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N2.2bn Fraud: EFCC presents four witnesses against Ex-Ekiti governor, Ayo Fayose

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The Economic and Financial Crimes Commission, EFCC, on Monday, November 19th, opened its case against a former governor of Ekiti State, Ayodele Fayose, who is being prosecuted for an alleged N2.2bn fraud before Justice Mojisola Olatoregun of the Federal High Court sitting in Ikoyi, Lagos .

 

Fayose was arraigned alongside his company, Spotless Investment Limited, on October 22, 2018 on an 11-count charge bordering on fraud and money laundering to the tune of N2.2bn.

 

The former governor is facing trial in connection with N1.299bn and $5.3m out of the N4.65bn slush funds allegedly shared by the Office of the National Security Adviser, NSA, through a former Minister of State for Defence, Musiliu Obanikoro.

Fayose pleaded not guilty to the charges preferred against him and was granted bail in the sum of N50m with one surety in like sum. The Judge had adjourned to Monday, November 19, 2018 for the commencement of trial.

In the course of the sitting, a prosecution witness, Lawrence Akande, told the court that one Abiodun Agbele informed him sometime in June 2014 that he had about N1.2 billion cash lodgement to make in Akure,Ondo State.

Akande, an employee of Zenith Bank Plc in charge of South West comprising Ogun, Oyo and Osun States, further told the court that he subsequently received a call from the first defendant in respect of the same issue earlier discussed with him by Agbele.

“Since the lodgement was in Akure, I had to call my colleague there to follow up on it. This is all I know about it, ” he added.

When asked if he knew about the company, Spotless Investment Limited, Akande, who was led in evidence by the prosecution counsel, Rotimi Jacobs, SAN, stated that it was one of his bank’s customers at the Dugbe branch.

When he was shown the account opening document of Spotless Nigeria Limited, De Privateer Limited and Still Earth Limited as well as account document of the first defendant, the witness confirmed the documents. They were tendered and admitted in evidence as exhibita A-D by the court.

When asked where the account of the first defendant was domiciled, he said: ” It is not domiciled within my domain. “But from the documents before me here, I can see Apapa”, he said.

Asked to state if the People’s Democratic Party, PDP, maintained an account with his bank, the witness said so many parties, including PDP, had accounts with his bank.

Under cross-examination by counsel to the first defendant, Kanu Agabi, SAN, the witness told the court that he made statements to the EFCC on June 6, 2016. He, however, said that he did not mention the first defendant in his earlier statement. “I only mentioned him in my subsequent statements to the EFCC ,” he added.

When the defence counsel told him that his evidence was based on what he was told by his colleague, whom he said handled the transactions in Akure, he responded that “I was told how the cash was processed.”

He also stated that he had sought patronage by the first defendant for opening of government account with his bank in line with his responsibility of looking for deposits.

During cross-examination by counsel to the second defendant, Olalekan Ojo, SAN, Akande confirmed to the court that a person who is not a signatory to an account cannot make withdrawals from such account.

“There are withdrawal limits in every account and where withdrawals are to be made above the stipulated limits, it is reported to the Nigeria Financial Intelligence Unit (NFIU) to investigate such transaction,” he further stated.

When asked if his bank ever lodged any report of suspicious transactions on the various company accounts, he said: “We had no reason to do so.”

Also, when asked if he told the EFCC that before the account opening of De Privateer, the sum of N200 million was lodged in the account, he answered in the affirmative.

When asked if he was aware that the PDP organised a fund raiser before the election and that political parties do organise fund raising, the witness said, ” It is not impossible. But I don’t know.”

Akande, who confirmed that he had not had any dealing with the account of the second defendant, also told the court that the CCTV installed in the bank usually captures customers making lodgements in the bank, except it is faulty.

A second prosecution witness, Abiodun Oshodi, who is the Zonal Head of the bank covering South West 2 comprising Ondo, Kwara and Ekiti, recalled some developments in 2014 in relation to the case, saying, “I received a call from my colleague (Akande) that Agbele would be coming to make some lodgments and that I should organise a bullion van. I waited for Agbele who arrived with one Sadiku and some escorts. Senator Musiliu Obanikoro, the then Minister of State for Defence, and his aide, also accompanied them. As soon as the aircraft arrived, I moved with the bullion van towards the plane to evacuate the money.

