Connect with us
deals book
Advertisement
Polaris bank
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Business News

Invictus Obi: Court forfeits Obinwanne Okeke’s N280 million to FG 

A Federal High Court in Lagos has ordered the final forfeiture of Obinwanne Okeke’s N280,555,010 to the Federal Government. 

Published

on

FBI's arrest of Invictus' Obinwanne Okeke stirs controversy, Invictus Obi: Court forfeits Obinwanne Okeke’s N280 million to FG 

The Federal High Court in Lagos has ordered the permanent forfeiture of Obinwanne Okeke, alias Invictus Obi’s N280,555,010 to the Federal Government.

The judge, Justice Rilwan Aikawa ordered the forfeiture sequel to a motion filed and argued by the counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo on Thursday.

According to The Nations, the judge had on October 9 granted an interim forfeiture of the funds and ordered EFCC to publish the interim order to enable any interested parties to show cause why the final order should not be made.

Obinwanne Okeke

At the resumed hearing, Oyedepo informed the court that all requirements for final forfeiture had been met. He, therefore, requested that the court should grant the application for final forfeiture because there was no opposition to the request from anybody.

More details: Having listened to Oyedepo’s appeal, Justice Aikawa ordered that the sum of N280.5 million in two Zenith Bank accounts Nos 3341692012 and 1013714256 be forfeited to the Federal Government of Nigeria.

[READ MORE: FBI: Obinwanne Okeke risks $11 million, Diamond ring forfeiture]

“I have seen the application seeking for the final forfeiture of the sum of N280.5 million where housed in the two bank accounts which is reasonably suspected to be proceeds of unlawful activities.

“I am satisfied that the requirements enumerated under Section 17 of the Advanced Fee Fraud and other related Offences Act have been met by the applicant in this suit. Consequently, this application is hereby granted as prayed as it remains unchallenged.

“The sum of N280.5 million found in the bank account of Invictus Investment Limited, who is the second respondent in this suit, is hereby forfeited to the Federal Government of Nigeria,” Aikawa said.

What you should know: Okeke was in 2016 celebrated by Forbes International as one of Africa’s most outstanding 30 entrepreneurs under the age of 30 and described by the magazine as “proof that there is hope for Africa.”

But he was arrested in August this year by the American Federal Bureau of Investigation (FBI) as the ringleader of a cybercrime syndicate which had defrauded a number of American citizens to the tune of $11 million through fraudulent wire transfer instructions in a massive coordinated business email compromise scheme.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business News

Nigeria’s revenue crisis may further worsen as India cuts oil imports by $39.5 billion

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

Published

on

Now that oil is recovering, when will naira recover?

The revenue to be earned by Nigeria has come under further threat due to India’s drop in crude oil importation.

Data from India’s Petroleum Planning and Analysis Cell showed that the country, which took over from the United States as Nigeria’s largest crude oil importer, reduced crude oil imports by $39.5 billion in April, compared to the same time the previous year.

According to a report from Punch, the Indian High Commission in Nigeria said that India’s crude oil imports from Nigeria in 2020 amounted to $10.03 billion, representing 17% of Nigeria’s total crude exports for the year.

India has been badly hit by a third wave of the coronavirus pandemic which led to a spike in infections in April and lockdown in major cities with the attendant negative effect on Nigeria’s oil sales.

The NNPC was prompted to drop the official standard price of its main export streams, Bonny Light, Brass River, Erha, and Qua Iboe, by 61-62 cents per barrel, below its April 2021 prices. They traded at $0.9, $0.8, $0.65, $0.97 per barrel respectively, below international benchmarks, as Oilprice.com showed.

India had been a major buyer of the not-too-light and not-too-heavy Nigerian crude that suited its refiners with the Indian Oil Corporation’s refineries reported to be operating at 95% capacity in April, down from 100%.

An official at the IOC was quoted as saying, “If cases continue to rise and curbs are intensified, we may see cuts in refinery runs and lower demand after a month.”

India reportedly bought more American and Canadian oil at the expense of Africa and the Middle East, reducing purchases from members of the Organisation of Petroleum Exporting Countries (OPEC) to around 2.86 million barrels per day.

Bottom line

This is not good news for Nigeria which is facing a serious revenue crisis as a result of a drop in crude oil receipts.

The federal government is also being forced by the prevailing realities to consider cutting the cost of governance and reducing the salaries of government workers. The latter proposal has, however, been criticized by various stakeholders.

A slump in crude oil demand from Nigeria’s major buyer will further worsen the economic crisis the country is facing having just marginally recovered from a recession in the last quarter of 2020.

Continue Reading

Business

Insecurity: Police to investigate threats by IPOB, Oodua Republic agitators in Lagos

The Lagos State Police Commissioner has revealed that threats by IPOB and Oodua Republic have come under its intelligence radar.

Published

on

The Nigerian Police says it will investigate threats made by separatist groups including the Indigenous People of Biafra (IPOB) and agitators of Oodua Republic to attack soft targets in Lagos.

This was disclosed by Hakeem Odumosu, Commissioner of Police in Lagos State in a meeting to discuss insecurity in the state at Alausa in Ikeja, on Monday, according to a Vanguard report.

What the Police is saying about alleged IPOB and Oodua Republic threats in Lagos

“Our intelligence report revealed that, most miscreants now: Use abandoned buildings as hideouts and in most cases, initiation camp, use uncompleted buildings, dwelling house and hotels to hibernate before and after the commission of a crime,” the Police Chief said.

Furthermore, the threat of IPOB to attack soft targets in Lagos is equally being put on the radar of the command intelligence gathering and other security services in the state. Strategies are being put in place to neutralize their activities.

Similarly, the command has taken notice of agitators for the Oodua Republic by some Yoruba separatist groups and the threats to disrupt law and order in the state. 24 of these groups have been identified and are being closely monitored.

The command is using this medium to solicit for the support of all and sundry to be vigilant at all times and report any suspicious person or movement to security agencies. Let us adopt the slogan of “when you see something, say something,” he added.

What you should know

Today, the Lagos State Police Command said in a statement that: “Increase in robbery incidents were as a result of people migrating from troubled states down to Lagos. The government and relevant security agencies including RRS are doing their best in protecting members of the public.”

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.