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Court orders final forfeiture of $7m abandoned in commercial bank
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A Federal High Court in Abuja has issued an order of final forfeiture over $7,000,000.00 in cash abandoned in a branch of a commercial bank at No. 114 Adeola Odeku Street, Victoria Island, Lagos, by individuals said to be unknown.
Justice Emeka Nwite issued the order yesterday while ruling on an application filed by the Economic and Financial Crimes Commission (EFCC) and moved by Rotimi Oyedepo (SAN).
Oyedepo recalled that the court had issued an interim forfeiture order on August 27 in the case and directed the applicant to publish the order in any widely circulated newspaper.
He said the EFCC complied with the order on September 1, adding that since then, no one had come forward to claim the money, which informed the filing of the application for the final forfeiture.
Oyedepo prayed the court to grant the prayer as contained in the application for final forfeiture.
A lawyer, who announced his appearance for an interested party, Darlington Ozurumba, told the court that he was not objecting to the court granting the application.
When the case last came up on September 12, a lawyer, Gbenga Femi Akande, who said he was appearing for an unnamed interested party, promised to file a count-affidavit yesterday to oppose the application for the final forfeiture.
But he was absent from yesterday’s proceedings and failed to file the document he promised to file.
Ruling, Justice Nwite said since the application was not opposed by anyone, there was no reason for the court to reject it.
The judge granted it and ordered that the funds be permanently forfeited to the Federal Government.
In a supporting affidavit attached to the application, the EFCC gave details of how its investigators, acting on credible intelligence, discovered the money and recovered it in full.
The deponent, an operative of the commission, said the investigation stated that funds were conveyed to the bank under suspicious circumstances between March 25 and 26.
The operative, who said he was part of the team that covered the case, explained that the funds were handed over to the Cash Officer of the bank, Agba Emmanuel Fortune, in tranches.
The EFCC operative added: “The said sum was not credited to any known customer’s account of the bank, but rather surreptitiously kept in the bank’s vault.
“Agba Emmanuel Fortune was interviewed by my team, wherein he confessed that Sulieman Sani and Idris Ahmed Olatunji walked into the bank with the funds totalling $7,000,000.00 in raw cash and handed the same to him.
“Suleiman Sani was found and discovered through the platform of the National Identity Management Commission (NIMC) to be Fagge Sani Sanusi.
“Fagge Sani Sanusi was interviewed by my team, and his extrajudicial statement was voluntarily obtained.
“Agba Emmanuel Fortune informed my team that it was Ifeoma Delphine Nwogbo, the Relationship Officer of the bank, who had the information as to the ownership of the funds.
“My team interviewed and voluntarily obtained the extrajudicial statement of Agba Emmanuel Fortune.
“My team equally interviewed and obtained a voluntary extrajudicial statement of Ifeoma Delphine Nwogbo, the Relationship Officer of the bank.
“According to Ifeoma Delphine Nwogbo, the funds were brought to the bank for and on behalf of the managing director of a company.
“My team interviewed the managing director of the company in respect of the sum of $7,000,000.00, who insisted that she did not take any $7,000,000.00 to the bank.
“My team was equally informed by the management director of the company that she took a loan of $7,000,000.00 from the bank, which she is yet to pay back to the bank.
“The bank did not file a Suspicious Transaction Report (STR) to the Nigerian Financial Intelligence Unit (NFIU) in respect of this transaction.
“The funds sought to be forfeited are reasonably suspected to be proceeds of unlawful activity, as they did not represent known, provable, and legitimate income of either the company, the couriers, or three officials of the bank.
“The entire $7,000,000.00 sought to be forfeited has been recovered by my team from the bank in raw cash and taken to the Central Bank of Nigeria (CBN) for safekeeping.
“The funds sought to be forfeited are also reasonably suspected to have been abandoned, as nobody came forward to claim the funds from the bank or the commission that recovered the same.”
News
NUT suspends strike, directs Oyo teachers to resume Thursday
The Nigeria Union of Teachers (NUT) has suspended its industrial action across public primary and secondary schools in Oyo State, directing members to resume work on Thursday, July 2, 2026.
The decision followed fresh engagements with the Oyo State government and assurances on measures to improve security after the abduction of teachers and learners in Oriire Local Government Area.
In a statement jointly signed by the Oyo State Chairman of the union, Comrade Hassan Ajibola Fatai, and the State Secretary, Comrade Olukayode Salami, the union said the suspension was approved by its national leadership after reviewing the prevailing security situation and considering appeals by the state government and other stakeholders.
According to the statement, the strike, which was declared in protest against the kidnapping of teachers and students in the Oriire Local Government Area, was suspended in the interest of teachers, learners, and the general public.
“The Nigeria Union of Teachers hereby directs all public primary and secondary school teachers in Oyo State to resume official duties on Thursday, July 2, 2026,” the statement read.
The union said the state government had assured it of sustained efforts to secure the safe release of the abducted victims while strengthening security around schools and vulnerable communities across the state.
It noted that the government had committed to intensified rescue operations for the abducted teachers and learners, the establishment of a well-equipped Joint Security Task Force to patrol vulnerable schools and access roads, continuous engagement with affected families, psychosocial support and rehabilitation for rescued victims, and payment of gratuities and other entitlements to the families of deceased teachers.
Other commitments, according to the union, include strengthening the Safe School Initiative through public sensitisation and improved early warning systems, enhancing emergency response mechanisms, dismantling criminal hideouts, upgrading school infrastructure, tackling illegal mining and open grazing in forest reserves, improving community intelligence gathering, ensuring the speedy prosecution of criminal suspects, improving the welfare of security personnel, and deploying technology to improve school security.
