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Court Jails Saleh Mamman 75 years for N33.8billion Fraud

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Justice James Omotosho of the Federal High Court sitting in Abuja on Wednesday, sentenced a former Minister of power, Saleh Mamman to 75 years imprisonment for money laundering charges.

Mamman, who was absent in court, was prosecuted by the Economic and Financial Crimes Commission, EFCC, for money laundering to the tune of N33,804,830,503,73( Thirty Three Billion, Eight Hundred and Four Million, Eight Hundred and Thirty Thousand, Five Hundred and Three Naira, Seventy Three kobo).

Justice Omotosho convicted him last week on all the 12-count charges preferred against him by the EFCC but deferred his sentence to Wednesday.

Count one of the charges reads:

“That you, SALEH MAMIVIAN {Male), sometime in 2019, in Abuja, within the jurisdiction of this Court, whilst you were the Minister of Power conspired with other officials of your Ministry and some private companies to indirectly convert the total sum of =N=33,804,830,503.73

{Thirty-Three Billion, Eight Hundred and Four Million, Eight Hundred and Thirty Thousand, Five Hundred and Three Naira, and Seventy-Three Kobo) through various private companies which sums you reasonably ought to have known formed part of the proceeds of unlawful activity, to wit: criminal breach of trust in relation to the funds released for the Mambilla and Zungeru Hydroelectric Power Plant Projects by the Federal Government of Nigeria; and you thereby commit an offence contrary to Sections 18(a), 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 {as Amended), and punishable under Section 15(3) of the same Act.”

Count two reads:

“That you, SALEH MAMMAN (Male), sometime in December 2019, in Abuja, within the jurisdiction of this Court, conspired with SAMSON BITRUS to make a cash payment of US$665, 700:00 (Six Hundred and Sixty-Five Thousand and Seven Hundred United States Dollars) to MOHIBA INVESTMENT LTD (acting through Mohammed Asheik Jidda), without going through a financial institution, and that you thereby commit an offence contrary to Sections 1 and 18(a) of the Money Laundering (Prohibition) Act, 2011 (as Amended), and punishable under Section 16(2)(b) of the same Act.”

At Wednesday proceedings, Prosecution Counsel, Rotimi Oyedepo,SAN informed the court that the convict again was not in court and no reasonable excuse was given from his lawyers about his whereabouts. He urged the court to continue with the sentencing in his absence citing Section 266 and 352 of the Administration of Criminal Justice Act, 2015 which provides guidelines for such an occasion.

Oyedepo also urged the court to order the forfeiture of properties traced to the convict to the Federal Government. The properties are, two units of four- bedroom detached apartments located at 93 Ahmed Joda Crescent, Kado Estate, Abuja and a property located at No 12A & B, Lingo Street, Wuse, Abuja.

Also, Oyedepo, who is also the Director of Public Prosecution of the Federation, urged the court to order the forfeiture of cash recovered from Mamman’s house: $13,890, €19,960, £10,000 , 42,390 Doran, R35,000, ₹50,60,00 and 247 Saudi Arabia Riyadth . He also urged the court to direct that the convict refund the difference of the amount recovered and the amount remaining in the N22bn for which he was found guilty.

Delivering judgment, Justice Omotosho sentenced Mamman to 75years imprisonment: seven years each on counts 1,2,3,6,7,8,9,10,11& 12 without an option of fine, three years on count 4 with an option of fine of N10m and two years on count 5 without an option of fine. The sentence will run consecutively from the date of his arrest.

Justice Omotosho ordered all national and international security agencies to arrest and handover the convict to the Nigerian Correctional center.

The post Court Jails Saleh Mamman 75 years for N33.8billion Fraud appeared first on Business Today NG.

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Elon Musk becomes world’s first trillionaire as SpaceX IPO surges on debut

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Elon Musk, the world’s richest person, has attained trillionaire status after SpaceX, the rocket, AI and satellite communications company established by him, turned a soaraway success on its first trading day, surging 20 per cent to $2.1 trillion in valuation.

SpaceX’s shares closed at $161 on the Nasdaq on Friday, compared to its initial public offering (IPO) price of $135, making it the biggest-ever stock market debut.

The IPO had earlier raised $75 billion from investors and the underwriters of the transaction before the listing.

“Liftoff! First $SPCX trade complete,” Space X wrote on X (formerly Twitter), which Mr Musk also owns.

