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Court To Hear Obasa’s Suit Against Meranda, Others On March 17

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Justice Yetunde Pinheiro of the Lagos State High Court in Ikeja has postponed the hearing of a suit filed by the reinstated Speaker of the Lagos State House of Assembly, Mudashiru Obasa, to March 17, 2025.

Obasa is contesting his removal as Speaker on January 13, 2025, following accusations of fraud, high-handedness, abuse of office, and gross misconduct made by 35 lawmakers.

The respondents in the case include members of the Lagos State House of Assembly and the former Speaker, Mojisola Meranda.

The court had initially set the hearing for March 10, 2025, but during Monday’s session, counsel for the House of Assembly, Femi Falana (SAN), informed the court that Obasa’s legal team, led by Afolabi Fasanu (SAN), had served additional affidavits on the same day.

“The claimant’s counsel served us further affidavits today, challenging my clients to respond,” Falana stated.

Counsel for Meranda, Tayo Oyetibo (SAN), also pointed out that the newly submitted affidavits contained significant fraud allegations against his client.

“There are serious fraud allegations in the further affidavits my learned brother referred to. We shall be asking for an adjournment to respond to the new application,” Oyetibo said.

Additionally, Olusola Idowu (SAN) announced his entry as a new counsel representing the House of Assembly in the case.

However, Falana requested that the court address the application for a change of counsel before considering other motions.

In response, Justice Pinheiro ruled that all motions and processes before the court would be heard at the next scheduled date.

“All applications, including those seeking injunctions and those challenging jurisdiction, will be heard on March 17, 2025. The application concerning the change of counsel will also be addressed on the same day,” Pinheiro stated.

She further instructed all parties to file, serve, and exchange their documents before the next hearing.

Following intervention by the Lagos All Progressives Congress leadership, Obasa was reinstated as Speaker of the Lagos Assembly, while Meranda was pressured to step down and resume her position as Deputy Speaker.

Obasa’s refusal to withdraw the suit, filed before the political intervention, suggests that relations remain strained between him and the other lawmakers.

In her speech stepping down as Speaker, Meranda explained that she made the decision in “deference for the party’s supremacy and not out of cowardice.”

Most lawmakers, in an emotionally charged session, also expressed their support for Meranda, emphasizing that they accepted Obasa’s reinstatement as Speaker “out of respect for the party.”

BIG STORY

BREAKING: GTCO Becomes First Banking Stock To Exceed N100 On NGX

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Guaranty Trust Holding Company has achieved a strong mid-market showing during the July 16, 2025, trading session, surpassing the N100 milestone.

This makes GTCO the first banking stock listed under the NGX Banking Index to cross the N100 benchmark, while Stanbic IBTC Holdings remained just below at N99.

The upward movement aligns with the broader positive sentiment in the banking sector, where the NGX Banking Index has gained over 22% so far in July.

The development follows GTCO’s recent dual listing, which involved 2.29 billion ordinary shares being listed on the London Stock Exchange on July 9, 2025, and another 2.28 billion shares added to the Nigerian Exchange the next day.

The stock’s rise appears driven by investor response to its cross-border listing and its strong Q1 2024 financial performance. Month-to-date, GTCO has posted a gain exceeding 27%.

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BIG STORY

BREAKING: Atiku Abubakar Resigns From PDP

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The presidential flagbearer of the Peoples Democratic Party in the 2023 general elections, Alhaji Atiku Abubakar, has officially withdrawn his membership from the opposition party.

Atiku submitted his resignation ahead of the 2027 general elections, following confirmation of his involvement in forming a new coalition known as the Alliance Democratic Congress.

The resignation was contained in a letter dated Monday, July 14, 2025, and addressed to the chairman of the PDP in Jada 1 ward, Jada Local Government Area, Adamawa State.

A copy of the letter was shared on X by the Special Assistant on Media to the former Vice President on Wednesday.

The letter stated, “I am writing to formally resign my membership from the People’s Democratic Party (PDP) with immediate effect.

“I would like to take this opportunity to express my profound gratitude for the opportunities I have been given by the party.

“Serving two full terms as Vice President of Nigeria and being a presidential candidate twice has been one of the most significant chapters of my life.

“As a founding father of this esteemed party, it is indeed heartbreaking for me to make this decision.

“However, I find it necessary to part ways due to the current trajectory the party has taken, which I believe diverges from the foundational principles we stood for. It is with a heavy heart that I resign, recognising the irreconcilable differences that have emerged.

“I wish the party and its leadership all the best in the future. Thank you once again for the opportunities and support.”

 

More to come…

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BIG STORY

EFCC To Appeal Ruling Acquitting Fayose Of Money Laundering Charges

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The Economic and Financial Crimes Commission (EFCC) says it will challenge the judgment that cleared Ayodele Fayose, former governor of Ekiti state, of money laundering and fraud accusations.

In his decision on a no-case submission, Justice Chukwujekwu Aneke ruled that the prosecution did not provide enough evidence to require Fayose to present a defence.

After the judgment, EFCC counsel Rotimi Jacobs stated that the commission would obtain the certified judgment and begin the appeal process.

Fayose and his company, Spotless Investment Limited, had been re-arraigned on an 11-count charge of laundering ₦6.9 billion, allegedly during his time as governor.

The charges included allegations that Fayose received ₦1.2 billion for his 2014 campaign and accepted $5 million in cash from Obanikoro, bypassing standard banking procedures.

He was also accused of laundering several sums and using over ₦1.6 billion to purchase properties via proxies and firms such as De Privateer Ltd and Still Earth Ltd, contrary to the Money Laundering (Prohibition) Act, 2011.

During the May 19 no-case submission, Kanu Agabi, Fayose’s lawyer, argued that the prosecution failed to prove its case and pointed out that Abiodun Agbele, allegedly central to the transactions, wasn’t charged, which weakened the EFCC’s position.

“With due respect, the predicate offences do not hold water. Criminal breach of trust and conspiracy are distinct offences, and no co-conspirator was charged,” Agabi stated.

He asked the court to find that Fayose had no case to answer.

Olalekan Ojo, lawyer for the second defendant, also submitted a separate no-case application dated March 21, 2025, with supporting documents filed on May 16.

Ojo contended that the main evidence provided by the prosecution, particularly Obanikoro’s testimony, was unreliable since he confirmed there was no direct communication between Fayose and Sambo Dasuki, the former national security adviser.

Jacobs, however, urged the judge to dismiss the no-case submissions, arguing that there were unexplained financial activities that needed clarification.

He questioned why Fayose didn’t use his personal account if the money was legitimate, referencing EFCC investigator Abubakar Madaki’s claim that Fayose acquired properties through associates who later denied ownership, even though Fayose admitted the properties were his.

“If the money was clean, why not buy the properties in his name?” Jacobs asked.

He also referred to Obanikoro’s account that Fayose requested the money in cash and introduced Agbele to receive it, saying Fayose must explain these actions.

Despite these arguments, the court ruled in favour of the defendants and granted the no-case submission.

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