The union commended its members for their discipline and solidarity throughout the industrial action while also appreciating the support of the All Nigeria Confederation of Principals of Secondary Schools (ANCOPSS) and the Association of Primary School Head Teachers of Nigeria (AOPSHON).
“We sincerely appreciate all our members, ANCOPSS, AOPSHON, and other stakeholders for their discipline, solidarity, and unwavering support during this period. Your cooperation has once again demonstrated our collective commitment to the welfare and safety of teachers and learners,” the statement added.
While directing teachers to return to the classroom, the union urged members to remain vigilant and report any security threats to the appropriate authorities.
“We urge all teachers to remain vigilant, law-abiding and promptly report any suspicious activities or security threats within their schools and communities to the relevant authorities. Together, we can build safer schools for our children and educators,” it stated.
The union reaffirmed its commitment to protecting the welfare and security of teachers, saying it would continue to engage the government until all outstanding concerns regarding the safety of teachers and learners are fully addressed.
“Our resolve to safeguard the lives, welfare and dignity of teachers remains unwavering. We shall continue constructive engagement with the government until every concern relating to the security of our members and learners is adequately addressed,” the statement said.
News
Citizen Patience and Collaborative Efforts: A Pathway to Greatness for Tinubu’s Government, By Hajia Hansatu Zannah*
Nation-building is never the sole responsibility of government; it is a shared endeavor that requires the active participation, patience, and collaboration of citizens. In Nigeria today, President Bola Ahmed Tinubu’s administration faces the daunting task of steering the country toward economic stability, social cohesion, and sustainable development. While policies and reforms are critical, their success ultimately depends on the willingness of citizens to remain patient and supportive during the often difficult process of implementation.
Transformational leadership demands bold decisions—structural reforms, economic adjustments, and institutional restructuring—that may not yield immediate results. In such circumstances, patience becomes a vital national asset. By resisting the urge for instant gratification and allowing time for reforms to mature, Nigerians can help create an environment where government initiatives are given the opportunity to succeed.
Every nation, regardless of its stage of development, grapples with challenges—economic struggles, political transitions, social tensions, and infrastructural gaps. These realities test the resilience of both leaders and citizens. In moments of strain, the attitude of the people toward their country becomes a powerful determinant of progress. Constructive criticism is healthy and necessary for accountability, but outright condemnation and vitriolic attacks against one’s nation can be deeply counterproductive.
Words shape perception, and perception influences reality. When citizens consistently speak negatively about their country, they reinforce hopelessness and despair. This weakens national morale and discourages foreign investors, partners, and allies who rely on the confidence of citizens as a measure of stability. By contrast, balanced and solution-oriented dialogue strengthens Nigeria’s image and inspires collective action.
Collaboration, however, goes beyond compliance—it requires active engagement. Citizens can contribute meaningfully to nation-building by supporting reforms through constructive dialogue rather than resistance, participating in civic duties such as voting, community service, and public consultations. These actions serve as catalysts for greater national progress. At the same time, holding leaders accountable in a respectful and lawful manner is essential. While harsh and divisive criticism may be insidious, patriotism calls for promoting unity across ethnic, religious, and political divides to strengthen national cohesion.
If citizens embrace patience and collaboration, Tinubu’s government stands a better chance of achieving greatness. Economic reforms can stabilize markets, infrastructural projects can transform communities, and social policies can uplift vulnerable populations. Greatness, in this context, is not merely about political success but about building a Nigeria where prosperity, justice, and peace are attainable for all.
Citizens are not passive observers; they are active participants in governance. By engaging in respectful dialogue, supporting reforms, and holding leaders accountable through lawful means, they contribute to the nation’s growth. Patriotism does not mean blind loyalty—it means believing in the possibility of progress and working toward it.
A nation is like a family; disagreements are inevitable, but condemnation destroys trust. Citizens must rise above destructive criticism and embrace constructive engagement. By doing so, they preserve the dignity of their country and create an atmosphere where greatness can flourish. The path to national transformation lies not in tearing down but in building up—through patience, collaboration, and unwavering belief in Nigeria’s future.
The greatness of any government is measured not only by the vision of its leaders but also by the resilience and cooperation of its people. For Tinubu’s administration, citizen patience and collaborative effort are indispensable. Together, government and citizens can write a new chapter in Nigeria’s history—one defined by progress, unity, and enduring impact.
*Hajia Hansatu Zannah is a distinguished member of the Governing Council of the African Union Agenda 2063 and Ambassador Plenipotentiary. She is also the widow of the late Zannah Umar Mustapha, former Deputy Governor of Borno State.*
News
BREAKING: CBN revokes licences of 46 Microfinance Banks over failure to satisfy regulatory requirements
The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks across the country, citing their failure to meet key regulatory requirements for continued operation.
The decision takes effect from Wednesday, July 1, 2026, according to a statement issued by the Acting Director of the CBN’s Corporate Communications Department, Hakama Sidi-Ali. The apex bank said the action was taken in line with its powers under Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, and was approved by the CBN Governor, Olayemi Cardoso.
According to the CBN, the affected institutions lost their licences after failing to satisfy the conditions required to remain licensed financial institutions.
The bank explained that the revocation was based on one or more regulatory infractions, including insufficient assets to meet liabilities, shutting down operations without obtaining CBN approval, prolonged inactivity and cessation of financial intermediation, failure to commence business within 12 months after receiving a licence, and failure to maintain the minimum capital requirements without impairment from accumulated losses.
The CBN described the move as part of its ongoing efforts to strengthen the nation’s financial system and ensure that all licensed financial institutions operate in compliance with existing laws and prudential regulations.
“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement said.
The apex bank reiterated its commitment to maintaining a safe, sound and resilient financial system, stressing that it would continue to take appropriate supervisory and regulatory measures where necessary to sustain public confidence in Nigeria’s banking sector.
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