Business
EFCC Challenges Court Ruling Clearing Omatsuli, Three Others Over N3.6bn Fraud
The Economic and Financial Crimes Commission, EFCC, has filed a notice of appeal before the Court of Appeal, Lagos seeking the setting aside of the judgment of Justice Daniel Osiagor of the Federal High Court sitting in Lagos acquitting and discharging a former Executive Director of Projects at the Niger Delta Development Commission, NDDC, Engr. Tuoyo Omatsuli alongside Francis Momoh, Don Parker Properties Limited and Building Associates Limited over an alleged ₦3.6 billion fraud.
In a Notice of Appeal filed on Thursday, April 9, 2026, the EFCC, through its counsel, Ekene Iheanacho, SAN, faulted the judgment of the trial court and based its appeal at the Court of Appeal on seven grounds. The Commission is also seeking reliefs set out in the Appeal.
Justice Osiagor on March 3, 2026 cleared all the four defendants of money laundering allegations stating that the prosecution did not sufficiently establish the offences contained in the 46-count charge filed against them by the EFCC, despite the volume of evidence presented during the retrial, including testimonies from 16 witnesses and 34 exhibits.
The 1st defendant had earlier been acquitted in 2020, at No- case submission while the court held that the other defendants alleged to have assisted him in laundering the funds were directed to enter their defences. This prompted the EFCC to appeal to the Court of Appeal and the appellate court set aside the ruling of the trial court. The court also dismissed the appeal of the other defendants who had also appealed against the ruling of the trial court which held that they had cases to answer.
In its judgment, the Court of Appeal found that the payment of the sum of N3, 645, 000,000.00 from Prosecuting Witness 4, PW4, who was a contractor to NDDC to the 1st defendant, Omatsuli, through his friend’s company, the Building Associates Ltd, the 4th defendant, amounted to an act of gratification for which the defendants needed to make explanations. The court made references to the provisions of Section 8, 17, 19 of the ICPC Act and the 5th schedule to the Constitution.
The Notice of Appeal filed by the Commission alleged that the new trial Judge, Justice Osiagor who took over the proceeding following the retirement of the former trial Judge, Justice Saidu, relied on the record of the previous trial but disregarded the specific findings made by the Court of Appeal on the testimony of the prosecution witness. It is the position of the Commission in its Notice of Appeal that the trial Judge, Osiagor did not properly evaluate the evidence before it. That the trial judge misconceived the law and the evidence lead by both PW4 and PW15 during trial which showed that PW15 who was also a director at NDDC approached PW4 , a contractor to the Commission, with the request to appreciate the members of the Board whenever PW4 was paid his fees by the Board so as to enable them sought out restive youths in the Niger Delta area.
Accordingly , PW4 paid money to members of the Board including the 1st defendant who received his own through the 4th defendant’s bank account. The 1st defendant who was also a signatory to the account of NDDC upon receipt of the funds, applied most of the funds in the purchase of choice properties in Lagos in the name of the 2nd defendant which is his private company. That the N3.6bn was never used for any youth- related matters. Infact, the properties acquired with the funds have been forfeited in a Non-conviction based asset forfeiture on the strength of the same evidence adduced during trial. That the forfeiture was also affirmed by the Court of Appeal in the civil case.
The post EFCC Challenges Court Ruling Clearing Omatsuli, Three Others Over N3.6bn Fraud appeared first on Business Today NG.
FTSE Russell has confirmed, in a market notice published on Thursday, that Nigeria’s reclassification from Unclassified to Frontier Market status will proceed effective from the open of trading on 21 September.
The decision marks Nigeria’s return to the global Frontier Market universe and represents an important milestone for the country’s capital market.
The announcement follows a process that began in October 2025, when FTSE Russell placed Nigeria on its Watch List for potential reclassification, following improvements in foreign exchange liquidity, capital repatriation and market accessibility.
In April 2026, FTSE Russell subsequently announced Nigeria’s return to Frontier Market status, with an effective date of 21 September.
