Politics
N2.2bn Fraud: EFCC presents four witnesses against Ex-Ekiti governor, Ayo Fayose
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.
Politics
2027 BATTLE: How Much Nigeria Can Save, Invest In Infrastructure By Rotating Power Among Six Geo-political Zones For A Single Term Of Five Or Six Years
2027 BATTLE: How Much Nigeria Can Save, Invest In Infrastructure By Rotating Power Among Six Geo-political Zones For A Single Term Of Five Or Six Years
As a Southernern, particularly from the South East Geo-Political Zone, I believe the most potent argument for us in 2027 is that the North/South zoning arrangement of political power at the center is a scam. It’s a scam because it has only benefitted the South West and the North West geo-political zones since the return of ‘democracy’ (civil rule) in Nigeria on May 29, 1999. Nigeria, it must be clarified has six geo-political zones, not two.
Nigeria was divided into six geo-political zones in 1996 by the military government of General Sanni Abacha. This new zoning arrangement was a brainchild of the 1994/1995 Constitutional Conference chaired by the late Justice Adolphus Karibi-Whyte and empaneled by General Sanni Abacha.
At that Conference, no less a person than former Vice President Chief Alex Ekwueme and a group called Mkpoko Igbo proposed that since Nigeria will now be divided into six geo-political zones, to give all zones a sense of belonging within the Nigerian State, that power at the center should rotate among the six geo-political zones for a single term of five or six years. In their thinking, if power was rotated among the six geo-political zones for a single term of five or six years, within 30 years or 36 years, all six zones would have had one of their own leading Nigeria, particularly, from their first 11 (primus inter pares). The North and the South West delegations at that conference pooh-poohed Chief Alex Ekwueme and summarily shut down that all-important proposal. The rest they say is history.
More than 30 years later, there is yet no national peace, national cohesion, national political stability, national unity, and national loyalty to the Nigerian State. Had the proposal of Chief Alex Ekwueme and Mkpoko Igbo been adopted and implemented since 1999, at least, the 5th Geo-Political Zone would have had one of their own in Aso Villa today, and by 2035, the last geo-political zone would have being sending us one of their own to contest the Presidency across Nigeria’s current 18 political parties. This mathematics is if we had gone with a single term of six years (the maximum limit) as proposed by Dr. Ekwueme and the South East and South South delegates in that 1994/1995 Constitutional Conference.
Fast forward to today, in his recent Arise TV interview, and in some other public and private fora, H.E. Atiku Abubakar asked for Dr. Ekwueme’s forgiveness as he was among key Northern delegates in that Constitutional Conference from the Shehu Musa Yar’Adua group that opposed the rotational presidency among Nigeria’s geo-political zones. Waziri Adamawa had disclosed that he even apologized to Alex Ekwueme when he visited Oko, Anambra State, to pay homage to the former late vice president sometime in 2017/2018.
By and large, for 2027, I believe that the most potent argument that will sell in the South East is that the North East where Waziri Adamawa hails from, just like the South East (our region), had also been marginalized in the scheme of things in Nigeria. Aside from Alhaji Tafawa Balewa from Bauchi State (North East), nobody from the region/zone has been head of national government, head of state, or even president since 1966.
So, H.E. Atiku Abubakar is right in contesting the Presidential election billed for January 16, 2027, to right this wrong, and return Nigeria’s presidency to an equitable distribution of power at the center. When elected, and it’s entrenched in the Nigerian 1999 Constitution (as amended), that power rotates among the six geo-political zones for a single term of five or six years, this new formula will bring about national peace, national cohesion, national unity, and tremendously commandeer national loyalty among Nigerians from across the six geo-political zones for their beloved country, the Nigerian State.
As a budding political scientist of repute and ardent student of contemporary Nigerian history and politics, let me tell us what this formular would do for the Nigerian State. The battle for the soul of the Nigerian State will be ferocious at the zonal level, while the center will become unattractive. So, let’s say it is the turn of the North East Geo-Political Zone to produce the Presidency in 2027, the battle to gift Nigerians their First 11 (primus inter pares) will be ferocious across the States in the region. The people of Adamawa, Bauchi, Borno, Gombe, Taraba, and Yobe will now be more interested in partisan politics, thus being proactive participants within the current 18 political parties in Nigeria.
