Business
Kidnappers sends letter to Lagos school, vow to kidnap student, staff members
There is palpable fear at the Lagos State Model College, Kankon, Badagry, as kidnappers have threatened to abduct some pupils and staff members of the school.
It was learnt that the kidnappers sent two letters of the same content to the junior and senior sections of the college respectively.
This is just as the daughter of a councillorship candidate of the All Progressives Congress in the Odi Olowo Local Council Development Association, Ilupeju, Bode Adeosun, was reportedly abducted.
PUNCH Metro gathered on Wednesday that that the letters sent to Kankon were posted on the corridors leading to the offices of the two principals.
In the letters sighted by our correspondent, the kidnappers claimed responsibility for the abduction of six pupils of the Lagos State Model College, Igbonla, Epe, who had spent 28 days in captivity.
They vowed to abduct six pupils from Kankon, as well as the two principals of the college, boasting that nothing could stop them.
A copy of the letters read, “Kidnappers are visiting the school the same way we did at Igbonla, Epe. We are going to capture three pupils from senior school and three from junior school. We are kidnapping both principals.
“We are coming in two days’ time. No security put in place will stop us from gaining entry and fulfilling our mission as stated in this letter. Be expecting us!”
Our correspondent learnt that the letters were sent to the college about two weeks ago, while the security agencies and the state government were alerted.
Policemen and soldiers were said to have been deployed in the school.
However, when the ultimatum given by the suspects elapsed, the security presence around the school reportedly reduced, which caused panic.
Some parents, who spoke on condition of anonymity, said they had initially wanted to keep the threat secret, but decided otherwise due to the reduction in the number of operatives manning the school.
One of the parents said he had visited his ailing son, who is in Junior Secondary School, on Saturday, June 10, when he saw one of the letters.
“As I was passing by the principal’s office, I saw a notice and stopped to read it. I was shocked when I read the content. The principal was not around at that time, but I alerted some staff members present.
“I informed the Parents Forum Association chairman, who contacted the school authorities. The government and security agencies had also been informed.
“A large number of policemen and soldiers were initially deployed in the school. There were also security vans patrolling the school surroundings.
“But when I went back four days after, the number of security men had reduced considerably. I saw only two policemen at the school gate.”
Another parent said he was at the school on Wednesday (yesterday) to assess the security situation, but was disappointed, urging the government to take the threat seriously.
He also lamented that the school fence was very low while there were bushes at the back of the premises, which could be exploited by the hoodlums.
He said, “Part of the bushes had been cleared upon the threat, but there are still a lot to be done. The school fence needs to be raised. There should be light around the fence for safety at night.”
A parent called for massive security around the school, saying some insiders could be aiding the hoodlums.
“There is a Nigerian Air Force base near the school; the threat should not be taken for granted,” she added.
The PFA Chairman, Mr. Wale Alo, said the case was reported at the Akpa Police Post and Area K Command, Badagry.
He said, “We have been trying to beef up security. The state government sent policemen and military personnel. The school also employed some vigilantes to secure the school, especially at night. I learnt that the deputy governor is aware. Although the handwriting on the letters looks like that of a child, the content is beyond any pupil’s reasoning. The school is a little bit far from the waterside, but we must not leave anything to chance.”
A member of staff of the college, who begged not to be named, said security was required in the school.
He said, “It was the junior school that got the letter first. After three days, the same letter was dropped at the senior school. The school employed local vigilantes after the letter was received. They left after some days, saying the government did not appreciate their effort. They said if anything happened to them in the course of protecting the school, they could be abandoned.
“These vigilantes are the ones really doing the work. In the middle of the night, they were around the hostels, hiding in the bush. Presently, two policemen are on duty per shift. Once it is 11pm, they go to sleep. However, five policemen patrol the road leading to the school every day.”
The school authorities, however, described the letters as a rumour.
