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Akingbola Lied About Buying Shares for Intercontinental Bank–Witness

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By Modupe Gbadeyanka

The trial of Erastus Akingbola, a former Managing Director of the defunct Intercontinental Bank Plc, continued on Thursday, March 14, 2019 before Justice Mojisola Olatoregun of the Federal High Court sitting in Ikoyi, Lagos, with a prosecution witness detailing how he laundered the bank’s funds on the pretext of buying shares without securities.

Mr Akingbola is standing trial for an amended 22-count charge bordering on abuse of office, conversion of funds belonging to Intercontinental Bank Plc and stealing to the tune of N900.3 billion, £8.5 millon and £1.3 million.

At today’s sitting, the second prosecution witness, Abdulraheem Jimoh, a former Chief Inspector with the defunct Intercontinental Bank Plc, under cross-examination by the defence counsel, Wole Olanipekun, SAN, told the court that he was aware that the bank operated a “Nostro Account”, which was the aggregate of the bank’s funds transferred to offshore correspondent banks.

The witness also stated that funds must be available in the bank for the offshore banks to be functional.

However, when asked if he knew that the bank funded its “Nostro Account” and if funds were transferred offshore, he said “no”.

Jimoh, during cross-examination, gave further evidence into his investigations, saying, “I wrote to ICSL Securities Limited, a subsidiary of Intercontinental Bank that was into share buying and sales.

“The content of my letter to the company was to know if Intercontinental Bank bought any shares from ICSL.

“Their response was that the bank did not buy shares from ICSL, but that those placements were made to the company by Intercontinental Bank on the instructions of the defendant.

“The placements were made without adequate securities under Akingbola’s watch as the Managing Director of the bank.

“Although I did not find out if the placements were re-paid to Intercontinental Bank, and generally placements do not attract interests.”

When the defence counsel sought to tender the response from ICSL Securities Limited to the letter written by the witness, the prosecuting counsel, Rotimi Jacobs, SAN, objected to its admissibility on the grounds that the document was not relevant.

“The witness has said his investigations revealed that no shares were bought by Erastus Akingbola,” Mr Jacobs said.

The objection was sustained by the court.

While being cross-examined over his Curriculum Vitae, the witness told the court that he obtained a Bachelor of Science in Business Administration from the Ahmadu Bello University, Zaria, Kaduna State in 1982.

However, the defence counsel told the court that the witness lied about obtaining a Master of Business Administration from the University of Ilorin, Kwara State.

“This witness does not seem to be a witness of truth because he told an Ikeja High Court that he obtained a MBA.

“He, however, told this court a different story that he did not conclude the MBA programme,” Mr Olanipekun added.

The CV of the witness was thereafter tendered and admitted in evidence by the court.

Though the witness told the court that he did not interrogate any staff of Tropics Securities Limited, he said he wrote to the company to provide him with the shares sold by the bank if there were any.

Justice Olatoregu thereafter adjourned the case to April 4 and 5, 2019 for continuation of trial.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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FCCPC Seals Premises of Solar Battery Importer at Alaba International Market

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Solar Battery Importer

By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has sealed the premises of a major importer at the Alaba International Market, Lagos, over its alleged refusal to comply with regulatory directives relating to the sale of a defective solar battery to customers.

The Southwest Zonal Coordinator of the FCCPC, Mrs Olubunmi Otti, who led the enforcement team and security operatives to the market on Tuesday, said the commission sealed the company’s premises under Section 150(4)(a) of the Federal Competition and Consumer Protection Act (FCCPA), 2018.

According to her, the action followed the company’s failure to comply with a compliance notice issued by the agency after an investigation into a consumer complaint.

Mrs Otti explained that the matter originated from a complaint involving a defective solar battery purchased and fully paid for in February 2025.

Following the complaint, she said the organisation commenced an investigation and invited the importer and the company on several occasions to appear before the commission, but they allegedly failed to honour the invitations.

She further stated that the FCCPC subsequently issued a summons compelling the importer and the company to appear, but they again failed to comply.

