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N12.3bn Loan: Court Orders Otudeko Arraignment, Adjourns till May 8

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By Modupe Gbadeyanka

The chairman of Honeywell Group, Mr Oba Otudeko, has been ordered to appear before a Federal High Court sitting in Lagos at the next adjourned date, May 8, 2025.

Mr Otudeko is expected answer questions raised by the Economic and Financial Crimes Commission (EFCC) over a loan controversy involving N12.3 billion, believed to have been taken from First Bank.

At the court on Monday, Justice Chukwujekwu Aneke noted that no preliminary objections would be considered until the businessman responds to the charges against.

The judge ruled that Mr Otudeko must be arraigned before the court considers any arguments about its authority to handle the case, referencing previous legal rulings, specifically the cases of Onnoghen v. FRN and Bello v. FRN, to support this decision, reinforcing the principle that a defendant’s plea must be addressed before any other applications can be heard.

“The issue before the court is whether the processes can be taken before the arraignment of the defendants. Any preliminary objection to the validity of a charge can only be heard after the plea is taken. This is now a condition precedent, and this court is bound by the decision.

“I agree with the learned counsel for the prosecution—no preliminary objection can be taken without the arraignment of the defendants. This is my view,” Justice Aneke said.

At a hearing on February 13, Mr Otudeko’s lawyers had argued that their objections should be heard before they take their plea, but the court has now ruled against that request.

Despite the ruling, Mr Otudeko’s lead lawyer, Chief Wole Olanipekun (SAN), told the court that efforts are being made to settle the matter out of court, noting that a meeting was held on March 12 with key parties, especially the first defendant and the prosecution.

Other defence lawyers, Kehinde Ogunwumiju (SAN), Adeyinka Olumide-Fusika (SAN), and Charles Adeosun-Phillips (SAN), supported Olanipekun’s request for the case to be postponed so that settlement talks could continue without disruption.

However, the prosecuting counsel, Bilkisu Buhari-Bala, requested an adjournment for either an arraignment or a settlement report.

Despite the defence’s insistence on a settlement report, Buhari-Bala maintained that proceedings should continue with either an arraignment or an update on settlement efforts.

In response, the court granted the defence’s request and adjourned the case until May 8, 2025, for a report on the settlement efforts.

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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Tinubu Declares State of Emergency in Rivers, Suspends Fubara, Assembly

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Rivers Governor Siminilaye Fubara

By Dipo Olowookere

President Bola Tinubu on Tuesday night suspended the Governor of Rivers State, Mr Siminalayi Fubara, and the Rivers State House of Assembly, effectively declaring a state of emergency on the state.

In a broadcast today, Mr Tinubu said he took this decision as a result of recent developments in the state.

Mr Fubara has been at loggerheads with his predecessor, Mr Nyesom Wike, who is currently the Minister of FCT, over the control of the state, particularly the state parliament.

The action of the President came barely 24 hours after a pipeline was blown in Rivers State, with two suspects arrested by the police.

He has appointed Mr Ibokette Ibas (Rtd) as Administrator to take charge of affairs of Rivers State.

Below is the full text of President Tinubu’s broadcast;

Fellow Nigerians, I feel greatly disturbed at the turn we have come to regarding the political crisis in Rivers State. Like many of you, I have watched with concern the development with the hope that the parties involved would allow good sense to prevail at the soonest, but all that hope burned out without any solution to the crisis.  

With the crisis persisting, there is no way democratic governance, which we have all fought and worked for over the years, can thrive in a way that will redound to the benefit of the good people of the state.

The state has been at a standstill since the crisis started, with the good people of the state not being able to have access to the dividends of democracy. 

Also, it is public knowledge that the Governor of Rivers State for unjustifiable reasons, demolished the House of Assembly of the state as far back as 13th December 2023 and has, up until now, fourteen (14) months after, not rebuilt same.

I have made personal interventions between the contending parties for a peaceful resolution of the crisis, but my efforts have been largely ignored by the parties to the crisis.

I am also aware that many well-meaning Nigerians, Leaders of thought and Patriotic groups have also intervened at various times with the best of intentions to resolve the matter, but all their efforts were also to no avail. Still, I thank them.  

On February 28, 2025, the supreme court, in a judgment in respect of about eight consolidated appeals concerning the political crisis in Rivers State, based on several grave unconstitutional acts and disregard of rule of law that have been committed by the Governor of Rivers State as shown by the evidence before it pronounced in very clear terms: “a government cannot be said to exist without one of the three arms that make up the government of a state under the 1999 Constitution as amended. In this case the head of the executive arm of the government has chosen to collapse the legislature to enable him to govern without the legislature as a despot. As it is there is no government in Rivers State.” 

The above pronouncement came after a catalogue of judicial findings of constitutional breaches against the Governor Siminalayi Fubara. Going Forward in their judgment, and having found and held that 27 members of the House who had allegedly defected “are still valid members of Rivers State House of Assembly and cannot be prevented from participating in the proceedings of that House by the 8th Respondent (that is, the Governor) in cohorts with four members.” 

The Supreme Court then made some orders to restore the state to immediate constitutional democracy. These orders include the immediate passing of an Appropriation Bill by the Rivers State House of Assembly which up till now has not been facilitated.  Some militants had threatened fire and brimstone against their perceived enemy of the governor who has up till now NOT disowned them. 

Apart from that both the House and the governor have not been able to work together. 

