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EFCC reveals date to arraign Ex-First Bank MD, Otudeko over alleged N12.3bn fraud

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EFCC reveals date to arraign Ex-First Bank MD, Otudeko over alleged N12.3bn fraud

A Federal High Court in Lagos has filed 13- count charge of N12.3 billion fraud against Chairman of Honeywell Group, Chief Oba Otudeko and a former First Bank Managing Director Stephen Olabisi Onasanya for allegedly looting N12.3billion naira from First Bank.

Otudeko – former Chairman of First Bank of Nigeria (FBN) Holdings – and Onasanya are to be arraigned alongside a former board member of Honeywell Soji Akintayo and a firm, Anchorage Leisure Limited connected to Otudeko on Monday, January 20,2025

The four defendants were alleged to have committed the fraud in tranches of N5.2billion, N6.2billion, N6.150billion, N1.5billion and N500million, between 2013 and 2014 in Lagos,

In the 13-count charge, filed before the court EFCC, further alleged that the defendants made and uttered forged documents to deceive the bank.

Otudeko, Onasanya, Akintayo and Anchorage company will be arraigned before Justice Chukwujekwu Aneke,

In count one of the charge the defendants were accused of conspiring together “to obtain the sum of N12.3Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V-TECH DYNAMIC LINKS LIMITED and Stallion Nigeria Limited, which representation they know to be false.”

In Count 2, it was alleged that the defendants, on or about the 26th day of November 2013 in Lagos, “obtained the sum of N5.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V TECH DYNAMIC LINKS LIMITED which representation they know to be false.”

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It was allegedly stated that the defendants, between 2013 and 2014 in Lagos, obtained N6.2 Billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for and disbursed to Stallion Nigeria Limited, which representation they know to be false.”

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According to the anti-graft agency the offences contravened Section 8(a) of Advance Fee Fraud and Other Fraud Related Offences Act 2006 and was punishable under Section 1(3) of the same Act.

Other counts of the charges charges are as follows:

“Count 7. That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO AND ANCHORAGE LEISURE LIMITED on or about the 3rd day of September 2013 in Lagos and within the jurisdiction of this Honourable Court conspired amongst yourselves to commit an offence to wit: uttering a forged document – titled “Letter of Application” with the intent that it may be used by the First Bank in the belief that the said document is genuine and emanated from V-Tech Links Dynamic Limited, and you thereby committed an offence contrary to Section 3(6) of the MISCELLANEOUS OFFENCES ACT, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under Section 1(2)(c) of same Act.

“COUNT 8: That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO AND ANCHORAGE LEISURE LIMITED on or about the 3rd day of September 2013 in Lagos and within the jurisdiction of this Honourable Court uttered a forged document titled “Letter of Application” with the intent that it may be used by the First Bank in the belief that the said document is genuine and emanated from V-Tech Dynamic Links Limited, and you thereby committed an offence contrary to Section 1(2)(c) of the MISCELLANEOUS OFFENCES ACT, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under same Act.

“COUNT 9 That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO AND ANCHORAGE LEISURE LIMITED on or about the 3rd day of September, 2013 in Lagos and within the jurisdiction of this Honourable Court conspired amongst yourselves to commit an offence to wit: making false document titled “AUTHORIZATION TO ISSUE INVESTMENT CERTIFICATE TO FIRST BANK” with intent that it may be used by First Bank in the belief that the said document is genuine and emanated from V-Tech Links Dynamic Limited, and you thereby committed an offence contrary to Section 3(6) of the MISCELLANEOUS OFFENCES ACT, Cap M 17 Laws of the Federation of Nigeria 2004 and punishable under Section 1(2)(c) of same Act.

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“COUNT 10: That you, CHIEF OBA OTUDEKO, STEPHEN OLABISI ONASANYA, SOJI AKINTAYO AND ANCHORAGE LEISURE LIMITED on or about the 3rd day of September, 2013 in Lagos and within the jurisdiction of this Honourable Court made a forged document titled “AUTHORIZATION TO ISSUE INVESTMENT CERTIFICATE TO FIRST BANK” with Intent that it may be used by the First Bank in the belief that the said document is genuine and emanated from V-Tech Links Dynamic Limited, and you thereby committed an offence contrary to Section 1(2) (c) of the MISCELLANEOUS OFFENCES ACT, Cap M17 Laws of the Federation of Nigeria 2004 and punishable under same Act.

