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EFCC Detains Abuja Businessman Over Alleged $120m Fraud

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By Isaac Aregbesola

The Economic and Financial Crimes Commission (EFCC) has detained an Abuja businessman for allegedly defrauding a Ukrainian investor of more than 120 million dollars in a scheme purportedly spanning nearly two decades.

EFCC Spokesman, Dele Oyewale, who confirmed the development to the News Agency of Nigeria (NAN) Abuja on Tuesday, said the suspect was arrested in his residence in Abuja on Monday, and has since been in custody.

He however declined further explanation on the development.

Meanwhile a source at the commission conversant with the development, said the suspect was accused of advance fee fraud, criminal breach of trust, criminal conversion, obtaining money under false pretence, theft and money laundering.

According to the source, the details of the case show that his arrest follows collaboration with international investigators and information provided by whistle-blowers within his organisation.

“The suspect allegedly obtained millions of dollars from the investor between 2007 and 2015 for mineral exploration and power projects that were never delivered, and the funds allegedly diverted for personal use.

”The commission also uncovered alleged transfers of billions of naira to companies and individuals linked to the suspect including his children.

“His 28-year-old son, controls Battregen Limited, which investigators described as a conduit for laundering funds.

”Between February and April 2025, Battregen reportedly received approximately N1.4 billion in purported loans in spite of recording no revenue.

“In July 2025, a further N953 million was allegedly transferred to the son of which only N90 million was returned.

”Investigators also identified transfers of between N48 million and N50 million to the suspect’s 26-year-old daughter, and a relative and business associate. They reportedly found no legitimate business purpose for the payments.”

The source further said that the EFCC was expanding its investigation and had appealed to members of the public and the businessman’s former associates to provide further information.

The official explained that the case concerned a Ukrainian investor who reportedly lost substantial assets following Russia’s invasion of Ukraine in 2022.

”Investigators alleged that the suspect subsequently entered into dealings with Inter RAO UES, a Russian state-owned enterprise, for mineral exploitation and energy projects.

”The allegations also extend to his earlier business dealings in Ukraine.
In the mid-2000s, the suspect allegedly persuaded two Ukrainian businessmen to finance the privatisation of Jos Steel Rolling Mill in Plateau before taking exclusive control of the facility, stripping it of assets and abandoning hundreds of workers without wages.

”He also allegedly shot and seriously wounded one of his business partners during a confrontation in Ukraine on April 28, 2008, before fleeing to Nigeria.

“The document detailing the allegations says says the suspect had remained in Nigeria in spite of an Interpol red notice,” the source also told NAN.(NAN)

Edited by Deborah Coker

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Sokoto PDP loses six LG chairmen, state exco members to APC

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Three members of the Peoples Democratic Party, PDP, State Executive Committee and six local government chairmen have defected to the All Progressives Congress, APC, in Sokoto State.

The defectors were received into the APC by the Special Adviser to the Governor on Political Matters, Faruku Labbo, according to a statement issued on Tuesday by the Director General, Media and Publicity, Government House, Sokoto, Abubakar Bawa.

Speaking on behalf of the defectors, Shehu Abdullahi Mai Rago said their decision to leave the PDP was influenced by Governor Ahmed Aliyu’s treatment of opposition members.

He said the governor had not intimidated or witch-hunted them despite their previous affiliation with the opposition party.

“The governor has never witch-hunted or intimidated any of us despite our previous political affiliation with the opposition party,” Mai Rago said.

He also cited government projects across the state as another reason for their decision to join the APC.

Among those listed as defectors are Aliyu Mai Shinkafa, PDP executive member in Binji LGA; Mohammed Yusuf, PDP chairman in Kware LGA; Altine Gudu, PDP chairman in Gudu LGA; Manir Tureta, PDP chairman in Tureta LGA; and Abubakar Ango Bodinga, PDP chairman in Bodinga LGA.

