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

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.
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).
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.”
News
Just in: Lagos LG chairman slumps during APC meeting

The Chairman of Bariga Local Government Area of Lagos State, Kolade Alabi, on Wednesday, suddenly slumped at the All Progressives Congress stakeholders’ meeting held at the party’s Secretariat in Ikeja, the state capital.
According to The PUNCH, Alabi, who is the state chairman of the Association of Local Government of Nigeria, was addressing party members when the sad incident occured.
Fortunately, he was immediately revived and rushed away to the hospital in an ambulance for further treatment.
Details shortly…
News
Multiple video evidence against Nnamdi Kanu

The Federal High Court in Abuja on Wednesday, admitted a video recording allegedly showing the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu issuing inflammatory directives which the prosecution claims incited acts of terrorism across the South – East region of the country.
The Wednesday proceedings resumed with the continuation of the testimony of the second Prosecution witness, an operative of Department of State Services (DSS) codenamed PWBBB.
In the video played in open court, Kanu was seen addressing his followers in what he called, “the blessed land of Biafra”, wherein he announced the formation of the Eastern Security Network (ESN), urging followers to defend their land against what he referred to as “Fulani domination.”
He warned political leaders in the region against compromises and issued a directive forbidding the presence of fulani herdsmen, saying, “No Fulani parading as herdsman shall be allowed in our land. If you are an agent of the Fulani, turn your way this evening.”
The device was admitted as evidence alongside a certificate of compliance, despite objections from the defence.
They were marked as Exhibits PWA and PW1, respectively.
The court also admitted a letter dated June 17, 2021, authored by the former Attorney General of the Federation, Abubakar Malami, SAN, which accused Kanu of terrorism, murder, and incitement to violence.
The letter, addressed to the DSS, was tendered without objection and marked as Exhibit PWF.
Reading from the document, the witness, who was led in evidence by the prosecuting counsel, Chief Adegboyega Awomolo, SAN alleged that Kanu’s broadcasts were followed by coordinated attacks on police stations and correctional facilities, resulting in loss of lives and property.
He quoted the petition as saying Kanu had instructed that security operatives be “brought down” and their weapons seized.
News
Just in: Security and Exchange Commission declares PWAN as PONZI scheme, cautions Nigerians

Securities and Exchange Commission (SEC) has alerted the public on the activities of Property World Africa Network (PWAN), which holds itself out as a real estate investment company and solicits funds from the public for investment purposes through PWAN MAX.
In a statement on Tuesday, the SEC said PWAN/PWAN MAX are not registered either to solicit investments from the public or operate in any other capacity within the Nigerian capital market.
The SEC said investigations revealed that PWAN’s operations exhibit the typical indicators of a fraudulent Ponzi scheme, including the promise of unusually high returns and failure to honour withdrawal requests from subscribers.
“Accordingly, the public is strongly advised to be wary about investing with PWAN/PWAN MAX, as any person who places such investment with these entities, does so at his/her own risk.
“The commission similarly reminds potential investors of the need to verify the registration status of investment platforms via the commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them,” the SEC said.
(The Guardian)
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