“The total sum amounted to N1.2 billion. They were lodged into accounts supplied by Agbele. Others include Spotless Nigeria Limited, De Privateer Limited as well as personal account of former governor, Fayose. Some cash were taken to Ado-Ekiti.”

When asked to look at the deposits in the account of Spotless Limited from June 17 to Aug 4, 2014, Oshodi, who also supervises all branches in the three localities, told the court that there was a lodgment of N100 million on June 17. On June 23, there was a cash lodgement of N49 milion. On June 24, there was a cash lodgement of N200,000 while on August 4, there was a cash lodgement of N40 million.

“On same August 4, there were also cash lodgements in the sums of N35 million, N35 million, N24 million, N20 million and N14 million respectively,” he added.

The witness told the court that Agbele made the deposit on June 17.

He, however, said that from the statement before him, the depositor’s name on August 4 was given as Ayo.

A third prosecution witness, Olaitan Fajuyitan, a banker in Diamond Bank, told the court about the involvement of the bank in the transaction, saying , “We received payment instructions on June 16, 2014 to pay cash of N1.2bn. We then moved the funds to CITS account. On the same process on June 17, 2014, we paid N200 millon.”

The account details, account statement and instructions were tendered and admitted as exhibit E.

He confirmed to court that the money was legitimate, since it was received from the Office of the National Security Adviser NSA, through the Central Bank of Nigeria, CBN.

PW3 mentioned the beneficiaries of disbursement funds as: Santuraki Bello( N200m); Yusuf Ulama (N120m); Chmenun Injoku( N250m); Josaha Moses( N250m); Abubaka Sodiq Zanna (N200m) and Franklin Tolani (N150m), respectively.

Also, the fourth prosecution witness, PW4, Damola Otuyemo, Head, Cash in Transit in Service, Diamond Bank, said his duties involved evacuating cash from a bank that has surplus and supplying banks that do not have enough.

He said on June 16, 2014, his Director, Premier Oiwoh, informed him that they needed to pay a sum of N1.2bn cash to a customer, and that he should get the cash ready.

He said because the beneficiaries were not available to pay the cash to, he was told by his Director to move the cash to the airport.

He said: “We had to contact a company that operates bullion vans and moved the cash to the Muritala Muhammed Airport, Ikeja, Lagos .

“On getting to the Airport, we could not have access to enter. So, my Director spoke to Gbolahan Obanikoro, who was described as the person that could help us to proccess the pass. He did and we then entered. After, this Musilu Obanikoro was phoned and the cash was handed over to him. Obanikoro told me not to evacute the cash because it had to be loaded in aircraft”, he said

Giving further evidence, he said: ” The whole cash was moved into the aircraft and they left the airport.

“We did not see the six beneficiaries. We released the cash to Mr Musilu Obanikoro, having been identified by my Director. It was Obanikoro who signed for the money. On June 17, 2014, my Director called me and instructed that I pay a sum of N200m to Malik Bauchi. He said we should waive identification.

“But because the amount was too much, we did not waive the identification, and the money was paid to Obanikoro. They used a cash bag called “jumbo bags” to pack N1.2bn and Ghana- must-go bags to pack N200m. The cash was handed over to Musliu Obanikoro”.

Justice Olatoregun adjourned the matter to January 21 and 28, 2019 for continuation of trial.

 

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Kogi’s Quiet Shift: Reviewing Governor Ododo’s First 24 Months in Office 

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Kogi’s Quiet Shift: Reviewing Governor Ododo’s First 24 Months in Office

By Rowland Olonishuwa 

 

On Tuesday, Kogi State paused to mark two years since Alhaji Ahmed Usman Ododo took the oath as Executive Governor. Across government circles, community halls, and everyday conversations, the anniversary was more than a date on the calendar; it was a milestone that invites both reflection and renewed optimism. A moment to look back at how far the state has travelled in just twenty-four months, and where it is heading next.

