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Court orders permanent forfeiture of $835,081.46 linked to SDQ

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The Federal High Court in Lagos has ordered the permanent forfeiture of $835,081.46 traced to the dollar wallet of SDQ Facilitators Limited in Leatherback, also known as Rexel Nigeria Limited.

SDQ is one of the users on the platform of Leatherback – a cross-border payment startup.

Justice Deinde Dipeolu granted the order following an ex parte application by the Economic and Financial Crimes Commission (EFCC).

The commission’s application by its counsel, Saadatu Yabo, was brought under Section 44 (2) (b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act 2006.

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EFCC’s investigating officer Abubakar Magaji said the sum was reasonably suspected to be the proceeds of an unlawful activity.

On December 10, 2024, the court granted an interim forfeiture order of the money and directed the EFCC to publish it so that any interested person would show cause within 14 days why the final forfeiture order of the money should not be made in favour of the Federal Government.

No one came forward, paving the way for the court to order the final forfeiture of the funds.

In a supporting affidavit, Magaji said he was one of the officers assigned to investigate the petitions against Mr. Adegboyega Agbede, SDQ Facilitators Limited and Rexel Nigeria Limited (Leatherback).

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He said: “It was alleged in the petitions that the suspects obtained from the petitioners the cumulative sum of N136,951,378,633 under the false representation that they have $224,601,850.15 USD to sell to the petitioners.

“That upon the receipt of the petitioners’ N136, 951,378.633, the suspects refused to remit the dollar equivalent or refund the naira but instead diverted the funds to their personal use.

“That the petitions against the suspects – Mr. Adegboyega Agbede, LawalMuh’d Kazeem of SDQ Facilitators Limited and Rexel Nigeria Limited – bordered on fraudulent diversion and obtaining the total sum of $8,113,366 USD under false pretence from the petitioners.”

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Edo South Senatorial District: Massive endorsement of Ogbeide-Ihama as APC sole candidate for 2027 (Video)

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The coast is now clear as Edo South APC formally endorse seasoned lawmaker, Hon Omorgie Ogbeide-Ihama as sole candidate of the District in 2027.

The massive adoption was led by the Deputy Governor of Edo State, Hon Denis Idahosa confirming the fact that no room for any aspirant from the district.

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Netizens ask World Bank to stop borrowing TInubu money over reported $1.25 bn Loan Plan

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Nigerians have taken to social media to express outrage and concern following reports of a proposed $1.25 billion loan linked to the administration of , sparking intense debate over the country’s rising debt profile and economic direction.

The reactions, which trended heavily on X, formerly known as Twitter, saw users storming the comment sections of the with mixed opinions on Nigeria’s continued borrowing and fiscal management.

Many commenters strongly opposed the reported loan move, arguing that additional borrowing would worsen economic hardship and deepen the country’s debt burden.

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Some of the reactions included:

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@yengoblog9ja: “Don’t borrow Tinubu’s money again they want to finish Nigerians ooh”
@captbobyi01: “Please do not borrow @officialasiwajubat any loan, I repeat do not borrow Tinubu and his son any money.”
@realkingdavid: “Please 🙏 don’t borrow Tinubu’s loan again please he is using the money to kill us in the country 🇳🇬”
@pr_eci0us2291: “Please stop borrowing our president.”
Others criticised government spending priorities and questioned accountability in public finance management.

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@BIG_Mayana7: “They should not borrow his a s s any loans again, they are using the money to buy expensive vehicles for themselves.”
@Marjix_: “If we had responsible leaders… revenue from taxes and subsidy removal would develop the nation.”
Some users, however, argued that borrowing is a standard economic practice globally and should not automatically be condemned.

@GloryUyimse: “The world runs on DEBT and no bank wants you to repay your loans.”
@cossyb: “If they stop World Bank from borrowing… We’ll pay it ourselves for free… abeg make una allow them borrow o.”
Others blamed leadership failures and governance issues rather than the loans themselves.

@Shayolala: “Find out who they are na dem dem… yet they can’t hold their so-called failed leaders accountable.”
@NigIsland: “A man who refuses to mend his roof in the rain will not decide the weather by shouting at the clouds.”
The online reactions reflect growing public sensitivity over Nigeria’s debt situation amid ongoing economic reforms, inflationary pressures, and concerns over living costs under the current administration.

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Wike Hails Quality of Abuja Road Projects

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Minister of the Federal Capital Territory (FCT), Barr. Nyesom Wike, has expressed satisfaction with the pace and quality of ongoing road projects across Abuja, saying residents can now “see governance in action.”

Wike spoke on Wednesday while inspecting ongoing infrastructure projects in Karu, Apo-Karshi and Gbazango, popularly known as Arab Road in Kubwa.

The minister commended contractors handling the various projects, particularly local construction firm Abdul Val and Zeberced, for delivering quality work within schedule.

“With what we have seen today, right from the roads in Karu down to Apo-Karshi and now to Gbazango, which is popularly called Arab Road in Kubwa, we are very satisfied with the level of work that has taken place,” Wike said.

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He praised Abdul Val for the quality of work on the Karu road project, noting that the company had earlier delivered the Ushafa road project commissioned last year by President Bola Ahmed Tinubu through Vice President Kashim Shettima.

“I’m quite impressed. This is the second time. If you remember, the Ushafa road commissioned last year was also carried out by Abdul Val, and they are doing the one in Karu now. They are doing a good quality job,” he stated.

According to him, the Karu road project will be among projects slated for inauguration during President Tinubu’s third anniversary in office.

Speaking on the Apo-Karshi road being handled by SCC, Wike described it as a critical project frequently demanded by residents, expressing optimism that it would be completed before the end of the year.

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He also commended Zeberced for the ongoing Gbazango road project, which he said would also be inaugurated during the President’s third anniversary celebrations.

“If you remember, this company handled the A2 to Pai road commissioned by Mr. President last year. They are also handling the Goma to Yangoji road, which will also be inaugurated during the third anniversary,” he said.

“You can see the quality of work. You can see how happy the residents are seeing us here. Without invitation, they came out to appreciate the fact that they can now see governance in action.”

Wike stressed that beyond quality delivery, meeting project timelines remained equally important.

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“One thing is doing a quality job, another thing is keeping to timeline. I’m very happy. I think the President’s third anniversary will be full of activities,” he added.

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