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“COUNT 11: That you, CHIEF OBA OTUDEKO AND STEPHEN OLABISI ONASANYA on or about 31st day of October, 2014 in Lagos, within the jurisdiction of this Honourable Court procured Abiodun Olatunji and Raymond Eze to transfer the sum of N6,200,000,000 (Six Billion, Two Hundred Million Naira Only), to STALLION NIGERIA LIMITED’s account number “2015708429” domiciled with First Bank, which sum you reasonably ought to have known formed part of the proceeds of unlawful activities to wit: Fraudulent False Accounting and you thereby committed an offence contrary to Sections 18 (c) and 15(2 (b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

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“COUNT 12: That you, CHIEF OBA OTUDEKO AND STEPHEN OLABISI ONASANYA on or about 11th day of December, 2013 in Lagos, within the jurisdiction of this Honourable Court procured Abiodun Olatunji and Raymond Eze to transfer the sum of N2, 090, 000,000 (Two Billion, Ninety Million Naira Only), from STALLION NIGERIA LIMITED’s account number “2015708429” domiciled with First bank, to Emmerado Logistics Limited’s account number “0688985010” domiciled with First City Monument Bank, which sum you reasonably ought to have known formed part of the proceeds of unlawful activities to wit: Fraudulent False Accounting and you thereby committed an offence contrary to Sections 18 (c) and 15(2 (b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.

“COUNT 13: That you, CHIEF OBA OTUDEKO on or about 3rd day of September, 2013 in Lagos, within the jurisdiction of this Honourable Court whilst being the Chairman of First bank Plc indirectly had personal interest in a loan facility sought for by V Tech Dynamics Links Limited in the sum of N6,150,000,000.00 (Six Billion, One Hundred and Fifty Million Naira Only), which interest was not declared to the Bank and you thereby committed an offence contrary to Section 18(1) BANKS AND OTHER FINANCIAL INSTITUTIONS ACT 2004 and punishable under Section 18(2) of same Act.”

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Varsity Chancellor Condemns Rejection Of NECO Results By Institituions

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Atiba Varsity Condemns Rejection Of NECO Results By Institituions

The Founder and President of Atiba University Oyo, James Adesokan Ojebode, PhD, ALA(CSN) JP has expressed deep concern over reports that some Federal universities have allegedly refused to accept the recently released National Examinations Council (NECO) results from admission seekers.

In a statement issued in Oyo, Ojebode described the development as “unjust, discriminatory, and inconsistent with Nigeria’s commitment to inclusive and equitable education.” He lamented that many candidates who initially applied with Awaiting Results were later denied admission after NECO released their results — a situation he termed “a denial of the fundamental right to education and a reflection of administrative insensitivity.”

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Ojebode therefore called on the Federal Ministry of Education, the Joint Admissions and Matriculation Board (JAMB), and NECO to urgently intervene and ensure that all affected universities reopen their admission portals to allow candidates upload their results. He noted that “education must remain a tool for empowerment, not exclusion.”

He further emphasized that proper coordination among examination and admission bodies is crucial to maintaining the credibility of NECO, the integrity of Nigeria’s admission process, and the public’s confidence in the education system.

Atiba University Oyo
7th October, 2025.

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2027: Cameroon Prophet Reveals Who Will Win Nigeria’s Presidential Election

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Cameroon Prophet Reveals Who Will Win Nigeria's Presidential Election

Prophet Boris Jedidiah, a prominent cleric from Cameroon, has made a significant announcement regarding the upcoming 2027 presidential election in Nigeria.

He claims that President Bola Ahmed Tinubu’s victory is assured by divine intervention.

In a video that has gained widespread attention on his YouTube channel, the prophet asserted that he received a revelation from God indicating that no political opposition would be able to prevent Tinubu’s re-election. This statement has stirred considerable interest and discussion in political circles.

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According to Jedidiah, “During the 2027 Nigerian presidential election, a governor who is presently governing a state of Nigeria is going to stand as a presidential candidate. But The Lord said to me that this governor is not going to become the president of Nigeria. His Excellency, Bola Tinubu, is going to be declared the president of Nigeria during the 2027 Nigerian presidential election.”

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He further emphasized that any Nigerian governor or politician who rises against President Tinubu’s mandate would be acting against God’s divine purpose for the nation.

The prophecy has since attracted wide reactions on social media, with supporters of the president welcoming the message, while others questioned the growing trend of foreign clerics predicting Nigeria’s political future.

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Nigeria’s next general elections, which will include the presidential and National Assembly polls, are scheduled for 2027.

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Delta EXCO Approves 2026 Budget Framework, Judges’ Quarters Construction

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Delta EXCO Approves 2026 Budget Framework, Judges’ Quarters Construction

The Delta State Executive Council (EXCO), Thursday approved key fiscal documents setting the stage for the preparation of the 2026 Appropriation Bill, alongside the construction of 10 new residential quarters for Judges across the state.