Giving Nigeria’s configurations and peculiarities, one of the positives of this political proactiveness is that it’s a win-win situation for the entire region if a man from Adamawa becomes President of Nigeria in 2027. The people from Yobe, Borno, Taraba, Gombe, and Bauchi will be largely happy, contented, hold their peace, love Nigeria better, and be more loyal to the Nigerian State because one of their own is now the GCFR, the primus inter pares, and the No. 1 Citizen of the Federal Republic of Nigeria. The steep insecurity that has ravaged the North East Geo-Political Zone since 2009, largely owing to perceived agelong marginalisation, oppression, injustices, would largely die down.
This will be the same case for the South East Geo-Political Zone. Biafra secessionist agitations, IPOB, ESN led by Nnamdi Kanu, will die a natural death. Justice and equity for all breeds contentment among men, and contentment among men births peace, unity, commandeers loyalty, and tremendously brings about prosperity. I stand to be challenged on this self-evident truth on any national television station.
When it is the turn of another region to produce the Presidency, after the North East has had their turn, all political parties in Nigeria must constitutionally present a Presidential candidate from the region whose turn it is to produce the presidency for a single term of six years. This rotational presidency formula must be entrenched in Nigeria’s 1999 Constitution (as amended) by May 29, 2027.
I avow that rotational presidency among Nigeria’s six geo-political zones for a single term of five or six years is the best political science solution to the agelong hydra-headed problem of Nigeria, especially in the guise of disunity, unpeaceful, and disloyalty problems among Nigerian citizens. Doing this will also largely curtail the executive rascalities, legislative rascalities, and judicial rascalities currently being perpetrated by the Bola Ahmed Tinubu led Executive arm; the Godswill Akpabio led Legislative arm; and the CJN Kudirat Motonmori Olatokunbo Kekere-Ekun led Judiciary arm.
The over desperation of getting re-elected for a second term in office, as shown today by Bola Tinubu, will be eraced for future Nigerian Presidents. The humongous money and depletion of Nigeria’s national treasury just for seeking re-election at all cost, and conducting elections will also be erased.
The Highfalutin, Draining Cost Of Conducting Elections In Nigeria?
For the 2023 general election, the Independent National Electoral Commission (INEC) proposed N305 billion in May 2022, which was a 62 percent increase over the 2019 budget. Ultimately, the National Assembly approved N355 billion for the exercise, though the commission spent N313.4 billion as of September 2023.
For the 2027 general election, INEC Chairman Prof. Joash Amupitan proposed a total budget of N873.78 billion to the National Assembly in February 2026. This proposal includes N375.75 billion for election operations, N209.21 billion for technology, and N92.31 billion for administrative costs. The Bola Ahmed Tinubu led APC regime had previously allocated N1.01 trillion to INEC in the 2026 budget presented in January 2026.
Ladies and gentlemen, INEC’s election budget ballooned from N355 billion in 2023 to a whopping N873.78 billion for a re-election season in 2027? This is approximately a percentage increase of 146.13%. This is unacceptable, opprobrious, and insalubrious.
If we entrench in the Nigerian 1999 Constitution (as amended), zoning the presidency among the six geo-political zones for a single term of five or six years, this proposed N873.78 billion to coduct the 2027 re-election season would have been eliminated.
What Can N873.78 billion Do For Nigerians In Terms Of Infrastructural Developmental Projects?
If hypothetically redirected or matched in scale for infrastructure development, N873.78 billion could significantly advance Nigeria’s infrastructure across key sectors:
1. Roads and Transportation: This amount could fund the rehabilitation of over 10,000 kilometers (6213.712 miles) of rural and urban roads, especially when combined with technical support from institutions like the World Bank’s RAAMP-SU project.
It could complete critical projects like the Lagos-Ibadan Expressway or support the Lagos-Calabar Coastal Highway, enhancing regional connectivity and trade.
