Spotlights
Inside First Bank Dirty Deal! Former staff accuses billionaire Oba Otudeko, Ex-Bank MD Bisi Onasanya of gigantic Fraud
Adesuwa Ezenwa, a former employee of First Bank of Nigeria Limited, has leveled allegations of substantial fraud against billionaire industrialist Oba Otudeko, who served as the chairman of FBN Holdings Plc, the bank’s parent company, according to PREMIUM TIMES
Bisi Onasanya, who was the bank’s managing director and chief executive officer at the time, was also implicated in the allegations.
Mrs. Ezenwa, who was summarily dismissed by the bank in October 2016, has taken legal action against First Bank at the National Industrial Court of Nigeria, Lagos Judicial Division. She is seeking redress for the termination of her appointment, which she claims was done “without any reason whatsoever being offered.”
The ex-First Bank employee is seeking five hundred million naira in compensation and twenty-five million naira to cover legal expenses, among other things.
In court documents obtained by PREMIUM TIMES, Mrs Ezenwa alleged that the bank’s credit disciplinary committee made her bear the brunt of granting unsecured loan facilities worth billions of naira to companies in which Mr Otudeko and Mr Onasanya had substantial investments, while her superiors who approved and granted the credit were not so penalised.
She said she joined the bank on 27 May 2002 and became a relationship manager in the corporate banking division of First Bank in February 2016. According to a court paper, in 2010, Mrs Ezenwa worked under the supervision of Abiodun Olatunji, her branch manager at the Adetokunbo Ademola Street, Victoria Island Branch of the bank, and under her group head, Cecilia Majekodunmi.
The document mentioned that Mr. Olatunji was later promoted to group head, and Mrs. Majekodunmi assumed the role of executive vice president, collaborating closely with and reporting to Mr. Onasanya.
“As a relationship manager, I worked under the supervision and direction of my branch manager and group head and signed official correspondence only after they had approved and/or signed same. I had no independent authority in relation to the grant or disbursement of loans or other banking facilities,” Mrs Ezenwa said.
The claimant stated that she signed numerous documents during her tenure at First Bank, but only after obtaining approval from her superiors and following their instructions.
She said she was summoned on 25 August 2015 to appear before a credit disciplinary committee reviewing facilities availed to a company known as Supply and Services Limited, a subsidiary of Royal Ceramics Group, one of the major customers of the bank.
The plaintiff contended that the committee was unable to ascertain whether she had a personal stake in any of the approved loans or if she had benefited in any way from her responsibilities. She stated that she was criticized for not reporting certain deals endorsed by Mr. Olatunji and Mrs. Majekodunmi, despite not being directly involved in them.
“The admonition was most unfair and unwarranted as I was in no position to whistleblow on my superiors … The persons to whom these reports would have been made were the very persons who were the perpetrators of the misdeeds,” she said.
A litany of allegations against Mr Otudeko
Mrs Ezenwa disclosed that unsecured loans of roughly N12 billion were availed, on one occasion, to a company in which Mr Otudeko has significant investment even though the facility was masked as loans granted to Stallion Group of Companies, which later spotted the false entry in its statement of account and complained.
In one case in 2012, she further alleged, an unsecured credit estimated at N2 billion was granted to Broadwaters Resources Company Nigeria Limited, which ended up being a conduit pipe used by Mrs Majekodunmi and Mr Onasanya to siphon monies from the bank. The claimant said the loan was never repaid.
“Out of the N12 billion camouflaged as lending to the Stallion Group, N8.21 billion was transferred through various accounts to a final destination account belonging to a company known as V-TECH LTD, which belongs to the chairman of FBN Holdings, Oba Otudeko, while the sum of N4.45 billion out of the same fictitious facility was transferred to Ontario Oil and Gas. The facility remains unpaid to date,” Mrs Ezenwa said in court fillings.
According to her, several similar loans were granted by Mr Olatunji and Mrs Majekodunmi, including to Supplies and Services Limited, which were “subsequently sublet and disbursed in smaller bits to several customers on more profitable terms to both officers.”
Swap Technologies and Telecomms Plc, Orbit Cargo, Netconstruct Nigeria Limited, and High-Performance Distributions Limited were among the companies named as beneficiaries of the loan disbursement.
Mrs Ezenwa disclosed that such loans could not have been granted without the involvement of the board of First Bank, considering that the amounts involved were huge and above the approval limits of the executive directors, the vice president and the managing director of the bank.
