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Sterling Bank Embroiled in Money Laundering Scandal

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By Gloria Ikibah
The Nigeria police has formally accused Sterling Bank of alleged money laundering, fraudulent deductions and other financial crimes by its staff.
This was the report presented by Nigeria Police Force to the House of Representative Committee on Public Petition during the hearing of a petition by Miden  Systems Ltd against Sterling Bank, Central Bank of Nigeria (CBN) and Shell Petroleum on Tuesday in Abuja.
Naijablitznews.com reports that Miden System Ltd., had witten a petitioned to the Committee on the alleged mismanagement, fraudulent debit, and misappropriation of funds from its account domiciled with Sterling bank.
Presenting the report before the committee, representative of the Inspector General of Police, Kabiru Yahaya and Sunny Amison, both Chief Superintendent of Police said after intensive investigation and arrest made on the matter, the bank was found wanting.
According to the police, after arrest was made and an extensive investigation carried out, 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 Miden  Systems Limited by Sterling Bank.
“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, Miden  Systems Limited raised the issue of accounts. There are four accounts operated by Sterling Bank Plc for Miden  Systems Limited. Two are U.S. dollar accounts, while two are Nigeria NGN accounts.
“Major remittance is coming to the account of Miden  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.”
CSP Amison explained, “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 Miden 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”, he stated.
In response, the Committee Chairman, Rep. Mike Etaba assured both parties that the report will be studied by the Commitee 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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Ogene Fires Back at Oshiomhole Over Obi Security Claims, Calls Remarks ‘Revisionist Comedy’

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By Gloria Ikibah

A fresh war of words has erupted over the security record of former Anambra State Governor Peter Obi, with the Leader of the Nigeria Democratic Congress (NDC) Caucus in the House of Representatives, Afam Victor Ogene, launching a scathing rebuttal to recent comments made by former Edo State Governor and Senator, Adams Oshiomhole.

The controversy followed remarks by Oshiomhole during a podcast interview in which he reportedly questioned Obi’s performance on security while serving as governor of Anambra State, arguing that the former presidential candidate lacked the credentials to tackle Nigeria’s current security challenges.

Responding in a statement, Ogene described Oshiomhole’s assertions as inaccurate and politically motivated, insisting that Obi’s security record remained a matter of public record.

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“Senator Oshiomhole’s revisionist attempt to rewrite history is both laughable and insulting to Nigerians who know the facts. The data on security under Obi’s tenure in Anambra remains public record, and no amount of political grandstanding can erase it,” Ogene declared.

The lawmaker accused the former Edo governor of distorting historical facts in a bid to undermine Obi’s reputation, while also taking aim at Oshiomhole’s frequent interventions in national political debates.

Ogene further argued that Oshiomhole’s comments overlooked key events in Anambra’s political history, particularly the administrations that preceded Obi’s tenure.

“Oshiomhole has now officially joined the growing league of self-appointed press secretaries to President Tinubu. His trademark loquaciousness routinely puts him at odds with his own colleagues in the Senate, and he invariably ends up issuing humiliating apologies.

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“In his latest desperate bid for ranking status among presidential attack dogs, Oshiomhole has again flown off tangent, mangling basic facts that even secondary school students know. What revisionist history would Oshiomhole teach Nigerian children when he can not accurately situate simple national events?”, he said.

Addressing references to the Bakassi Boys vigilante group, Ogene maintained that Oshiomhole had wrongly linked the group to Obi’s administration.

He also challenged Oshiomhole’s claims regarding efforts to dismantle criminal hideouts in Anambra State, insisting that the policy predated the administration of former Governor Willie Obiano.

“For the record: the Bakassi Boys operated under the four-year administration of the late Dr. Chinwoke Mbadinuju. Yet in his haste to smear Obi, Oshiomhole conveniently erased the three-year tenure of Dr. Chris Ngige before Obi’s assumption of office in 2006.

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“Not done with his comedy of fallacies, Oshiomhole went further to claim that the demolition of kidnappers’ dens began under former Governor Obiano. False. That deterrence policy was introduced and executed by Obi”, he added.

The NDC caucus leader went on to contrast the leadership styles of both former governors, arguing that Obi’s administration focused on institutional reforms and security initiatives.

Ogene also pointed to security measures introduced during Obi’s administration, including community-based policing initiatives, which he said laid the foundation for a state-wide security framework.

“It is pitiable that a man who governed Edo State during Obi’s tenure would be so consumed by envy that he deliberately forgets basic facts. This is the same Oshiomhole who, while Obi was bringing civility and due process to governance in Anambra, was busy demolishing the houses of political opponents in Edo.

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“In deed, for a man who pioneered the current attempt at evolving a state police structure, through the recruitment, training, kitting, and provision of security vehicles to each of Anambra’s 177 communities, it is uncharitable for Senator Oshiomhole to begin now to promote a contrary narrative”, he voted.

