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How EFCC quietly detained Ondo guber aspirant over alleged mismanagement billions of naira



The Economic and Financial Crimes Commission (EFCC) has detained All Progressives Congress (APC) governorship aspirant in Ondo State
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The Economic and Financial Crimes Commission (EFCC) has detained All Progressives Congress (APC) governorship aspirant in Ondo State Wale Akinterinwa.

He is being held in connection with the ongoing investigation of his tenure as Commissioner for Finance in the defunct Akeredolu administration.

Until the State Executive Council was dissolved by Governor Lucky Aiyedatiwa, who succeeded the late Governor Rotimi Akeredolu, Akinterinwa served as commissioner for over seven years.

The aspirant is being investigated for alleged mismanagement of billions of naira, a source said.

Although Akinterinwa participated at the weekend direct primary from detention, EFCC said the timing of detention was at its discretion and choice.

According to sources, Akinterinwa was invited some weeks ago by the anti-graft body for interaction on some allegations, but was “allegedly too busy” to honour the invitation.

He, however, showed up at the anti-graft commission’s office on Thursday.

It was learnt that EFCC decided to be silent on the detention in order not to jeopardise Akinterinwa’s chances in the APC primary.

A source, who spoke in confidence, said: “In the past few weeks, the EFCC invited Akinterinwa for interrogation on the red flag on some issues during his tenure as Commissioner for Finance. But he has not been forthcoming.

“The commission had the option to declare him wanted, but it exercised restrained to avoid being dragged into politics because he was an aspirant for the APC governorship primary.

“But Akinterinwa voluntarily reported to the EFCC in Abuja. He was taken into custody for quizzing.”

The soure speaking yesterday, said: “Akinterinwa is still in our custody. We did not arrest or pick him up, but he came up to respond to our long overdue invitation. I can tell you that his detention has no political undertone.”

Source: TheCapital



South Africa’s Highest Court Says Jacob Zuma Can’t Serve in Parliament



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South Africa’s highest court on Monday ruled that former President Jacob Zuma was not eligible to serve in Parliament, a decision that may deepen political turmoil in the country just over a week before a crucial national election.

The decision could draw the curtain on the political career of the 82-year-old Mr. Zuma, a former anti-apartheid hero who once led the liberation party, the African National Congress. Mr. Zuma had a bitter falling out with the A.N.C. last year after announcing he was supporting a new political formation.Eight Nigerians arrested for attacking police officers, damaging vehicle in South Africa

The Constitutional Court, overturning a special electoral court’s earlier decision, ruled that Mr. Zuma could stand as a candidate in the May 29 election because of a past criminal conviction.

Even though he cannot serve in Parliament, Mr. Zuma’s face will still appear on the ballot next to his new party, uMkhonto weSizwe, because he is registered as its leader, according to the Electoral Commission of South Africa.

As a populist figure who attracts a devoted following, Mr. Zuma’s image could be enough to lift his party’s fortunes and hurt the A.N.C., which is fighting to maintain the absolute majority it has held since the start of South Africa’s democracy 30 years ago.

Mr. Zuma resigned from the presidency in 2018 amid widespread protests over allegations of sweeping corruption within his government. Three years later, he was convicted and sentenced for failing to testify at a public inquiry on corruption.

Mr. Zuma’s attempted political comeback has created a big test for South Africa’s young democracy.

He became the first former president to serve prison time in post-apartheid South Africa after his arrest in July 2021, though he was released on medical parole just two months into his 15-month sentence. The Constitutional Court later overturned his medical parole, but Mr. Zuma then received a presidential pardon from his successor-turned-political rival, Cyril Ramaphosa.

The court’s decision hinged on the length of Mr. Zuma’s sentence. While he was granted a remission that reduced his time in prison, he had been sentenced to 15 months, which made him ineligible to run, the court decided.

According to South African law, a person who has been convicted of an offense and sentenced to more than 12 months in prison cannot serve in the National Assembly.

“It is declared that Mr. Zuma was convicted of an offense and sentenced to more than 12 months’ imprisonment,” Justice Leona Theron said.