Both of them do not realise that they are in office to work together for the peace and good governance of the state. 

The latest security reports made available to me show that between yesterday and today there have been disturbing incidents of vandalization of pipelines by some militant without the governor taking any action to curtail them. I have, of course given stern order to the security agencies to ensure safety of lives of the good people of Rivers State and the oil pipelines. 

With all these and many more, no good and responsible President will standby and allow the grave situation to continue without taking remedial steps prescribed by the Constitution to address the situation in the state, which no doubt requires extraordinary measures to restore good governance, peace, order and security. 

In the circumstance, having soberly reflected on and evaluated the political situation in Rivers State and the Governor and Deputy Governor of Rivers State having failed to make a request to me as President to issue this proclamation as required by section 305(5) of the 1999 Constitution as amended, it has become inevitably compelling for me to invoke the provision of section 305 of the Constitution of the Federal Republic of Nigeria, 1999 as amended, to declare a state of emergency in Rivers State with effect from today, 18th March, 2025 and I so do. 

By this declaration, the Governor of Rivers State, Mr Siminalayi Fubara, his deputy, Mrs Ngozi Odu and all elected members of the House of Assembly of Rivers State are hereby suspended for an initial period of six months. 

In the meantime, I hereby nominate Vice Admiral Ibokette Ibas (Rtd) as Administrator to take charge of the affairs of the state in the interest of the good people of Rivers State.

For the avoidance of doubt, this declaration does not affect the judicial arm of Rivers State, which shall continue to function in accordance with their constitutional mandate. 

The Administrator will not make any new laws. He will, however, be free to formulate regulations as may be found necessary to do his job, but such regulations will need to be considered and approved by the Federal Executive Council and promulgated by the President for the state. 

This declaration has been published in the Federal Gazette, a copy of which has been forwarded to the National Assembly in accordance with the Constitution.

It is my fervent hope that this inevitable intervention will help to restore peace and order in Rivers State by awakening all the contenders to the constitutional imperatives binding on all political players in Rivers State in particular and Nigeria as a whole. 

Long live a united, peaceful, secure and democratic Rivers State in particular and the Federal Republic of Nigeria as a whole.

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Shippers Lament High Berthing Charges in Nigeria, Seek Reduction

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By Adedapo Adesanya

Shipping stakeholders under the aegis of the Shipping Agencies, Clearing and Forwarding Employers Association (SACFEA) have called on the federal government to urgently reduce taxes for shippers.

The group warned that exorbitant port charges are driving business away from Nigerian ports to neighbouring countries.

At a recent press conference in Lagos, SACFEA Chairman, Mrs Boma Alabi, highlighted that it now costs around $200,000 to berth an average cargo vessel in Nigeria, following a recent 15 per cent increase in marine service charges by the Nigerian Ports Authority (NPA).

She decried that this is in stark contrast to other countries, drawing examples that the same service costs just $15,000 at Ghana’s Tema Port, noting that Nigeria’s fees are 1,233 per cent higher in Ghana.

She added that this would force the hands of stakeholders to try cheaper alternative routes, cutting them out of the equation.

Mrs Alabi said that neighbouring ports, including those in Cotonou and Lome, offer significantly lower berthing charges, making Nigerian ports uncompetitive.

For example, she said berthing a vessel costs $26,000 in Lome (Togo), $27,000 in Cotonou (Benin Republic), $29,000 in Singapore, $21,000 in Shanghai, and $60,000 in Abidjan (Cote d’Ivoire).

The SACFEA chairman pointed out that smaller neighbouring countries have taken advantage of Nigeria’s high costs to attract cargoes originally destined for Nigerian ports.

She cited Terminal 3 at Ghana’s Tema Port, a dedicated container terminal with three berths capable of handling ships up to 366 meters in length and 16 meters draught – which processes 1.9 million Twenty Equivalent Units (TEUs) annually compared to Nigeria’s 1.2 million TEUs.

Mrs Alabi expressed concern that increased charges and indirect taxes are making Nigeria’s business environment hostile to investment.

She warned that no new factories or manufacturing companies are emerging while the unemployment rate continues to climb.

“We were not informed about the charges before the government implemented them,” Mrs Alabi said, adding that “The government should make ports competitive and attractive through reduced charges. Lower charges will increase cargo throughput, generating more revenue and creating jobs for the youth.”

She also listed multiple charges from government agencies, decaying quay aprons, congested port access roads, poor road conditions, and illegal tolls as factors contributing to the high cost of doing business at Nigerian seaports.

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Peter Obi Joins TikTok

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Peter Obi TikTok

By Modupe Gbadeyanka

The presidential candidate of the Labour Party in the 2023 general elections, Mr Peter Obi, has finally joined TikTok, in a bid to further engage the youth.

The former Governor of Anambra State announced on Tuesday that he has opened a page on the popular social media platform, which is very popular among the young at heart.

He called on young Nigerians to join him on TikTok to build a new Nigeria they would be proud of.

“This is my official and only TikTok page. Kindly join me in building a new Nigeria that is POssible,” he announced via his official X (formerly known as Twitter) page.

His decision to join the platform is already causing a buzz on the internet, with several persons commending him for going closer to the youth.

Business Post reports that as of 4:10 pm, when this article was being filed, his TikTok page, Mr Peter Obi (@mr.peter.obi), already had 9368 followers and 4751 likes.

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