Economy
Court Convicts Aluko-Kola, Registrars for N206.5m Stocks Fraud
By Aduragbemi Omiyale
A man known as Mr Osho Aluko-Kola has been conceited and sentenced to nine years imprisonment by a court in Lagos for diverting shares of an investor worth N206.5 million.
At the ruling on Wednesday, Justice Mojisola Dada of the Special Offences Court sitting in Ikeja found the 65-year-old man guilty of conspiracy and theft.
It was gathered that on July 2020, the convict was arraigned by the Economic and Financial Crimes Commission (EFCC) alongside six companies Centurion Registrars Limited, United Securities Limited, Evolution Construction Engineering Design Limited, Cities & Towers Logistics Limited, Continental Exim Nigeria Limited, and Diffusion Impex Limited.
The agency levelled nine charges against him in court, one of which read, “That you, Osho Aluko-Kola, Alake Olatokunbo (now at large), Centurion Registrars Limited, United Securities Limited, Evolution Construction & Engineering Design Limited, Cities & Towers Logistics Limited, Continental Exim Nigeria Limited and Diffusion Impex Limited, between 2015 and 2019 in Lagos, within the jurisdiction of this honourable court, conspired to commit a felony, to wit: stealing the sum of N206,502,490.02 (Two Hundred and Six Million, Five Hundred and Two Thousand, Four Hundred and Ninety Naira, Two Kobo), property of Chief Chukwudozie Nwanneka Daniel, and committed an offence contrary to Section 411 and punishable under Section 287 (5) & (9) of the Criminal Law of Lagos State, 2015.”
In a statement issued on Friday by the Media and Publicity Department of the EFCC, it was stated that Mr Aluko-Kola pleaded “not guilty” to the charges.
In the course of the trial, the prosecuting counsel, Mr Franklin Ofoma, called four witnesses, including the victim of the fraud, whose dividend warrant of 80 million shares of the defunct Diamond Bank obtained in 2006 and which was in the custody of Centurion Registrars Limited, were diverted through an impostor.
Also, a Deputy Director and Head of the Enforcement Department of the Securities and Exchange Commission (SEC), testified as the fourth prosecution witness and narrated the outcome of the agency’s investigation, which indicted the registrars involved in the alleged fraud.
The prosecution also tendered several documents to prove the case against the defendants.
After the prosecution closed its case on June 23, 2021, the defendants chose to file a no-case case submission, which was dismissed by the court on January 28, 2022, and the defence was ordered to open its case. The defendant took to the stand to defend himself.
Delivering judgement, Justice Dada held that the prosecution successfully proved the charges against the defendants and held that, “All the defendants are guilty as charged on count one.”
On counts two to five, bordering on stealing an aggregate sum of N38,067,336.68, the trial judge declared the first, second and fifth defendants guilty as charged and ordered to restitute the said sum to the victim.
While count nine was struck out as being a duplicate of count eight, the trial judge held the second defendant accountable for counts six to eight involving the sum of N168,235,152.34.
The judge sentenced the defendant to seven years in prison for the offence of stealing and two years for conspiracy to run concurrently.
Justice Dada ordered the companies to restitute the sums involved in the fraud to the victim.
The sum of N33 million balance in the bank account of the first defendant was ordered forfeited to the victim of the fraud.
Following a passionate plea by the defence for mercy for the 65-year-old Aluko, the court gave him a fine of N10 million in lieu of serving the jail term.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
By Adedapo Adesanya
The federal government will soon issue a fresh N729 billion bond to settle verified legacy debts owed to electricity generation companies (GenCos), marking another major step in its plan to restore liquidity and financial stability across Nigeria’s power sector.
The bond forms the second tranche of the first phase of the N4 trillion Presidential Power Sector Debt Reduction Programme and follows the successful issuance of about N501 billion in January 2026. Combined, both issuances make up the N1.23 trillion Series 1 and Series 2 components of the Capital Market Multi-Instrument Issuance Programme.