Mr. Zuma is not “eligible and not qualified” to stand for election until five years after the completion of his sentence, the justice added.

During a marathon court appearance on May 10, Mr. Zuma’s lawyers tried to force the Constitutional Court justices to recuse themselves, arguing that the same justices who had sentenced him were ruling on his eligibility for Parliament. That argument was dismissed.

Tembeka Ngcukaitobi, a lawyer representing the electoral commission, which had opposed Mr. Zuma’s candidacy, argued that the law barring those convicted of a crime from running for a seat in the National Assembly “served to protect the public from lawbreakers now putting themselves up as lawmakers.”

Mr. Zuma’s decision to lead and campaign for an opposition party had deeply unsettled South African politics. Founded in December, uMkhonto weSizwe, or M.K., has quickly become one of the most visible opposition organizations in an election in which a record 52 parties are vying for votes on the national ballot.

South Africans vote for a party instead of an individual, but M.K. appears to be banking on the appeal of a familiar face: Mr. Zuma’s image is all over its campaign posters and T-shirts.

The party has already gained a foothold in the KwaZulu-Natal Province, Mr. Zuma’s traditional stronghold. Polls show that Mr. Zuma’s party could play kingmaker in a coalition government in the province.

The party has attracted voters who are aggrieved by the governing A.N.C., but it has also eaten into the support of smaller opposition parties who have struggled to gain a foothold.

Over the weekend, Mr. Zuma took his campaign to Soweto, once the heart of A.N.C. support in Johannesburg, South Africa’s largest city, where his supporters filled a soccer stadium.

Mr. Zuma’s arrest and incarceration in 2021 set off deadly riots, and observers fear that his barring from Parliament could again lead to violence.

Source: The New York Times

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Why issuance of three communication licenses were suspended – NCC



The Nigerian Communications Commission (NCC) has issued a stern warning to Nigerians through its social media platforms about the
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The Nigerian Communications Commission (NCC) has announced the suspension of some three variants of communications licenses.

A public notice endorsed by the Director, Public Affairs at NCC, Mr. Reuben Muoka, said at the weekend that  temporary suspension was to enable the commission offer fair competition.

He also said that the Nigerian Communications Act (NCA) 2003, empowers NCC to grant and renew licences, promote fair competition and develop the Communications Industry.

NCC, therefore, informed all stakeholders of a temporary suspension on issuance of new licences in the following categories:

1. Interconnect Exchange Licence

2. Mobile Virtual Network Operator Licence

3. Value Added Service Aggregator Licence

Additionally, Muoka said that this temporary suspension was necessary to enable the Commission to conduct a thorough review of several key areas within these categories, including the current level of competition, market saturation and current market dynamics.

He pointed out that during the suspension period which commenced on 17th of May, 2024, new application for the aforementioned licences will not be accepted.

“This is without prejudice to pending applications before the Commission which will be considered on their merits,” he said.

Urging any enquiries or clarifications in respect of this suspension notice to forward an email to:


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Rumble as billionaire Olu Okeowo, siblings fight dirty in court over late father’s estate



In recent times, the offspring of wealthy Nigerians have been involved in controversies over who controls what in a multimillionaire estate
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In recent times, the offspring of wealthy Nigerians have been involved in controversies over who controls what in a multimillionaire estate of their parents, who sometimes died intestate (without a will), while the ones with a will have always been a subject of litigation.

From captains of industry to politicians and legal titans, it has been a tale of power play and supremacy of who should be in charge or who is right to take the lion’s share.

The family of the late foremost industrialist the late Sir Taiwo Okeowo, have dragged themselves before the Lagos High Court presided over by Justice Aishat Opesanwo over a libel case instituted by a Lagos billionaire and property developer, Sir Oluwatumininu Okeowo, against some of his siblings.

The case has been adjourned for a hearing until May 20, 2024.

When the case came up for hearing on Monday, Justice Opesanwo informed parties that the court would not sit due to the absence of the court registrar.

