General
9b Fraud: Court Admits More Exhibits Against Nyako, Others

By Modupe Gbadeyanka
A Federal High Court in Maitama on February 20, 2017 admitted 26 documents as exhibits in the trial of a former Governor of Adamawa State, Mr Murtala Nyako, who along with his son, Senator Abdul-Aziz Nyako, Abubakar Aliyu and Zulkifikk Abba, are standing trial for a N29 billion fraud.
The Economic and Financial Crimes Commission (EFCC) is charging them with a 37-count charge bordering on criminal conspiracy, stealing, abuse of office and money laundering.
They are alleged to have used five companies – Blue Opal Nigeria limited, Serore Farms & Extension Limited, Pagoda Fortunes Limited, Towers Assets Management Limited and Crust Energy Limited, among other companies to commit the fraud.
Justice Okon Abang had at the last sitting of January 25, 2017 adjourned to today due to the absence of third prosecution witness, Olabode Farinuola, a staff of Zenith Bank, through whom the documents were supposed to have been presented in court.
At the resumed sitting, prosecution counsel, Rotimi Jacobs, SAN, told the court that Farinuola had resigned from the bank and had traveled out of the country to the United States.
“This is the new development, after we made inquiry with Zenith Bank and so they have provided us with another witness,” he said, urging the court to “set aside Farinuola’s evidence”.
No objections were raised by Kanu Agabi, SAN, counsel to Nyako, his son and Serore Farms & Extension Limited; Y.C Maikyau, SAN, counsel to Abubakar Aliyu; Ibrahim Isiyaku, counsel to Zulkifikk Abba and Towers Assets; counsel to Blue Opal Nigeria limited, Olumide Olujimi; and counsel to Crust Energy Limited, O. A. Dada.
Justice Okon Abang, thus ruled that “since prosecution witness 3, PW3 is not in court to complete his evidence in-chief, it is hereby set aside and expunged”.
Ugwu Remigius, compliance officer with the Maitama branch of Zenith Bank, who replaced Farinuola thereafter took the witness box.
While being led in evidence by Jacobs, he said, “I worked with Farinuola at the compliance department we printed and compiled the documents as regards to the request of the EFCC for the statement of accounts, account opening packages and certificate of identification with regards to companies they were investigating.”
He thereafter identified the documents linked to the defendants, which the EFCC alleged to have been used to perpetrate the fraud.
The defence raised no objections to the admissibility of the documents.
Justice Okon, while adjourning to February 21, 2017 for “continuation of trial”, admitted the documents in evidence and marked them as exhibits C1-C63, D1-D274, E1-E60, F1-F235, G1-G154, H1-H42, I1-I203, J1-J35, K1-K16, L1-55, LB1-53, M1-38, N1-37, O1-34, P1-66, Q1-34, R1-28, S1-54, T1-27, V1-33, W1-60, X1-28, Y1-40, Z1-31, ZA1-250.
General
NECA’s Annual Retreat for Business Managers, Executives Holds April 16
By Aduragbemi Omiyale
The annual retreat for business managers and executives organised by the Nigeria Employers’ Consultative Association (NECA) will take place from April 16 to 18, 2026, at the AAE & T Hotel, Kuto, Abeokuta, Ogun State.
This year’s edition is themed The Resilient Enterprise, People and Systems: Building and Managing Businesses that Outlive Seasons, Cycles and Crises.
The programme aims to equip leaders with the insights, tools, and networks required to build resilient organisations in an increasingly complex business environment.
It will provide a unique platform for executive-level engagement through high-level conversations, peer learning sessions with experienced leaders, strategy reflection workshops, and curated networking opportunities.
Expected to attend are industry leaders, senior executives, and business managers from across sectors. They will explore strategies for sustaining organisational performance through leadership transitions, economic cycles, regulatory shifts, and market disruptions.
Participants will also benefit from interactive discussions focused on strengthening corporate governance, developing agile leadership capabilities, and building organisational systems that can withstand periods of uncertainty and transformation.
A notice from NECA said the event is open to both members and non-members, with participation fees set at N300,000 for members and N320,000 for non-members. Discounts will also be available for Gold and Silver members, subject to applicable terms and conditions.