 

Since assuming office in January 2024, Ododo has steered the state through a period of measured consolidation, delivering strategic interventions across security, infrastructure, human capital, and economic revitalisation that are beginning to translate into real improvements for residents.

 

Governor Ododo stepped into office at a time when expectations were high, and confidence in public institutions needed rebuilding.

 

His response to these was not loud declarations, but steady consolidation, strengthening structures, restoring order in governance, and setting a clear direction. Over time, that calm approach has become his signature: leadership that listens first, plans carefully, and moves with purpose.

 

Security has remained the most urgent concern for Nigerians, and Kogi residents are no exceptions; the Ododo-led administration has treated it as such. From deploying surveillance drones to support intelligence operations to recruiting and integrating local hunters and vigilante personnel into formal security frameworks, the government has built a layered safety net.

 

For farmers returning to their fields, travellers moving along highways, and families in rural communities, the impact is simple and deeply personal: fewer fears, quicker response, and growing confidence that the government is present and concerned about the ordinary people.

 

Infrastructural development has followed the same practical logic. Roads have been rehabilitated, easing movement for traders and commuters. Budget priorities have shifted toward capital projects and human development, while revived facilities like the Confluence Rice Mill now provide farmers with real economic opportunity. For many households, this means better income prospects, stronger local trade, and renewed belief that development is no longer a distant promise.

 

Health and education are not left out; the Ododo-led administration has expanded free healthcare services and supported students through examination funding and institutional improvements.

Parents who once struggled with medical bills and school fees have felt relief. Young people preparing for their futures now see government investment not as abstract policy but as something that touches their daily lives.

 

Governance reforms, from civil service strengthening to new legislative frameworks, have quietly improved how government functions. Salaries are more predictable, public offices are more responsive, and local government structures are more coordinated. These may not always make headlines, but they shape how citizens experience leadership every day.

 

As the second year anniversary celebrations fade into routine today and Governor Ododo enters his third year in office, the true meaning of the anniversary will continue to linger on.

 

Two years may not have solved every challenge in the Confluence State -no government ever does, by the way- but they have set a tone of stability, responsiveness, and direction. The next phase will demand deeper impact, broader reach, and sustained security gains.

 

But for many in Kogi State, the story of the past twenty-four months is already clear: steady hands on the wheel, and a journey that is firmly underway.

 

 

 

Olonishuwa is the Editor-in-Chief of Newshubmag.com. He writes from Ilorin

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Lagos Assembly Debunks Abuja House Rumour, Warns Against Election Season Propaganda

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Lagos Assembly Debunks Abuja House Rumour, Warns Against Election Season Propaganda

 

 

The Lagos State House of Assembly has described as misleading and mischievous the widespread misinformation that it budgeted for the purchase of houses in Abuja for its members in the 2026 Appropriation Law.

 

This rebuttal is contained in a statement jointly signed by Hon. Stephen Ogundipe, Chairman, House Committee on Information, Strategy, and Security, and Hon. Sa’ad Olumoh, Chairman, House Committee on Economic Planning and Budget.

Describing the report as a deliberate and disturbing falsehood being peddled by patently ignorant people, the statement reads, “There is no provision whatsoever in the 2026 Budget for the purchase of houses in Abuja or anywhere else for members of the Lagos State House of Assembly. The report is a complete fabrication and a product of political mischief intended to misinform the public.

“The Lagos State House of Assembly does not operate in Abuja. Our constitutional responsibilities, constituencies, and legislative duties are entirely within Lagos State. It is, therefore, illogical, irrational, and irresponsible for anyone to suggest that legislators would appropriate public funds for personal housing outside their jurisdiction.”

The statement emphasised that the budget is already in the public domain and accessible for scrutiny by discerning Lagosians and Nigerians alike. It reiterated that the Lagos State Government operates a transparent budget that speaks to the needs of the people and the demands of a megalopolis.

“We view this rumour as part of a wider attempt at election-season propaganda, designed to erode public trust, sow discord, and malign democratic institutions.”

The chairmen further clarified that the 2026 capital expenditure of the House of Assembly is less than 0.04% of the total CAPEX of the state, which clearly demonstrates the culture of prudence, accountability, and fiscal responsibility that guides the legislature. However, they noted, “Historically, the House does not even access up to its approved budget in many fiscal years.”