Okeowo had, in suit number LD/ADR/4661/2022, dragged his siblings before the court, claiming N100m as damages over alleged libellous publication against him.

The claimant is asking the court for a perpetual injunction restraining the defendants from publishing libellous statements about him.

He prayed the court to compel the defendants to disclose evidence that he (claimant) forged the Lagos State Certificate of Occupancy over property known as 15A and 15B, Bayo kuku Road, Ikoyi, Lagos.

However, in their statement of defence filed by their lawyer, Kunle Adegoke SAN, the defendants denied making any unprovoked assault or orchestrated smear campaign on the claimant’s character. They neither have any malice against him.

The defendants further stated that they did not, at any time, malign or defame the claimant’s character in any manner whatsoever and that they would hold the claimant to strict proof regarding this allegation.

The defendants averred that they did not, at any time whatsoever, authored the purported internet publication titled ‘Sir Taiwo Okeowo Estate Brief’ or engaged in a campaign of calumny against the claimant concerning the alleged destruction of Santo Domingo Luxury Residences or any other matter whatsoever.

They stated that the letter dated October 5, 2022, referenced in paragraph 10 of the Statement of Claim, was written on the authorization of the second and third defendants as well as their six siblings in their capacities as shareholders and directors of Manna Real Estate Company Limited and Metal Construction (West Africa) Ltd and beneficiaries of the Estate of Late Sir Taiwo Okeowo, wherein they instructed the law firm of Fortbanc to petition the Economic and Financial Crimes Commission (EFCC) and the inspector general of police (IGP) to investigate criminal activities committed by the claimant.

They averred that the second and third defendants and their other siblings petitioned the law enforcement authorities due to the alleged fraudulent and reckless dissipation of properties from the estate of their late father, Sir Taiwo Okeowo, among other criminal actions.

Also, in their counterclaim, the defendants averred that since the death of their father, no letters of administration were granted to anyone to administer the estate of their late father, Sir Taiwo Okeowo.

They further averred that the defendant to counterclaim (Sir Olu Okeowo) was neither the administrator of their late father’s estate nor a shareholder or a director in the two companies owned by the late Sir Taiwo Okeowo.

They alleged that after the death of their late father in 2003, the defendant to counterclaim forcefully took over the control of the two companies (being Metal Construction (West Africa) Ltd and Manna Real Estate Company Ltd), including the assets of the estate of the deceased without the consent or authority of the surviving children of the deceased.

They further alleged that since the death of their father, (Sir Taiwo Okeowo), the defendant to counterclaim has been illegally managing the assets of the estate of their late father to the extent that the defendant to counterclaim dissipated most of the funds, assets and properties of their late father by converting some of the funds, assets and properties of the estate to himself and one company known as Gibralter Construction Nigeria Limited, wherein the defendant to counterclaim is a shareholder and director.

The counter-claimants stated that the defendant to counterclaim had constituted himself as a sole self-appointed administrator of their late father’s estate by allegedly denying them and their siblings’ equal shares in their deceased father’s estate.

They alleged that he refused to disclose information regarding the management of assets of the Estate estate of their late father or render an account of his administration of same.

Consequently, they prayed the court for a declaration that the counterclaimants, together with the defendant to a counterclaim, being the beneficiaries of the deceased’s estate, are jointly entitled to the distribution of the deceased’s estate assets.

They also prayed the court to declare that the counterclaimants are entitled to access information regarding the management of their late father’s estate and an order directing the defendant to counterclaim to render a proper account of his management of the estate of the late Sir Taiwo Okeowo, who died intestate, including an order appointing the Administrator-General of Lagos State to take over the management of the assets of the Estate of the Late Sir Taiwo Okeowo and distribute same in accordance with the Administration of Estates Law of Lagos State.

Source: TheCapital

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Kessington Adebutu on the rise again… gains $4.4 million from stake



Nigerian gambling magnate Kessington Adebutu has experienced a notable surge in his wealth, courtesy of the recent uptick in the market
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Nigerian gambling magnate Kessington Adebutu has experienced a notable surge in his wealth, courtesy of the recent uptick in the market value of his holdings in Wema Bank, one of Nigeria’s oldest and leading financial services groups.

