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Yahoo-Yahoo: Mother, Son Bag 12-Year Jail Term For $82,570 Internet Fraud, As Court Orders Forfeiture Of All Funds In Their Accounts And Properties

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The Federal High Court in Lagos has sentenced Mrs Damilola Ahmed Adeyeri and her son, Alaba Kareem Adeyeri, to 12 years’ imprisonment each for duping an American of $82,570.

Justice Chukwujekwu Aneke convicted the mother and son of four counts bordering on “fraudulent trick business email compromise” filed against them by the Economic and Financial Crimes Commission (EFCC).

At the hearing on Tuesday, the prosecuting counsel for the EFCC, Bilikisu Buhari, told the court that the mother and son conspired with one Kareem Russel, who is still at large, to defraud the Chief Executive Officer of American Cranes Manufacturing Company.

According to the EFCC counsel, they committed the offense in June 2017 and were arrested on September 6, 2019.

In the charge, the anti-graft agency explained that Mrs Adeyeri and her son carried out the fraud by “dishonestly representing themselves as the CEO of American Cranes Manufacturing Company and thereafter, sent an email from [email protected] with intent to gain an advantage to themselves.”

The EFCC through its counsel also told the court that the convicts acted contrary to sections 27(1)(a) and 23(3) of the Cybercrime (Prohibition, Prevention, etc) Act, 2015 and were liable to be punished under Section 22(1) of the same Act.

The offense was also said to have been contrary to sections 421 and 422 of the Criminal Code Act Cap C38.

Meanwhile, both Mrs. Adeyeri and her son pleaded guilty to the four counts during the arraignment.

Consequently, Justice Aneke said he would temper justice with mercy because the convicts pleaded guilty to the charges immediately, rather than waste the time of the court.

He then sentenced them to three years’ imprisonment on each of the three counts but said the sentences would run concurrently.

The judge said despite the fact that the convicts immediately pleaded guilty and showed remorse, he had to mete out punishment in accordance with the relevant laws to serve as a deterrent to others.

After sentencing the convicts, the prosecutor urged the court to forfeit to the Federal government of Nigeria, the sum of N38.8 million, used to buy a property with Adron Homes and Properties, as well as the sum of N21.6 million in the account of Crystal High Homes, domiciled in Polaris Bank, N10 million belonging to Alaba Karrem Adeyemi, domiciled in Polaris Bank, $24, 585 USD and another N421, 329, 00 belonging to Mrs Adeyeri and domiciled in Polaris Bank and an iPhone.

The prosecutor’s request was granted as Justice Aneke ordered the forfeiture of the funds and iPhone to the Federal Government of Nigeria.

BIG STORY

Transcorp Power Plc Records 775% PBT Jump In Q1 2024 With Impressive Revenue Growth

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Transcorp Power Plc (Transcorp Power), one of the electricity generating subsidiaries of Nigeria’s leading, listed conglomerate, Transnational Corporation Plc (Transcorp Group), has demonstrated impressive financial performance in its released Q1 2024 unaudited financial statements, for the period ended March 31, 2024.

The Company recorded N67.86 billion in gross earnings, compared to N21.04 billion reported in Q1 2023, reflecting a significant increase of 223%.

The strong performance is further demonstration of the Company’s strategic focus and effective execution, as part of Transcorp Group’s implementation of its integrated power strategy.

Highlights of Transcorp Group Results

Q1 2024 Revenue N67.86 billion, up 223%, compared to N21.04 billion in Q1 2023.

Profit before Tax rose by 775%, amounting to N28.77 billion in Q1 2024, compared to N3.29 billion in the same period last year.

Profit after Tax grew by 665% year-on-year to N20.1 billion in Q1 2024, compared to N2.6 billion in the same period last year.

Total assets grew to N276.2 billion in Q1 2024, up from N223.3 billion in Q4 2023.