They stressed that the Assembly remains fully committed to excellence, transparency, good governance, and the collective welfare of the people of Lagos State, in line with the objectives of the 2026 Budget of Shared Prosperity.

“We therefore challenge those behind this harebrained allegation to produce credible evidence or retract their statements forthwith. Failure to do so may attract appropriate legal actions.

“We urge Lagosians and the general public to disregard this baseless rumour and always verify information from official and credible sources.”

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Democracy in the Crosshairs: How Nigeria’s Ruling APC Weaponises Power and Silences Dissent

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Democracy in the Crosshairs: How Nigeria’s Ruling APC Weaponises Power and Silences Dissent.

By George Omagbemi Sylvester | Published by saharaweeklyng.com

“Tinubu’s Government, the EFCC and the Strategic Undermining of Opposition Governors”.

 

In a striking indictment of Nigeria’s current political reality, Governor Seyi Makinde of Oyo State declared that “you cannot speak truth to power in this dispensation”, directly accusing the administration of President Bola Ahmed Tinubu of intolerance for dissent and an erosion of democratic norms.

Makinde’s remarks (made during a public event in Ibadan on January 25, 2026) were more than a local governor’s lament. They crystallised a mounting national frustration: that Nigeria’s political landscape has tilted dangerously toward executive overreach, institutional capture and political engineering.

Democracy in the Crosshairs: How Nigeria’s Ruling APC Weaponises Power and Silences Dissent.
By George Omagbemi Sylvester | Published by saharaweeklyng.com

This narrative is not isolated. Across Nigeria, governors from opposition parties have defected to the ruling All Progressives Congress (APC) in numbers unprecedented in the nation’s democratic history. Critics argue that these defections are not merely voluntary political choices, but part of a strategic pressure campaign leveraging federal power and institutions to fracture opposition influence.

At its centre lies Nigeria’s principal anti-graft agency – the Economic and Financial Crimes Commission (EFCC).

The EFCC: Anti-Graft Agency or Political Instrument? Founded to combat corruption, the EFCC’s constitutional mandate is to investigate and prosecute financial and economic crimes across public and private sectors. Its legal independence is enshrined in statute and it has historically pursued high-profile cases, including recovery of nearly $500 million in illicit assets in a single year, demonstrating its capacity for tackling corruption.

 

However, critics now claim that under the Tinubu administration, the EFCC’s prosecutorial power is being perceived (if not deployed) as a political instrument.

Opposition leaders, including former Vice President Atiku Abubakar and coalition parties such as the African Democratic Congress (ADC), have publicly accused the federal government of using anti-corruption agencies to intimidate opposition figures and governors, effectively pressuring them into aligning with the APC.

In a statement released in December 2025, opposition figures alleged that institutions such as the EFCC, the Nigerian Police and the Independent Corrupt Practices and Other Related Offences Commission were being selectively wielded to weaken political competitors rather than combat financial crime impartially.

This is not merely rhetorical noise. The opposition’s grievances centre on several observable patterns:

Reopened or New Investigations Against Opposition Figures: The ADC pointed to recent abnormal reactivation of long-dormant cases or new inquiries into financial activities involving senior opposition politicians. These, they argue, often arise shortly before critical elections or political realignments.

 

Alleged Differential Treatment: According to opponents of the current administration, individuals who have defected to the APC appear less likely to face sustained legal scrutiny or prosecution in EFCC proceedings, even in cases of credible allegations of mismanagement.

Timing of Actions: The timing of certain high-profile investigations, emerging ahead of the 2027 general elections, reinforces perceptions that anti-graft measures are tailored to political cycles rather than legal merit.

The EFCC and Presidency have publicly denied these allegations, insisting that the commission operates independently and pursues corruption irrespective of political affiliation and that Nigeria’s democratic freedoms (including party choice and mobility) remain intact.

Yet the perception of bias, once systemic, is hard to erase, especially when political actors deploy powerful state machinery with strategic timing and selective intensity.