2. Railway Development: Based on past projects, N873 billion could finance a new 600–800 km (373-497 miles) standard gauge rail line, similar to the Abuja-Kaduna or Lagos-Ibadan lines, which were partially funded by Chinese loans.
Rail expansion would boost freight movement, reduce road congestion, and create thousands of jobs.
3. Power and Energy: The sum could support renewable energy projects, such as solar mini-grids for 10,000 rural communities, or fund transmission infrastructure to reduce power losses.
For context, Power Africa facilitated $63 million in renewable energy investments over 26 months—N873 billion could scale such efforts dramatically.
4. Water and Sanitation: Funds could build or upgrade water treatment plants, boreholes, and sanitation systems in underserved urban and rural areas, improving public health and reducing waterborne diseases.
5. Agricultural Infrastructure: The NSIA’s Multipurpose Industrial Platform Ltd (MIPL) in Akwa Ibom, including an ammonia and fertilizer plant, is a multi-billion-dollar project. N873 billion could fund multiple such agro-industrial hubs, boosting food security and reducing import dependence.
Analyzing The Current Infrastructure Spending In Nigeria In Relation To N873.78 Billion?
For comparison, Nigeria’s actual infrastructure allocations are much lower than the humongous money INEC is proposing to conduct the shaky 2027 general elections in Nigeria.
The 2025 Federal Budget allocated ₦4.06 trillion ($2.7 billion) for infrastructure—about 7.4% of total spending.
The National Integrated Infrastructure Master Plan (NIIMP) aims to raise infrastructure stock to 70% of GDP by 2043, requiring $100 billion annually—far above current spending levels.
Pension funds invested ₦262.57 billion in infrastructure in the first 10 months of 2025. This is below N873.78 billion being earmarked for the 2027 elections.
Without mincing words, let me aver that the N873.78 billion could transform infrastructural developmental projects in Nigeria, But the fact that this amount is proposed for elections, not infrastructural developmental projects, highlights a mismatch between public needs and government spending priorities in Nigeria, especially under the disastrous APC regime of Bola Tinubu.
Conclusion
While N873.78 billion is earmarked for elections, its scale underscores what Nigeria could achieve in infrastructure if similar resources were consistently invested. Redirecting even a fraction of election budgets toward roads, power, rail, water, and agriculture could accelerate economic growth, create jobs, and improve quality of life in Nigeria. However, transparency, accountability, and long-term planning are essential to ensure such investments yield lasting benefits.
Finally, ladies and gentlemen, let’s consider the substantial ingredients of this political seminal and fix this mess of power rotation at the center among Nigeria’s six geo-political zones for a single term of five or six years. Let’s stop wasting scarce resources in Nigeria conducting re-elections at the center and across state levels. Let’s stop wasting everybody’s time in Nigeria.
Ikenna Asomba is a political scientist and journalist. He writes from the State of Illinois, United States.
Politics
2027 BOMBSHELL: Dismantling The Myth Around Kwankwaso’s So-Called Electoral Dominance In Kano
2027 BOMBSHELL: Dismantling The Myth Around Kwankwaso’s So-Called Electoral Dominance In Kano
Politics
I am fully ready for the 2027 general elections”- ADP, presidential aspirant, Prof. Omolaja, declares
“I am fully ready for the 2027 general elections”- ADP, presidential aspirant, Prof. Omolaja, declares.
By Comrade Samson Ajibade Alabi, NLP Media Director
A presidential aspirant under the Action Democratic Party (ADP), Prof Muhammad Omolaja, has said that he is fully ready for the 2027 general elections especially the presidential contest.
Prof. Omolaja who disclosed this in an exclusive interview with pressmen in Abuja on Tuesday, May 12, 2026, said he has done his consultations with leaders of the Party, boasting that he is the next president of Nigeria by the grace of God.
He submitted that he has won the heart of the people at the grassroots across all the States and geopolitical zones including the federal capital territory (FCT); and convinced them about his clear vision and mission for Nigeria.
According to him, Nigerians are tired of the APC government and ready to vote them out in favour of his Party; the ADP!