According to the complainant, her dismissal by the bank brought her into disrepute, threatening her chances of securing employment in reputable companies in future.
“The action of the defendant (First Bank) has consequently caused the claimant untold mental distress and is all the more damaging as the claimant is in her thirties and has simply been made a scapegoat for the malfeasance of some of the lapses of the management of the bank,” she said.
Among other demands, Mrs Ezenwa is urging the court to declare that there was no basis for the bank to dismiss her.
“She is being made a scapegoat for a lot of questionable transactions within the bank, which she is claiming innocent of,” Seyi Sowemimo, the claimant’s lawyer, told PREMIUM TIMES on Saturday. “So far, the trial has started. We have subpoenaed the EFCC, and we have subpoenaed the central bank to bring the audit reports of the bank,” Seyi Sowemimo, the claimant’s lawyer, told PREMIUM TIMES.
Former military head of state, General Abdulsalami Abubakar (rtd), has passionately urged the citizens of Nigeria to set aside their differences and unify in the defense of their nation’s sovereignty.
His call to action came in light of alarming statements made by former US President Donald Trump, which Abubakar characterized as a serious threat to the hard-earned unity of Nigeria.
Over the weekend, Trump reignited a contentious debate regarding Nigeria’s pressing security issues by once again designating the country as a “country of particular concern.”
In a statement released on Friday, Trump made shocking claims about the state of affairs in Nigeria, asserting that the nation was enduring what he termed a “Christian genocide.”
He went on to accuse the Nigerian government of failing in its duty to protect Christians from violent attacks carried out by “Islamic terrorists.”
Abubakar’s response underscores the importance of solidarity among Nigerians in the face of external criticisms and challenges.
He went further to threaten military action, saying: “The USA will immediately stop all aid and assistance to Nigeria, and may very well go into that now disgraced country ‘guns-a-blazing’, to completely wipe out the Islamic terrorists killing Christians.”
The remark has sparked global concern and speculation about the possibility of direct US military involvement in Nigeria, one of Washington’s oldest allies in Africa.
Speaking in a telephone interview from London on Monday, Abdulsalami warned that Trump’s words could endanger Nigeria’s peace if not carefully managed.
He called on citizens to remain united, stressing that the moment demands “unity, wisdom, and diplomacy” rather than anger or division.
“Unity, wisdom, and diplomacy must take precedence over division and pride at this critical moment,” he said.
Abdulsalami also appealed to the United States to support Nigeria’s fight against insecurity through cooperation rather than threats.
According to him, “strategic dialogue” remains the most effective way to engage Washington and de-escalate the tension.
He added that Nigeria should rely on quiet diplomacy to resolve any misunderstandings and ensure that both countries continue to work together on shared security objectives.
It is clear that the United States’ frustration with the Nigerian government goes beyond reports of genocide.
The American President, Donald Trump, and Nigerian President Bola Tinubu have been engaged in a silent conflict for some time.
Trump has often been described as a “bully,” even by prominent politicians in the U.S. and around the world, due to his lawless and reckless leadership style, as noted by Barack Obama.
Trump has expressed discomfort with President Tinubu’s body language and has been critical of certain policies.
In turn, President Tinubu retaliated against some of Trump’s decisions regarding Nigeria.
The beginning of Trump’s anger – BRICS Partnership
President Donald Trump’s anger began when Nigeria was formally admitted as a BRICS partner country in January 2025 under Brazil’s presidency.
At the 17th BRICS Summit in Rio de Janeiro, President Bola Tinubu reaffirmed Nigeria’s commitment to the grouping, which also includes powerhouses like Brazil, Russia, India, China, South Africa and newer members such as Saudi Arabia, Egypt, and Indonesia.
This comes after Brazilian president and the current chairman of BRICS, Luiz Inacio Lula da Silva, condemned the Trump administration’s worldwide tariff increase imposed on almost all countries around the world.
Trump was quick to respond to his Brazilian counterpart’s comments, imposing additional 10 per cent tariffs on BRICS and its partners, which he has repeatedly warned against engaging in anti-American policies.
Trump had imposed a 14 per cent reciprocity tariff on Nigeria in April 2025, which became the ninth BRICS partner country in January 2025 and additional 10 per cent over its alliance with the developing nations’ bloc. Nigeria’s affiliation with the BRICS nations further anger the American leader.
