individuals into structured communities where they can live intentionally, invest collectively, and grow within a shared system.
From Insight to Recognition
In 2025, coHouse.ng was recognised among the Top 50 Tech Startups in Africa. Even ahead of its official launch, the platform attracted over 1,000 early waitlist users, individuals eager to be part of a new way of living and investing.
Solving for Access, Alignment, and Trust
Dennis Ekamah’s diagnosis goes deeper than supply shortfalls. The real barriers he argues are access, coordination, and trust. coHouse.ng tackles all three through identity verification powered by a third party verification system api. coHouse is not flying solo without the help and collaboration with government bodies across Nigeria and other African countries.
In his words;
“Imagine what you would achieve as an individual or group if you’re living with the right people or like-minded individuals around you.”
I’m not a developer, I’m not a professional realtor, I’m just someone who sees the need for this solution based on the problem we face as youth/young entrepreneurs in today’s housing deficiency across Africa.
— Dennis Ekamah
Join our waitlist by visiting www.cohouse.ng
Landmark Judgment: Federal High Court Dismisses ₦50bn Oil Spill Claim Against ExxonMobil
The Federal High Court sitting in Uyo has dismissed a ₦50 billion lawsuit filed against ExxonMobil, sued as Mobil Producing Nigeria Unlimited, now Seplat Energy Producing, in a ruling analysts say could significantly reshape oil spill litigation and compensation claims in Nigeria’s petroleum sector.
Delivering judgment on April 29, 2026, Justice Onyetenu held that the suit instituted by the Ejige Ore Njenyisi Muma & Fishing Co-operative Society Ltd was incompetent and liable to dismissal for lack of jurisdiction.
The plaintiffs had sought ₦50 billion in damages over an alleged hydrocarbon spill said to have occurred on September 12, 2021.
However, counsel to the defendant, Chinonso Ekuma of KENNA LP, successfully argued that the claimants failed to disclose any legally recognisable violation attributable to the oil firm.
In its findings, the court held that the plaintiffs failed to establish any actionable wrongdoing against the defendant.
A key element in the court’s decision was the Joint Investigation Visit (JIV) Report tendered by the plaintiffs themselves, which showed that the alleged spill incident was confined within ExxonMobil’s operational facility and did not impact the members of the cooperative society or their sources of livelihood.
The court further ruled that claims arising from such incidents must be pursued strictly under the statutory compensation framework provided in Section 11(5) of the Oil Pipelines Act, rather than through common-law claims founded on negligence or nuisance.
Justice Onyetenu held that the plaintiffs’ attempt to circumvent the statutory regime by framing the suit as a tort action rendered the matter incompetent before the court, thereby depriving it of jurisdiction.
Legal analysts say the judgment reinforces the supremacy of the Oil Pipelines Act in determining compensation procedures relating to oil pipeline incidents and environmental claims in Nigeria.
The ruling is also seen as strengthening the evidential weight of Joint Investigation Visit Reports, particularly in cases where such reports indicate no direct impact on claimants or host communities.
Industry observers believe the judgment will have far-reaching implications for future oil spill litigation, especially regarding the procedural requirements for compensation claims against oil operators.
The court’s decision further provides clarity for operators within Nigeria’s energy sector by reaffirming that compliance with Section 11(5) of the Oil Pipelines Act is mandatory and cannot be sidestepped through alternative legal formulations.
While K.O. Uzuokwu appeared for the plaintiffs, the defence was led by Chinonso Ekuma of KENNA LP on behalf of ExxonMobil.
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