The market value of Adebutu’s stake in Wema Bank over the past six days has risen by N6.01 billion ($4.35 million), highlighting the sustained interest from investors in the bank’s shares on the Nigerian Exchange (NGX). This comes after his stake in the bank declined by $4.6 million between April 2 and 18.

Wema Bank’s market cap exceeds $70 million
Over the decades, Wema Bank as a financial services provider has evolved into one of the country’s leading financial institutions, boasting Africa’s first fully digital bank, ALAT. It is also one of Nigeria’s most resilient banks, with decades of experience in the financial services sector.

The leading lender seeks to raise N200 billion ($145 million) in fresh capital to bolster regulatory compliance and support expansion plans, as outlined in an AGM notice. The capital raise strategies outlined in the notice are contingent upon shareholder approval.

Wema Bank has seen its share price surge 28.1 percent in recent weeks, climbing from N6.05 ($0.0044) on May 1 to N7.75 ($0.0056) at the time of writing. This uptick has propelled the bank’s market capitalization beyond NGN70 billion ($0.07 billion), solidifying its position as the 38th most valuable company on the NGX.

Adebutu’s Wema Bank stake jumps on stock surge
Kessington Adebutu, founder of Nigeria’s Premier Lotto Limited, holds a significant 28.09-percent stake in Wema Bank through Neemtree Limited, a special-purpose vehicle established in 2013 for targeted investments.

The recent stock surge has boosted Adebutu’s investment in Wema Bank from N21.38 billion ($15.47 million) on May 1 to N27.39 billion ($19.82 million) at the time of writing. This N6.01 billion ($4.35 million) increase reaffirms Adebutu’s position as a top NGX investor and highlights Wema Bank’s growing importance in Nigeria’s financial sector.



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Tinubu returns to Abuja after official trips



President Bola Tinubu has returned to Nigeria after trips to The Netherlands and Saudi Arabia. On April 22, Tinubu left Abuja, the country’s
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President Bola Tinubu has returned to Nigeria after trips to The Netherlands and Saudi Arabia.

On April 22, Tinubu left Abuja, the country’s capital city, for The Netherlands on an official visit.

Ajuri Ngelale, presidential spokesperson, said the president was visiting The Netherlands at the invitation of Prime Minister Mark Rutte.

After the engagements in The Netherlands, Tinubu proceeded to Riyadh in Saudi Arabia to attend a special World Economic Forum (WEF) meeting between April 28 and 29.

Bayo Onanuga, special adviser on information and strategy to the president, had said the president and his aides will return to Nigeria on Wednesday.

“President Bola Ahmed Tinubu, along with his aides, will return to Nigeria tomorrow from Europe,” Onanuga wrote.

On Wednesday, Onanuga confirmed the president’s return by tweeting: “Welcome home Mr. President.”


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BATTLE LINE… Multichoice challenges tribunal’s jurisdiction over price hike



A prominent Pay-TV operator, Multichoice Nigeria, has challenged the jurisdiction of the Competition and Consumer Protection Tribunal (CCPT)
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A prominent Pay-TV operator, Multichoice Nigeria, has challenged the jurisdiction of the Competition and Consumer Protection Tribunal (CCPT) sitting in Abuja which recently restrained it from increasing in the prices of its DStv and GOtv packages.

Multichoice’s lawyer, M.J. Onibanjo (SAN) told the CCPT via his application on Tuesday that it should decline jurisdiction on the suit filed by Festus Onifade because such a price dispute case had been decided before in favor of his client.

In his motion on notice seen by Nairametrics, Onibanjo argued that while Onifade is seeking to regulate prices of the services provided by Multichoice, the Tribunal, not being the President of the Federal Republic of Nigeria lacks the jurisdiction to regulate prices of goods and services under the FCCPA 2018.

The senior lawyer maintained that the planned increase announced by Multichoice on 24th April 2024 is a completed act because all its systems have been so configured.