One of the two principals, Mr. Sunday Fadaunsi, said, “We regard the letters as a rumour. Parents and pupils have been circulating it, but nobody can come up with any letter.”
When asked about the security measures put in place in the school, he said, “the deputy governor is handling that.”
The Lagos State Commissioner for Information and Strategy, Mr. Steve Ayorinde, said the government was aware of the letter, adding that the security of the school, pupils and staff was guaranteed.
He said, “We are aware and the security agencies are on high alert and alive to their responsibility. Whether it is a threat or a prank, the Lagos State Government will not yield any of its schools or pupils to the evil machinations of kidnappers. We shall secure our schools and every pupil and tutor. The police and other security agencies are up to the task. This is an assurance to the Model College, Kankon, and the general public.”
The Lagos State Police Public Relations Officer, ASP Olarinde Famous-Cole, said the police had beefed up security in the school and other colleges in the coastal areas of the state.
“There is intelligence report that these people (kidnappers) may perpetrate criminal acts at model colleges. The police are using proactive measures to fortify the schools, including Kankon, to prevent what happened in model college, Igbonla.
“The Area Commander, Area K, said there is an adequate police presence at the school and there was no cause for alarm.”
Meanwhile, the APC councillorship candidate’s daughter, Bukola Adeosun, was allegedly kidnapped around 9pm on Tuesday while she was sent on an errand to Shilon Street, Ilupeju, with her younger sister.
Her father, Bode, said the abductors contacted him around 1.30am on Wednesday with a hidden number.
He said “ Bukola, was sent on an errand with her younger sister, but only the little sister came back.
“Around 1.39 am, we got a call from the kidnappers confirming that Bukola is in their custody.
“I believe the kidnap of my daughter has some political undertone since local council election is coming up next week.”
The state PPRO said a case of missing person was reported to the police.
He said, “The family said she went to buy fish around 10pm, but she didn’t return. We are investigating. She is an adult.”
Bank
Wema Bank Plc Sets the Record Straight on False and Misleading Publication by NDIC on Legacy Transactions Involving Defunct Gulf Bank Plc
Wema Bank Plc Sets the Record Straight on False and Misleading Publication by NDIC on Legacy Transactions Involving Defunct Gulf Bank Plc
General Comments
Wema Bank Plc has noted with concern recent media publications containing false, misleading, and wholly unsubstantiated allegations regarding the sale of certain Banana Island properties purportedly linked to the defunct Gulf Bank Plc. We unequivocally reject these claims, which are inaccurate, malicious, and clearly intended to distort the true position. For the benefit of our stakeholders—shareholders, customers, regulators, and the general public—we set out below the factual background to the transaction.
The Original Exposure and Default
In 2002, Wema Bank Plc (the Bank) made an inter-bank placement with Gulf Bank Plc in the sum of ₦4.6 billion. By August 2004, that exposure had been reduced to approximately ₦1.2 billion, after which the outstanding obligation became delinquent. In seeking to recover depositors’ and shareholders’ funds, Wema Bank pursued lawful recovery steps, which ultimately dovetailed into a criminal investigation of the then Managing Director of Gulf Bank Plc.
Based on the investigation of the Economic and Financial Crimes Commission (EFCC), the funds were found to have been diverted and used to acquire properties in Banana Island, Lagos, through two separate companies Bacad Finance & Investment Company Ltd (now known as Supra Commercial Trust Limited) and Euston Wenberg Eng Ltd. It is important to note that neither Bacad Finance & Investment Company Ltd (nor its successor, Supra Commercial Trust Limited) nor Euston Wenberg Eng Ltd is one and the same as Gulf Bank Plc. They are separate and distinct entities with no identity or equivalence to Gulf Bank. And the two companies are not subject to NDIC supervision.
