News
Femi Otedola tackles Jim Ovia, reveals ‘fraudulent transactions’ in Zenith Bank account
By Kayode Sanni-Arewa
The face-off between Femi Otedola, billionaire businessman, and Jim Ovia, chairman of Zenith Bank, over an alleged multibillion naira fraud has taken a turn for the worse, TheCable understands.
Otedola had accused Zenith Bank of unlawfully using the account of his company, Seaforce Shipping Limited, to trade in 2011 without his knowledge or consent.
Although this and other allegations are being investigated by the Force Criminal Investigation Department (FCID) of the police, moves are being made to resolve the matters amicably.
TheCable has contacted Ovia and Zenith Bank for comments.
UNAUTHORISED TRANSACTIONS
Despite having not been operated since 2010, Seaforce Shipping’s account continued to be used for trading — completely unknown to Otedola, according to his petition to the police.
Although Otedola said Seaforce never applied for nor took a loan from Zenith Bank, unauthorised trading running into billions of naira continued on the account.
When asked to provide documentation — including offer letters to support the grant of the said loans — Zenith Bank reportedly failed to do so.
Otedola discovered the suspicious activities only recently — 13 years after the transactions — when he was tipped off by a whistle blower in Zenith Bank.
When he confronted Zenith Bank’s officials, TheCable learnt, they apologised.
Otedola produced a letter written on March 19, 2018 by Zenith Bank to Shofolawe-Bakare & Co, Seaforce’s auditors, stating a debt of only N2,278,420 on the same account, as against the N5 billion recorded in the bank statement seen by TheCable.
Curiously, on the day the letter was written, the bank statement showed a debt of N2.9 billion — compared to the N2 million stated in the letter signed by Taofik Bashir (internal audit control) and Edwin Kind Olie (group head, telecomm).
Transactions of over N16 billion were recorded against Seaforce’s account from 2011 to 2024.
Otedola queried who made the payments to reduce the purported debt from N16,927,628,581.84 to N11,010,924,522.71 because he was not in the know of the transactions.
There were credits of N77,169,375.00 on April 18, 2011, N119,822,762.50 on December 01, 2011, N316,537,329.30 on December 8, 2011, N266,361,181.73 on December 15, 2011 and N444,304,524.50 on December 12, 2011.
Seaforce now has a debt of N5,916,704,059.13 as a result, a chunk of it being interest charges.
A senior official of the bank has already been questioned by the police.
Meanwhile, Zenon, Seaforce, Luzon Oil and Gas, Garment Care Limited, and Otedola have secured a federal high court injunction against Zenith Bank, Quantum Zenith Securities and Investment, Veritas Registrar, and Central Securities Clearing System, restraining them from trading with shares or paying dividends.
This injunction subsists until the hearing of the motion on notice for interlocutory injunction.
News
UK Court Jails 35-yr-old Nigerians 10 Yrs After Brutal R3pe Of Woman In Nottingham
By Kayode Sanni-Arewa
A 35-year-old Nigerian, Timilehin Olatunji, has been sentenced to 10 years in prison for the rape of a woman at a property in Nottingham during the early hours of September 29, 2024.
It was gathered that the victim courageously used a mobile app to record audio evidence of the attack before escaping and reporting the crime to Nottinghamshire Police.
Following the report, Olatunji was arrested shortly afterward and subsequently charged with three counts of rape.
He pleaded guilty to the charges.
During the sentencing at Nottingham Crown Court on Wednesday, January 15, Judge Michael Auty described the assault as “despicable and vile” and “beyond rational understanding.”
He condemned Olatunji’s actions, saying: “You took it upon yourself to rape her in the most brutal, sadistic, and cruel way imaginable.”
Olatunji has also been placed on the Sex Offenders’ Register for life and is subject to an indefinite restraining order to protect the victim.
In a statement released on Thursday, Nottinghamshire Police commended the victim’s bravery and reaffirmed their commitment to supporting survivors of sexual violence.
Detective Constable Emily Bucklow, of Nottinghamshire Police, said: “The recorded evidence of Olatunji’s horrific assault made this case particularly harrowing for all the officers who worked on it.
“It is one of the most upsetting things I have had to listen to in my policing career and only enhances my admiration for this victim’s bravery.
“I would also like to commend her for the courage she showed following Olatunji’s arrest and dignity during the subsequent court proceedings,” Emily said.
