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    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

    Deep Capital Approves Capital Increase, Restructuring Plnn

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    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

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    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

    Deep Capital Approves Capital Increase, Restructuring Plnn

    Deep Capital Approves Capital Increase, Restructuring Plnn

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    Iran Warns Civilians: Stay 1 km Away from US and Israeli Linked Banks in Middle East

    Iran Warns Civilians: Stay 1 km Away from US and Israeli Linked Banks in Middle East

    President Tinubu Nominates Lamido Abubakar Yuguda as CBN Deputy Governor

    President Tinubu Nominates Lamido Abubakar Yuguda as CBN Deputy Governor

    Tinubu Nominates Taiwo Oyedele as Minister of State for Finance replacing Doris Anite

    Senate confirms Taiwo Oyedele as Minister of State for Finance

    Forbes Releases 2026 Africa’s Richest Billionaires List: Dangote Leads with $28.5 Billion

    Forbes Releases 2026 Africa’s Richest Billionaires List: Dangote Leads with $28.5 Billion

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    • Africa
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    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

    Deep Capital Approves Capital Increase, Restructuring Plnn

    Deep Capital Approves Capital Increase, Restructuring Plnn

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN Limits New Mobile Banking Transfers to ₦20,000 in First 24 Hours

    CBN Bars Large Loan Defaulters from New Credit and Guarantees

    CBN Bars Large Loan Defaulters from New Credit and Guarantees

    President Tinubu Nominates Lamido Abubakar Yuguda as CBN Deputy Governor

    President Tinubu Nominates Lamido Abubakar Yuguda as CBN Deputy Governor

    Iran Warns of $200 Oil as IEA Plans to release 400m Barrel Reserves

    Iran Warns of $200 Oil as IEA Plans to release 400m Barrel Reserves

    NMDPRA Suspends Petrol Import Licences says Local Production Meets Demand

    NMDPRA Suspends Petrol Import Licences says Local Production Meets Demand

    Tinubu Nominates Taiwo Oyedele as Minister of State for Finance replacing Doris Anite

    Senate confirms Taiwo Oyedele as Minister of State for Finance

    Dangote Refinery Slashes Petrol to ₦1,075/Litre, Diesel to ₦1,430/Litre

    Dangote Refinery Slashes Petrol to ₦1,075/Litre, Diesel to ₦1,430/Litre

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    Guinea Insurance Sees ₦2.21bn Gain in Year-End Forecast

    Guinea Insurance Plc Signs ₦5.8 Billion Rights Issue

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    Federal Government Suspends $300 Helicopter Landing Fee for Oil Companies

    Federal Government Suspends $300 Helicopter Landing Fee for Oil Companies

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    Guinea Insurance Sees ₦2.21bn Gain in Year-End Forecast

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    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

    Nigeria’s capital market is set to adopt a T+1 settlement cycle from May 29

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Alleged NBC N2.9b Fraud: Defendant Loses in Application against EFCC

Wednesday, 2 December 2020, 6:00 pm
in News, Nigeria
0
EFCC Investigates Two Lebanese For $890,000 Fraud
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Justice Giwa Ogunbanjo of Federal High Court, Abuja, on Tuesday, December 1, 2020, threw out the application of Patrick Areh, the second defendant in the trial of the former director-general of National Broadcasting Commission (NBC) Emeka Mba, and four others for alleged N2.9billion fraud, according to the press release issued by the Economic and Financial Crimes Commission (EFCC) on Wednesday.

EFCC said that Mba and Areh, alongside Basil Udotai, Babatunde Amure, and a company, Technology Advisors are facing prosecution by the EFCC, for alleged diversion of N2.9 billion, meant for the purchase of setup boxes for digital switch-over from analogue broadcasting in the country.

The application had sought the rejection of the testimony of Abubakar Madaki, a prosecutor with the Economic and Financial Crimes Commission, EFCC.

  • Read also: Breaking: Naira value tumbles against the dollar wiping earlier gains at the parallel market
  • Just in: CBN introduces Special Bills to deepen the financial markets

Judge Ogunbanjo stated there was no reason why the testimony should not be admitted in evidence since the applicant failed the test of the burden of proof in the trial.

“I, therefore, overrule the second defendant’s objection to the admissibility of the statement; such is to be tendered in evidence. The said statement is therefore tendered and marked accordingly,” the judge said.

EFCC said the NBC fraud case was adjourned till March 9, 10, 23, and 24, 2021, for the continuation of the trial. Are’s application failed for his failure to prove his claim that he did not write his statements in EFCC’s office out of his own volition but was traumatized and coerced by Madaki into doing so.

By: Ifunanya Ikueze

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