According to Ogene, Obi’s tenure was recognised through several security-related awards, and he argued that independent testimonies from senior law enforcement officials further supported the former governor’s record.

“Despite several security-related awards garned by Obi as governor, Oshiomhole’s desperate revisionism collapses under the weight of verifiable testimony. Philemon Leha, who served as Commissioner of Police in Anambra State during Mr. Peter Obi’s tenure has put the record straight.

“As I undertook my assignment in the state, I was greatly encouraged by the commitment and determined focus of Governor Obi. Security was on his priority list, and he always offered us logistics and other support on a scale I had not witnessed elsewhere.

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“This is firsthand evidence from the man who ran security operations on the ground. While Oshiomhole peddles fallacies from a podcast chair, those who actually secured Anambra credit Obi’s leadership, logistics, and political will. Facts always triumph propaganda. 

“The unprovoked and coordinated attacks on Mr. Peter Obi’s person and political aspiration, by hirelings across both the ruling party and the opposition, are unprecedented. They point to only one thing: Obi is the real issue in the conversation for the 2027 general elections. 

“Yet, Obi has committed no crime by aspiring to lead. He has not barred anyone from contesting for the presidency. So it is both strange and uncharitable that many now want him muscled out of the race out of sheer jealousy and palpable fear of his rising popularity. 

“Like every other Nigerian, Obi is entitled to exercise his fundamental rights. Oshiomhole, and any one else, is free to run for the highest office if they so desire. No amount of sponsored smear campaigns,therefore, can deny Obi of that same democratic rights,” Ogene stated. 

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The exchange adds to the growing political debate surrounding the records of leading political figures as discussions ahead of future electoral contests continue to gather momentum.

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Just in: Kwara traditional ruler reportedly dies in kidnappers hideout after demand of N21m ransom

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The traditional ruler of Olayinka community in Ifelodun Local Government Area of Kwara State, Oba Salman Olatunji Aweda, has been confirmed dead after his abductors reportedly demanded ₦21 million, two new motorcycles and a jerrycan of petrol for his release.

The monarch’s death was confirmed in an emotional voice message obtained by Sahara Reporters from a member of a committee involved in efforts to secure his freedom.

In the message, the committee member announced the development to residents of Olayinka community, saying several efforts made by family members, residents, community leaders and religious figures to rescue the monarch were unsuccessful.

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The committee member described the death as the will of God and urged residents to accept the development.

He said, “Allah in His mercy said in the Holy Qur’an that we all human beings on earth belong to Him, and to Him we shall return, whether when we expect it or when we do not expect it.

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HoR move to address security challenges, strengthen military architecture

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By Ojomah Austin.

 

The House of Representatives on Monday commenced a two-day public hearing on a series of defence-related bills aimed at strengthening Nigeria’s military architecture, improving the welfare of service personnel and retirees to combat security challenges.

Speaking at the opening of the hearing at the National Assembly Complex, Speaker of the House of Representatives, Abbas Tajudeen, described the proposed legislation as a direct response to Nigeria’s evolving security challenges and a key component of the 10th House Legislative Agenda.

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Abbas noted that the country continues to grapple with insurgency in the North-East, banditry and kidnapping in the North-West, farmer-herder conflicts in the North-Central, separatist agitations in the South-East, as well as emerging threats such as maritime piracy, cyber warfare, and organised crime linked to terrorism.

“We cannot pretend that our nation is at ease. Our Armed Forces are stretched, yet they remain our first and last line of defence,” the Speaker said.
He explained that the bills under consideration seek to strengthen the legal and institutional frameworks governing the military, making it more resilient, accountable, inclusive and capable of responding to modern security realities.

Among the bills before the committee are proposals for the establishment of an Armed Forces Farms and Ranches Scheme to promote food security in conflict-prone agricultural areas, legislation to improve gender representation in the Armed Forces, a comprehensive repeal and replacement of the Armed Forces Act through a new Nigerian Military Force Bill, and a bill to establish a Veterans’ Federation of Nigeria to improve support for retired military personnel.

The Speaker stressed that the hearing was not intended as a “rubber stamp” exercise but a platform for robust and evidence-based engagement.
“I give you my word every memorandum will be read, every oral presentation will be noted, and all relevant contributions will be considered and, where applicable, incorporated into the final reports and bills,” Abbas assured stakeholders.

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He urged serving and retired military personnel, civil society organisations, gender advocates, legal experts and ordinary citizens to actively participate in the process, emphasizing that legislative innovation was necessary to address the country’s complex security challenges.
Abbas also commended the House Committee on Defence for organising the hearing and expressed confidence in its ability to conduct a transparent and fair process.

