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Reps Quiz Polaris Bank MD Over $224m NNPC Alleged Hidden Account

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The House of Representatives Ad Hoc Committee on Assessment and Status of All Recovered Loots Movable and Immovable Assets from 2002 to 2020 by Agencies of the Federal Government of Nigeria for Effective Efficient Management and Utilisation, on Thursday, grilled the Acting Managing Director, Polaris Bank Limited, Innocent Ike, over an account belonging to the Nigerian National Petroleum Corporation.

Over $200m was said to have been allegedly hidden in the account, which was opened in 2012.

Polaris Bank, formerly Skye Bank, said it forwarded the balance to the Central Bank of Nigeria in compliance with the Treasury Single Account policy of the Federal Government.

The committee, however, invited the NNPC to come forward and explain the circumstances surrounding the account, while asking the bank to forward evidence of the remittance within one week.

Chairman of the committee, Adejoro Adeogun, had noted that a special prosecutor to the defunct Special Presidential Panel for the Recovery of Public Property, Mr Tosin Ojaomo, raised the alarm over the alleged maintenance of an account with the Deposit Money Bank against the TSA policy.

Adeogun noted that several top government officials had been summoned and appeared before the committee to account for recovered loot.

He said, “In the course of our ongoing inquiry, we did find out that there were depositions; they alleged that there were infractions by your bank and there were gaps in the records supplied by some of these agencies, and you have been invited to give your side of the story.”

Ike, in his presentation, recalled that the defunct Skye Bank was enmeshed in financial and administrative crises, making it difficult to meet its obligations.

According to him, huge credit facilities were granted to operators in the petroleum sector following there was a major crash in global oil prices.

He further recalled that the CBN, in July 2016, dissolved the board of the erstwhile Skye Bank and Polaris Bank took over the assets and liabilities of the erstwhile Skye Bank.

Ike noted that it was a normal banking service to the NNPC, adding that the account was opened before the TSA policy was introduced.

“Permit me to conclude that the money deposited at Skye Bank and Polaris Bank was at no time hidden from any government agency and, therefore, we do not believe that it should be classified as looted funds at all.

“At that same time, the bank, among other things, was unable to honor the directive to remit all government funds to the TSA, inclusive of the NNPC fund. So, when we came on board, it was one of the challenges we had to deal with.

“The account was opened in early 2012. The first transfer was about $30m. Subsequently, some more money actually came in.

“So, it was an all banking relationship. But then, when these instructions were issued, the bank was not able to remit this money as directed because of the liquidity issue.

“The bank lent out money, particularly to the oil and gas sector. Because of the challenges that the sector had gone through earlier, customers could not pay back all the money at the time required to enable the banker to pay the money.

“Somewhere along the line, the Federal Government, through the disbanded Special Investigation Panel for Recovery of Looted Property instituted a suit against Polaris Bank on the same matter.

“In 2019 February, in demonstration of our commitment to begin to repay the money, we proposed to begin to make an installment payment of $10m monthly and we started payment the same month.

“Because the Federal Government found merit in our case and since we began the payment, subsequently the government had pleaded that the monthly payment should be entered as consent judgment, and it was so done.

“As of today, we have made a total payment of $224,324,958.75 which was outstanding as of February 19. Today, we, therefore, have nothing – not a dollar, nor a cent – outstanding in Polaris Bank in favour of NNPC. We have attached evidence of payment and remittances.”

Reacting to the allegation of operating a secret account, the NNPC said all its accounts were with the Central Bank of Nigeria.

In response to an inquiry, NNPC’s Group General Manager, Group Public Affairs Division, Kennie Obateru, said the corporation had been complying with the Federal Government’s directive as pertaining to its accounts.

He said, “All NNPC accounts are with the CBN in compliance with the FG (Federal Government) directive. You may wish to investigate further to verify the claim.”