President Tinubu responded with calm, saying that his administration will remain resilient and has no fear of the trade policy direction of U.S. President Donald Trump, particularly tariffs targeting Nigerian exports.
Tinubu said, “If non-oil revenue is growing, then we have no fear of whatever Trump is doing on the other side.”
This response clearly provoked more anger from Trump.
The anger lingered more as President Donald Trump ignored Nigeria, only to invite five other African nations to discuss ” Commercial Opportunities”.
Trump hosted five African leaders from Gabon, Guinea-Bissau, Liberia, Mauritania, and Senegal at the White House to discuss “commercial opportunities” on July 9, 2025.
Nigeria was not among the nations invited, even though, the criteria for the invitation were not clear.
After hitting Nigeria with a 14% tariff, the U.S. faced similar backlash as President Tinubu retaliated with a ban on 25 American goods, leaving Trump to complain about the response.
Following the ban on 25 imported items from the United States of America to Nigeria, there were strong indications that Donald Trump’s government may retaliate by blacklisting more Nigerian products.
The development comes as the country imported about $643.1 million worth of goods from Nigeria between January and February 2025 before the implementation of the new tariffs by the Trump government.
Trump’s administration quickly criticised Nigeria’s longstanding import ban on 25 product categories, warning that the policy undermines American exporters and blocks access to one of Africa’s largest consumer markets.
Nigeria refuses to accept Venezuelan deportees from the US
Tinubu’s government again rejected Trump’s proposal of accepting deportees from the United States, distancing itself from decisions by countries like Rwanda, Eswatini and South Sudan that have agreed to receive foreign nationals expelled from the United States of America.
Trump reacted again with another policy to target Nigerian citizens
After Nigeria had rejected being the country of deportees from the United States, the US tightens visa rules for Nigerians, scrutinises applicants’ social media accounts.
The latest rule by the US as the Trump administration intensifies immigration crackdown, mainly targeting African countries like Nigeria.
The US has announced a new visa rule for Nigerians, requiring all applicants to disclose their social media usernames and handles from the past five years for vetting.
‘‘Omitting social media information could lead to visa denial and ineligibility for future visas,’’ the US Embassy in Nigeria said in a statement on X on Monday, adding that visa applicants are ‘‘required to list all social media usernames or handles of every platform they have used from the last 5 years on the DS-160 visa application form.’’
Meanwhile, Human rights activist Omoyele Sowore has warned Nigerians that the threat by the administration of United States President Donald Trump to invade Nigeria militarily should not be regarded as a welcome development.
Trump had warned that if the Nigerian government fails to tackle the alleged massacre of Christians, the US military would intervene to target those allegedly persecuting Christians.
The development has generated mixed reactions, with some stakeholders, particularly Christians, celebrating Trump’s move.
However, Sowore, in a statement on Sunday, cautioned that the threat should not be celebrated, explaining that a military intervention could cause more harm to the nation.
According to him, the US President “does not care about Nigerians, not Christians, Muslims, or anyone else.”
Sowore stressed that the nation’s deliverance will “never come from abroad; it must come from within, through real leadership, not the Tinubus of this world, and national renewal.”
The statement reads: “The latest threat by US President Donald Trump @POTUS to launch military action in Nigeria, allegedly to protect Christians, may sound appealing to some. Still, history has shown this to be perilous.
Whether you are Christian, Muslim, animist, or non-religious, no one should celebrate such rhetoric. The United States and its allies have a long record of military interventions that leave nations more unstable than before.
They failed to secure peace in Afghanistan, Iraq, Libya, or Syria, and they will not bring salvation to Nigeria through bombs or boots on the ground.
What Nigeria truly needs is not a foreign savior, but legitimate accountable leadership, one that protects all citizens, upholds justice, and ends the cycles of corruption and violence that have left the nation broken.”
The clash between Senator Natasha Akpoti-Uduaghan and Senate President Godswill Akpabio continues to intensify, as new court charges have emerged that could have significant repercussions for the supporters of the Kogi State Senator.
In a recent development, the Office of the Attorney General of the Federation (AGF) and the Minister of Justice has publicly defended the legitimacy of the defamation charges that were filed against Senator Akpoti-Uduaghan.
The AGF emphasized that these charges were instituted in strict accordance with the provisions outlined in the Penal Code Law of Nigeria as well as the country’s Constitution. This assertion suggests that the legal proceedings are being pursued with a clear adherence to established legal frameworks, potentially setting the stage for a high-profile court battle that may draw further public interest and scrutiny.