“We are here to serve the Nigerian people and to produce legislation that will make our Armed Forces more professional, more accountable, more gender-sensitive, and more effective in protecting lives and property,” he said.
In his welcome address, Chairman of the House Committee on Defence, Babajimi Benson, described the public hearing as a critical democratic exercise designed to ensure stakeholder participation in the lawmaking process.

According to Benson, defence legislation directly impacts national sovereignty, military effectiveness, operational readiness and the safety of Nigerians, making public input essential.
“The importance of public participation becomes even more significant when dealing with matters of defence and national security,” he said.

He explained that the bills address key areas including military education and professional development, joint operational effectiveness, medical training and healthcare support, strategic research and doctrine development, military governance reforms, food security initiatives, veterans’ welfare and inclusiveness within the Armed Forces.

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“Collectively, these proposals represent an important effort to build a stronger, more professional, innovative and future-ready military institution,” Benson stated.
The lawmaker encouraged stakeholders to make oral presentations and submit memoranda, assuring them that all submissions would be carefully reviewed by the committee.

He also paid tribute to officers and soldiers of the Armed Forces of Nigeria for their dedication and sacrifices in safeguarding the nation despite difficult operating conditions.

The hearing also witnessed strong reactions from some veterans who expressed reservations about aspects of the proposed Veterans’ Federation of Nigeria Bill.

Supporters of the proposed (VFN) Bill urged lawmakers to adopt a framework they said aligns with international best practices for veterans’ welfare and representation.

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In a policy brief submitted to the Committee, G.A Olonisakin speaking on behalf of veteran stakeholders argued that the debate surrounding the bill should focus on facts, global standards and the welfare of Nigerian veterans rather than on institutional sentiments or nomenclature.

The memorandum noted that in countries such as the United States, the United Kingdom, Canada and Australia, veterans’ organisations such as the American Legion, the Royal British Legion and the Royal Canadian Legion operate as non-governmental charitable associations rather than statutory government bodies.

According to the submission, responsibility for veterans’ welfare in those countries rests with dedicated government agencies, including the United States Department of Veterans Affairs, Veterans Affairs Canada, the United Kingdom’s Office for Veterans Affairs and Australia’s Department of Veterans Affairs.

The stakeholders further argued that Nigeria’s current arrangement, in which the Nigerian Legion combines the roles of both an association and a statutory government body, is uncommon internationally.

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They maintained that the proposed VFN model would bring Nigeria closer to global standards by creating a government-driven umbrella body for veterans while preserving the identities of existing associations.

“The proposed Veterans Federation of Nigeria follows international practice by creating one umbrella body for all veterans and veterans’ associations, ensuring inclusiveness across Army, Navy and Air Force veterans, strengthening welfare coordination and improving engagement with government,” the memorandum stated.

The submission also sought to allay fears that the bill would undermine the Nigerian Legion, stressing that the federation would not erase the Legion’s history, traditions or identity.

Rather, it said, the Nigerian Legion would continue to exist as one of the recognised constituent bodies within the proposed federation alongside other veterans’ associations.

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The position contrasted with concerns raised by some retired personnel who argued that the bill concentrates leadership positions in the hands of senior officers and called instead for the establishment of a standalone Ministry of Veterans Affairs headed by veterans.

The differing perspectives highlighted the intense interest among stakeholders in shaping the future structure of veterans’ welfare and representation in Nigeria, one of the key issues under consideration during the two-day public hearing.

Also a retired non-commissioned officer and legal practitioner, Sadiqe Nwabuezeh who identified himself as a former sergeant in the Nigerian Army, argued that the draft legislation was overly tilted in favour of senior military officers and failed to adequately accommodate the interests of rank-and-file veterans.

According to him, provisions of the bill appeared to reserve key leadership positions for retired senior officers, including the office of the Director-General, which he said was proposed to be occupied by a retired major general.

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He urged lawmakers to reject the bill in its current form and instead consider the establishment of a dedicated Ministry of Veterans Affairs that would be managed by veterans themselves.

“The bill was not properly prepared. It was rushed and concentrates power in the hands of senior officers. We want a level playing ground where all veterans, regardless of rank, can participate in leadership and decision-making,” he told the hearing.

The retired soldier further questioned the involvement of serving military personnel and civilians in handling veterans’ affairs, arguing that retired personnel were best positioned to manage issues affecting former service members.

He maintained that veterans should have greater control over institutions established for their welfare and called for reforms that would guarantee broader representation across all ranks of retired military personnel.

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The submission added to a range of perspectives presented by stakeholders as lawmakers continued deliberations on proposals aimed at reforming military administration, strengthening veterans’ welfare and enhancing the effectiveness of Nigeria’s defence sector.

The two-day hearing is expected to produce recommendations that will guide the House Committee on Defence in finalising the bills before their consideration by the House of Representatives.

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