Business

Judge Throws Out Evidence in Alleged $35m NCDMB Fraud Case

Published

3 months ago

April 14, 2026

Preport

The trial of Akindele Akintoye, alongside Platforms Capital Investment Partners Limited and Duport Midstream Company Limited continued on Tuesday, April 14, 2026 before Justice Ekerete Akpan of the Federal High Court, Abuja, with the court refusing to admit in evidence, a document tendered by Akintoye, containing his request to buy off the shares of Nigerian Content Development and Monitoring Board, NCDMB.

The defendants are facing prosecution by the Economic and Financial Crimes Commission, EFCC on an amended six-count charge bordering on dishonesty and conversion of $35million belonging to NCDMB.

The application for the admission of the document was filed by counsel to the first and second defendant, E.O. Adekwu, SAN, on March 10, 2026, during his cross-examination of the Fourth Prosecution Witness, PW4, Isaac Yalah, but met a strong objection from the prosecution counsel, Ekele Iheanacho, SAN, who asked the court to dismiss the application and reject the document on the ground that it was a mere photocopy and not a certified true copy.

“I have an objection to the admissibility of this document, the ground is that, this document is a photocopy of an original and it is addressed to NCDMB which is a public institution and such document should have been certified. The only admissible document in law of a copy of a public document is a certified true copy. We rely on Section 89 of the Evidence Act and Section 102 of the Evidence Act, and we also commend the case of Adeyefa against Bamgboye 2013,

10NWLR, part 1863 page 532. We also commend the case of Onwuzuruike against Edoziem 2016 6NWLR Part 1508, Page 205. We urge the court to discountenance it and dismiss it,” he said.

Delivering ruling on the admissibility of the document on Tuesday, April 14, 2026, Justice Akpan aligned himself with the position of the prosecution counsel and threw it out on the ground that it is a photocopy of a public document and not the original.

He adjourned the matter till May 18 and 19, 2026 for continuation of trial.

Related Topics:Judge Throws Out Evidence in Alleged $35m NCDMB Fraud Case

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Business

FCMB Group posts 90% surge in half-year profit

Published

2 hours ago

July 28, 2026

Preport

WhatsApp Image 2026 07 27 at 19.14.26.jpeg

FCMB Group deployed a mix of strategies, including top-line expansion and cost management, to deliver a 90.5 per cent increase in net profit for the six months to June, compared with a year earlier, the latest accounts of the bank holding company published on Monday showed.

Gross earnings climbed to N676.2 billion from N529.2 billion, with 88.8 per cent of it solely contributed by interest and discount income, setting the scene for the big earnings boost, which was partly driven by a reduction in some major expenses.

Cost-to-income ratio dropped to 41.4 per cent from 57 per cent one year prior, strengthening earnings.

FCMB Limited, the group’s commercial banking division, continued to dominate performance across key income streams and accounted for more than three-quarters of post-tax profit.

The other divisions, including Credit Direct, its consumer lending business that offers payroll-based loans to customers, are all currently profitable, contributing their share to the bottom line.

The financial institution managed to scale back interest expense by 2.7 per cent (N6.8 billion), even as interest and discount income rose by up to 31 per cent, attributable to an improved low-cost deposit mix and lower cost of funds.

That was a lever for a jump in net interest income from N207.4 billion to N356.3 billion.

In a separate statement on Monday, FCMB Group highlighted the role of its digital business – comprising payments, lending and wealth – in driving turnover growth. It noted that digital revenue, at N89.1 billion, added 13.2 per cent to gross earnings due to volume growth.

“Our first-half performance demonstrates the strength of our recapitalised and diversified business model,” said Ladi Balogun, the CEO.

“We delivered record profitability despite accelerating the normalisation of asset quality towards regulatory thresholds, reflecting our commitment to building a stronger balance sheet for long-term growth,” he added.

Net fee and commission improved by almost one-third, enabled by both a rise in fee and commission income and a drop in related expenses.

Net trading income took a blow from sharply weaker bond and treasury bills trading income, falling 65.7 per cent year on year.

READ ALSO: Aradel, NEM, FCMB Group top stock pick this week

Likewise, impairment losses quickened to N85.9 billion from N36.2 billion, as the provision for other losses, apart from those on loans and advances, surged 2,427.6 per cent to N48.1 billion.

