Business
Court Adjourns Alleged Theft Case Against Ex-Bank Chairman
A Federal High Court sitting in Ikeja last Thursday fixed April 17 for hearing of all pending applications in the trial of a former Chairman of Wema Bank Plc, Olapade Mohammed.
Mohammed is standing trial alongside Sanni Mohamed, a Director of AKS Steel Nigeria Ltd. for allegedly stealing N1.2 billion belonging to the company, where he was also chairman.
Reports said that the two accused persons were dragged by the Economic and Financial Crimes Commission (EFCC) before the court, presided over by Justice Steven Adah.
When the matter came up for hearing on Thursday, their lawyer, Mr Olabode Olanipekun, told the court that they have filed an application for a stay of proceedings.
Olanipekun said the application was served on the EFCC on March 1, adding that the defence had also filed an objection to the prosecution’s written address.
Responding, the EFCC lawyer, Mr Steve Odiase, noted that the accused persons have failed to appear before the court to answer the charges preferred against them.
Odiase, in an oral application, asked the court for an extension of time to enable the prosecution regularise its processes and file their written address properly.
Adah, therefore, adjourned the matter to April 17, but ordered the parties to ensure that all processes were duly filed and served before the next adjournment date.
The accused persons in the application filed on March 1 by Olanipekun, had urged the court to stay further proceedings of the charge preferred against them.
This is pending the hearing and determination of their appeal against the charge, filed before the Court of Appeal in Lagos.
The anti-graft agency had in the charge alleged that the duo stole N1.2 billion, whilst Muhammed was the company’s chairman.
It said the alleged offences were committed between January 1, 2006 and March 23, 2009 in Lagos.
The EFCC claimed that they also laundered various sums amounting to N297. 7 million belonging to the company by transferring it to Dubai and subsequently, India.
The charge said they did so “without a board resolution authorising the removal of the funds.”
The agency alleged that they “knew” the sums “represented the proceeds of crime, with the aim of concealing the illicit origin of the said money”.
The alleged stealing and conversion contravene Sections 390, 421, 422 and 516 of the Criminal Code, Laws of the Federation of Nigeria, 2004.
The laundering charges are contrary to Section 14 (1) of the Money Laundering (Prohibition) Act of 2004 and punishable under Section 14 and 17 of the Act.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.