The detective said, “He subjected her to a violent, degrading and sustained ordeal but she has shown immense bravery to help us bring him to justice.
“I hope the sentence handed down will at least provide some closure to what must have been an acutely distressing period of her life.
“I also hope the sentencing of Olatunji will encourage other victims of rape and serious sexual assault to have the confidence to come forward and report offenders.
“Our experienced officers are here to help the victims of appalling crimes like this,” Emily added.
News
Tinubu Exhausted N9.74bn Supplying Rice, Beans Palliatives To Nigerians In 2024 – Report
By Kayode Sanni-Arewa
The President Bola Tinubu-led Nigerian government reportedly spent a total of N9.74billion for the procurement and distribution of food items as part of its efforts to mitigate the nationwide food crisis in 2024.
This was revealed by BudgIT on its platform, GovSpend, a civic-tech organisation advocating for transparency and accountability.
According to the report, a large portion of the funds was dedicated to supplying essential food staples such as rice, beans, maize, and other commodities.
The report showed that the Federal Ministry of Agriculture and Food Security led the initiatives, making multiple payments to contractors responsible for the emergency supply of palliative foodstuffs to various federal constituencies.
Key transactions included payments for the delivery of rice, beans, and garri to help alleviate hunger in vulnerable communities.
Payments, averaging around N85.45 million per constituency, were made between February and November 2024 across different regions.
Data from the platform reportedly indicate that N85,454,545.46 was spent on each constituency in states including Kano, Ogun, Osun, Akwa Ibom, Cross River, Adamawa, Kaduna, Jigawa, Ekiti, Oyo, Lagos, Bauchi, Rivers, Borno, Sokoto, and Enugu, bringing the total expenditure to N9.74 billion.
However, despite the significant financial outlay, there are concerns about the programme’s effectiveness in addressing the root causes of food insecurity.
Shedrach Israel, an economist at Lotus Beta Analytics, argued that food palliatives alone cannot solve Nigeria’s food crisis, according to PUNCH.
“While food palliatives are essential for addressing immediate hunger, they fail to address the underlying systemic issues, such as inflation and the deficiencies in the agricultural sector,” Israel said.
Israel added, “We need long-term economic policies focused on boosting local agricultural productivity and improving distribution networks to reduce dependence on external food aid.”
Israel further said that the N9.74 billion spent on palliatives could have been better invested in agricultural innovation and infrastructure development, which would provide sustainable solutions to food insecurity.
Also, La’ah Dauda, an agricultural economist based in Kaduna, emphasised the need for a more comprehensive approach to addressing the food crisis.
“The government’s reliance on palliatives is a short-term fix to a deeper agricultural crisis. While necessary, these measures do not tackle critical issues like inadequate irrigation, poor storage facilities, and limited market access, all of which continue to impede agricultural productivity across the country,” he said.
News
SEE Dollar (USD) to Naira Black Market Rate Today January 18, 2025 Aboki
By Kayode Sanni-Arewa
As of January 18, 2025, the Nigerian Naira (NGN) has continued to experience some level of volatility against the US Dollar (USD), while this has been the norm for decades now, this largely to some extent reflects the ongoing economic challenges.
See the Naira performance across various currencies
A quick check at the parallel market at Abuja Zone 4 market,as at January 18, 2025 , the black market exchange rate stands firmly at approximately ₦ 1,682.00 per USD. This means if you want to buy a dollar now, it is ₦ 1,682.00 while if you want to sell it is approximately ₦ 1,670.00 .
Please be aware that the parallel market or the black market rates are mostly and notably higher compared with what you get from the official market or CBN rate
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦ 1,682.00
Buying Rate ₦ 1,670.00
-
News18 hours ago
How my 34-Yr-Old graduate son took his own life after NYSC Service Year – Mother
-
News23 hours ago
Police bust illegal weapons factory, arrest cultist, two murder suspects
-
News21 hours ago
Just In: TikTok to be yanked off in the US from Sunday, Supreme Court rules
-
News23 hours ago
Late Alaafin of Oyo’s daughter drags Queen Dami
-
News21 hours ago
Just in: AIG’s wife kidnapped in Ogun
-
Entertainment24 hours ago
I just asked Dami if anyone else slept with her after we broke up and she fainted – Portable breaks silence
-
News24 hours ago
Haaland signs 10-year contract with Manchester City
-
News17 hours ago
Donald Trump’s inauguration moved indoors