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Kano Forex Trader in Trouble Over N197m

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Kano Forex Trader

By Modupe Gbadeyanka

A foreign exchange (forex) trader based in Kano State, Mr Yusuf Yakubu, may have bitten more than he can chew as he has found himself in murky water.

He was accused of diverting about N197.6 million belonging to his customers, who wanted him to exchange his Dollars to Naira.

It was alleged that in January 2021, the Kano forex trader collected $870,000 with the promise to pay the Naira equivalent, but he refused to fully honour this pledge.

Instead of returning the full amount, he only paid N220.3 million and allegedly diverted the balance of N197.6 million and efforts to make him pay were futile.

As a result, a petition was filed to the Kano Zonal Command of the Economic and Financial Crimes Commission (EFCC), which waded into the matter.

After interrogations, Mr Yakubu was arraigned before Justice Sanusi Ma’aji of the Kano State High Court on August 4, 2021, on a one-count charge of misappropriation.

“That Yakubu Yusuf on or about January 14, 2021, within the jurisdiction of this court, with intent to defraud dishonestly misappropriated the sum of N149,000,000 belonging to Oliver Ogokumaka and Obumnemi Okoli and thereby committed an offence contrary to section 308 and punishable under section 309 of the Penal Code,” the charge read.

When the charge was read to him, the defendant pleaded not guilty, which prompted the prosecution counsel, Mr Musa Isah, to ask for a trial date.

However, counsel for the defendant, Mr Abdul Adamu, informed the court that he had filed a motion challenging the jurisdiction of the court and the judge consequently adjourned the matter till August 18 for argument on the motion.

Meanwhile, the defendant was granted bail in the sum of N50 million and two sureties in like sum, one of who must be a relative of the accused person and both must also be resident of Kano, with verified business addresses.

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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Lagos Launches 2026-28 Medium-Term Sector Strategy Roll-Over Exercise

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economic activities empty lagos road

By Adedapo Adesanya

The Lagos State Government has officially launched its annual Medium-Term Sector Strategy (MTSS) Roll-Over Exercise for the 2026–2028 planning cycle.

According to a statement, this reaffirms its commitment to sustainable development and effective governance.

Speaking at the opening session of the workshop yesterday at the LCCI building, Ikeja, the Permanent Secretary of the Ministry of Economic Planning and Budget, Mrs Olayinka Ojo, welcomed stakeholders and emphasized the importance of the MTSS as a cornerstone in the State’s planning framework.

Mrs Ojo stated that the strategy is to ensure that all projects and programs initiated by Ministries, Departments, and Agencies (MDAs) are not only well-prioritized and realistically costed but also aligned with the Lagos State Development Plan (LSDP) 2052.

Her words, “The vision of our dear State, under the dynamic leadership of Governor Babajide Olusola Sanwo-Olu, is to build Africa’s model megacity — a global economic and financial hub that is safe, secure, functional, and productive.”

“Achieving this vision requires deliberate planning, effective resource allocation, and a disciplined approach to project execution,” she said.

The roll-over session, which gathered representatives – economic planning officers and statisticians/statistical officers from various MDAs and development partners, aims to critically assess ongoing and proposed initiatives for their transformational impact, alignment with sectoral strategies, and responsiveness to current fiscal realities.

“We must ask ourselves: Are these projects truly transformational? Are they aligned with our long-term goals? Are they cost-effective and impactful?” the Permanent Secretary queried, urging participants to embrace openness and professionalism in their evaluations.

The event also underscored the need for flexibility and innovation in government planning amid global uncertainties. Officials called for future-proof and sustainable programs capable of delivering measurable benefits to Lagos residents.

The Economic Planning Department of the Ministry of Economic Planning and Budget was commended for its coordination of the exercise, with special appreciation extended to MDAs and development partners for their continued collaboration.

The roll-over exercise is expected to culminate in a refined set of priorities that will guide Lagos State’s development agenda for the years ahead.

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UK Distances Self from Soldier Involved in Illegal Arms Deal in Nigeria

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Micah Polo

By Adedapo Adesanya

The British Government has distanced itself from the actions of Mr Micah Polo, an alleged British army officer, who was recently apprehended in connection with arms procurement and an alleged plot to instigate unrest in Warri, Delta State.

The development has received widespread condemnation with many stakeholders demanding a thorough probe of the indicted soldier and alleging that the UK was fuelling instability in the country.

In a short statement shared with Business Post on Wednesday, the British High Commission acknowledged that the individual identified did serve as a junior rank in the UK Armed Forces Reserves but was later discharged. It didn’t provide further details.

According to a statement credited to an unnamed spokesperson, the British High Commission in the statement said, “The individual identified in recent Nigerian media reporting is not a serving member of the UK Armed Forces.”

The British High Commission added that whilst in the Reserves, Mr Polo was a junior rank not a commissioned officer. Many reports had ascribed him a Major.

This newspaper learnt that UK common law and Data Protection Act protects the personal details of current and former employees, hence why it was not able to release any additional information on the matter.

According to reports, Mr Polo, an Itsekiri by origin, was allegedly recruited by one Collins to procure weapons and ammunition intended to fuel tribal tensions in the oil-rich region.

However, operatives of the Department of State Security (DSS) from the Delta Command were said to have foiled the move on Friday night and arrested the arms supplier during a covert exchange near Asaba, Delta State.

During the operation, over 50 AK-47 rifles, six pump-action shotguns, and more than 3,000 rounds of ammunition were confiscated.

Mr Polo, on the other hand, was intercepted in Lagos as he attempted to board a flight to the United Kingdom, while his associates were apprehended in Asaba during the operation.

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FG Plans Centre to Tackle Immigration Document Fraud

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By Adedapo Adesanya

The Minister of Interior, Mr Olubunmi Tunji-Ojo, has announced plans to establish a harmonised centre to combat immigration document fraud.

Speaking while receiving the UK Minister of State for Home Affairs, Mr David Hanson, in his office in Abuja, Mr Tunji-Ojo highlighted the need for a centralised system to verify documents in real time.

“One of the key issues we also realised with border control is what we call immigration and document fraud. It is very key and we realised that one of the reasons why this is quite on the rise is because there is no centralised pool of authentication and verification of documents in real time.

“So, today, if people submit 20 documents, you might need to go to 20 issuing agencies to verify 20 documents belonging to one person. So, if you have 1,000 people per day, you might need to look for 100,000 verification and authentication systems. That breeds inefficiency,” he said.

Mr Tunji-Ojo added that the centre would authenticate documents like passports, birth certificates, and bank statements, enhancing Nigeria’s image and investor confidence.

“As a government, we are trying to be more proactive than reactive, and we don’t want to judge our performance in terms of fraud by virtue of recoveries or convictions, but rather by the number of crimes or frauds that we prevented from happening,” he stated.

On his part, Mr Hanson emphasised the shared agenda between Nigeria and the UK to improve criminal justice outcomes.

“There is a great common agenda that we can share and I am particularly keen to look at how we are working together closely. My visit this week will also look at the new joint centre that you are undertaking,” he said.

He noted ongoing UK-Nigeria collaboration on migration policies, visa systems, and trade, following Mr Tunji-Ojo’s recent meeting with UK Home Secretary, Ms Yvette Cooper.

The UK delegation included officials from the Home Office, National Crime Agency, and UK High Commission in Nigeria.

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