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Alleged N8.5bn Fraud: Witness Explains How Atewe Bought 30,000 Shares from MTN Links

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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.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Dangote Cement Ibese Distributes Farming Inputs to Boost Productivity

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By Modupe Gbadeyanka

Some farming inputs have been distributed to farmers drawn from 17 host communities of the Ibese Plant of Dangote Cement Plc.

This is part of the organisation’s commitment to food security and sustainable community development, under its annual farmers’ empowerment initiative, which has become a cornerstone of the company’s social investment strategy.

The beneficiaries received modern farming inputs alongside technical training aimed at improving crop yield, productivity, and income across the agricultural value chain.

Business Post gathered that each of the 60 farmers got three bags of 50kg NPK fertiliser, two bags of Urea fertiliser, one Knapsack sprayer and 10 litres of Force-Up herbicide.

Welcoming the guests and beneficiaries, the Plant Director, Mr Ayyagari Subbaraidu, emphasised that the programme was designed not only to support local farmers but to build a sustainable agricultural ecosystem within the company’s host communities.

He noted that the intervention aligns with Dangote Cement’s broader corporate social responsibility priorities, which include empowerment, education, health, and infrastructure development.

Mr Subbaraidu said, “At Dangote Cement, we understand that while we manufacture cement for the construction of homes, schools, hospitals, roads, and other critical infrastructure, true development is ultimately about people. It is about creating opportunities, improving livelihoods, and enabling communities to thrive. This philosophy remains at the heart of our operations and our relationship with our host communities.”

He disclosed that to date, 300 farmers across our host communities have benefited from training, farm inputs, and agricultural tools, noting that they have cultivated more than 800 acres of farmland and produced over 40,000 tons of agricultural output.

“These figures tell an important story, representing families whose livelihoods have improved, children whose educational needs have been supported, businesses that have grown, and communities that have become more resilient. They demonstrate what can be achieved when communities and corporate organisations work together toward a common goal,” he stated.

“We provide modern farm inputs to support our farmers to enhance productivity and achieve better yields. This is not just about distribution; it is about enabling a shift to more efficient and sustainable farming methods that will ultimately boost food production and livelihoods,” he said.

Mr Subbaraidu revealed that the training component of the programme is critical in ensuring that beneficiaries maximise the value of the inputs provided, as participants were taken through practical sessions on good agricultural practices, including crop protection and pest management techniques, equipping them with knowledge to mitigate farming risks and improve output.

Speaking on behalf of the communities, a representative described the programme as a “game changer” that has not only boosted food production but also strengthened the relationship between the company and its host communities.

One of the farmers, Mr Akanbi Moses from Aga-Olowo Community, noted that the provision of free inputs and training has significantly improved their productivity and income levels, enabling them to scale their farming activities. Another beneficiary highlighted how the training sessions have enhanced their understanding of modern farming techniques, resulting in better crop management and reduced post-harvest losses.

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Four Nabbed in Ogun, Lagos With 130kg of Elephant Tusks

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By Modupe Gbadeyanka

Officials of the Nigeria Customs Service (NCS) and the National Environmental Standards and Regulations Enforcement Agency (NESREA) on Saturday, June 13, 2026, apprehended four suspected wildlife traffickers in Ogun and Lagos States.

The suspects were arrested with 22 pieces of elephant tusks weighing 130.84 kg during coordinated operations in Ofada, Ogun State, and Lagos, acting on intelligence developed by Wildlife Justice.

In a statement made available to Business Post on Tuesday, it was stressed that the arrests follow several months of intelligence gathering and investigative work targeting a high-level wildlife trafficking network linked to the illegal ivory trade.

The operation targeted a senior figure within the illegal ivory trade who had been identified through Wildlife Justice intelligence as a key supplier and associate of traffickers arrested in previous investigations. Due to the individual’s long-standing role, extensive connections, and access to significant quantities of ivory, the arrest is expected to have a substantial disruptive impact on the trafficking network.

“Wildlife Justice commends NCS and NESREA for their commitment, and continued leadership in combatting organised wildlife crime,” said Olivia Swaak-Goldman, Executive Director of the Wildlife Justice Commission.

“Over the past five years, sustained intelligence-led operations and coordinated law enforcement action have transformed the wildlife trafficking landscape in Nigeria. Traffickers who once operated with relative impunity are now facing a very different reality. Many have been arrested, forced to relocate, or significantly altered their operating methods in response to enforcement pressure.

“This operation demonstrates the power of strong partnerships, intelligence-led enforcement, and the commitment of the Nigerian authorities to tackling organised wildlife crime. By systematically identifying and targeting key actors within trafficking networks, Nigeria is showing that it is possible to disrupt criminal operations, increase the risks for traffickers, and make wildlife crime an increasingly difficult and unsustainable business.”

The latest arrests further reinforce the structural shift taking place in Nigeria’s wildlife trafficking landscape, where sustained enforcement pressure is impacting the ability of criminal networks to operate and profit from the illegal wildlife trade. As a result, traffickers are increasingly reluctant to maintain large stockpiles and are often forced to move smaller quantities of wildlife products, reducing opportunities for large-scale transactions and making the trade more difficult and less profitable.

The operation marks the 21st successful investigation conducted in partnership with NCS since 2021 and the second successful operation with NESREA since 2025. Together, these partnerships have resulted in the arrest of 48 wildlife traffickers, the seizure of 1,196 kg of ivory and 25,545 kg of pangolin scales, and 16 convictions to date.

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2027: Court Orders Deregistration of ADC, Four Other Political Parties

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By Adedapo Adesanya

Justice Peter Lifu of the Federal High Court in Abuja has ordered the deregistration of the African Democratic Congress (ADC) and four others over failure to meet the constitutional requirements for political parties in the country.

In a judgment, Justice Lifu ordered the Independent National Electoral Commission (INEC) to deregister the affected parties, having failed to secure 25 per cent of the votes in the last general elections in compliance with the provisions of the law.

The five political parties include ADC, Accord (A), Action Alliance (AA), Action Peoples Party (APP) and Zenith Labour Party (ZLP).

Justice Lifu, who earlier dismissed all the multiple preliminary objections filed by the defendants, ordered INEC not to allow the parties to participate in the subsequent elections, including the 2027 general polls, having failed to meet the constitutional threshold.

A group, the Incorporated Trustees of the National Forum of Former Legislators, had filed the suit against the five political parties.

The plaintiff, who also joined the Attorney-General of the Federation (AGF) in the suit, named INEC as the first defendant.

The forum argued that the affected political parties failed to meet constitutional requirements relating to electoral spread and performance.

It contended that political parties were required to secure at least 25 per cent of votes in prescribed elections to remain relevant under the law.

It therefore urged the court to order the deregistration of the parties, insisting that none of the defendants had effectively countered the arguments.

This development comes as the ADC announced former Rivers State Governor, Mr Rotimi Amaechi, as the running mate to its presidential candidate, former Vice President Atiku Abubakar, for the 2027 general election.

It said that the decision followed extensive consultations with party leaders, coalition partners, youth and women stakeholders, and representatives of all geopolitical zones.

“The National Leadership of the African Democratic Congress (ADC), after extensive consultations with party leaders, coalition partners, youth and women stakeholders, and representatives of all geopolitical zones, is proud to announce that Mr Chibuike Rotimi Amaechi has been selected as the vice-presidential candidate of our great party for the 2027 presidential election,” the party disclosed in a statement on Monday.

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