Prof. Omolaja added that ADP is the only Party that can liberate Nigeria and rescue the citizens from the prevailing insecurity and other challenges facing the country.
The presidential aspirant said “you are asking me if I am ready for the 2027 general elections or not, I hereby inform you categorically that I am fully ready for the election; we have done what to be done, we have systematically carried Nigerians along in our preparations especially the people at the grassroots; and we have let them know that ADP is the only credible alternative Party that can liberate them from all the challenges the country is facing under the prevailing APC government. I am confident that I will get the ticket of our great Party being the leading contestant, and win the upcoming 2027 presidential election by the special grace of the Almighty God”
He therefore urged Nigerians to rally support for him and his Party (ADP) at the polls in the spirit of peace, love, unity, and patriotism in Nigeria.
- Merck Foundation Chief Executive Officer (CEO) celebrates 124 Winners from 32 Countries for their Media Awards for Breaking infertility Stigma and Supporting Girl Education May 13, 2026
- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Oesterreichische Kontrollbank Aktiengesellschaft (OeKB) Sign Framework Reinsurance Agreement to Strengthen Export Credit and Investment Risk Coverage May 13, 2026
- Africa Energy Forum 2026: Building Africa's Industrialised Future May 13, 2026
- Canon Introduces Coalition for Content Provenance and Authenticity (C2PA)-Compliant Authenticity Imaging System for News Organisations May 13, 2026
- Driving Africa’s Fair Energy Transition Through Technology and Innovation (By Prof. Bart O. Nnaji) May 13, 2026
- Welcoming Innovation Without Losing the Fundamentals: Why Lenacapavir’s Rollout Must Strengthen Combination Prevention in South Africa (By Ngaa Murombedzi) May 13, 2026
- Why Your Communications Strategy is Undermining Your Decisions (By Bas Wijne) May 13, 2026
- Liquid Intelligent Technologies revitalises access to cloud and cyber security services in support of improved national digital resilience May 13, 2026
- Transformative African Leadership (TAL) Redefines Leadership Across the Continent May 13, 2026
- World Mining Investment Chief Executive Officer (CEO) Didier Rault Joins African Mining Week (AMW) Advisory Board May 13, 2026
- Merck Foundation Chief Executive Officer (CEO) celebrates 124 Winners from 32 Countries for their Media Awards for Breaking infertility Stigma and Supporting Girl Education May 13, 2026
- The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Oesterreichische Kontrollbank Aktiengesellschaft (OeKB) Sign Framework Reinsurance Agreement to Strengthen Export Credit and Investment Risk Coverage May 13, 2026
- Africa Energy Forum 2026: Building Africa's Industrialised Future May 13, 2026
- Canon Introduces Coalition for Content Provenance and Authenticity (C2PA)-Compliant Authenticity Imaging System for News Organisations May 13, 2026
- Driving Africa’s Fair Energy Transition Through Technology and Innovation (By Prof. Bart O. Nnaji) May 13, 2026
- Welcoming Innovation Without Losing the Fundamentals: Why Lenacapavir’s Rollout Must Strengthen Combination Prevention in South Africa (By Ngaa Murombedzi) May 13, 2026
- Why Your Communications Strategy is Undermining Your Decisions (By Bas Wijne) May 13, 2026
-
news5 months agoWHO REALLY OWNS MONIEPOINT? The $290 Million Deal That Sold Nigeria’s Top Fintech to Foreign Interests
-
society1 week agoSOCIAL MEDIA IS NOT A BATTLEFIELD COMMAND – WHY THE NIGERIAN ARMY’S ACTION AGAINST JUSTICE CRACK IS A NATIONAL SECURITY IMPERATIVE
-
celebrity radar - gossips4 months agoDr. Chris Okafor Returns with Power and Fire of the Spirit -Mounts Grace Nation Altar with Fresh Anointing and Restoration Grace on February 1, 2026
-
celebrity radar - gossips5 months agoProphet Kingsley Aitafo Releases 2026 Prophecy: ‘Nigeria Will Rise, but the World Must Prepare for Turbulence’
You must be logged in to post a comment Login
You must log in to post a comment.