General
Alleged N8.5bn Fraud: Witness Explains How Atewe Bought 30,000 Shares from MTN Links
A prosecution witness, Mr Howard Edafe, in the ongoing N8.5 billion fraud case involving a former Joint Military Task Force Commander, Mr Emmanuel Atewe, on March 12, 2020 told Justice Ayokunle Faji of the Federal High Court sitting in Ikoyi, Lagos how the retired Major-General bought 30,000 units of shares from MTN Links for N170.4 million between 2014 and 2015.
A statement issued by the Media and Publicity Department of the agency said Mr Edafe, who is currently an Internal Auditor with Stanbic IBTC bank, while being led-in-evidence by counsel for the EFCC, Mr Rotimi Oyedepo, testified as the fourth prosecution witness, PW4.
Mr Atewe is standing trial alongside Patrick Akpobolokemi, a former Director-General of Nigerian Maritime Administration and Safety Agency (NIMASA), Kime Enzogu and Josephine Otuaga on a 22-count charge of conspiracy, stealing and money laundering.
Mr Edafe was quoted in the statement as saying that, “Sometime between 2014 and 2015, Atewe expressed interest in buying 30,000 units of shares from MTN Links through his Stanbic IBTC stockbroker.
“Following the notification, various documents were completed and made available regarding the transaction and Atewe made transfers to his Stanbic IBTC Bank account for the transaction.
“Although Atewe is a client to Stanbic IBTC Asset Management Limited, which is domiciled with Stanbic IBTC bank, Stanbic IBTC Asset Management Limited and Stanbic IBTC Bank are both subsidiaries of Stanbic IBTC Holdings.
“After Mr Atewe showed interest in buying 30,000 units of shares, we valued it and documents were prepared.
“Documents that were prepared for the transaction are: Purchase Order Form, which reflected that a unit was purchased for $27; Share Transfer Form; Utility Bill; Application Form; Means of Identification, which was the client’s international passport; three copies of Confidentiality and non-disclosure agreement.
“Evidence of transfer of money, which was provided by Mr. Atewe; a letter from Atewe authorizing remit of proceeds to Standard Chartered Bank in favour of Mr. Atewe; and a letter informing Stanbic IBTC the intention of Mr Atewe to purchase 30,000 units of shares.”
Mr Edafe also confirmed that the 30,000 units of shares were bought for N170,350,000 and paid for in four tranches; two payments of N40 million and N10.4 million received from Lord Firm Engineering, and N70 million from INP Limited, while N50 million was received from Ocean Gas Limited.
Under cross-examination by the defence, Mr Edafe told the court that he never came across Mr Akpobolokemi’s name during the transaction and that he was not a beneficiary of the transaction.
Earlier in the course of proceedings, the third prosecution witness, Mr Gideon Dachung, a Forensic Analyst and Document Examiner with the EFCC was cross-examined by the defence.
He was shown Exhibit C24, Exhibit G9 and Exhibit G17, and asked if he could establish, by merely looking at the exhibits, that the signatures on them have pictorial resemblance or not.
When the witness compared Exhibit C24 to Exhibit G9 and Exhibit C24 to Exhibit G17, he told the court that the signatures on the documents had a similar pictorial resemblance.
He, however, told the court that the two signatures on Exhibit C24 did not have any pictorial resemblance.
The trial continues on March 25, 2020.
By Adedapo Adesanya
Justice Emeka Nwite of the Federal High Court in Abuja has affirmed the final forfeiture of $13 million linked to a Lagos socialite, Ms Aisha Achimugu, and her company, Oceangate Engineering Oil & Gas Limited, to the federal government of Nigeria.
Delivering judgment, Justice Nwite held that the Economic and Financial Crimes Commission (EFCC) established that the foreign currency was proceeds of fraud and unlawful activities.
The judge further held that Oceangate Engineering Oil & Gas Limited failed to establish how it came by the money, saying the anti-money laundering agency satisfied all requirements for the funds to be classified as proceeds of fraud and to be forfeited to the appropriate authority.
He dismissed the claims that the $13 million was gifts received into the Oceangate Engineering Company by Ms Achimugu, adding that the woman never came to the court to show cause why the huge amount of money should not be forfeited to the government.
He held that no single person who gave the monetary gift to Aisha Achimugu to the tune of $13 million was called to testify.
The judge further held that the burden to establish genuine ownership of the money was not established by the applicant to counter the claims of the anti- graft agency that the money was the proceeds of fraud based on its investigation.