Interested participants are encouraged to register via the official registration link to secure their place at the retreat, which promises to deliver valuable insights and connections for executives seeking to build enterprises capable of thriving through seasons of change and uncertainty.
The Director-General of NECA, Mr Adewale Smatt-Oyerinde, noted that by convening business managers and senior executives in a collaborative learning environment, the association aims to contribute to the development of stronger, future-ready enterprises that can drive economic growth, create jobs, and support national development even in the face of evolving global and local challenges.
He added that the retreat will provide executives with the opportunity to step away from daily operational demands and engage in deeper strategic conversations with peers and industry experts.
“The theme of this year’s retreat speaks directly to the realities businesses face today. Across sectors, organisations are navigating leadership transitions, regulatory shifts, economic pressures, and technological disruption.
“What distinguishes enduring enterprises is their ability to build strong systems, develop capable leaders, and create organisational cultures that can adapt and respond effectively to change,” the NECA chief said.
General
Egbin Power Commissions 80 New Staff Housing Units
By Modupe Gbadeyanka
In further demonstration of its unwavering commitment to its workforce, Nigeria’s foremost power generation company, Egbin Power Plc, has unveiled 80 new residential housing units for employees within its plant premises in Egbin, Lagos State.
This comprises 40 fully furnished three-bedroom apartments and 40 furnished studio apartments, all designed to contemporary standards.
The units feature modern infrastructure and thoughtfully planned utilities, creating a safe, comfortable, and conducive living environment that supports both employee productivity and family well-being.
This strategic investment underscores the company’s philosophy that a well-supported workforce is fundamental to sustained operational excellence.
The new housing units are part of a holistic strategy to cultivate a stable, motivated, and future-ready workforce.
This strategy extends beyond infrastructure to encompass robust career development and recognition. Over the past three years, Egbin Power has promoted 112 employees across various cadres, reinforcing a culture that rewards merit, performance, and long-term dedication
“At Egbin Power, our people are our most valuable asset. Even amidst the prevailing liquidity and operational realities within the broader power sector, our focus on employee welfare has remained deliberate and consistent.
“This significant expansion of our residential estate is a tangible expression of that commitment.
“It is one of several key initiatives aimed at ensuring our employees feel genuinely supported, allowing them to thrive both personally and professionally,” the chief executive of Egbin Power, Mr Mokhtar Bounour, said.
Initiated in 2025 and completed in January 2026, this project is the latest milestone in Egbin Power’s structured and ongoing approach to enhancing employee welfare. It reflects the energy firm’s dedication to fostering a culture where every team member feels valued, secure, and motivated.
General
NGX Group, CSCS, WIMBIZ to Ring Bell for Gender Equality
By Aduragbemi Omiyale
On Tuesday, March 10, 2026, at the Nigerian Exchange Group House in Lagos, the role of capital markets in promoting gender equality will be reemphasised through the closing gong ceremony in commemoration of International Women’s Day 2026.
The ceremony is part of the global Ring the Bell for Gender Equality campaign, which mobilises stock exchanges worldwide to expand women’s participation in the economy and advance gender-inclusive practices.
In Nigeria, the NGX Group is partnering with the Central Securities Clearing System (CSCS) Plc and Women in Management, Business and Public Service (WIMBIZ) to make it memorable under the theme Rights. Justice. Action. For ALL Women and Girls.
Dignitaries expected at the ceremony include the Minister of State for Foreign Affairs, Mrs Bianca Odumegwu-Ojukwu; the First Lady of Imo State, Mrs Chioma Uzodimma; the Executive Commissioner for Legal and Enforcement at the Securities and Exchange Commission (SEC), Ms Frana Chukwuogor; foremost actor, Ms Funke Akindele; a Director at the NGX Group, Ms Ojinnika Olaghere; and another staffer of NGX Group, Mrs Fatima Wali-Abdulrahman, alongside board members of NGX Group, regulators, capital market stakeholders, and industry leaders.
NGX Group is joining other exchanges worldwide in sounding the NGX Gong to underscore the importance of inclusive leadership, equal opportunities, and stronger market accountability in advancing gender equality.
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