Defections and Power Realignment: A Democracy at Risk? Since 2023 and particularly through 2025, a remarkable number of state governors and senior political leaders have crossed over from opposition parties (notably the Peoples Democratic Party – PDP) to the APC. Though defections are normal in Nigeria’s fluid political system, the scale and speed in recent years are historically noteworthy, raising critical questions about underlying incentives.

The SaharaWeeklyNG reported Makinde’s comments within the broader context of a political climate where dissenting voices face greater obstacles than at any time in recent democratic memory.

Governors who remain in opposition find themselves squeezed between growing federal assertiveness and dwindling political capital. Some analysts argue that the combination of federal resource control, political appointments and influence over public agencies exerts tangible pressure on subnational leaders to align with the ruling party for political survival. This dynamic, they contend, undermines competitive party politics and weakens Nigeria’s multiparty democracy.

 

Speaking Truth to Power: What Makinde’s Critique Exposes. Governor Makinde’s core grievance (that it is increasingly difficult, perhaps perilous, to speak truth to power) resonates widely among civil society actors, political analysts and democratic advocates:

“YOU CANNOT SPEAK TRUTH TO POWER IN THIS DISPENSATION,” Makinde declared, specifically citing the government’s handling of contentious tax reform bills as an example where dissent was neither welcomed nor transparently debated.

Makinde’s critique reflects deeper structural concerns:

Exclusion of Key Stakeholders: Opposition leaders and state executives report being marginalised from meaningful consultation on national policies affecting federal-state relations, revenue sharing and fiscal reforms.

Institutional Intimidation: The perception that state politicians become targets of federal legal scrutiny after taking firm oppositional stances (real or perceived) discourages robust democratic debate.

Erosion of Opposition Space: A symbiotic effect of party defections and institutional pressure is a shrinking viable space for genuine political opposition, weakening checks and balances essential to democratic governance.

A respected political scientist, Dr. Aisha Bello of the University of Lagos, recently argued that “when opposition becomes fraught with state leverage instead of ideological competition, the very foundation of democratic contestation collapses,” adding that “a government that shies away from criticism risks inversion into autocracy.”

Another expert, Prof. Chinedu Eze, former dean of political studies at Ahmadu Bello University, warned that “selective use of anti-corruption agencies as political tools corrodes public trust and ultimately delegates justice into the hands of incumbents rather than independent courts.” These observations echo growing public skepticism.

The Way Forward: Strengthening Democracy and Institutions. Nigeria’s path forward depends on restoring confidence in democratic norms and institutional independence.

Transparent EFCC Processes: Civil society groups and legal scholars are advocating for enhanced transparency in anti-graft investigations, including clear prosecutorial thresholds and independent audits of case initiation and closures.

Judicial Oversight: Strengthening the judiciary’s capacity and independence is critical to ensuring that allegations of political weaponisation do not go unchecked. Courts must remain the ultimate arbiters of evidence and guilt.

Political Reforms: Advocates demand reforms to party financing, federal-state fiscal relations, and consultation mechanisms to reduce incentives for defections driven by federal resource leverage.

Public Engagement: A more informed and engaged civil society, anchored by independent media and civic education, must hold both government and opposition accountable for adherence to democratic principles.

Beyond The Present Moment.

Governor Makinde’s assertion that it is no longer tenable to “speak truth to power” under the current administration reflects unsettling trends in Nigeria’s evolving democratic landscape. While the EFCC and the Presidency maintain that anti-corruption efforts are independent and constitutionally grounded, opposition leaders (backed by political data and patterns of defections) argue that state power is being used to consolidate one-party dominance and undermine political pluralism.

At this critical juncture, Nigeria must choose between entrenching competitive democracy or sliding toward a political monopoly where dissent is subdued, institutions compromised, and power concentrated.

For Nigeria’s democratic ideals to survive (and thrive) its leaders and citizens must ensure that speaking truth to power remains not a perilous act of defiance but an honoured pillar of national life.

 

Democracy in the Crosshairs: How Nigeria’s Ruling APC Weaponises Power and Silences Dissent.
By George Omagbemi Sylvester | Published by saharaweeklyng.com

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