BIG STORY

Heavily Pregnant Woman Cooking For Bandits Arrested in Abuja

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The Federal Capital Territory Police Command has arrested five suspects linked to a kidnapping and banditry network operating on the outskirts of Abuja, including a heavily pregnant woman who served as a cook and logistics supplier for the criminal gang and their hostages.

The FCT Commissioner of Police, Ahmed Sanusi, while parading the suspects before journalists in Abuja on Monday, said the arrests followed a clearance operation at the Byazin area of the FCT on June 11, 2026, during which some bandits were arrested, others were neutralised, and victims were rescued.

According to him, the woman, identified as Hauwa Shafiu, was heavily pregnant at the time of her arrest but had continued to supply food and logistics to the gang and their captives.

“As a follow-up to that operation, upon further engagements, we stormed a suspected bandits’ and kidnappers’ hideout within the same area and arrested some suspects.

“One of the suspects, Shafiu, operates as a logistics supplier and cook for the criminal gang and their hostages. She was heavily pregnant at the time of her arrest, even though her pregnancy did not deter her from continuously committing this heinous crime,” the commissioner said.

He added that upon her arrest, he ordered that she be taken to a hospital, where she subsequently gave birth.

“The baby is sound and safe. She too is sound. We have provided every medical need while we watch her recuperate,” he said, noting that she remained in the police clinic.

Other suspects arrested are Yahaya Abdullahi, Muhammed Yunusa, and Shamsudeen Mustapha.

Speaking on them, Sanusi said preliminary investigations revealed that the suspects were part of a criminal network involved in kidnapping and banditry within and around the FCT and had strategically embedded themselves inside a local community located approximately one kilometre from the territory’s boundary.

“The group had infiltrated and integrated into a local community just about one kilometre away from the FCT itself, enabling them to gather intelligence and coordinate repeated attacks on targeted persons and locations,” the commissioner said.

He said exhibits recovered from the suspects included four motorcycles, 31 pieces of 500mg tramadol tablets, 10 pieces of 50mg tramadol tablets, five phones, one POS machine, cooking utensils, and N320,000 cash.

The commissioner said the cash was part of the proceeds from a recent kidnapping ransom.

“According to the confession of one of the suspects, the N320,000 was his share of a N7 million ransom paid to the kidnappers,” he revealed.

He also disclosed that a suspect confessed to having dispatched a motorcycle to help two fleeing bandits escape during the June 11 operation — confirming that two persons who evaded arrest that day had been assisted from within the network.

He said Mustapha was an active drug supplier to the bandit network.

The commissioner announced that the command, in collaboration with the FCT Administration, would demolish the identified hideouts of the suspects.

“We have an arrangement. Since we have identified their houses, we are moving from here to go and demolish those houses in collaboration with the FCT administration. Any such houses that we continue to identify, we will continue to bring down,” he said.

He also declared several bandits wanted whose photographs had been obtained, warning that the command was prepared for confrontation.

“As they are looking for us, we are equally looking for them,” he said.

 

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BIG STORY

Three Senators Didn’t Sign Natasha Akpoti’s Suspension Report But Found Their Names on It —- Oshiomhole

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Adams Oshiomhole, senator representing Edo North, has claimed that the signatures of at least three lawmakers were forged or improperly included on the report that recommended the six-month suspension of Natasha Akpoti-Uduaghan, senator representing Kogi central.

Oshiomhole spoke while responding to comments by Opeyemi Bamidele, the Senate leader, who described Akpoti-Uduaghan’s suspension as one of the lowest points of the 10th Senate.

Speaking in an interview on AIT, the former governor of Edo state said some senators whose names appeared on the report had privately told him they did not sign the document or endorse its recommendations.

He cited Ireti Kingibe, senator representing the Federal Capital Territory (FCT), who, according to him, expressed surprise at seeing her name listed.

“The committee does a hearing; members are expected to sign the report to endorse it. If you don’t agree, you can abstain. But some said they didn’t sign, yet their names were published,” Oshiomhole said.