Profit before tax roughly doubled to N157.3 billion, while profit for the period stood at N139.9 billion, up from N73.4 billion in the same period last year.

Mr Balogun assured that return on equity will surpass 25 per cent this year, compared with 21.1 per cent for the financial year 2025.

Business

Fugitive Drug Lord and Ex-Footballer Sentenced to 24 Years in Prison for Cocaine Trafficking

Published

10 hours ago

July 27, 2026

Preport

A fugitive drug kingpin, Ntoruka Emmanuel Chinedu, and an ex-international football player, Hunkarin Segun George have been convicted and sentenced to a combined total of 24 years imprisonment by Justice Musa Kakaki of the Federal High Court, Lagos, for unlawful importation of 7.050 kilograms of cocaine into Nigeria.

Chinedu was first arraigned in September 2015 on a one-count charge marked FHC/L/227c/2015 for unlawfully importing 6.250 kilograms of cocaine.

He pleaded not guilty and was admitted to bail, but jumped bail midway into trial and remained at large for nearly 10 years.

He was eventually re-arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) on Tuesday 24th June 2025, at the Murtala Muhammed International Airport, Ikeja, Lagos, while attempting to smuggle 800 grams of cocaine on an inbound Ethiopian Airlines flight from Addis Ababa.

He was a frequent flyer known for conveying clothes from Turkey to Nigeria and foodstuffs from Nigeria to Turkey.

Investigation showed that the convict was coming from Turkey on Ethiopian Airlines flight but transited through Addis Ababa, Ethiopia where he collected the luggage from another person before heading to Nigeria. Further checks revealed that an accomplice who turned out to be a former professional footballer, Segun George Hunkarin, was waiting for Chinedu at the airport carpark to collect the consignment from him. Hunkarin who had stayed years in Brazil playing for football clubs was promptly tracked and arrested at the carpark.

In his statement, Hunkarin claimed that while playing professional football in the South American country, he had only trafficked drugs twice from Brazil to Ethiopia.

Both Chinedu and Hunkarin were subsequently arraigned on a three-count charge marked FHC/L/669C/2025 for unlawful importation of 800grams of cocaine. Delivering judgment on Friday 24th July 2026, Justice Kakaki sentenced Chinedu to 20 years imprisonment without an option of fine for the unlawful importation of 6.250 kilograms of cocaine, and a further two years, also without an option of fine, for conspiring with Hunkarin to unlawfully import 800 grams of cocaine, bringing his total sentence to 22 years. Hunkarin was sentenced to two years imprisonment on the conspiracy charge, bringing the combined jail terms to 24 years imprisonment.
Reviewing the facts of the case, prosecuting counsel, Barrister Adekunle Adebajo, reminded the court that Chinedu had earlier been arraigned before Justice Salihu Saudi (now retired) in 2015 on the same importation charge but vanished after being granted bail. Citing a plethora of legal authorities, the NDLEA prosecutor urged the court to sentence the convicts in line with the relevant provisions of the NDLEA Act.
Defence counsel, Chief Benson Ndakara for Chinedu and Chief Emefo Etudo for Hunkarin, had pleaded with the court for leniency and urged that fine options be considered in lieu of custodial sentences. The court, however, after a careful review of the submissions, cited authorities and tendered exhibits, sentenced both convicts to prison terms without any option of fine.
Reacting to the conviction, the Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Mohamed Buba Marwa (Rtd), commended the judiciary for the judgment, describing it as a reaffirmation of the courts’ commitment to ridding the country of drug trafficking and those who perpetrate it, no matter how long they evade justice.
Marwa also commended the officers, men and women of the Agency involved in the arrest, investigation and prosecution of the case, noting that the eventual re-arrest of Chinedu after nearly ten years on the run demonstrated the doggedness, patience and thoroughness of NDLEA operatives in tracking down fugitives and ensuring that no drug trafficker escapes the long arm of the law.
He restated the Agency’s resolve to continue working closely with the judiciary and other stakeholders to ensure that persons involved in drug trafficking, regardless of their status or how long they attempt to evade justice, are brought to book.

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