Author: Lawbreed Limited

A federal high court in Lagos has quashed a money laundering charge preferred against Adesola Amosu, a former chief of air staff, and two others. In 2018, the Economic and Financial Crimes Commission (EFCC) re-arraigned the defendants on an amended 13-count charge bordering on money laundering to the tune of N21 billion. The defendants were alleged to have conspired and converted funds belonging to the Nigerian Air Force (NAF) to personal use. One of the counts reads: “That you, Air Marshal Adesola Amosun Nunayon (Retd.), Air Vice Marshal Jacob Bola Adigun, and Air Commodore Gbadebo Owodunni Olugbenga, on or about…

The Lagos State Commissioner of Police, Mr Adegoke Fayoade, in conjunction with the Legal Aid Council with support from the RoLAC 2 program and Duty Solicitors Network (DSN); on January 31, 2024 inaugurated the Police Duty Solicitors Scheme Advisory Committee in Lagos State. The State Coordinator Legal Aid Council Mrs. Iyabo Akingbade while giving the overview of PDSS; said the scheme is an intervention conceptualized to protect the rights of Suspects and Detainees through the provision of early legal advice and representation at the Police Stations. This intervention is expected to decongest courts and correctional Facilities. The scheme has the…

The Court of Appeal, Abuja has ordered the First City Monument Bank (FCMB) to pay the sum of N540 million damages awarded against it for alleged defamation of Prophet Emmanuel Omale and his wife, Deborah. Recall that Justice Yusuf Halilu of a Federal Capital Territory (FCT) High Court had, in a judgment on Oct. 4, 2022, awarded the sum against FCMB. Justice Halilu held that the bank recklessly breached the duty of care it owe to Omale of the Divine Hand of God Prophetic Ministry, his wife and the church. The judge agreed that the bank made a false claim…

The Ekiti State Police Command has arrested one suspect linked to the killing of two traditional rulers in Ekiti State last Monday. The Assistant Inspector-General of Police, Dare Ogundare, said that the suspect, Babusa Lede, had confessed to involvement in the killing of the two monarchs, adding that efforts were on to apprehend others involved. The traditional rulers, the Elesun of Esun Ekiti, Oba David Babatunde Ogunsakin and the Olumojo of Imojo-Ekiti, Oba Samuel Olusola, were killed by the gunmen; while the Alara of Ara (Ikole), Oba Sunday Fatoba, escaped being killed during the attack along Oke Ako-Irele Road. Ogundare,…

Matthew Kukah, Catholic Bishop of Sokoto diocese, has received his Mundo Negro Fraternity Award for his work with the Kukah Centre. Kukah received the award on Saturday in Madrid, Spain’s capital. Enrique Bayo Mata, a priest of the Comboni Missionaries and director of the Madrid-based Spanish Magazine, Mundo Negro, had informed the Kukah Centre of the award. Every year, the magazine organises the encounter with Africa during which the Award is given to a chosen African personality or institution that has stood out for their contribution to a better world and a better African continent. Atta Barkindo, executive director of…

An actress, Oluwadarasimi Omoseyin, has been sentenced to six months in jail by Justice Chukwujekwu Aneke of the Federal High Court sitting in Ikoyi, Lagos for stepping on and spraying the new Naira notes at a social gathering in Lagos. The Economic and Financial Crimes Commission (EFCC) reported her conviction in a statement on its X page on Thursday. The anti-graft agency said: “She was first arraigned on February 13, 2023, by the Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, on two-count charges, to which she pleaded “not guilty”. She was subsequently granted bail on February…

The manager of the Joint Admissions and Matriculation Board Computer-Based Test (JAMB CBT) has been arrested and detained for allegedly participating in an online discussion with a 15-year-old candidate while utilizing information obtained during her exam registration. The situation was exposed when the candidate’s mother, who had registered her daughter using her phone number, received inappropriate messages on her device shortly after the registration procedure A social media post by the candidate’s mother accused JAMB of incompetence and a lack of data protection, sparking an investigation. According to the mother’s statement, the CBT manager got the phone number from the…

The Central Bank of Nigeria (CBN) has established a minimum operating capital requirement for International Money Transfer Operators (IMTOs) at $1 million for foreign entities and an equivalent amount for local IMTOs. It equally prohibited banks from directly operating International Money Transfer services. This significant development was outlined in the revised guidelines for the operation of IMTOs, which were officially released on January 31, 2024. According to the guidelines, applicants must adhere to the CBN’s anti-money laundering, combating the financing of terrorism, and countering proliferation financing of weapons of mass destruction regulations. These regulations are detailed in the CBN guidelines…

Nigeria has sharply devalued its currency for the second time in eight months, as the west African country bids to clear up its messy system of exchange rates and attract investment to its flailing economy. The naira has tumbled this week after the methodology used to calculate the official exchange rate was changed, taking the currency closer to the black market rate. The move is widely seen as part of market-friendly reforms being introduced by Bola Tinubu, who became president last May and who shortly afterwards jettisoned the years-long peg instituted by the former central bank chief that had kept…

The Central Bank of Nigeria (CBN) hit the nail on the head yesterday. It accused commercial banks of hoarding over $5 billion in foreign currencies against the threshold approved by the apex bank. CBN blamed the prevailing forex scarcity and naira’s free-fall against the dollar on the actions of the Deposit Money Banks (DMBs). The accusation came a day after the apex bank expressed concern about banks’ excessive forex exposure. At the close of the market yesterday, the naira exchanged N1,450/$ at the parallel market. It was a substantial gain (N70) against the dollar, having closed on Wednesday at N1,…