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A Federal High Court in Lagos on Monday ordered permanent forfeiture of a $37.5 million sky-scrapper on the highbrow Banana Island, Lagos, belonging to former Minister of Petroleum Resources, Diezani Alison-Madueke, to the Federal Government.

Justice Chuka Obiozor, who gave the ruling, also ordered that the sums of $2.7 million and N84.5 million, realised as rents on the property, should equally be forfeited to the Federal Government.

Obiozor, a professor of law, gave the orders following a motion on notice argued by the Economic and Financial Crimes Commission’s counsel.

The anti-graft agency had on July 19 obtained a court order to temporarily seize the property located at Building 3, Block B, Bella Vista Plot 1, Zone N, Federal Government Layout, Banana Island Foreshore Estate which is said to have 24 apartments, 18 flats and six penthouses.

The court had directed that the temporary forfeiture order be published in a newspaper and fixed August 7 to enable anyone interested in the property and funds to appear to convince the court why they should not be permanently forfeited to the Federal Government.

At the hearing of the case on Monday, the EFCC lawyer, Anselem Ozioko, told the court that the publication order had been complied with and said no one had contested the forfeiture order.

Ozioko said: “In summary, it appears as if they are not willing to contest this application.”

He urged Justice Obiozor to go ahead and order the permanent forfeiture of the property and the funds.

Obiozor, in his ruling, granted the orders sought by the EFCC, saying: “In the face of the publication, which I find in Exhibit B of the affidavit of compliance before me and there being no responses from any interested party, I have no other option but to grant the orders as prayed.”

The EFCC had earlier told the judge that the Banana Island mansion was reasonably suspected to have been acquired with proceeds of unlawful activities by Diezani.

The anti-graft agency said its investigations revealed that Diezani purchased the property sometime in 2013 at a cost of $37.5 million, for which she paid in cash.

According to the EFCC, the $37.5 million was moved straight from Diezani’s house in Abuja and paid into the seller’s First Bank account in Abuja.

Ozioko said: “Nothing could be more suspicious than someone keeping such huge amounts in her apartment. Why was she doing that? To avoid attention.

“We are convinced beyond reasonable doubt because as of the time this happened, Diezani Alison-Madueke was still in public service as the Minister of Petroleum Resources.”

In a 41-paragraph affidavit attached to the application, an investigative officer with the EFCC, Abdulrasheed Bawa, explained that Diezani in connivance with one Nwokedi purposely incorporated a company, Rusimpex Limited, on September 11, 2013 to facilitate the alleged fraud scheme.

Bawa said Nwokedi later registered Rusimpex Limited at the Corporate Affairs Commission, wherein a lawyer in his law firm and a Russian, Vladmir Jourauleu, were listed as the directors of the company.

The investigator explained further that sometime in 2013, Alison-Madueke invited Nwokedi to her house in Abuja for a meeting, where she informed him to incorporate a company and use same as a front to manage landed properties on her behalf without using her name in any of the documents.

Diezani was also said to have further directed Nwokedi to meet with the Group Managing Director of First Bank of Nigeria Plc, for that purpose.

Bawa said: “Stephen was invited by the commission and he came and volunteered an extra-judicial statement wherein he stated that he marketed a property at Bella Vista, Banana Island, Ikoyi, Lagos, belonging to Youseff Fattau of Ibatex Nigeria Ltd to Diezani Alison-Madueke and she later bought the property from Youseff Fattau, through Nwokedi (who she introduced to him) and that the payment for the said property was made through the Abuja office of First Bank.

“First Bank of Nigeria Plc, through Barau Muazu, wrote to the commission and also volunteered an extrajudicial statement in writing that they made the payments totalling $37.5 million to Ibatex Nigeria Ltd and YF Construction Development and Real Estate Ltd on behalf of Diezani Alison-Madueke.

“They collected the entire cash from her at her residence located at No. 10, Fredrick Chiluba Close of Jose Marti Street, Asokoro, Abuja and paid into the First Bank of Nigeria Plc accounts of Ibatex and YF Construction Development and Real Estate Ltd on her instructions.”

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UPDATE: Uncover Negligence, Deliberate Actions Behind Ibadan Stampede — Tinubu To Security Agencies

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President Bola Ahmed Tinubu has ordered an investigation into the incident at the children’s funfair in Ibadan, which resulted in the death of 35 persons.

In a statement issued on Thursday by Bayo Onanuga, his special adviser on information and strategy, the president called for a “thorough” inquiry to determine whether negligence or deliberate actions contributed to the stampede.

“In this moment of mourning, President Tinubu stands in solidarity with the affected families and offers prayers that the Almighty God will grant peace to the souls of those who have departed in this unfortunate event,” the statement reads.