In the course of its investigation, the EFCC conducted asset-tracing exercises that uncovered significant underlying fraud on a substantial scale. Following the EFCC’s findings, Bacad Finance & Investment Company Ltd and Euston Wenberg Eng Ltd voluntarily relinquished their proprietary interests in the Banana Island properties towards the satisfaction of Gulf Bank Indebtedness to Wema Bank. That process formed part of Wema Bank’s lawful recovery efforts and underscores the legitimacy of its actions against Gulf Bank.
NDIC’s Acknowledgment, Admission of Indebtedness, and Payment of Shortfall.
Critically, following the liquidation of Gulf Bank, Nigeria Deposit Insurance Corporation (NDIC) admitted Gulf Bank’s indebtedness to Wema Bank in two separate letters:
A letter dated September 26, 2007, addressed to the Federal Land Registry; and
A letter dated June 10, 2009, addressed directly to Wema Bank Plc.
These letters constitute clear and formal recognition by the NDIC of the validity of Wema Bank’s claim against the defunct Gulf Bank and its interest over the property in question. Fortunately, both letters form part of the documents frontloaded by NDIC lawyer Dr. Dada Awosika SAN in court in the ongoing proceedings before Justice Allagoa of the Federal High Court Lagos.
Furthermore, after the sale of the properties, the NDIC in fact paid to Wema Bank, the shortfall of what was due to the Bank. These facts demonstrate that the NDIC was not only aware of the transaction but actively participated in settling the outstanding balance following the sale.
In light of the foregoing:
the voluntary relinquishment by Bacad (now Supra Commercial Trust Limited) and Euston Wenberg (distinct entities not constituting Gulf Bank), of the properties in Banana Island for the settlement of the indebtedness of the defunct Gulf Bank
the NDIC’s formal admission of Gulf Bank’s indebtedness to Wema Bank via its letters of September 26, 2007 (to the Federal Land Registry) and June 10, 2009 (to Wema Bank), both of which have been frontloaded in court by NDIC itself, and the acknowledgement of the relinquishment of the Banana Island properties, and
the NDIC’s own payment of the shortfall to Wema Bank,
NDIC is precluded from and cannot in good faith contest the relinquishment of those interests or the appropriateness of Wema Bank’s recovery efforts.
While we acknowledge that the NDIC has recently commenced two separate actions against Wema Bank at the Federal High Court, Lagos, purportedly in its capacity as liquidator of Gulf Bank Plc pursuant to a winding-up order, those proceedings do not alter the material facts stated above. As these matters are currently before the court and therefore sub judice, Wema Bank will refrain from commenting further on issues that fall for judicial determination. The Bank is taking all necessary steps to contest the suits filed in court and will explore all legal and legitimate means to protect its rights and interests.
Conclusion
Wema Bank Plc remains steadfast in its commitment to the highest standards of corporate governance, regulatory compliance, and transparency. We reaffirm our dedication to ethical and prudent banking practices and assure our shareholders, customers, regulators, and all relevant stakeholders that the Bank will continue to act responsibly, lawfully, and in the best interests of all parties it serves. The Bank will continue to exert its rights and will not succumb to the shenanigans of unscrupulous individuals who want to reap where they did not sow.
FOR FURTHER INFORMATION:
For further information, please contact:
Johnson Lebile
General Counsel/Legal Adviser
About WEMA Bank Plc
Wema Bank Plc (NGX: WEMABANK) is the pioneer of Africa’s first fully digital bank, ALAT, and one of Nigeria’s most resilient banks. With decades of experience in the business of banking, the Bank has remained innovative in delivering value to its stakeholders. Wema Bank operates a network of over 150 branches and service stations backed by a robust ICT platform. The publicly quoted Nigerian company has successfully built a legacy of trust and resilience that has won it the loyalty of its customers. The Bank is constantly introducing products and services tailored to the needs of its customers at every stage of their lives. It is a proud partner to more than one million individuals, families and businesses across Nigeria, helping them achieve their personal and financial goals.
More information can be found at https://www.wemabank.com/about-us/
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
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