“People like Senator Ireti Kingibe. She told me, ‘But I didn’t sign that report. But my name was published’”.

He suggested that attendance registers may have been misused in place of actual signatures on the report, describing the development as inappropriate.

“So, where many don’t accept the content, they could abstain from signing it because to sign is to endorse. One, two or three senators said, ‘We didn’t sign, but our names were there,” he said.

“But how? Some say maybe they attached an attendance register, which is not the appropriate thing. But that’s not my problem. If Opeyemi said so, I think you should take it seriously.”

Akpoti-Uduaghan was suspended in March 2025 following allegations of gross misconduct and unruly behaviour, linked to her persistent accusations against Senate President Godswill Akpabio.

The suspension barred her from the national assembly complex, halted her salary and allowances, and led to the sealing of her office.

 

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BIG STORY

Air Force Officers Beat Lagos Bus Driver Dead After Minor Crash

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A 43-year-old commercial bus driver, Joseph Okpe, has died after he was allegedly beaten by a group of officers of the Nigerian Air Force following a dispute over a minor traffic incident involving their vehicle.

It was gathered that the incident occurred on May 9 along the Oshodi-Apapa Expressway, where the officers allegedly assaulted the deceased.

Details of the incident were contained in an Affidavit of Facts filed before the High Court of the Federal Capital Territory in the Maitama Judicial Division and made available to newsmen on Monday.

According to the affidavit, deposed to by the deceased’s brother, Innocent Okpe, Joseph was carrying out his duties as a commercial bus driver when he was accosted by Air Force personnel travelling in a Coaster bus with registration number GO 1–14AF.

The officers allegedly accused him of hitting their vehicle and demanded N100,000 as compensation for the damage.

When Okpe could not provide the money, the officers allegedly descended on him, repeatedly punching and battering his face and head until he nearly lost consciousness.

It was gathered that the assault only stopped after passersby and fellow commercial drivers intervened and pleaded with the officers.

According to the document, the bystanders also offered to raise N50,000 to compensate for the damage to the vehicle.

After the officers left the scene and continued their journey, Okpe was reportedly rushed to several hospitals but was allegedly denied treatment.

A source familiar with the incident, who spoke on condition of anonymity because of the sensitivity of the matter, said Okpe was eventually taken to Charing Cross Clinic in Mushin, Lagos, where he was pronounced dead at about 5pm.

“The incident happened sometime after 3pm. He was taken to several hospitals, but they refused to admit him.

“They got to the last hospital around 5pm, and he was pronounced dead there. He died the same day.

“The incident was immediately reported at the Ilasa Police Division.

“The matter is currently being handled by the State Criminal Investigation Department, Panti, Yaba, after it was transferred from the Ilasa division,” the source said.

A Medical Certificate of Cause of Death signed by Dr Okechukwu Ogboo of Charing Cross Clinic, Mushin, and dated May 13, 2026, which was obtained by PUNCH Metro on Monday, listed the primary cause of death as “severe head injury,” while the secondary cause was stated as “pulmonary failure until his death.”

Okpe leaves behind three children and a wife.

When contacted on Monday, the spokesperson for the Lagos State Police Command, CSP Abimbola Adebisi, said she would find out about the incident and provide an update on the matter.

However, she had yet to do so as of the time this report was filed.

This is not the first time Air Force personnel have been accused of assaulting civilians, including journalists carrying out their lawful duties in Lagos.

In March 2025, armed personnel from the Air Force Base in Ikeja allegedly assaulted PUNCH correspondent Dare Olawin when they stormed the headquarters of Ikeja Electric, located opposite MITV in Ikeja.

Meanwhile, when contacted on Monday over the May 9 incident, the spokesperson for the Nigerian Air Force, Air Commodore Ehimen Ejodame, neither answered calls nor responded to WhatsApp messages sent by our correspondent.

 

Credit: PUNCH

 

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