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N122m fraud. Ex-Polaris manager to relax in prison pending court verdict

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Ex-Polaris Bank Manager in the Iju branch, Abiodun Sanni, was on Monday remanded in the Correctional Centre by a Lagos State Special Offences Court, in Ikeja, over alleged N122 million fraud.

Sanni was arraigned on 16 counts bordering on obtaining credit by false pretences, forgery, use of false documents and stealing by the Economic and Financial Crimes Commission.

The EFCC’s prosecution counsel, O. Adewunmi, told the court that Sanni committed the offences on or about February 24, 2020, in Lagos.

Adewunmi told the court that the defendant while he was the Bank Manager of the lju branch of Polaris Bank Limited, obtained credit in the form of a loan in the sum of N17m, for one Bamgbose Tayo Taofia trading under the name and style of Banut Haulage.

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The prosecutor said that the money was obtained from Polaris Bank Limited, by the false pretence that the loan had collateral in the form of a fixed deposit account number 0071572791, worth N111,540,380.52 belonging to Yinkus Multibiz Ventures and that the owner, one Mrs Olayinka Hannah Aderibigbe, consented to it being used as collateral.

He was also alleged to have dishonestly converted a Polaris Bank Limited fixed deposit account number 0071277522 worth N15, 011,441.00 (Fifteen Million, Eleven Thousand, Four Hundred and Forty-One Naira) belonging to Atolagbe Joshua Tinuoye, to his use.

However, the defendant pleaded not guilty to the charges preferred against him.

The prosecutor, urged the court to remand the defendant at the correctional centre, pending his trial date.

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“My Lord, the prosecutor intended to call 10 witnesses regarding this case and we urge the court to remand the defendant in custody”, Adewunmi said.

But the defence counsel, Osho Oludoshu, told the court that he had filed a bail application on behalf of his client.

In a short ruling, Justice Olubunmi Abike-Fadipe adjourned the case and ordered that the bail application should be submitted to the court before the date of trial.

“I adjourn this case to Match 6 and 19, 2025, and I remand the defendant at the correctional centre. They are entitled to bring a bail application before his trial date”, the judge held.

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See How Naira Is Fairing Against The Dollar In Black Market Today February 24, 2025

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By Kayode Sanni-Arewa

The exchange rate for the U.S. dollar to the Nigerian naira in the parallel market (commonly known as the black market) has been updated for Sunday, February 23, 2025. According to Bureau De Change (BDC) sources, the rates are as follows

Buying Rate: ₦1,520 per dollar
Selling Rate: ₦1,530 per dollar
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize black market rates and advises individuals to conduct foreign exchange transactions through licensed financial institutions.

CBN Official Exchange Rate

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Highest Rate: ₦1,509
Lowest Rate: ₦1,491

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Senate invites ‘Brekete’ Family host Ahmad over broadcast controversy

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By Kayode Sanni-Arewa

Abuja, Nigeria – The Nigerian Senate has summoned Ahmad Isa, popularly known as the Ordinary President of Brekete Family, to appear before it on February 27, 2025. The summons is reportedly linked to a recent broadcast of the Brekete Family radio show, in which Senator Natasha spoke about her grievances with Isa.

The Senate’s directive has sparked debate, particularly over its warning that Isa could be deemed a criminal if he fails to comply. Critics argue that such a stance may be an attempt to stifle press freedom and curtail the activities of Brekete Family, a well-known platform for social justice and human rights advocacy in Nigeria.

Isa, whose work has earned him widespread recognition—including an honorary doctorate from the Federal University Lokoja—has built a strong following through his intervention in public grievances and human rights cases. Many Nigerians regard Brekete Family as a voice for the marginalized, providing a platform for citizens to seek redress on issues ranging from governance to social welfare.

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The Senate’s move has drawn mixed reactions, with some viewing it as a necessary step to address concerns related to the broadcast, while others see it as an overreach that could undermine media independence and freedom of expression in the country. It remains to be seen how Isa will respond to the summons and what impact this development will have on his widely followed program.

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Gazette Confirms Gowon Actually Ordered Awolowo’s Release, Not Ojukwu or Ironsi

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By Kayode Sanni-Arewa

A recently resurfaced official gazette from the Federal Military Government has confirmed that Chief Obafemi Awolowo was released and pardoned by Lt. Colonel Yakubu Gowon on August 12, 1966, ten days after his actual release on August 2,1966.

The document puts to rest claims by Radio Biafra that Lt. Colonel Emeka Ojukwu or Major General Aguiyi-Ironsi played any role in securing Awolowo’s freedom.

According to the document, upon his release from Calabar Prison, Awolowo was received in Lagos by Lt. Colonel Murtala Muhammed, who personally drove him to Dodan Barracks to meet with Head of State Lt. Colonel Gowon. However, the journey from the airport proved challenging as a massive crowd, organized by Alhaja Asabi Abibat Mogaji, mother of Nigeria’s current President Bola Ahmed Tinubu, flooded the streets to welcome the revered statesman.

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The gazette also refutes any suggestion that the coup plotters of January 15, 1966, including Majors Chukwuma Nzeogwu and Emmanuel Ifeajuna, attempted to release Awolowo. In fact, there is no record of them making any effort to contact or rescue him from detention. Some analysts argue that had Awolowo been politically active at the time, he might have been among those executed during the coup.

This revelation further solidifies Gowon’s role in shaping Nigeria’s political landscape during a tumultuous period, while also challenging revisionist narratives surrounding Awolowo’s release

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