As part of its regulatory process, Mrs Otti said the commission later served the company with a Compliance Notice under Section 150(1) of the FCCPA, outlining the nature of the alleged violation, the remedial actions required, the deadline for compliance, and the consequences of non-compliance.

She noted that despite being duly served and granted what the commission described as a reasonable period to remedy the breach, the importer and the company allegedly failed to comply with the notice.

“Consequently, and in direct exercise of FCCPC powers under Section 150(4)(a) of the FCCPA, 2018, the Commission has today proceeded to seal these premises,” she said.

Mrs Otti explained that the law empowers the commission to shut down or close any premises where a compliance notice continues to be breached until the violation is remedied.

She emphasised that the action was not intended as a punitive measure but rather as a protective and corrective intervention aimed at ensuring compliance with consumer protection laws.

According to her, the premises will remain sealed until the commission is satisfied that the breach has been fully addressed, after which a compliance certificate will be issued in accordance with Section 150(3) of the Act.

Otti urged importers and businesses to take compliance notices seriously, warning that the law leaves little room for discretion where violations persist after regulatory directives have been ignored.

Reacting to the enforcement action, President of the Industrial Material Dealers Association, Alaba International Market, Mr Opara Martins, said officials of the commission visited his office before carrying out the enforcement exercise, which he advised them to proceed with in line with their lawful duties.

He said while he was unaware of the specific circumstances that led to the commission’s action, he could not fault the agency for carrying out its statutory responsibilities.

Mr Martins, however, described the company as reputable, adding that the importer is a key stakeholder within the Alaba business community.

He further stated that the market had not been known for practices that undermine consumer protection.

He expressed optimism that the dispute would be resolved amicably in due course.

On his part, the General Manager of the firm, Mr Tochukwu Munachukwu, insisted the company did not receive the series of letters and notices the FCCPC claimed to have served.

He described the dispute as a civil commercial matter that should be resolved through engagement and dialogue rather than public enforcement action, noting that the incident has caused embarrassment to both the company and its management.

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Dangote Cement Host Communities in Ogun Receive Rice

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Dangote cement host communities

By Modupe Gbadeyanka

Some vulnerable households around host communities of Dangote Cement Plc in Ogun State recently received bags of rice from the Aliko Dangote Foundation (ADF) to alleviate the burden of rising food costs on them.

Beneficiaries were mainly low-income families, elderly residents, and other vulnerable groups within 17 communities in Ibese and 36 others in Itori and Ijebu-Igbo.

The organisation distributed thousands of 10kg bags of rice to residents of the communities, who could not hide their joy at the gesture.

At several distribution points, orderly processes were put in place to ensure transparency and equitable access. Local coordinators, in collaboration with community representatives, supervised the exercise to guarantee that the items reached intended beneficiaries.

At the Ibese distribution centre, the Aboro of Ibeseland, Mr Rotimi Oluseyi Mulero, thanked Mr Dangote for the gift, describing the rice distribution as operation feed the families.

“On behalf of our people, I extend our profound gratitude to the Aliko Dangote Foundation for this timely and commendable gesture. At a time when many families are facing economic challenges, this distribution of food items will go a long way in alleviating hardship within our communities.

“We appreciate Dangote Group not only as a business partner but as a responsible corporate citizen that continues to demonstrate genuine concern for the well-being of its host communities. We pray that this partnership continues to flourish for the benefit of all.

“Today, our hearts are filled with appreciation. This support has come at a very critical time for our people. Many households are under pressure, and this intervention will bring relief and hope to families,” the traditional ruler enthused.

Also, at Itori, the Olu of Itori, Mr Abdulfatai Akorede Akamo, said his people’s hearts were filled with appreciation, saying, “This support has come at a very critical time for our people. Many households are under pressure, and this intervention will bring relief and hope to families.

“We thank Mr Aliko Dangote and his Foundation for remembering the grassroots and standing by us in times of need. We are deeply grateful for this act of kindness. May the Almighty bless the Dangote Group and increase its capacity to continue doing good for humanity.”