According to the judge, Oceangate Engineering Company did not show the business it undertook that fetched it the money, nor did it show whether any payment was made to it by any of its customers.
Justice Nwite had, on August 22, 2025, granted the anti-graft agency’s motion ex parte for an interim order forfeiting the sum of $13 million linked to Oceangate Ltd to the Federal Government over allegations that the fund was proceeds of unlawful activity.
The judge had then directed the commission to publish the order in a national daily for interested people to show cause within 14 days why the fund should not be permanently forfeited to the federal government.
By Adedapo Adesanya
The federal government has inaugurated a 17-member Planning Committee to coordinate the National Flag-Off of the Energise Commercialisation Now (ECoN) Initiative, a flagship programme aimed at transforming research outputs into economic value.
Speaking at the inauguration in Abuja, the Permanent Secretary of the Ministry of Innovation, Science and Technology, Mr Philip Ndiomu Ebiogeh, described the initiative as a strategic intervention to convert Nigeria’s vast research and innovation outputs into market-ready products, scalable enterprises, and job-creating opportunities.
He noted that ECoN will mobilise stakeholders nationwide to identify bankable innovations and accelerate their transition from laboratories to the marketplace, stressing that the country must move beyond theoretical research to practical solutions that drive industrial growth and national prosperity.
The Permanent Secretary disclosed that the Minister of Innovation, Science and Technology, Mr Kingsley Tochukwu Udeh, had earlier briefed the First Lady, Mrs Oluremi Tinubu, on the initiative and proposed her as a champion of the programme, with the national flag-off scheduled for Kano State.
He explained that Kano was deliberately selected due to its historic role as a commercial and industrial hub, offering strong potential to attract investment, stimulate enterprise, and create jobs.
The Committee is chaired by the Minister, with the Permanent Secretary as Co-Chairman, while the Director-General, National Biotechnology Research and Development Agency, NBRDA, and the Director-General, Sheda Science and Technology Complex, SHESTCO, serve as Alternate Chairmen.
Members include Professor Nnayelugo Ike-Muonso, Dr Kazeem Kolawole Raji, Dr Jummai Adamu, Dr (Mrs) Obiageli Amadiobi, Dr Kabiru Mu’azu, Dr Anwal Mustapha, Engr Ibiam Oguejiofo, Mr Moses Fatogun, Mr Adamu Sulaiman (a representative of SMEDAN), Dr Prince Lawrence Eze, Mr Sani Garba, Dr Muhammad Mustapha, Dr Chioma Okeke, Mr Luther Onyemkpa, Mr Charles Egumgbe, and Dr Nwankwo Nnenna serving as Secretary.
The national flag-off is proposed for late April or early May 2026, subject to Presidential approval.
The Ministry reaffirmed its commitment to positioning innovation as a key driver of economic diversification and sustainable development, in line with President Bola Tinubu’s Renewed Hope Agenda.
By Adedapo Adesanya
Switzerland-headquartered global shipping giant, Mediterranean Shipping Company (MSC), has complied with the directive of the Nigerian Shippers’ Council (NSC) to suspend the implementation of its new tariff pending consultations with stakeholders.
In a customer advisory titled Temporary Suspension of New Tariff Implementation, the shipping line stated that the tariff regime in place before the recent increase would remain effective until further notice.
Business Post reported a few days ago that freight forwarders picketed the offices of MSC, protesting the recent increase in shipping line tariffs. They blocked the regulators from accessing the MSC premises to address the matter.
Despite the protests, the council’s attempt to engage the aggrieved freight forwarders in discussions was resisted, as the protesters insisted that there was no basis for dialogue and vowed to continue the protest until the increased charges were immediately reversed.
In the latest directive, the shipping company said, “We wish to inform our esteemed customers that the recently implemented tariff adjustment has been temporarily suspended, following a directive from the NSC. This suspension is pending the conclusion of ongoing engagements and resolution with the regulator.”
“Accordingly, the tariff regime applicable prior to the recent increase will remain in force until further notice, as mandated.”
The company further assured customers that updates would be communicated once a final decision is reached by the Nigerian Shippers’ Council.
“We remain fully committed to regulatory compliance, transparency, and protecting the interests of our customers. Further updates will be communicated promptly once a definitive position is issued by the Nigerian Shippers’ Council. We appreciate your understanding and continued cooperation,” the advisory added.
NSC had warned that prolonged industrial disputes within the maritime sector could disrupt port operations and negatively impact trade and economic activities.
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