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Police indict Sterling Bank for alleged money laundering, fraudulent deductions, others

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LThe Nigeria police on Wednesday indicted Money Deposit Bank, Sterling Bank over alleged money laundering, fraudulent deductions and other financial crimes by its staff.

This was contained in a report presented to the House of Representative Committee on Public Petition during the hearing of a petition by Maiden Systems Ltd against Sterling Bank, Central Bank of Nigeria (CBN) and Shell Petroleum in Abuja.

Miden system Ltd had petitioned the Committee on alleged mismanagement, fraudulent debit, and misappropriation of funds from its account domiciled with Sterling bank.

Presenting the report before the committee, the representative of the Inspector General of Police, Kabiru Yahaya and Sunny Amison, both Chief Inspectors of Police said after intensive investigation and arrest made on the matter, the bank was found wanting found wanting.

According to him, after arrest was made and an extensive investigation carried out, noting that the bank could not provide evidence to counter the allegations made against it by Miden System Ltd.

He said “We were saddled with the responsibility to investigate mismanagement, fraudulent debit, and misappropriation of funds from the account of Maiden Systems Limited by Sterling Bank.

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“In the course of our investigation, findings emerged about the issue of non-issuance of statement of account, fraudulent debit, and misappropriation of funds. More importantly, Maiden Systems Limited raised the issue of accounts. There are four accounts operated by Sterling Bank Plc for Maiden Systems Limited. Two are U.S. dollar accounts, while two are Nigeria NGN accounts.

“Major remittance is coming to the account of Maiden Systems Limited, to be signed with Sterling Bank, and Shell Petroleum Development Company Limited. Now, we have cutting records from Shell over the period 2017 up to 2020. Shell failed, this is our finding, Shell failed to supply the financial reports for 2021, 2022, 2023, and 2024.

“Now, having regard to the complaint of Miden Systems that it was denied the statement of account, we interfaced with an account officer, who gave us in writing that the company is being furnished with the statement of account. And I asked how, he said electronically, or by short message service, But there is no proof. There’s no proof to debunk that aspect of the allegation.

“Secondly, we discovered from the statement of account generated by the bank, not provided by the petitioner, or its counsel, or any third party. These are accounts and statements of account generated by the bank. Ordinarily, before an investigator, we did not just call for a statement of account to just look at it and dump it.

“We looked at it holistically and saw the grey areas where there were discrepancies or where there are questions to be raised.”

According to CSP Amison, we discovered a Debt Service Repayment Account (DSRA) where money is being used to service the loan.

The loan offer as of 2012 was $30 million. We need to understand it was restructured in 2017, with capital and interest to arrive at US$30 million.

“Having regard to the account, we, a team of detectives, started seeing debits, debits from Miden System account for loan repayment. And we took it upon ourselves to ask the account officer that first came before us to explain the loan repayment but he said it was a mere narration adopted while applying funds to the company’s loan account. We found this very vague and ambiguous.

“We discovered that about US$28.3 million was debited from this company’s account for loan repayment but there’s no explanation.

“Particularly, on the 29th, September 2016, the sum of US$2,413,000 was debited from the company’s account. Account number 00148517716 for loan repayment with reference FT16271UZYO. On 14th, November 2016, the sum of US$1.256 million was equally debited from this same account for loan repayment.

“While on the 16th of January 2017, the sum of US$28,302,140.59 was debited from the company’s account for loan repayment. And like I said, we’ve waited for the bank to provide account officers who have managed this account to throw more light on this. It is not our document.

“It is their own document. The facts are before them. If somebody has managed that account before and is no longer an account officer, they could call them, provide names since they are no longer in the bank.

“One of the account officers specifically wrote that the outstanding balance was about US$27.25 million, while the executive director gave us a figure of over US$30 million. That is to say, nothing has been paid, nothing has been debited to clear the loan.

“We equally discovered what the bank captured in the statement of account, in-branch transfer, account to account. And we asked, what does the bank or the account officers mean by in-branch transfer, account to account?

“We have come up with the recommendation that, since the bank has failed to provide evidence for itself to debunk the allegation raised by Median Systems , evidence as used so far from their own statement of account corroborates the offences alleged. Financial mismanagement, Fraudulent debit, misappropriation of funds and more importantly, when funds are being moved that way, if you go deeper, money laundering. We could not even go deeply towards the petitioner raising their petition.

Responding, the Chairman of the Committee, Mike Etaba assured both parties that the report will be studied by the Committee and justice served.

“At the committee level, we will look at the Police report and I assure us that justice will prevail,” Etaba assured.

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Court martial: 12 soldiers face trial over alleged murder, other criminal offences

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The Commander, 4 Special Forces Command, Nigerian Army, Doma, Maj.-Gen. Olurotimi Awolo, has inaugurated a General Court Martial (GCM) to try 12 soldiers accused of various offences, including alleged murder, assault and aiding criminality.

