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How Enugu Auto Dealer Chukwuebuka Ogbonna Allegedly Pocketed ₦15.4m Meant for Importation

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The Enugu Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned Chukwuebuka Anacletus Ogbonna before Justice Vincent C. Ezeugwu of the Enugu State High Court, sitting in Independence Layout, Enugu. Ogbonna, who operates under the name and style of Monpere’s Autos, faces a four-count charge bordering on stealing by conversion to the tune of ₦15,400,000.

The trouble began for the auto dealer following a petition from a buyer who claimed he paid Ogbonna the ₦15.4 million in October 2023 to assist him in importing three cars. Upon receiving the substantial sum, the defendant promised to deliver the vehicles on or before Christmas Day, December 25, 2023. However, instead of delivering the cars or returning the money, Ogbonna allegedly converted the funds to his personal use, leaving the buyer stranded.

The court charges detailed how the money was systematically diverted. Count one states that in September 2023, within the jurisdiction of the High Court of Enugu State, Ogbonna fraudulently converted ₦4,000,000 belonging to Mr. Paulson Nwakoby, which was meant for the vehicle purchase. Count two details another ₦4,000,000 fraudulently converted between November 28 and December 10, 2023. These actions violate Section 342 of the Criminal Code Law, Cap 30, Enugu State, and are punishable under Section 353 (1) of the same law.

Appearing in court, the defendant pleaded “not guilty” to all charges read to him. In view of the plea, EFCC counsel and Assistant Commander of the EFCC, ACE II Rotimi Ajobiewe, prayed the court for a definitive trial date and requested that the defendant be remanded in the custody of the Nigerian Correctional Service (NCoS) in Enugu. Justice Ezeugwu subsequently adjourned the matter to July 16, 2026, for the hearing of the bail application and ordered that Ogbonna be remanded at the EFCC’s holding facility in the interim.

The post How Enugu Auto Dealer Chukwuebuka Ogbonna Allegedly Pocketed ₦15.4m Meant for Importation appeared first on Business Today NG.

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First HoldCo to pay 60% of annual profit as dividends

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First HoldCo has shifted to a liberal dividend policy that seeks to distribute at least 60 per cent of its annual post-tax profit as dividends.

The board of directors of the bank holding company adopted the policy at a meeting on Tuesday, the group stated in a regulatory filing on Thursday, underscoring its resolve to prioritise shareholder returns over retaining most of its profits in the business to drive growth.

First HoldCo said the move highlights its directors’ confidence in its earnings capacity, enhanced capital position, improving asset quality, diversified revenue streams, and robust outlook for sustained profitability and growth. The move offers succour to shareholders who had to endure the last financial year without dividends—the first time in many years—after a massive bad-loan loss provision obliterated much of the cash that could have gone into rewarding shareholders.

The financial institution set aside ₦748.1 billion to cover problem loans on its books for 2025, after the Central Bank of Nigeria, in the spirit of international best practices, ordered lenders still carrying forbearance loans from the Covid-19 era to clear their balance sheets of toxic assets.

Profit for the year fell to ₦147.3 billion from ₦663.5 billion, following the provision.

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“At First HoldCo, we decided to clean house properly. We took a huge one-time hit of ₦748 billion to admit old bad loans instead of pretending they do not exist,” Femi Otedola, the chairman of the banking group, said in January.

“That is why profit looks like it crashed by 92 per cent. A painful headline, but it is a serious long-term move,” he added.

Regulation also held back peers like United Bank for Africa and Access Holdings from distributing dividends to shareholders for the 2025 financial year on that score.

READ ALSO: Otedola acquires 1.78 billion First HoldCo shares, lifts stake to 26%

“Over the last two years, we have undertaken difficult but necessary actions to strengthen governance, clean up the balance sheet, restore confidence, rebuild capital, and reposition the group for long-term growth,” Mr Otedola said in the Thursday statement.

