General
Sun Newspaper Fumes Over Action of EFCC
The decision of the Economic and Financial Crimes Commission (EFCC) to ask members of staff to vacate the premises of Sun Publishing Limited in Lagos has not gone down well with management of the company. Sun Publishing Limited publishes the Sun newspaper.
Few days ago, Senator Orji Uzor Kalu, who owns the media outfit, was convicted for over N7 billion fraud he committed while he was Governor of Abia State from 1999 to 2007. After he was sentenced to 12 years in prison, the court asked federal government to seize his company, Slok Nigeria Limited.
On Saturday morning, operatives of the EFCC, the agency that secured his conviction, stormed The Sun on 2, Coscharis street, Kikikiri Industrial Layout, Apapa, Lagos, to seal it up.
But the management, in a statement, said the organisation was not a party to the suit in court, wondering why the anti-graft agency marked the building with the notice ‘EFCC, Keep Off’.
“We do not understand the legal basis for this EFCC action. It is on record that there is a pending appeal at the Supreme Court with Suit No: SC/546/2018 wherein The Sun Publishing Limited appealed against the Judgement delivered by the Court of Appeal on the interim forfeiture order made against it by a Federal High Court in 2007 based on ex parte proceeding. The Notice of Appeal and Motion for Stay of Execution were duly served on EFCC by the bailiffs of the Court,” a part of the statement read.
The management explained that, “The Sun Publishing Limited is an ongoing corporate limited liability company and its shares are owned by various individuals distinct from Senator Orji Uzor Kalu.
“Therefore, the recent Judgment against Senator Orji Uzor Kalu should not be used to disturb the operations of the company and the proprietary rights of its innocent shareholders until the matters are dispensed with at the Supreme Court.”
It stressed that, “The Sun Publishing Limited was not a party to the case of EFCC vs. Orji Uzor Kalu & 2 Others, so we do not see why the Judgment in that case should lead to attempt to seal The Sun Publishing Limited premises.”
The management noted that, “EFCC vide a letter written by Counsel to The Sun Publishing Limited, dated 22nd May, 2018 and duly received by one Caleb Peter on behalf of Rotimi Jacobs & Co. was further put on notice of the pending appeal at the Supreme Court and advised to stay action in the matter pending the hearing of the Motion for Stay of execution and the appeal.”
“Furthermore, we are aware that both Senator Orji Uzor Kalu and Slok Nig Limited have since appealed the Judgment delivered by Justice Mohammed Idris and a hearing date given,” it added.
Concluding, it said, “In view of the foregoing, we call and appeal to the Attorney General of the Federation and the Minister of Justice to urgently intervene and advise EFCC appropriately on the legal consequences of its actions.”
The management said EFCC carried out yesterday’s operation with three of its officials and four heavily armed policemen at about 10:00am. It said the operatives came in a white Toyota bus with registration number, ABUJA BWR-644GA, wrote on its fence, EFCC, keep off and advised its employees to collect their personal belongings from the office because they will return to seal the premises completely.
By Emmanuel Udom
The Abeokuta diocese of the Catholic Church in Ogun State is set to hold a one-day training for all parish correspondents across its over 69 parishes in the state.
Business Post gathered that the training is planned for Saturday, May 3, 2025, at the St Peter & Paul Catholic Hall, located at Itesi along Adetan Road in Abeokuta, Ogun Sstate.
The training will commence from 10 am to 2.30 pm and the event is coming ahead of the church’s Communications Week (ComWeek) fixed for May 25 to June 1, 2025, at the same venue.
The Social Communication Director for the diocese, Fr Gregory Fadele, in a statement said all parish correspondents are expected to be at the venue of the training on or before 9.30 am for registration.
He, however, disclosed that no proxy arrangements would be allowed as refreshments, stationary, certificate of participation, and others would be given to each correspondent drawn from all the parishes of the Catholic church in Ogun State.
By Adedapo Adesanya
African Export-Import Bank (Afreximbank) has backed plans to set up an oil trading house called Africa Trading Minerals (Atmin), which will finance the purchase of refined petroleum products by African and Caribbean oil buyers.
The bank has invested $3 billion in the trading house, which it expects to finance about $10 billion to $14 billion of Intra-African petroleum imports.
Atmin will be based in Dubai, the United Arab Emirates, and is expected to have around 15 employees.
It will start with crude and then expand into oil products and minerals, according to reports.
Afreximbank will be a controlling shareholder at Atmin, while employees will own some 15 per cent of the firm.
The move takes place as oil majors and Western banks retreat from Africa, and the continent is facing a decline in oil and gas production due to under-investment, while also spending $30 billion annually on fuel imports.
It is also seeking to address Africa’s persistent reliance on imported refined petroleum products, which accounted for an amount of $30billion annually in petroleum import costs due to inadequate refining.
Key products to be traded are refined petroleum products including but not limited to Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Heavy Fuel Oil (HFO), Jet Fuel, and Kerosene. The eligible exporters are refineries operating in Africa.
According to Reuters, Atmin will be run by Mr Ajay Oommen,a former Shell executive who worked for the oil major for for 17 years as well as Mr Vikram Thakur, who worked for 18 years at Shell, including in business development, trading origination and structured finance, as well as Mr Joseph Kanaan, a trader at Shell for 11 years.
Speaking on this, Mr Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, said that the development will have a direct impact on the volume of the refined petroleum products produced and consumed in Africa.
“It will also have a multiplier effect on the downstream petroleum value chain as it will catalyse critical investments in shipping and marine logistics for intra and extra African trade of crude oil and refined products.
“The multiplier effect will also be seen in marine cargo insurance and other ancillary businesses within the sector. We want to see an increased proportion of the about 4 mbpd of crude oil produced in the Gulf of Guinea refined in Africa,” he said.
By Modupe Gbadeyanka
A popular Lagos-based socialite, Mr Emeka Daniel Okonkwo, otherwise known as E-Money, has been apprehended by the Economic and Financial Crimes Commission (EFCC).
The younger brother of a well-known musician, KCee, whose real name is Mr Kingsley Okonkwo, was reportedly arrested by the agency on Monday night at his residence at Omole Estate, Lagos.
He was accused of spraying foreign currency at a public function recently, an act believed to be against the Foreign Exchange Act.
At the time of filing this report, the EFCC has not reacted to reports of E-Money’s arrest.
The organisation is said to be looking into the matter with a view to prosecuting the socialite for the alleged offence.
He was said to have been flown to Abuja for questioning and should be taken to court to face the full wrath of the law if the agency is certain that he has committed an offence.
Recall that some days ago, E-Money was at the 50th birthday of another socialite, Mr Obinna Tochuukwu Iyiegbu, otherwise known as Obi Cubana, in Abuja.
He was also spotted at the wedding ceremony of Iyabo Ojo’s daughter in Lagos.
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