Speaking on the initiative, the chief executive of ADF, Ms Zouera Youssoufou, represented by the ADF Head of Operations, Mr Victor Ejiro, reaffirmed that the food intervention programme reflects the organisation’s long-standing dedication to food security and poverty alleviation, particularly during periods of economic strain.

“This intervention is designed to provide immediate relief to households grappling with high food prices. As a socially responsible organisation, we recognise the importance of supporting our host communities beyond business operations.

“At the Aliko Dangote Foundation, we recognise the current economic realities facing many Nigerian households. This intervention is aimed at providing immediate relief while reinforcing our long-standing commitment to the well-being of our host communities.

“We understand the difficulties families are facing at this time. This support is our way of standing with our communities and ensuring that no household is left behind during these challenging times. Sustainable development goes beyond business operations. Through this programme, we are strengthening community resilience and contributing to national efforts to improve food access and social stability,” she stated, adding that the intervention is focused on delivering real, immediate support to vulnerable households, promising to expand it to more families.

The initiative forms part of the foundation’s National Food Intervention Programme aimed at cushioning the effects of prevailing economic challenges on ordinary Nigerians.

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NERC to Allow Solar Power Users, Others Earn from Surplus Electricity

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Solar Power Project

By Adedapo Adesanya

The Nigerian Electricity Regulatory Commission (NERC) has commenced implementation of the Net Billing Regulations 2026, opening the electricity market to qualified consumers who generate renewable energy and supply excess power to the national distribution network.

The new framework is expected to accelerate solar energy adoption, deepen private sector participation in power generation, and provide businesses and large consumers with additional opportunities to reduce energy costs while earning credits for surplus electricity exported to the grid.

Announcing the commencement of the regulations, NERC said the framework establishes a formal mechanism that allows eligible electricity customers, known as “Prosumers,” to generate electricity from renewable energy sources, primarily solar photovoltaic systems, for their own use and export excess energy to distribution companies under a Net Billing Arrangement.

According to a statement issued by the commission, the regulations are designed to promote cleaner energy sources and strengthen Nigeria’s electricity supply system.

“The Regulations establish a framework that enables eligible electricity customers (Prosumers) to generate electricity from renewable energy sources, primarily solar photovoltaic systems, for their own consumption and export surplus energy to the distribution network under a Net Billing Arrangement,” NERC stated.

The commission explained that the scheme seeks to stimulate investments in distributed generation and improve power reliability for consumers.

Among the objectives of the regulations are to “promote the adoption of renewable energy technologies, enhance energy security and reliability for electricity consumers, encourage private sector participation in distributed generation, support the reduction of greenhouse gas emissions, and facilitate efficient integration of renewable energy systems into distribution networks.”

Under the framework, only customers connected to a distribution company’s network and operating approved renewable energy systems will be eligible to participate.

NERC stated that participating customers must install renewable energy systems that comply with technical and regulatory standards, obtain approval from the relevant Distribution Licensee, execute a Net Billing Agreement, and register with the Commission.

The regulations specify that eligible Renewable Energy Systems must have a minimum installed capacity of 50 kilowatt peak (kWp) and a maximum capacity of 1.5 megawatt peak (MWp).

“Customers seeking to participate in the Net Billing Scheme must be connected to a Distribution Licensee’s network, install renewable energy systems that comply with applicable technical standards and regulatory requirements, obtain approval from the relevant Distribution Licensee, execute a Net Billing Agreement and register with the Commission,” NERC said.

The commission further explained that prospective participants would first undergo a technical feasibility assessment by their respective distribution companies before being admitted into the programme.

“Interested customers are required to apply to their Distribution Licensee for a technical feasibility assessment. Upon approval and execution of a Net Billing Agreement, the applicant shall register with NERC in accordance with the provisions of the Regulations,” it stated.

To ensure accurate accounting of energy flows, NERC said approved participants would be equipped with bidirectional net meters capable of measuring electricity imported from and exported to the distribution network.

“Approved participants shall be provided with appropriate bidirectional net metering facilities to measure electricity imported from and exported to the distribution network. Exported energy shall be credited in accordance with the export tariff approved by the Commission,” NERC added.

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