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Court Convicts Businessman for Defrauding Forex Dealer

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By Modupe Gbadeyanka

A Lagos-based businessman identified as Mr Okoro Samuel Uchechukwu has been convicted by Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos for defrauding another businessman.

Mr Uchechukwu was arraigned by the Economic and Financial Crimes Commission (EFCC) after he duped the Managing Director of Lovonus Trust and Investment Limited, Mr Onoja Usman, by falsely claiming that he had $130,000 to sell to him.

He was arraigned alongside his company, Jayjingo Nigeria Limited, on a two-count charge bordering on stealing and obtaining money by false pretence to the tune of N41.6 million sometime in January 2018.

Ruling on the matter on Thursday, July 26, 2018, Justice Dada found Mr Uchechukwu guilty of the charge levelled against him and ordered that all the defendant’s assets, both moveable and immoveable wherever they may be traced to in the country, be forfeited to the Federal Government of Nigeria.

“That you, Okoro Samuel Uchechukwu and Jayjingo Nigeria Limited, on or about the 10th day of May, 2016 at Lagos, within the Ikeja Judicial Division, dishonestly stole and converted to your own use the sum of N41.6 million property of Onoja Usman, Managing Director of Lovonus Trust and Investment Limited and committed an offence contrary to Sections 278 and 285 of the Criminal Law of Lagos State.

“That you, Okoro Samuel Uchechukwu and Jayjingo Nigeria Limited, on or about the 10th day of May, 2016 at Lagos, within the Ikeja Judicial Division, with intent to defraud, fraudulently obtained the sum of N41.6 million property of Onoja Usman, Managing Director of Lovonus Trust and Investment Limited on the representation that you had $130,000 to sell to Mr Onoja Usman, which representations you knew to be false and committed an offence contrary to Sections 1(1) and 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006,” the two-count charge read.

He pleaded not guilty to the charge, thereby setting the stage for his full trial.

The prosecution counsel, S. O. Daji, in the course of the trial, which commenced on February 5, 2018, tendered several documents that were admitted in evidence by the court and presented witnesses who testified against the defendant.

Delivering her judgment, Justice Dada held that the offence of stealing is well known and, therefore, the defendants were not misled.

“The defendants and their counsel admitted that the said sum was paid by the prosecution witness.

“The act of stealing has been established against the defendants in line with Section 282 of the Criminal Law of Lagos State and I hereby convict him on count one.

“In count two, the action of the defendant amounts to obtaining by false pretence since he had an intention to defraud and he is convicted on the count.

“The witnesses have established the offences against the defendant as they were directly linked to the case and this settles the argument.

“The Lagos State Administration of Criminal Justice Law is clear that, no sinner must go unpunished and no saint punished unjustly. I hereby sentence the convict to 10 years imprisonment,” the judge held.

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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NISO Attributes Electricity Woes to Inadequate Gas Supply

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Electricity Tariff Hike

By Adedapo Adesanya

The Nigerian Independent System Operator (NISO) has attributed the poor power supply facing a considerable number of Nigerians to inadequate gas supply to thermal power plants.

Business Post reports that epileptic power supply has plagued consumers in Lagos, Oyo, Abuja, and Osun, among others, this month, leading to worries. Also, some businesses have recorded losses due to the epileptic power supply in their areas.

In a statement posted on its X handle, NISO disclosed that average available generation on the national grid currently stands at about 4,300 megawatts (MW), with the low output primarily attributed to gas supply constraints.

The system operator noted that thermal power plants, which account for the dominant share of Nigeria’s electricity generation mix, require an estimated 1,629.75 million standard cubic feet (MMSCF) of gas per day to operate at optimal capacity. However, as of February 23, 2026, actual gas supply to the plants was approximately 692.00 MMSCF per day.

The available supply represents less than 43 per cent of the daily gas requirement, resulting in constrained generation output and reduced electricity allocation to Distribution Companies (DisCos).

NISO, which independently manages the nation’s electricity grid, explained that any disruption or limitation in gas supply directly affects available generation capacity and overall grid output, given the heavy reliance on thermal plants.

It added that when total system generation drops significantly, the operator is compelled to implement load shedding across the network while dispatching available energy in line with allocation percentages approved under the Multi-Year Tariff Order (MYTO) framework of the Nigerian Electricity Regulatory Commission (NERC), to maintain grid stability and prevent system disturbances.