Speaking during the inauguration on Tuesday in Doma, the Commander, represented by the President of the General Court Martial, Col. Salihu Ibrahim, said the convening order was issued pursuant to powers conferred on him by Section 131(2)(d) of the Armed Forces Act, Cap A20, Laws of the Federation of Nigeria, 2004.

He said the court was constituted to hear the cases of all accused personnel and determine each matter strictly on its merit.

“The court will be guided throughout the trial by the principles of natural justice as enshrined in the Constitution of the Federal Republic of Nigeria, 1999 (as amended).

“We are also mindful of the cardinal principle of criminal justice that every accused person is presumed innocent until proven guilty.

“Where the prosecution fails to establish any allegation beyond reasonable doubt, the court will discharge and acquit the accused person.

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“Conversely, where an accused person is found guilty, the law will take its course in accordance with the provisions governing such offences,” he said.

He assured all parties of the court’s commitment to fairness, justice and professionalism, urging prosecution and defence counsels to avoid unnecessary delays and frivolous adjournments.

The court president maintained that speedy disposal of the cases would serve the interest of justice and ensure confidence in the military justice system.

However, trial could not commence immediately after the inauguration as six of the accused persons present in court were declared medically unfit to stand trial.

The court’s Medical Orderly, Sgt. Audu Ahmadu, informed the panel that five of the six accused persons had elevated blood pressure levels.

Following the development, the prosecutor, Capt. Shamsondeen Sadiq, urged the medical orderly to ensure that the affected personnel received adequate medical attention to enable the trial to commence.

The President of the court subsequently adjourned proceedings to a later date, which would be communicated to all parties.

Speaking with newsmen after the inaugural sitting, Barr. George Illah, counsel to one of the accused persons, commended the Command for constituting the court martial.

He expressed confidence in the competence of the panel, noting that the president of the court, other members and the Judge Advocate were qualified to discharge their responsibilities.

“As a defence counsel, I will do my best to ensure that the soldiers standing trial before this honourable court martial get the justice they deserve.

“It is important for people to understand that military personnel standing trial before a court martial are entitled to all constitutional and legal rights guaranteed under the law, and we will ensure that those rights are protected,” he said.

The News Agency of Nigeria (NAN) reports that members of the General Court Martial include Col. A.A. Buhari, Lt.-Col. Victor Yamu, Lt.-Col. A.K. Karma and Lt.-Col. S. Abdullahi.

Others are Maj. J.M. Usendeng, Maj. A.D. Ahmed, Maj. U. Ahmed, Maj. S.L. Sagu, while Capt. U. Nna serves as Judge Advocate. (NAN)

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Appeal Court suspends execution of judgment against ADC, 4 others parties

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The Court of Appeal in Abuja has ordered the stay of execution of the judgment that directed the Independent National Electoral Commission (INEC) to deregister the African Democratic Congress (ADC) and four other political parties.

*In a unanimous decision, a three-member panel of the appellate court led by Justice A. B. Mohammed, berated Justice Peter Lifu of the Federal High Court in Abuja for flouting an order it made on May 22, which directed him to suspend proceedings before him.*

*The appellate court held that Justice Lifu’s action amounted to an affront on the hierarchy of courts.*

*It held that the lower court’s action was “the highest form of judicial impertinence,” stressing that the Supreme Court previously held that a judge who acted in such manner “is unfit for the bench as it amounts to judicial rascality.”*

*“Courts are enjoined to protect their integrity. This Court has supervisory authority over the trial court. The decision of the lower court to proceed with the judgment despite the express order of this court is a brazen violation of the hierarchy of the court and the 1999 Constitution.*

*“This court has the duty to invoke its powers in ensuring that its orders are made.*

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*“The application for stay of execution is here yet granted. The enforcement of the judgment is stayed,” the appellate court held.*

Appeal Court suspends execution of judgment against ADC, 4 others

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Troops rescue Widow of late Major General Rabe Abubakar

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Troops of the Nigerian Army’s 17 Brigade have rescued Mrs. Abubakar, the widow of the late Major General Rabe Abubakar, who was abducted by bandits shortly before the retired senior military officer died in captivity.

According to military sources, the rescue operation was carried out in Tunga Village, where troops encountered the armed bandits holding her captive. During the exchange, the kidnappers reportedly shot Mrs. Abubakar before fleeing as soldiers advanced on their position.

The troops immediately secured the area, rescued her and administered emergency first aid.

Military authorities said Mrs. Abubakar sustained gunshot wounds and was bleeding when she was rescued. She is currently receiving medical treatment.

The rescue comes days after the burial of Major General Rabe Abubakar, whose death while in captivity sparked widespread outrage and renewed concerns over insecurity in parts of the country.

Following Major General Abubakar’s death, the Defense Headquarters’ Joint Task Force North West, under Operation Fansan Yamma, launched a major offensive operation, codenamed Operation Clean Sweep III, targeting terrorists and bandits operating in Matazu Local Government Area and neighbouring communities in Katsina State.

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According to the military, the operation commenced on 14 June 2026 to locate and neutralise those responsible for the attack, dismantling criminal networks, and restoring security across the affected communities.

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