Others include Mu’awiyya Noma, PDP chairman in Tangaza LGA; Muntari Dan Dare, PDP chairman in Silame LGA; Bello Garba Iya, PDP secretary in Sabon Birni LGA; and Almustafa S. Tudu, PDP secretary in Tambuwal LGA.

Also listed are Balkisu Yusuf, PDP youth leader in Sokoto North LGA; Naja’atu Buhari, state PDP youth leader; Bilkisu Sidi, PDP women leader in Waziri B Ward; and Sadiya Umar, PDP Zawarawa women leader.

The statement also said members of the Amalgamated Association of ADC Traders, Youths and Students Stakeholders and executives of the ADC Tudun Wada Ward had defected to the APC.

Sokoto PDP loses six LG chairmen, state exco members to APC

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AIICO Renovates UNILAG Senior Staff Club Squash Court to Boost Wellness

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Members of the squash section of the Unilag Senior Staff Club, left – right: Jude Iloenyosi, Sodi Pepple, Clement Okemini, Bayo Adeokun, Leye Apampa, Prof. Duro Oni, Gbenga Ilori, Wale Taiwo, Reggie George and Sola Abudu.

 

BY NKECHI NAECHE -ESEZOBOR—AIICO Insurance Plc has reinforced its commitment to promoting healthy living and community development with the renovation of the squash court at the University of Lagos (UNILAG), Akoka.

The renovated facility was officially unveiled on November 8, 2026, restoring an important recreational space for members of the Squash Section of the UNILAG Senior Staff Club.

The facility was formally handed over by Gbenga Ilori, Executive Director, AIICO Insurance Plc, to the Squash Section, led by its Chairman, Misan Eresanara.

While primarily serving members of the university’s senior staff community, the facility may also be made available for approved student and athletic competitions, extending its value beyond the club and supporting the university’s broader sporting community.

The renovation involved structural repairs, restoration of the playing surface, improved lighting and the installation of modern fittings. These improvements have restored the court to a safe, functional and welcoming space where members can stay active, enjoy recreational activities and build meaningful social connections.

For members of the Senior Staff Club, the squash court represents more than just a place to play. It is a space to unwind, connect with colleagues, nurture friendships and maintain an active lifestyle. Its restoration therefore goes beyond upgrading a sporting facility; it is about preserving a valued part of the university community and making it more accessible for continued use.

Speaking at the unveiling,  Ilori said: “At AIICO, we believe that creating lasting value is about more than what we do as a business. It is also about the positive difference we can make in people’s lives and the communities around us. We are delighted to support the restoration of this facility, providing a renewed space that encourages healthy living, strengthens relationships and contributes to the overall well-being of the university community.”

Also speaking at the event, Misan Eresanara, Chairman of the Squash Section of the UNILAG Senior Staff Club, expressed appreciation for AIICO’s intervention.

“We sincerely appreciate AIICO Insurance for this thoughtful intervention. The squash court has been an important part of our community, providing members with a place to exercise, relax and connect with one another. Its renovation means that we can continue to enjoy this valuable facility in a better environment. We are also pleased about the opportunity it presents to support approved sporting competitions involving students and other athletes. This is a welcome contribution to the university’s sporting and wellness culture.”

The project reflects the company’s belief that meaningful community development is often achieved through practical interventions that improve people’s everyday lives. By restoring the squash court, the company has helped renew a shared space that promotes fitness, social interaction and a stronger sense of community within one of Nigeria’s leading universities.

About AIICO Insurance Plc

AIICO Insurance Plc is a leading composite insurer in Nigeria, providing life insurance, general insurance, health management and asset management services. Founded in 1963, AIICO remains committed to helping individuals and businesses secure their future while supporting initiatives that promote the well-being and development of communities across Nigeria.

The post AIICO Renovates UNILAG Senior Staff Club Squash Court to Boost Wellness appeared first on Business Today NG.

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