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N6.3bn fraud: EFCC closes case against ex-Plateau Gov Jang

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The Economic and Financial Crimes Commission (EFCC) has closed its case against a former Plateau State Governor, Jonah Jang.

Also facing trial is a former cashier in the Office of the Secretary to the State Government (SSG), Yusuf Pam.

Justice C. L. Dabup of Plateau State High Court in Jos is presiding over the case.

Jang and Pam are being prosecuted for alleged criminal breach of trust and misappropriation of state funds to the tune of N6.3billion.

The EFCC presented fourteen witnesses and tendered several exhibits.

At the last sitting, the EFCC had presented its fourteenth witness (PW14), Taiwo Oloronyomi.

Oloronyomi is a Chief Superintendent of the Independent Corrupt Practices and Other Related Offence Commission (ICPC).

While presenting his evidence, Pam’s counsel, S. Olawale raised an objection, arguing that the statement of his client to the ICPC was not voluntary.

Olawale told the court that his client was subjected to physical and psychological torture by one Hajiya Fatima Mohammed of the commission.

But Justice Dabup admitted the statement Pam made on November 17, 2016 to the ICPC.

It contained details of the withdrawal of monies taken to Jang through cheques approved by the Permanent Secretary in the SSG’s office.

The judge however rejected the statement Pam made on November 23, 2016, on grounds that the mandatory cautionary word was not taken before Pam wrote it.

The defendants were expected to open their defence today but Jang’s counsel, Mike Ozekhome (SAN) and Olawale informed the court of their decision not to do so.

“If we are not providing any evidence, the law says that the prosecution has 14 days to address the court, ten days for the defence to reply, and another 5 days for the prosecution to reply on point of law”, Ozekhome said.

Justice Dabup adjourned the matter to July 1, 2022 for adoption of final written addresses

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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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