The State Commissioner for Economic Planning, Mr. Sonny Ekedayen, disclosed this while briefing journalists at the end of the EXCO meeting presided over by the Deputy Governor, Sir Monday Onyeme, in Asaba.

Ekedayen said the Council considered and approved the economic fiscal update, fiscal policy strategy, and the budget policy statement, critical documents required by law and fundamental to the preparation of the 2026 budget.

He explained that; “before the commencement of any budget process, there must be a set of assumptions, and it is those assumptions that the Executive Council considered and approved today.

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“The document will now be transmitted to the State House of Assembly for the enactment of the necessary laws to enable us commence the actual budget preparation.”

According to him, the assumptions for the 2026 fiscal year are aligned with national parameters agreed upon by the Nigeria Governors’ Forum (NGF) to ensure uniformity across states.

“This uniform basis will make it easier to integrate the budgets of sub-national governments into a national framework,” Ekedayen said.

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He listed the key macroeconomic assumptions as follows: – Oil production: 1.7 million barrels per day; exchange rate: ₦1,500 to $1; GDP growth rate: 3.4%; Inflation rate: 23%.

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He said these figures would guide the State’s Ministry of Economic Planning in designing the 2026 budget, which will subsequently pass through EXCO approval before being presented to the State House of Assembly.

“Today’s approval signals the beginning of the new budget season for Delta State,” he added.

Also briefing journalists, the State Commissioner for Housing, Hon. Godknows Angele, said EXCO approved the construction of 10 new judges’ quarters in Asaba, Warri, and Osubi as part of the administration’s commitment to the welfare of the judiciary.

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“His Excellency, Governor Sheriff Oborevwori, believes in balancing all arms of government — the executive, legislature, and judiciary,” Angele said.

Angele said: “We already have commissioners’ and legislative quarters in Asaba. It was therefore necessary to provide befitting accommodation for our Judges.”

He explained that the project, approved as the first phase, will feature four-bedroom duplexes for 10 judges, five in Asaba and five in Warri/Osubi and designed for comfort and security within designated judicial residential clusters.

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“This is a new construction and not renovation. It is part of our administration’s effort to ensure the judiciary functions in a conducive and secure environment,” Angele added.

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Delta Exco Approves N10bn For Pensioners, Reviews Key Infrastructure Contracts

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Delta EXCO Approves 2026 Budget Framework, Judges’ Quarters Construction

The Delta State Executive Council (EXCO) approved the disbursement of ₦10 billion on Thursday to offset the pension liabilities inherited from previous administrations in the state.

The meeting, which was presided over by the Deputy Governor, Sir Monday Onyeme, was held at Government House, Asaba, on the directive of the Governor, Rt. Hon. Sheriff Oborevwori, who is on official engagement outside the state.

Briefing journalists at the end of the meeting, the Commissioner for Works (Rural Roads) and Public Information, Mr. Charles Aniagwu, flanked by his counterparts for Economic Planning, Mr. Sonny Ekedayen; Housing, Hon. Godknows Angele; and the Chief Press Secretary to the Governor, Sir Festus Ahon, said the EXCO deliberated on several life-impacting memos cutting across social investment, infrastructure, and governance reforms.

Aniagwu disclosed that the ₦10 billion disbursement was in fulfillment of Governor Oborevwori’s promise to ease the hardship of pensioners and to detray inherited pension liabilities.

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“At today’s meeting, we approved the disbursement of ₦10 billion to begin the process of defraying pension arrears. A committee has been set up to ensure the funds get to deserving beneficiaries without bias or interference,” Aniagwu said.

He emphasized that the move was part of the administration’s broader commitment to improving the welfare of citizens under the MORE Agenda and making life more livable for senior citizens who had served the state diligently.

Aniagwu further revealed that the EXCO reviewed timelines for key infrastructure projects, including two major flyovers in Agbor (Uromi Junction) and Ughelli (Otovwodo Junction), being handled by Julius Berger Nigeria Plc.

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He said: “The Agbor flyover, initially scheduled for completion in 24 months, has been revised to 18 months, while the Ughelli flyover has been reduced from 24 to 14 months.

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“These adjustments are aimed at delivering the projects faster to ease movement and boost economic activities”.

He added that the council also considered the Medium-Term Expenditure Framework (MTEF) presented by the Commissioner for Economic Planning, as part of preparations for the 2026 budget, which will soon be presented to the Delta State House of Assembly.

He disclosed that EXCO also terminated some non-performing contracts across the state to ensure efficient project delivery and value for money.