Following Nigeria’s transition from a T+2 to T+1 settlement cycle on 1 June, FTSE Russell undertook an additional assessment after market participants raised concerns that the new settlement framework could effectively result in a de facto prefunding requirement for international institutional investors.
The review led to an extensive period of engagement between NGX Group, the Securities and Exchange Commission (SEC), FTSE Russell and international market participants.
In its reaction, NGX Group said its delegation engaged directly with global custodians and institutional investors in July. The discussions provided an opportunity for NGX Group to present evidence on the operation of the T+1 settlement cycle, address questions raised by international investors and custodians, and outline ongoing efforts to ensure that Nigeria’s market infrastructure remains aligned with evolving international best practice.
Following the assessment, FTSE Russell, supported by feedback from the FTSE Equity Country Classification Advisory Committee, confirmed that “no material settlement, operational or funding issues had been observed since the implementation of the T+1 settlement cycle”. On this basis, the FTSE Russell Index Governance Board confirmed that Nigeria’s reclassification will proceed as scheduled from the market open on Monday, 21 September 2026.
The announcement comes amid broader efforts to strengthen the Nigerian capital market and position it as an increasingly important engine of investment and economic growth.
On 6 August, the NGX Group Board met with President Bola Ahmed Tinubu at the Presidential Villa in Abuja to brief him on developments and reforms across the Nigerian capital market and discuss the market’s role in mobilising long-term capital to support Nigeria’s economic transformation agenda.
The engagement underscored the importance of continued collaboration between government and the capital-market ecosystem in creating an enabling environment for investment, capital formation and sustainable economic growth.
Nigeria’s return to Frontier Market status provides further international recognition of the progress being made across the market and creates a platform for the next phase of its development.
Commenting on the development, Temi Popoola, Group Managing Director/Chief Executive Officer, NGX Group, said, “This is an important moment for Nigeria’s capital market. But the real significance of returning to Frontier Market status is the opportunity it creates for the next phase of our market’s development.
We have to turn greater international visibility into broader participation, deeper liquidity and more capital for Nigerian businesses. Our ambition is to build a market that is increasingly competitive globally and more relevant to Nigeria’s economic growth. We are encouraged by the continued support of the Federal Government and the commitment of stakeholders across the market as we work towards that ambition.”
The next milestone will be the publication of the FTSE Frontier Index Series annual indicative review files for September 2026, which will reflect Nigeria’s reclassification and are scheduled to begin publication on Wednesday, 2 September 2026. The reclassification will take effect from the market open on Monday, 21 September 2026.
Nigeria’s return to Frontier Market status is expected to enhance the visibility of Nigerian equities within the global investment community and create further opportunities to broaden engagement with international institutional investors and deepen participation in the Nigerian market.
The development follows S&P Dow Jones Indices’ placement of Nigeria on its Watch List for potential reclassification to Frontier Market status as part of its 2027 Country Classification Annual Review, providing a further indication of growing international attention to improvements in Nigeria’s market accessibility.
NGX Group reaffirms its commitment to continued collaboration with the Federal Government, SEC, market operators, investors, global index providers and other stakeholders to strengthen Nigeria’s position within the international financial ecosystem and ensure that the capital market plays an increasingly important role in sustainable economic growth and capital formation.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
Business
Dr. Lucas Durojaiye Leads Nigerian Delegation in 3-Day Working Visit to ECOWAS Insurance Secretariat
-
News4 days ago‘You Already Have So Many Good Players’ — Masajedi Backs Nigeria’s Volleyball Talent For African Championship
-
News3 days ago
Coaches Need To Apply Data Analytics Of Players For Accurate Development Information – Hakeem Busari
-
Business3 days ago
AXA Mansard Health Takes World Hepatitis Day Campaign to Bariga with Free Screenings and Community Relief
-
Business3 days ago
COP17: Africa must connect science to action to tackle land degradation — Expert