Commenting on the financial highlights, Evans Okpogoro, the Chief Financial Officer said, “The Q1 2024 results saw a gross margin of 51%, a cost to income ratio of 70% and net profit margin of 30% compared to Q1 2023 gross margin of 37%, cost to income ratio of 87% and net profit margin of 13%. This highlights the remarkable operational efficiency gains of the Company. Transcorp Power has continued to grow its revenue aggressively and consistently over the last five years. We expect that by year end 2024, we will see a similar growth trajectory recorded between FY 2022 and FY 2023.”

Transcorp Power MD/CEO, Peter Ikenga, commented on the results, “We are pleased to report further robust financial performance, despite sectoral challenges such as gas supply issues and macroeconomic challenges. Our ability to sustain growth amidst this environment shows the resilience of our business model and the efficient execution of our strategic initiatives.”

“We remain committed to leveraging our strengths to capitalise on emerging opportunities, drive sustainable growth and provide superior value to all our stakeholders. We will continue to prioritise ingenuity, operational excellence, corporate governance, and stakeholder engagement, to deliver superior value for our long-term growth”. He added.

About Transcorp Power Plc

Transcorp Power Plc is an electricity generating subsidiary of Transnational Corporation Plc (Transcorp Group), one of Africa’s leading, listed companies, with strategic investments in the power, hospitality, and energy sectors.

Transcorp Power is committed to creating value and driving economic growth, by improving lives through access to electricity and transforming Africa.

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Oil Price Surge By 4 Percent As Israel Launches Counterattack On Iran

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Oil prices have increased by nearly 4 percent as Israel launched a missile attack on a target in Iran, according to international media reports.

The country’s nuclear plant is located in the central Iranian province of Isfahan, where explosions have been reported.

Later, the International Atomic Energy Agency (IAEA) declared that the plant was unharmed.

In reaction to Iran’s last-week missile and drone attacks, Israel had pledged retaliation.

Iran had launched the attacks in response to the April 1 strike that killed its senior security officials at its embassy in Syria apparently carried out by Israel.

A US official told ABC News that Israel carried out a strike inside Iran, confirming reports of the explosion by the Asian country’s media.

There were also reports of blasts in Iraq and southern Syria.

Commercial flights we re-routed as parts of the Iranian airspace were closed.

Iran says it activated its air defence systems.

Israel is not planning further attacks and Iran is not going to retaliate either, according various officials quoted by the media.

Brent crude price is now over $90 per barrel, up from $87 before the strike.

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Boosting Health Access: Lasaco Assurance Supports NYSC Corps Members’ Health Mission [PHOTOS]

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Insurance underwriter, Lasaco Assurance Plc, has donated health recovery items to support the Health Initiative Programme of the National Youth Service Corps members serving in the Ifako Ijaiye Local Government area of Lagos State.

A statement from the firm said that the donation was to boost health development in the country.

Some Corps members, under the aegis of Local Government Initiative, for their first quarter Health Initiative, embarked on a project to provide health services to rural dwellers, whose access to quality health services was limited due to poverty, ignorance and superstition.

Lasaco Assurance supported the corps members to reach the target audience and help them overcome their difficulties in accessing quality health.

10 corps members head to India for youth exchange programme

Group trains youths to solve environmental challenges

NYSC confirms release of abducted corpers

The company’s Head of Corporate Communications, Seye Smart, who represented the Head of Strategy, Research and Communications, Dayo Adetokun, at the presentation of the gift items to the corps members, emphasised the importance of exposing the citizens to quality health and safety as that would improve their capacity, make them function well and prolong their life expectancy.

A healthy citizen, she explained, would contribute meaningfully to the growth of society and be useful for the development of humanity.

Leader of the LGI team, Bose Ojimi, said the programme was the group’s modest contribution to the country’s quest for improved health and safety for Nigerians and hoped that other corporate organisations would follow in the footsteps of Lasaco Assurance to offer necessary assistance to the people.

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