“Some contractors have failed to meet performance expectations, and since the government promptly mobilizes and pays for certified work, we cannot allow delays or negligence,” he stated.

One of the affected projects, he said, is the Igbodo Junction–Ubulu–Uku to Ogwashi-Uku Road, which will be re-examined and re-awarded to a competent contractor in line with the governor’s resolve to open up communities across the 25 local government areas.

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Aniagwu also announced the council’s approval for the formal presentation of the Staff of Office to His Royal Majesty, Engr. Mike Oghenovo Orugbo, Okporua I, the Ovie of Udu Kingdom, following his installation by the kingmakers of the kingdom.

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The Commissioner reaffirmed the administration’s commitment to people-oriented governance, transparency, and accelerated infrastructural renewal across the state.

“Governor Oborevwori has made it clear that projects must deliver value to Deltans. Where contractors fail, we will not hesitate to act in the interest of our people,” Aniagwu added.

Aniagwu gave assurances that Governor Oborevwori’s administration will continue to prioritize human welfare, infrastructural development, and institutional reforms aimed at sustainable growth and prosperity for all Deltans.

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New INEC Chairman Emerges As President Tinubu Set To Announce Fresh Appointment

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President Bola Tinubu, barring any last-minute change, is expected to present his nominee for the post of Chairman of the Independent National Electoral Commission (INEC) to the National Council of State today at the Presidential Villa, Abuja, according to Naija News.

This comes after the exit of Professor Mahmood Yakubu, who handed over to the most senior national commissioner, Dame May Agbamuche-Mbu, in an acting capacity on Tuesday, October 7, 2025.

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According to sources within the presidency who spoke with Vanguard, Professor Joash Ojo Amupitan has emerged as the front-runner to succeed Yakubu and would be announced after the Council of State has been briefed.

“He came highly recommended and has already undergone security screening,” a top official told Vanguard.

Amupitan, a Professor of Law and Deputy Vice-Chancellor (Administration) at the University of Jos, is said to be Tinubu’s preferred choice among the three names pencilled down for the job.

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Born on April 25, 1967, in Aiyetoro-Gbede, Ijumu Local Government Area of Kogi State, Amupitan is a seasoned legal scholar.

He specialises in Law of Evidence, Corporate Governance, Corporate Law, and Privatisation Law, with decades of teaching and administrative experience at the University of Jos.

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If confirmed, Tinubu’s swift action will mark a departure from the style of his predecessor, late President Muhammadu Buhari, who allowed the commission to remain in limbo.

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During Buhari’s tenure, the mandatory four-man quorum at INEC was not constituted until four months later, creating operational delays.

Naija News understands that today’s Council of State session is expected to seal the choice of Yakubu’s successor and set the tone for Nigeria’s next electoral cycle.

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Why Court Ordered Arrest Of Ex-INEC Chairman Yakubu

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Mahmood Yakubu

A Federal High Court in Osogbo, Osun State, has issued an order for the arrest of Prof. Mahmood Yakubu, the former Chairman of the Independent National Electoral Commission (INEC), for contempt of court.

This order was announced by Justice Funmilola Demi-Ajayi just hours after Yakubu vacated his position.

The court directed the Inspector-General of Police, Kayode Egbetokun, to apprehend Yakubu and initiate committal proceedings within seven days. Earlier that day, Yakubu officially transferred leadership of INEC to National Commissioner Mrs. May Agbamuche-Mbu, who will serve as Acting Chairman until a new substantive head is appointed. The handover took place during a meeting with Resident Electoral Commissioners (RECs) at INEC headquarters in Abuja.

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The arrest order follows a lingering dispute between the commission and the Action Alliance (AA) party over INEC’s alleged refusal to comply with a previous court judgment.

In suit number FHC/OS/CS/194/2024, filed by the party, the court had ordered INEC to upload the name of Adekunle Rufai Omoaje as the National Chairman of AA, along with members of its National Executive Committee (NEC), on its official portal.

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The October 2023 elective convention that produced Omoaje and other NEC members was ruled valid by the court, which affirmed it was properly monitored and supervised by INEC officials in line with the party’s constitution and the Electoral Act.

Although INEC claimed to have complied with the judgment, Omoaje’s name has remained absent from the commission’s website as of press time, even though the names of state chairmen and other NEC members have been published. The court described the continued omission as a violation of its order.

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A certified copy of the latest ruling, dated October 7, 2025, and signed by O.M. Kilani on behalf of the Court Registrar, stated:

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“It is hereby ordered that the Inspector General of Police shall cause the arrest and shall charge the defendant/judgment debtors for contempt and committal proceedings within seven days of this ruling.”

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