As the situation unfolds, the implications for both political figures and their respective supporters will likely become more pronounced in the coming weeks.
The AGF’s office stated this in its response to the senator’s preliminary objection to the three-count criminal charge pending before the Federal Capital Territory (FCT) High Court, Maitama, presided over by Justice Chizoba Oji.
The charges against Akpoti-Uduaghan, who represents Kogi Central Senatorial District, stemmed from petitions filed by Senate President Godswill Akpabio and former Kogi State governor, Yahaya Bello, following her public claims that the duo had conspired to assassinate her.
AGF Insists Charges Are Lawful
In its counter-affidavit, the AGF’s office maintained that the decision to prosecute the senator was taken after a comprehensive investigation by the Nigeria Police Force, which reviewed all petitions from both the complainants and the defendant.
“The three counts were preferred against the defendant pursuant to the Penal Code Law of the Federal Republic of Nigeria and in the bona fide exercise of the prosecutorial powers of the Honourable Attorney-General of the Federation as guaranteed under the Constitution,” the prosecution stated.Legal consultation services
It further argued that the senator’s actions contravened provisions of the law, stressing that the case was filed “in the public interest, the interest of justice, and to prevent abuse of legal process.”
According to the AGF’s office, the charges were neither politically motivated nor an abuse of prosecutorial power.
“The criminal charge against the defendant arose from the comprehensive and conclusive investigation of the case, including all petitions and parties involved, by the Nigeria Police Force.”
“The charge against the defendant is consistent with extant laws and does not constitute an abuse of the legal or prosecutorial powers of the Honourable Attorney-General of the Federation,” the document read.
Defendant Challenges AGF’s Powers
At the last sitting on September 23, defence counsel Ehighioge West-Idahosa (SAN) had filed a preliminary objection challenging the validity of the charges.
He argued that the AGF’s office had overreached its constitutional powers, describing the prosecution as an abuse of process.
According to him, the objection was not contesting the facts of the case but rather the legality and jurisdictional competence of the AGF to initiate such charges.
The objection, filed on September 18, was yet to receive a response from the prosecution at the time of the previous hearing.
Prosecution Seeks Adjournment for Proper Service
When the matter came up on Monday, prosecuting counsel David Kaswe informed the court that although the case was slated for hearing, the prosecution’s counter-affidavit had not been properly served on the defence.
He explained that the document was delivered to an incorrect address and requested a short adjournment to rectify the error.
“It would not be fair for the prosecution to proceed when the defence has indicated its intention to respond to our counter,” Kaswe told the court.
Responding, West-Idahosa confirmed that the defence team had not been served and would only respond after receiving the document. He also requested a longer adjournment, citing plans by the defence team to attend the International Bar Association (IBA) Conference in Canada.
After listening to both sides, Justice Oji granted the request and adjourned the matter to December 1, 2025, for hearing of the preliminary objection.
Background of the Case
The case, marked FCT/HC/CR/297/25, accuses Senator Akpoti-Uduaghan of making harmful and defamatory statements against Akpabio and Bello, including allegations that they plotted to assassinate her and that the Senate President was linked to the death of Miss Iniobong Umoren.
The senator was arraigned on June 19 and pleaded not guilty to all three counts.
The court is expected to rule on her preliminary objection before proceeding to trial.
Meanwhile, the Senator representing Kogi Central has alleged that her international passport has been withheld.
She alleged that she had been prevented from travelling.
The lawmaker made the allegation in a live Facebook broadcast on Tuesday morning.
According to her, “having completed the celebration of my second year, I decided to take a week off and my passport is being withheld again. The same thing happened.
“I have committed no offense and there is no order from the court to seize my passport and deny me traveling.
“The last time it happened, the officer in charge told us that the Senate President Godswill Akpabio instructed them to withhold my passport and prevent me from traveling”.
Tanzanian President Samia Suluhu Hassan was to be inaugurated on Monday, with the internet still blocked after election protests in which the opposition says hundreds were killed by security forces.
The electoral commission says Hassan won 98 per cent of the vote.
But the main opposition party, Chadema, which was barred from competing, has rejected the results and called for fresh elections, calling last Wednesday’s vote a “sham”.
State television said the public would not attend the inauguration, which would be held in the State House in the capital, Dodoma, rather than at a stadium as usual.
A total internet blackout has been in place since protests broke out on election day, so only a trickle of verifiable information has been getting out of the East African country.