“An order of this honorable tribunal striking out suit no: CCPT/OP/2/2024 between Festus Onifade and Multichoice Nigeria for want of jurisdiction.

“An order staying the execution and enforcement of the instant interim orders of this honorable tribunal granted on 29th, April, 2024,” Onibanjo prayed in his motion.

Nairametrics previously reported that the tribunal had restrained MultiChoice from increasing its subscription rates pending the hearing and determination of a motion on notice filed by Festus Onifade through his lawyer, Ejiro Awaritoma.

Onifade, who sued Multi-Choice Nigeria Ltd, and the Federal Competition and Consumer Protection Commission (FCCPC), accused the former of unjustly increasing subscription fees.

He had sought interim orders against the Pay TV.

Last Monday, a three-member tribunal chaired by Saratu Shafii, ruled in favor of Onifade by restraining Multichoice in the interim, in the suit marked CCPT/OP/2/2024.

The court held that “the 1st Defendant(Multichoice) is hereby restrained, whether by themselves, her privies, assigns by whatsoever name called, from going ahead with impending price increase schedule to take effect from 1st May 2024 pending the hearing and determination of the Motion on Notice already filed before this Honourable Tribunal.”

On his part, Onifade filed a counter affidavit maintaining that the present matter does not seek to regulate prices of goods and services of Multichoice as claimed.

“The matter FESTUS SANMI ONIFADE & 1 ORS VS. MULTI- CHOICE NIGERIA LIMITED & 1 ORS previously decided by this honourable Tribunal and the present suit are not the-same both in parties and subject-matter,” he added.

Via his fresh motion seen by Nairametrics, he asked the Tribunal to direct Multi-choice Nigeria Limited to pay the sum of N1,000,000,000.00 (One Billion Naira only) or any amount the Tribunal deem may fit appropriate in this circumstance for “deliberately disobeying, contravening, and failure to comply with the Interim Order of this Honourable Tribunal granted on the 29th April 2024.”

Onifade contended that despite the subsisting order of the court, Multichoice neglected it by wilfully increasing the tariffs of her products and services on May 1st, 2024.

Moreover, before the Tribunal, Onifade filed Form 48- a notice which seeks to commit a party to prison for alleged disobedience to court orders.

The notice was filed against Mohammed Sageer Sani, the Abuja manager of Multi-Choice Nigeria Limited, adding, “You will be guilty of contempt of this Tribunal and will be committed to prison.”

At the resumed sitting, Onibanjo urged the court to determine his motion challenging the jurisdiction of the tribunal to make the orders it made and to entertain the claimant’s suit.

On the part of N. Adeke, counsel for the FCCPC, he acknowledged receiving the motion on notice filed by the claimant as well as the memorandum of conditional appearance and motion of Multichoice.

“The commission intends to respond to the motion on notice filed by the defendant.

“We ask for a short date to respond to the motion,” Adeke prayed.

On the calls for an adjournment, Onifade said he is not opposed to an adjournment, however, he will be asking the matter be adjourned for full-blown hearing.

But the three-man panel chaired by Justice Thomas Okosu adjourned the suit to May 16 to enable all parties to file necessary applications.

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Multichoice announced new price adjustments on DStv and GOtv packages on Wednesday, April 24, 2024.

The email message to subscribers read, “On Wednesday, 1 May 2024 we will adjust our prices across all our packages on OStv and GOtv. We understand the impact this change may have on you – our valued customer, but the rise in the cost of business operations, has led us to make this difficult decision. It remains our mission to provide the best entertainment and viewing experience to you and are committed to continue to deliver high-quality content and unparalleled service.”

Nairametrics previously reported that the development had resulted in a 25% to 26% increase across Multichoice packages.

But amid the subsisting ruling, the popular Pay TV provider proceeded with the upward adjustment of its prices for DStv and GOtv subscribers,

On the part of the commission, it said it would review the reasons identified by Multichoice, noting that the agency could involve regulatory bodies such as the National Broadcasting Commission (NBC) and the Nigerian Communications Commission (NCC) in the process.

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