While expressing regret over the inconvenience to electricity consumers and market participants, NISO said it is working closely with relevant stakeholders to restore full energy allocation once gas supply improves and generation capacity returns to normal levels.

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EFCC Re-Arraigns ex-AGF Malami, Wife, Son Over Alleged Money Laundering

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By Adedapo Adesanya

The Economic and Financial Crimes Commission (EFCC) has re-arraigned former Attorney-General of the Federation (AGF), Mr Abubakar Malami (SAN), his wife, Mrs Asabe Bashir, and son, Mr Abdulaziz Malami, on money laundering charges.

They were brought before Justice Joyce Abdulmalik of the Federal High Court in Abuja, following the re-assignment of the case to the new trial judge.

Upon resumed hearing, EFCC’s lawyer, Mr Jibrin Okutepa (SAN), informed the court that the matter was scheduled for defendants’ re-arraignment.

“The matter is coming before your lordship this morning for the very first time. I will be applying for the plea of the defendants to be taken,” he said.

Mr Okutepa equally applied that the sums listed in Counts 11 and 12 be corrected to read N325 million instead of N325 billion for Count 11, and N120 million instead of N120 billion for Count 12.

When it was not opposed by the defence lawyer, Mr Joseph Daudu (SAN), Justice Abdulmalik granted the oral application by Mr Okutepa.

The defendants, however, pleaded not guilty to the 16 counts preferred against them by the anti-graft agency bordering on money laundering.

Justice Obiora Egwuatu had, on February 12, withdrawn from the case shortly after the civil case filed by the EFCC was brought to him.

The case was formerly before Justice Emeka Nwite, who sat as a vacation judge during the Christmas/New Year break.

After the vacation period, the CJ reassigned the cases to Justice Egwuatu, who had now recused himself, before it was reassigned to Justice Abdulmalik.

The former AGF, his wife, and son were earlier arraigned before Justice Nwite on December 30, 2025.

While Malami and his son were remanded at Kuje Correctional Centre, Asabe was remanded at Suleja Correctional Centre before they were admitted to N500 million bail each, on January 7, with two sureties each in the like sum.

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INEC Shifts 2027 Presidential, N’Assembly Elections to January 16

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INEC

By Adedapo Adesanya

Nigeria will hold next year’s presidential and National Assembly elections a month earlier than planned, after the Independent National Electoral Commission (INEC) revised the polling schedule.

The elections will be held on January 16, instead of the previously announced date of February 20, INEC said in an X post, signed by Mr Mohammed Kudu Haruna, National Commissioner and Chairman, Information and Voter Education Committee.

There were also changes to the Governorship and State Houses of Assembly elections initially fixed for Saturday, March 6 2027, in line with the Electoral Act, 2022, have now been moved to Saturday, February 6, 2027.

The electoral commission said the changes were caused by the enactment of the Electoral Act, 2026 and the repeal of the Electoral Act, 2022, which introduced adjustments to statutory timelines governing pre-election and electoral activities.

“The Commission reviewed and realigned the schedule to ensure compliance with the new legal framework,” it said.

INEC said party primaries (including resolution of disputes) will commence on April 23, 2026 and end on May 30, 2026, after which Presidential and National Assembly campaigns will begin on August 19, 2026, while Governorship and State Houses of Assembly campaigns will begin on September 9, 2026.

It noted that campaigns will end 24 hours before Election Day, and political parties have been advised to strictly adhere to the timelines.

INEC also stated it will enforce compliance with the law.

The electoral body also rescheduled the Osun Governorship election which was earlier scheduled for Saturday, August 8 2026, by a week to Saturday, August 15, 2026.

INEC noted that some activities regarding the Ekiti and Osun governorship elections have already been conducted, and the remaining activities will be implemented in accordance with the Electoral Act, 2026.

Speaking at a news briefing in Abuja two weeks ago, the chairman of INEC, Mr Joash Amupitan, expressed the readiness of the commission to conduct the polls next year.

The timetable issued by the organisation for the polls at the time came when the federal parliament had yet to transmit the amended electoral bill to President Bola Tinubu for assent.

Later that week, the Senate passed the electoral bill, reducing the notice of elections from 360 days to 180 days, while the transmission of results was mandated with a proviso.

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