News
Akingbola To Forfeit N626bn, 8 Houses, Others – EFCC
The Mareva order granted against the wanted former Group Managing Director of Intercontinental Bank Plc, Mr. Erastus Akingbola, would see him forfeiting, temporarily, to the Federal Government, about N626 billion, eight houses, nine companies and 12 bank accounts.
This is even as the Economic and Financial Crimes Commission (EFCC) again sealed off his property at 2, Bedwell Road Ikoyi, Lagos on Wednesday.
Commission’s spokesperson, Mr. Femi Babafemi, confirmed the sealing off of the property.
The Mareva order issued by a London court and a federal high court sitting in Lagos covered all his properties worldwide.
All the items listed by the commission were covered by the order.
His property at 12, Ruxcon Road, Ikoyi, Lagos was sealed off on Tuesday which signaled the commencement of the execution of the Mareva order.
In the Mareva sum contained in the order, N346 billion was listed in local currency while 1,085,575 British pounds was also listed as alleged proceeds of crime.
The order restrained Akingbola and members of his family from coming in contact with the said property until it is lifted.
In the schedule 11 of the order, assets listed included, property at Milverton Road, Ikoyi, 26, Chester Terrace London, 8 Connaugh Street, London, 65 Gove-End Road, London, Amazing Grace Plaza, Ligali Ayorinde Street, Victoria Island among others.
Companies listed in the order included Tropics Securities, Tropics Property, Tropics Holdings, Summit Finance Company, Tropics Finance and Investment Company, Yankuri Nigeria Ltd, Regal Investment, Bankinson Nigerian Ltd and Associated Discount House Ltd among others.
Some of the bank accounts included accounts with numbers 0001200000029420, 0001210000005334, 0111-001-000352735 and 0111-001000- 352745 domiciled with Intercontinental Bank.
Fifteen cars and five dogs were found on the property sealed off on Tuesday.
In the property listed in his name in the court order, he is said to own 10 properties in Ikoyi ansd Victoria Island, Lagos alone.
The commission’s guards now watch over the seized property.
It was also gathered that the commission’s chairman, Mrs Farida Waziri had written to all banks where Akingbola has accounts for the transfer of same to the government.
Other banks where he has accounts included Access Bank, Zenith Bank, Skye Bank, Fidelity Bank and Intercontinental U.K.
Security agencies abroad where Akingbola has properties and bank accounts, had also been contacted for the same measure of treatment for the former banker.
While the Lagos order was granted on the last day of 2009, the London court had granted its, on 23rd December, 2009.
Some of the assets to also be frozen were Nos 17, 18, 19, 20 on Finchey Road, London as well as the property located at 26, Chesire Terrace, London.
Properties said to have been owned by him in Accra, Ghana and Dubai, United Arab Emirates, were also listed for forfeiture.
The Group Managing Director/Chief Executive Officer, Oceanic Bank, Mr. John Aboh, has said the bank concluded staff rationalisation exercise December last year, stressing that it has no plan to sack any of his workers in the new year.
Speaking against the backdrop of insinuations that the bank had carried out fresh disengagement of staff, Aboh explained that it was unfounded and a premeditated attempt by people to derail the consistent progress being recorded by the bank.
According to him, last year rationalisation was to drive operational efficiency in the organisation, noting that it had become imperative to alert customers and shareholders on true situation.
“I urge our esteemed customers, shareholders, and the entire banking public to disregard such reports. Oceanic Bank is making steady progress with its recovery efforts and the trends before us show promising prospects and enhanced value creation for all stakeholders.”
The Oceanic Bank boss explained that prior to the bank’s staff rationalisation exercise, the bank was expending over N4 billion monthly on salaries and wages to a workforce of over 20,000 people.
“We had to implement the painful process of staff rationlisation to streamline the workforce along the line of the current business realities otherwise we will be deploying depositors’ funds to sustain the bloated workforce. The vision we have is to grow the business to ensure consistent value creation for our customers and shareholders.”
News
Land ownership disputes are civil matters, not police cases – FCID
The Force Criminal Investigation Department, FCID, Alagbon, Lagos, has restated that disputes over land ownership are civil matters that fall under the jurisdiction of the courts and should not be handled by the police.
Speaking with newsmen on Sunday, the FCID spokesperson, Assistant Superintendent of Police, Aminat Mayegun, said the role of the police in land-related cases is limited to addressing criminal infractions that may arise from such disputes.
Her clarification follows growing complaints from property owners and residents in Lagos who have raised concerns about alleged police interference in land disputes, despite long-standing directives that ownership disagreements are civil in nature.
Some residents have accused law enforcement operatives of actions that allegedly worsened tensions, encouraged intimidation and complicated the resolution of land ownership matters, which they insist should be determined strictly through legal proceedings.
Others claim such involvement sometimes tilts in favour of powerful interests, further eroding public confidence.
Mayegun explained that issues relating to land boundaries or ownership are governed by civil law and must be settled in court, stressing that the police lack the authority to determine who owns any parcel of land.
She noted, however, that police intervention becomes necessary when criminal acts are committed in the course of a land dispute.