A diplomatic source said there were credible reports of hundreds — perhaps even thousands — of deaths registered at hospitals and health clinics around Tanzania.
Chadema told AFP it had recorded “no less than 800” deaths by Saturday, but none of the figures could be independently verified.
The government has not commented on any deaths, except to reject accusations that “excessive force” was used.
Schools and colleges remained closed on Monday, with public transport halted.
The diplomatic source said there were “concerning reports” that police were using the internet blackout to buy time as they “hunt down opposition members and protesters who might have videos” of atrocities committed last week.
Dar es Salaam and other cities were much calmer over the weekend as a near-total lockdown was in place.
An AFP reporter said police were stopping almost everyone who moved around the city, checking IDs and bags, and allowing shops to open only in the afternoon.
AFP journalists on the island of Zanzibar — which has greater political freedom and saw few protests — saw masked armed men patrolling without visible insignia or identification in the days after the election.
A rights group in neighbouring Kenya presented gruesome footage on Sunday that it said was gathered from inside Tanzania, including images of dead bodies piled up in the street.
The images could not be independently verified.
Pope Leo XIV on Sunday called for prayers for Tanzania, where he said post-election violence had erupted “with numerous victims”.
“I urge everyone to avoid all forms of violence and to pursue the path of dialogue,” the pope said.
– ‘Wave of terror’ –
Hassan was elevated from vice-president on the sudden death of her predecessor, John Magufuli, in 2021.
She wanted an emphatic election victory to cement her place and silence critics within the ruling party, analysts say.
Rights groups say she oversaw a “wave of terror” ahead of the vote, including a string of high-profile abductions that escalated in the final days.
Despite a heavy security presence, election day descended into chaos as crowds took to the streets across the country, tearing down her posters and attacking police and polling stations, leading to an internet shutdown and curfew.
Polling stations had been largely empty before the violence broke out, AFP journalists and observers saw, though the electoral commission later said turnout was 87 per cent.
UN chief Antonio Guterres was “deeply concerned” about the situation in Tanzania, “including reports of deaths and injuries during the demonstrations”, his spokesman said last week.
Punch
The Nigerian Education Loan Fund has announced that applications for the student loan scheme have surpassed one million, marking one of the largest uptakes for a government-backed social intervention since the beginning of the Tinubu administration.
In a statement on Sunday, the Director of Strategic Communications, Nigerian Education Loan Fund, Oseyemi Oluwatuyi, said the milestone was achieved less than a year after the programme was launched on May 24, 2024.
He described it as evidence that the scheme is gaining strong national traction and public trust.
According to the agency, over N116bn has so far been disbursed to students across universities, polytechnics, and colleges of education in Nigeria, covering both institutional charges and upkeep allowances.
The Managing Director of NELFUND, Akintunde Sawyerr, said the milestone reflects the success of President Bola Tinubu’s Renewed Hope agenda in expanding access to higher education.
“Crossing the one-million mark represents more than data; it symbolises renewed hope for a generation of Nigerians determined to rise above financial barriers to education,” Sawyerr said. “It is a testament to visionary leadership, sound policy design, and the collective effort of all stakeholders driving this transformative agenda.”
NELFUND reiterated its commitment to continuous improvement in service delivery, ensuring that “every qualified Nigerian student, regardless of background or location, can access education funding with transparency, efficiency, and dignity.”
The agency emphasised that the student loan programme is non-discriminatory, benefiting Nigerians across religious and ethnic backgrounds, and helping to promote unity through equal learning opportunities.
“NELFUND remains focused on ensuring that no Nigerian is denied the opportunity to learn, grow, or contribute to national progress because of financial limitations,” the statement added.
Spotlights
BREAKING: Tension As US Releases Video Of How American Military Will Storm Nigeria To Kill “Islamic Terrorists”
The United States (US) Department of War has released an artificial intelligence (AI) video simulating how it will storm Nigeria to kill “Islamic terrorists”.
The defence department of the US, which President Donald Trump renamed the Department of War, insinuated that it is “preparing for action” in Nigeria.
Dominik Tarczyński, a member of the European Parliament, shared the video on his verified X (formerly Twitter) handle late on Saturday night, November 1.
Tarczyński tweeted: “Nigerian Christians will be rescued very soon!”
Trump said on Saturday, November 1, had asked the Defence Department to prepare for possible “fast” military action in Nigeria if Africa’s most populous country fails to crack down on the killing of Christians.
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