The initiative is part of the federal government’s broader strategy to clear longstanding payment obligations in the Nigerian Electricity Supply Industry (NESI), strengthen investor confidence and improve the financial health of the electricity value chain.
The chief executive of the Nigerian Bulk Electricity Trading Plc (NBET), Mr Johnson Akinnawo, said the forthcoming bond issuance represents the first phase of the wider N4 trillion programme approved by President Bola Tinubu to address verified legacy liabilities in the power sector.
“The second issuance demonstrates the Federal Government’s commitment to resolving verified legacy obligations through a transparent, structured and market-based mechanism,” Mr Akinnawo said.
He explained that the January 2026 bond issuance reflected the government’s fiscally responsible approach to settling outstanding obligations owed to GenCos while improving liquidity within the electricity market and strengthening the long-term sustainability of the sector.
According to him, the new bond will further reinforce confidence among investors and provide much-needed financial relief to market participants whose operations have been constrained by accumulated debts.
“By improving liquidity across the electricity value chain, the programme will help strengthen the financial position of market participants, support new investment and promote sustainable electricity generation for the benefit of Nigerians,” he stated.
Mr Akinnawo recalled that the Federal Executive Council (FEC) approved the establishment of the N4 trillion Presidential Power Sector Debt Reduction Programme in 2025, with NBET designated as the sponsoring institution responsible for coordinating the settlement of verified legacy obligations across the electricity industry.
He explained that the debt reduction programme is being implemented through multiple issuances of debt instruments by NBET Finance Company Plc, a Special Purpose Vehicle (SPV) established specifically to execute the programme.
According to him, the debt instruments are backed by the full faith and credit of the federal government and supported by comprehensive risk mitigation measures designed to ensure successful implementation and attract investor participation.
“The programme has the full backing of the federal government and incorporates a robust suite of instruments designed to mitigate transaction risks and support successful execution,” the NBET boss said.
He noted that the issuance of the approximately N729 billion bond would represent another decisive milestone in resolving longstanding financial obligations that have weighed on the electricity market for years.
Mr Akinnawo added that clearing the outstanding debts would strengthen the financial position of electricity generation companies, improve liquidity throughout the power value chain and create a more stable, bankable and investment-friendly electricity market capable of supporting Nigeria’s economic growth and expanding reliable electricity supply.
By Modupe Gbadeyanka
The Nigeria Revenue Service (NRS) has announced the commencement of compliance monitoring activities for large taxpayers under the National e-Invoicing and Electronic Fiscal System (EFS) regime.
A statement issued on Monday and signed by the agency’s chairman, Mr Zacch Adedeji, advised corporate organisations that have yet to adopt this system to do so on or before July 31, 2026.
Recall that on February 17, 2026, NRS issued an implementation timeline for the mandatory adoption of the EFS, also known as the Merchant Buyer Solution (MBS), by large taxpayers.
They were asked to complete the process of onboarding, integration, testing, and commence invoice transmission to the NRS e-invoicing platform in accordance with the prescribed implementation framework.
The compliances include the completion of onboarding on the NRS MBS; the successful integration of taxpayer systems through approved Access Point Providers (APPs) and/or Systems Integrators (SIS); the completion of all required validation and testing activities; the active transmission of invoices to the NRS e-invoicing platform in line with approved standards and guidelines; and the receipt of only compliant e-invoices with a valid Invoice Reference Number (IRN) from suppliers.
Ahead of the deadline, the NRS has commenced compliance monitoring activities to assess the level of adherence to the e-invoicing mandate across the large taxpayer segment.
Those that have not completed the process have been asked to conclude all outstanding onboarding and integration activities and commence invoice transmission before the compliance deadline.
The organisation warned that failure to comply would trigger regulatory and enforcement actions in accordance with the provisions of the relevant tax laws and regulations.
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