“The police are duty-bound to intervene and investigate only when land-related disputes give rise to criminal offences, as they have no mandate to determine ownership of land,” she said.
According to her, offences such as obtaining money by false pretence, malicious damage to property, arson, assault or any other act recognised under the Criminal Code Act fall squarely within the responsibility of the police.
She warned that individuals who resort to fraud, violence or destruction of property under the pretext of asserting land rights would be thoroughly investigated and prosecuted.
The FCID spokesperson also cautioned members of the public against taking laws into their hands, urging aggrieved parties to seek redress through established legal channels.
She assured that the Nigeria Police Force would continue to carry out its duties strictly in line with the law and called on citizens to report cases of improper land-related interference through the Police Complaints Response Unit.
News
Govs Move To Prioritise Sugar For Industrial Growth
The Nigeria Governors’ Forum has unveiled plans to prioritise sugar as a key driver of industrial development across the country.
The initiative, in partnership with the National Sugar Development Council, aims to boost local production, create jobs, and reduce Nigeria’s reliance on imported sugar.
Disclosing this yesterday in a statement, the NGF said it has agreed to include sugar projects as priority beneficiaries in engagements with both local and international development partners.
The decision follows requests by the NSDC to accelerate the development of the sugar sector, with the dual goals of achieving self-sufficiency in sugar production and creating employment opportunities for Nigerians.
Speaking at a meeting with NGF officials, NSDC Executive Secretary/CEO, Kamar Bakrin, highlighted the vast investment potential in the sugar sector and encouraged governors of states with suitable lands to embrace sugar project development.
He identified 11 states with prime sugarcane cultivation potential: Oyo, Kwara, Niger, Nasarawa, Kaduna, Kano, Bauchi, Gombe, Jigawa, Adamawa, and Taraba.
“Recent macroeconomic shifts have made domestic sugar production more commercially viable.
“While global sugar prices remain relatively stable in dollar terms, exchange rate fluctuations have made imports significantly more expensive. With locally sourced inputs, Nigeria’s sugar industry now offers robust returns,” Bakrin explained.
He added that Nigeria has approximately 1.2 million hectares of land suitable for large-scale sugarcane cultivation, far exceeding the 200,000 hectares needed to achieve national self-sufficiency.
“Sugarcane projects will empower host communities, promote inclusive development, and support environmental sustainability,” he noted.
Bakrin also cited a model sugar project producing 100,000 metric tons annually, requiring an estimated $250 million investment, with an internal rate of return of 24 per cent. Beyond sugar, the projects generate valuable by-products such as ethanol and bio-electricity, further enhancing profitability and sustainability.
The Director-General of NGF, Abdulateef Shittu, welcomed the initiative, noting that several state governments are already exploring sugar-related investments spanning land development, agricultural schemes, and agro-industrial projects.
He emphasized that effective coordination, credible investment frameworks, and alignment with federal policy objectives are critical for scaling such opportunities.
“The NGF secretariat is committed to supporting state-level development priorities that leverage sugar projects for rural development and job creation,” Shittu stated.
News
Urban Nigerians enjoy 40% faster internet than rural users — NCC
Urban residents in Nigeria enjoy faster internet than rural users, a new report by the Nigerian Communications Commission, NCC, has revealed, even as nationwide connectivity shows modest improvements.
The report, which analysed 377,135 network tests using geospatial mapping, found that urban download speeds average 20.5 megabits per second, Mbps, compared to 11 Mbps in rural areas, a gap of about 40 percent. Upload speeds were also uneven, with urban users recording 10.5 Mbps against 6.1 Mbps in rural locations.
Although rural speeds have improved from 8.5 Mbps earlier this year, the NCC said higher latency in rural areas continues to affect real-time services such as voice and video calls.
NCC said: “Urban areas account for just 5.2 percent of Nigeria’s landmass but 96.7 percent of total network activity.
“Rural communities, which cover over 93 percent of the country, experience much sparser usage and slower speeds.”
The report also highlighted that the choice of network operator can sometimes matter more than location.
It stated: “MTN’s average rural download speed of 15.8 Mbps was found to outperform Glo’s average urban speed of 9.5 Mbps, showing uneven performance across operators.
“Major highways, especially the Lagos–Abuja corridor, were identified as ‘digital corridors’ where network coverage is stronger.
“Rural towns along these routes often enjoy better connectivity than remote interior villages, reflecting how road and network infrastructure grow together.”
On technology trends, the report noted that “4G LTE remains Nigeria’s broadband backbone, delivering speeds of 10–20 Mbps in rural areas, while 5G networks, where available, offer speeds of up to 220 Mbps but are still largely confined to dense urban centres.
“Among operators, MTN delivered the most consistent nationwide performance, followed by Airtel. T2 recorded the highest median rural speed at 24.9 Mbps in select regions, while Glo maintained baseline connectivity of 9.5 Mbps across both urban and rural areas.”
The NCC said closing the persistent urban-rural gap will require targeted rural infrastructure upgrades, improved upload capacity, and stronger quality-of-service standards to support digital education, e-government and remote work.
“Improving network quality outside cities is akey to ensuring all Nigerians benefit from digital services,” the regulator added.
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