“President Tinubu has urgently directed the relevant authorities to investigate the circumstances of this tragedy thoroughly. He emphasises that it is imperative to determine whether negligence or deliberate actions contributed to this painful incident, ensuring a transparent and accountable process.”

“The President urges the Oyo State Government to take every necessary measure to prevent such a tragedy from reoccurring.

“Among the essential actions are a comprehensive review of all public events’ safety measures, strict enforcement of safety regulations, and regular safety audits of event venues.”

The president also called on event organisers to prioritise the safety of all attendees, especially children.

He noted the importance of integrating professional security, protocol, and logistics at events to ensure the safety of all participants.

“Our children’s safety and well-being remain paramount. No event should ever compromise their safety or take precedence over their lives,” he added.

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BIG STORY

2025 Budget Proposal Scales Second Reading At National Assembly

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The 2025 appropriation bill has passed the second reading at the national assembly.

The budget cleared the second reading during plenary on Thursday following an extensive debate by legislators in the Senate and the House of Representatives.

On Wednesday, President Bola Tinubu presented a record N49.7 trillion as the proposed budget for 2025 to a joint session of the upper and lower legislative chambers.

The lawmakers, during plenary on Thursday, took turns discussing the general principles of the money bill, offering recommendations that included thorough scrutiny of the budget breakdown during engagements with heads of ministries, departments, and agencies (MDAs).

Leading the debate, Julius Ihonvbere, majority leader of the green chamber, said the budget would improve the nation’s economy and consolidate the achievements of the president.

In his debate, Kingsley Chinda, minority leader, said Tinubu’s assertion that the budget would reduce inflation from the current 34.6 percent to 15 percent is “ambitious” and not realistic.

The ranking lawmaker said the allocation of N4.91 trillion to defence and security “will not take us to the promised land.”

He added that the budget should also prioritize human capital development and environmental sustainability.

“The budget might appear very beautiful, but there is much more for us to do as a nation,” Chinda said.

‘2025 BUDGET IS INADEQUATE’

Oluwole Oke, a Peoples Democratic Party (PDP) member from Osun, stated that the budget is “grossly inadequate” and won’t sufficiently fund development projects.

Abdussamad Dasuki from Sokoto supported Oke’s position, describing the budget as inadequate.

“The budget may look robust on paper, but if you convert it to dollars, you will realize that the budget is not where we should be,” he said.

“With the challenges we have, if you convert it to dollars, the nation will be inadequately provided for. I urge the relevant committees, particularly the committee on finance, to work on this.”

Also speaking, Ismaila Dabo from Bauchi called for an increased allocation to the agricultural sector to boost food production.

“Inflation is on food items, and Nigerians are finding it difficult to cope. I urge the house to do everything possible to ensure enough allocation is reserved for agriculture,” he said.

Some lawmakers from the north-east and south-east geopolitical zones demanded more funding for their development commissions.

The lawmakers unanimously voted in support of the bill when it was put to a voice vote by Benjamin Kalu, the deputy speaker, who presided over the session.

Kalu referred the bill to the committees on appropriation for further legislative work.

He said the bill will be passed before January 30.

In November, both chambers approved the 2025-2027 medium-term expenditure framework (MTEF) and fiscal strategy paper (FSP) of the federal government.

The parliament passed the oil benchmark prices of $75, $76.2, and $75.3 for the daily crude oil production of 2.06 million, 2.10 million, and 2.35 million for the 2025-2027 fiscal years respectively.

Also, the national assembly maintained the gross domestic product (GDP) growth rate projected at 4.6 percent, 4.4 percent, and 5.5 percent for the three years in the fiscal strategy paper.

The lawmakers endorsed the projected exchange rate of N1,400/$ but said it is subject to review in early 2025 according to monetary and fiscal policies.

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BIG STORY

JUST IN: Ooni’s Ex-Wife Naomi, 7 Others Arrested Over Children’s Funfair Stampede In Ibadan

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The Oyo State Police Command has announced the arrest of the ex-queen of the Ooni of Ife, “Naomi Silekunola”; the Principal of Islamic High School, Ibadan, “Fasasi Abdulahi”; and six others in connection with the deaths of several children during a stampede at a funfair in Ibadan, the state capital, on Wednesday.

The ex-queen was identified as the primary sponsor of the event.

Furthermore, the number of children who have died from the stampede has increased to 35, while six others are critically injured, according to a statement issued on Thursday by the State Police Public Relations Officer, “Adewale Osifeso.”

The event, which was held at the Islamic High School, Basorun, Ibadan, was intended for 5,000 children, but reportedly over 7,500 attended.

 

More to come…

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