“We are now beginning to see the benefits of those strategic decisions. As performance continues to improve across our businesses, it is only appropriate that our shareholders participate more directly in the value being created.”

Revenue in the first half of 2026 rose 16.7 per cent to ₦1.9 trillion. Pre-tax profit ascended to ₦653.5 billion from ₦356.1 billion, while after-tax profit jumped to ₦526.3 billion from ₦283.8 billion.


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How Systems-Driven Education Interventions Can Rebuild Nigeria’s Workforce

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PRESS  RELEASE—Nigeria’s most damaging infrastructure deficit may not be roads, power or ports, but a weak education system producing too few work-ready citizens for an economy seeking to industrialise, digitalise and compete. With about 10.5 million primary-school-age children out of school and only about one in four children aged 7 to 14 able to read a simple sentence or handle basic numeracy, education can no longer be treated as a peripheral social concern. It is core national infrastructure.

This is why Nigeria must move beyond the old model of corporate philanthropy in education — the one-off donation, ceremonial scholarship or isolated classroom block — and encourage interventions that strengthen the full learning pipeline. The NNPC/Seplat Energy Joint Venture’s education model offers a useful example because it spans teacher development, student competition, school infrastructure, scholarships and entrepreneurship support. Its value lies not only in scale, but in structure: it treats education as a system, not a photo opportunity.

Host Community Impact at a Glance

  • 34% of Seplat’s 780 undergraduate scholarships have gone to students from host communities.
  • The Seplat JV PEARLs Quiz is open to secondary schools in Delta, Edo and Imo States, with more states to follow.
  • Since 2012, PEARLs Quiz has impacted 61,035 teachers and students.
  • ₦101 million in prize funding has supported school projects such as libraries, classroom blocks and buses.
  • STEP has recorded 1,334 educators trained, including 1,232 secondary-school teachers and 102 Ministry of Education staff.

Too often, companies still approach education through isolated gestures that create goodwill but little systemic change. Nigeria now needs a more disciplined and ambitious full value-chain approach that addresses teachers, students, learning environments, progression pathways and employability as linked parts of one ecosystem.

What distinguishes the Seplat model is that it works across several pressure points at once. Teacher quality is improved through structured capacity building. Student motivation is reinforced through academic competition and recognition. Schools receive infrastructure support. Scholarships widen access to tertiary education, while entrepreneurship training connects learning to economic independence. The logic is simple: if a system is broken at several points, meaningful intervention cannot occur at only one.

The same systems thinking is visible in host communities and host states. PEARLs Quiz rewards academic excellence while leaving behind assets that strengthen schools long after the competition ends. STEP focuses on the teacher as the multiplier: a scholarship may transform one student, but a strong teacher can influence hundreds over time. The undergraduate scholarship allocation also shows a balance between national reach and local responsibility, recognising the special obligation companies have to communities closest to their operations.

The policy lesson is clear. Every serious sector in Nigeria depends on education for its future workforce: energy needs engineers and technicians; healthcare needs skilled professionals; agriculture and manufacturing need technical competence; and the digital economy needs software, design and analytical talent. Poor education today becomes poor productivity tomorrow. Private-sector participation in education should therefore be recognised not as optional benevolence, but as enlightened self-interest and national economic strategy.

For government, the task is to mobilise private-sector capital and execution capacity through intentional partnerships with federal and state education authorities. For companies, the challenge is to move from random acts of generosity to structured interventions that improve learning quality, teacher capability, school infrastructure and access pathways. For the media, the responsibility is to distinguish interventions that genuinely move systems from those that merely generate headlines.

Seplat Energy’s model is worthy of attention because it goes beyond the one-off gesture. It links teachers to students, students to facilities, facilities to opportunity, and opportunity to long-term development. Nigeria does not need just more corporate interventions in education; it needs better-designed ones

The post How Systems-Driven Education Interventions Can Rebuild Nigeria’s Workforce appeared first on Business Today NG.

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