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ICPC arraigns Federal Mortgage Bank ex-CEO ‘for diverting $65m housing fund’

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The Independent Corrupt Practices and other related offences Commission (ICPC) has arraigned Gimba Ya’u, former chief executive officer, of the Federal Mortgage Bank of Nigeria (FMBN), for allegedly diverting $65 million housing fund.

The money was for the construction of 962 units of residential houses at the Goodluck Jonathan Legacy City in Kubwa, a satellite town in Abuja.

Ya’u was arraigned alongside Bola Ogunsola, ex-FMBN director, and Tarry Rufus, managing director of T-Brend Fortunes Nigeria Limited, before Justice James Omotosho of the federal high court in Abuja, on Tuesday.

The ICPC, in a five-count charge marked FHC/ABJ/CR/333/24, accused the trio of contravening the public enterprises regulatory commission act and the money laundering (prevention and prohibition) act, 2022.

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The ICPC accused Ya’u of authorising the payment of N3.78 billion to Good Earth Power Nigeria Limited, a contractor “lacking execution capacity”.

It added that the project remains incomplete “as of today thereby amounting to economic adversity for the bank and in violation of Section 68(1) of the public enterprise regulatory commission act, CAP P39, laws of the federation, 2004”.

The commission alleged that the project’s decade-long incompletion has incurred substantial financial losses for the bank.

The ICPC also accused the defendants of securing a N14 billion loan from Ecobank Nigeria PLC in 2012 for the project and mismanaging the funds.

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One of the charges also detailed how the defendants allegedly converted N991 million into $3.55 million and “handed it in cash to Jason Rosamond, a foreign associate,” who is reportedly at large.

The defendants, however, pleaded not guilty when the charges were read to them.

Following their plea, Omotosho granted them bail on liberal terms and adjourned the trial to February 6, 2025.

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Protests alone won’t bring about tangible results — Osinbajo

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Ex- Vice President Yemi Osinbajo has urged that political action for social change in developing countries should extend beyond protests to achieve tangible results.

Osinbajo made the statement on Thursday, November 28, during the Technology, New Media, Citizens, and Governance Conference in Gbagada, Lagos.

Osinbajo highlighted the role of young Africans in leveraging social media for protests in Nigeria, Kenya, and Zambia, while emphasizing the need for strategic follow-up to protests.

Osinbajo noted the empowering nature of social media but called for self-regulation to ensure its positive impact in society.

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“Social media is really empowering for all and it is non-discriminatory — the weak, the strong, the treacherous, the mischievous, and haters of every kind — have cover to speak their minds, speak truth to power, and insult,” he said.

“I think it is a critical medium, but we must find ways of self-regulation. In developing countries with fragile economies and widespread poverty, we don’t have the luxury of political action for its own sake.”

Osinbajo underscored the importance of aligning political actions with measurable outcomes, especially in societies where livelihoods are tied to daily earnings.

“There is a sense of power and excitement that comes with protest. Political action must go beyond protests and the euphoria that it brings. It must lead to some measurable and tangible results, otherwise it becomes counter-productive.

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“In poor societies, every day of protest is valuable. It means that millions of informal workers and traders make a huge sacrifice because they earn on a daily basis. Political action must lead somewhere. It must move a step closer to resolving the issue that cripples our society.”

Osinbajo further argued that meaningful and structural societal change requires participation in partisan politics. He warned against the prevailing reluctance among elites and civil society to engage in politics, stressing that reforms on a large scale are only achievable through political power.

“In a democratic society where the objective of political action is to make substantial and structural change, this may only be possible within the context of partisan politics,” he said.

“Yes, we can be effective as pressure groups, and some level of change is possible by advocacy action. But the truth is that for the depth of change that is required in developing countries, political power is required.

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“The puritan stance of the elite, which of course includes those in the civil societies, is that we should not get our hands dirty in politics. This will not achieve change at a scale in any important area of concern.”

Citing his personal experience, Osinbajo said he was able to implement far-reaching reforms in Lagos’s justice system after his appointment as attorney-general in 1999, a feat he struggled to achieve as a university lecturer.

“If we take the position of don’t get your hands dirty or don’t get into politics, we can’t achieve change at the scale that is required, especially in our society,” he concluded.

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Finnish court to begin trial of Simon Ekpa May 2025

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A Finnish district court has fixed May 2025 for the prosecution to file charges against Simon Ekpa.

Last Thursday, the pro-Biafra agitator was arrested by law enforcement in the northern European nation.

He was subsequently sent to prison by the district court of Päijät-Häme for “spreading terrorist propaganda on social media”.

Ekpa was said to have committed the crime in 2021 in Lahti municipality.

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He is accused of instigating violence and inciting terror in the south-east of Nigeria through his social media pages.

Nigerian authorities have been demanding the extradition of Ekpa, a dual citizen of Finland and Nigeria, for prosecution.

THE TRIAL

In an email sent to Punch, Mikko Laaksonen, the senior detective superintendent at the National Bureau of Investigation (NBI) in Finland, said investigations into Ekpa’s activities are ongoing.

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Laaksonen said the next hearing on the remand can be held in the next two weeks if Finnish authorities or Ekpa seek re-evaluation from the court.

“Due to the ongoing investigation, no further details can be disclosed,” the superintendent said.

“The date for bringing up possible charges by the prosecution was set by the district court to May 2025.

“In a basic situation regarding the remand, the next possible hearing can be held no earlier than two weeks from the previous hearing, should the parties in question seek for the matter to be re-evaluated by the district court.”

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Reps hold summit on LG autonomy Monday

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The House of Representatives Committee on the Review of the 1999 Constitution will hold a national dialogue on local government autonomy on Monday, December 2, 2024.

The Deputy Speaker of the House and Chairman of the Committee, Benjamin Kalu, disclosed this on Thursday while chairing a brief meeting of the panel at the National Assembly Complex, Abuja.

The Deputy Speaker, who represents Bende Federal Constituency, Abia State, stated that the national dialogue aims to consolidate ideas for a robust discourse on the independence of local government administration in Nigeria.

He said: “Distinguished colleagues, I would like to remind us of the upcoming national dialogue on local government and constitution amendment scheduled to be held on Monday, December 2, 2024, in Abuja. This event is a vital platform to consolidate ideas and strategies for achieving a robust local government framework, which is critical to our constitutional review efforts.

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“In addition, other engagements that we will be having include public engagement on tax reforms as it concerns the constitution amendment and a public engagement with political parties.

“As we continue in this historic undertaking, let us remain guided by our shared commitment to strengthening our democracy, deepening our federal structure, and fostering unity and prosperity for all Nigerians.”

The Deputy Speaker also disclosed that the committee would commence zonal public hearings in January 2025.

This followed the resolution of the committee on the locations of the public engagements.

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According to him, the hearings will hold as follows-North East: Gombe and Borno States; North Central: Nassarawa and Niger; North West: Kaduna and Sokoto; South East: Enugu and Imo States; South-South: Bayelsa and Cross River States; and South West: Lagos and Ondo States.

He also spoke about the significance of inclusivity in the task of the committee, saying, “There are locations in all the geo-political zones for our public engagements next year. Those who are from these states, engage your colleagues in the House, engage your governors and members of your Houses of Assembly.

“Draw up your own local plan and let us have it so that we can integrate it into our own plan to guide us. We expect a full hall.

“The stakeholders’ engagement list must be drawn to cut across all the relevant stakeholders of the country from your states. Please, do not discriminate against the political parties. No religious biases. No tribe discrimination. Everyone who is a Nigerian should be in that room and then find a way of itemising your opinion on the 161 areas we are currently looking at.”

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