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Kaduna woman arraigned for breach of trust, misappropriation of N7 million

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A 35-year-old woman, Abigail Moses, was arraigned on Thursday before the Kaduna Magistrates’ Court for misappropriating the company’s N6.7 million.

Ms Moses, a resident of Kabala West, Kaduna, faces a two-count charge of criminal breach of trust and misappropriation.

She pleaded not guilty to the charges.

The prosecutor, Leo Chidi, told the court that Kingsley Vincent of Jos Road, Kaduna, reported the matter on April 28 at Gabasawa Police Station.

According to Mr Chidi, the defendant, a secretary at Vincent & Sons Trading Company Nigeria Ltd, in Kaduna, misappropriated N6.7 million in sales proceeds.

The prosecutor stated that auditing the company revealed the defendant misappropriated the sum without providing a satisfactory account.

The magistrate, Ibrahim Emmanuel, granted the defendant bail of N1 million and required two sureties in the like sum.

He said the sureties must reside within the court’s jurisdiction and present evidence of three years’ tax payments to the Kaduna government.

Emmanuel added that one of the sureties must be a blood relation to the defendant, and he adjourned the case until June 25 for hearing.

(NAN)



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Regency Alliance Insurance Plc, Regency Alliance, private placement, capital raise, recapitalisation, NAICOM, National Insurance Commission, Nigerian insurance industry, insurance recapitalisation, capital base, strategic investors, underwriting capacity, solvency margin, corporate governance, Nigeria Exchange Limited, NGX, Lagos, insurance sector, financial services, business expansion, product innovation, digital transformation

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Regency Alliance Insurance Signs Private Placement Agreement to Strengthen Capital Base

Regency Alliance Insurance Plc has signed a Private Placement Agreement as part of its recapitalisation programme aimed at strengthening its capital base and meeting the minimum paid-up share capital requirement set by the National Insurance Commission (NAICOM).

The company disclosed that the agreement, signed on July 10, 2026, marks a significant milestone in its multi-phase capital raising programme approved by its Board of Directors.

The signing ceremony, held at the company’s headquarters in Lagos, was attended by members of the Board, management team, issuing houses, legal advisers, stockbrokers and other stakeholders.

Under the arrangement, Regency Alliance plans to raise capital through a private placement of 7.37 billion ordinary shares targeted at strategic investors.

According to the company, the capital injection will strengthen its solvency margin, enhance underwriting capacity, support business expansion and finance investments in technology, product innovation and customer experience.

Regency Alliance noted that the transaction also reflects the confidence of strategic investors in the company’s corporate governance, financial outlook and long-term growth strategy.

The insurer said the additional capital would position it to pursue new business opportunities, improve operational resilience, deepen market penetration and deliver sustainable value to shareholders, policyholders and other stakeholders.

The Board added that it remains committed to completing the capital raising exercise in an orderly and transparent manner while maintaining high standards of corporate governance and regulatory compliance.

The post Regency Alliance Insurance Plc, Regency Alliance, private placement, capital raise, recapitalisation, NAICOM, National Insurance Commission, Nigerian insurance industry, insurance recapitalisation, capital base, strategic investors, underwriting capacity, solvency margin, corporate governance, Nigeria Exchange Limited, NGX, Lagos, insurance sector, financial services, business expansion, product innovation, digital transformation appeared first on Business Today NG.

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Already rich, already successful, why the last wave of tech winners is grinding again

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A pattern is emerging among people who’ve already made it big. They’re rolling up their sleeves again, seemingly out of fear of missing AI’s defining moment and, presumably, the irresistible allure of making even more money — potentially a lot more.

Tom Blomfield, who co-founded GoCardless and Monzo before spending 4.5 years mentoring founders as a Y Combinator Group Partner, announced on Monday that he is taking a leave of absence to join Anthropic’s compute team — not as an executive, but as a member of technical staff.

He’s not alone in making that kind of move. Instagram co-founder Mike Krieger joined Anthropic as Chief Product Officer in 2024, and Andrej Karpathy, a founding member of OpenAI who went on to lead AI at Tesla and start his own company, Eureka Labs, joined Anthropic’s pre-training team in May, framing the decision almost identically to Blomfield’s, writing that “the next few years at the frontier of LLMs will be especially formative.”

Not everyone is joining someone else’s lab. Chamath Palihapitiya, the “SPAC King” who has mostly stuck to boardrooms and all things “All In” since leaving Facebook in 2011, just took his first full-time operating role in over a decade as CEO of 8090 Labs, his enterprise AI coding startup, which he announced a couple of weeks ago along with a $135 million Series A led by Salesforce Ventures. Wrote Palihapitiya on X, “I am convinced that what we are building now is even more important, so there was no decision to make except to be all in.”

Similarly, Eric Wu, who ran Opendoor for a decade before stepping back in 2023, recently launched NavigateAI, an AI “copilot” for construction workers, with $25 million in seed funding. Wu told me directly on a recent call about his decision to dive into an AI startup, “I knew if I looked back in 10 years and didn’t do something related to it, I would probably regret that.”

The clearest sign of how keen people who’ve already “made it” are to work on what they view as the still-early-innings of AI might be the job title itself. “Member of technical staff” is the deliberately flat, non-hierarchical label that Anthropic and OpenAI use for nearly everyone on their technical teams, regardless of seniority. It’s the same title Blomfield is taking.

It’s also the title that Peter Bailis took this March, just months after becoming Workday’s CTO, a role overseeing AI strategy across an $8 billion-revenue business. Bailis lasted less than a year before trading it for a spot at Anthropic.

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