The 54-year old now has a total net worth of $1.1 trillion, according to the Bloomberg Billionaires Index, with its stake in SpaceX standing at 42 per cent or $767.1 billion as of Friday.

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SpaceX debuted with a valuation of around $1.8 trillion. Its valuation at the end of Friday’s trade makes it the sixth-largest publicly traded company in the United States.

Trading under the ticker symbol “SPCX,” SpaceX began trading shortly before noon, attracting strong investor demand.

The listing places SpaceX among the world’s most valuable companies, despite the firm reporting a loss of nearly $5 billion last year and generating significantly less revenue than many technology giants with comparable valuations.

“I gave SpaceX a 10 per cent chance of succeeding at all,” Mr Musk said shortly before the company was listed.

SpaceX, since its establishment in 2002, has evolved from an experimental rocket startup into a dominant player in aerospace, satellite communications, and AI-related infrastructure.

READ ALSO: Elon Musk announces formation of American Party

Starlink, its satellite internet business, has expanded SpaceX beyond rocket manufacturing into a broader technology and connectivity platform.

Mr Musk, who now controls several companies, including Tesla, SpaceX, xAI, and X, began building his wealth by co-founding Zip2 and PayPal.

After completing the acquisition of X in October 2022 in a deal worth $44 billion, Mr Musk introduced monetisation features on the platform, which contributed to the growth of his business empire.

After selling Zip2 and later PayPal, he reinvested much of his earnings into Tesla, SpaceX, and other ventures.

Mr Musk’s wealth is now nearly equivalent to the entire economic output of Switzerland or Poland.


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Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms

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BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has received a four-member delegation from Kenya’s Retirement Benefits Authority (RBA) for a four-day technical study visit in Abuja, solidifying Nigeria’s position as a leading reference point for pension reform and regulatory innovation across the African continent.

The Kenyan delegation, led by John Keah, Director of Market Conduct and Industry Development at the RBA, is visiting Nigeria from June 8 to 11, 2026, to understudy PenCom’s regulatory and supervisory frameworks.

Keah noted that the engagement highlights the critical role of cross-border learning among African regulators aiming to optimize retirement systems and improve pension outcomes for citizens. He added that structural similarities between the two nations’ pension landscapes make Nigeria’s journey highly relevant to Kenya’s ongoing domestic reforms.

The RBA delegation is focusing its study on PenCom’s Environmental, Social, and Governance (ESG) initiatives, its risk-based supervision framework, and its strategies for expanding pension coverage to both the informal sector and the diaspora.

Keah particularly lauded the governance safeguards within Nigeria’s pension system and described the Diaspora Pension Arrangement as an innovative milestone capable of reducing old-age poverty and enhancing long-term retirement security.

Welcoming the delegation, the Director General of PenCom, Ms. Omolola Oloworaran, reiterated Nigeria’s dedication to regional collaboration and knowledge exchange. Represented by the Director of the Surveillance Department, Abdulrahaman Muhammad Saleem, the Director General revealed that pension assets under management in Nigeria have grown to over ₦32 trillion, representing approximately 10.4 percent of the nation’s Gross Domestic Product (GDP).

This growth, she noted, stems from continuous regulatory reforms, heightened governance standards, and rigorous supervisory mechanisms established since the inception of the Contributory Pension Scheme (CPS) in 2004.

Ms. Oloworaran also highlighted the Federal Government’s recent settlement of outstanding accrued pension rights liabilities as a historic turning point for the CPS.

The intervention, executed through the issuance of a Federal Government bond, effectively resolved a prolonged funding backlog that had previously delayed retirement benefits for public sector employees within Treasury-Funded Ministries, Departments, and Agencies (MDAs).

Under the new framework, accrued rights are transferred directly into retirees’ Retirement Savings Accounts (RSAs), granting immediate access to investment returns and eliminating lengthy waiting periods.

The technical visit, anchored on the theme “Risk-Based Supervision and ESG Integration in Pension Funds,” includes interactive departmental presentations, study tours to selected Pension Fund Administrators (PFAs), and collaborative sessions on emerging risks.

Both regulatory bodies expect the engagement to deepen bilateral cooperation and foster resilient, inclusive, and sustainable pension architectures across East and West Africa.

The post Nigeria’s Pension Assets Top ₦32tn as Kenyan Regulator Understudies Reforms appeared first on Business Today NG.

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