NEWS
Ex-FBN Manager Exposes How Loans Were Diverted To Companies Linked To Otudeko
A former relationship manager at First Bank of Nigeria (FBN) has alleged that billions of naira in loans were funneled to companies linked to Oba Otudeko, the bank’s former chairman, despite the funds being officially approved for different firms.
Adesuwa Ezenwa, who is currently challenging her dismissal at the National Industrial Court (NIC) in Lagos, claims she was unfairly terminated by FBN in October 2016.
According to court documents, Ezenwa was dismissed over alleged fraudulent loan disbursements, but she maintains that no evidence was provided to implicate her.
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Ezenwa’s case centers on loans granted to Supply and Services Ltd, a subsidiary of Royal Ceramics Group, a major FBN client.
She argues that after her dismissal, she was summoned before a disciplinary committee, which ultimately cleared her of personal involvement but criticized her for not raising concerns about transactions approved by her superiors, including her group head and the bank’s Executive Vice President.
Ezenwa insists her dismissal was unjust, alleging that the loans were diverted under the direction of top executives, including Otudeko.
She described the admonition as unfair and unwarranted, arguing that she was in no position to report her superiors.
According to her, some of the loans under review were unsecured and granted to companies in which the bank’s chairman, Chief Oba Otudeko, and the former Managing Director, Mr. Bisi Onasanya, held significant investments.
“The very individuals I would have reported to were the ones responsible for these questionable activities.
“The impugned facilities were approved and disbursed under the direction and authority of her Group head and executive vice president and camouflaged as loans granted by some other unsuspecting customers,” her court statement reads.
In one instance, she alleged that an “unsecured facility” of about N12 billion was granted to a company in which Oba Otudeko holds significant investments.
She claimed that the loan was disguised as being issued to the Stallion Group of Companies, which later discovered this unauthorized entry in its account statement and raised objections.
An unsecured credit facility refers to a loan provided to businesses without requiring collateral.
In another case, she alleged that in 2012, an “unsecured facility” of N2 billion was granted to Broadwaters Resources Company Nigeria Ltd, which she claimed was merely a front used by Majekodunmi and Onasanya to siphon funds from the bank. According to the court documents, the loan was never repaid.
The court document reads, “Out of the N12 billion camouflaged as lending to the Stallion Group, N8.21 Billion was transferred through various accounts to a final destination account belonging to a company known as V TECH LTD which belongs to the Chairman of FBN Holdings, Oba Otudeko while the sum of N4.45 Billion out of the same fictitious facility was transferred to Ontario Oil and Gas. The facility remains unpaid to date.”
“These were not the only acts of malfeasance by the top management of the Bank but several other transactions were undertaken by other top management staff for which the Plaintiff is being punished.
“Apart from funds camouflaged as loans granted to the Stallion Groups, similar loans were granted over the years by Mr. Olatunji (the Branch Manager) and Mrs. Cecilia Majekodumi to other customers of the Bank amongst which are SUPPLIES AND SERVICES LTD. Supplies and Services Ltd is a subsidiary of ROYAL CERAMICS GROUP OF COMPANIES and several loan approvals were initiated and authored by Mr. Olatunji and Mrs. Majekodunmi.
“The facilities granted to Supplies and Services Ltd was subsequently sublent and disbursed in smaller bits to several customers on more profitable terms to both officers and these customers include Swap Technologies and Telecomms Plc, Netconstruct Nigeria Ltd, Orbit Cargo, High Performance Distributions Ltd etc.
“Some of the transactions undertaken by the Bank are already being investigated by the Economic and Financial Crimes Commission (EFCC). Their investigations/Report will be relied on at the trial.”
Ezenwa argued that, given the magnitude of the loans, the bank’s board “had to be complicit in the transactions, as the amounts exceeded the approval limits of the executive directors, vice-president, and managing director of the bank.”
NEWS
FRSC Begins Five-Day Nationwide Crackdown on Fake, Obsolete Number Plates
The Federal Road Safety Corps (FRSC) is set to begin a five-day nationwide enforcement operation targeting motorists using fake, covered, defaced and obsolete vehicle number plates.
The operation, code-named Operation Guduma Phase Two, will run from Monday, November 2, to Friday, November 6, 2026, as part of efforts to strengthen road safety enforcement and address security concerns linked to fraudulent vehicle registration plates.
The announcement was contained in a statement issued on October 31, 2026, by the Corps Public Education Officer, Osondu Ohaeri, at the FRSC National Headquarters in Abuja.
SEE ALSO: FRSC Warns Drivers After Brake Failure Kills Two in Kano Crash
The exercise, approved by the Corps Marshal, Shehu Mohammed, will be conducted across selected states, with designated senior officers assigned to coordinate and supervise the operation.
The renewed crackdown follows the first phase of Operation Guduma conducted in May 2026, during which the FRSC recorded 1,691 arrests across 11 states.
According to the Corps, 1,003 motorists were arrested for various number plate-related offences, while 683 were apprehended for overloading and mixed-loading. Five others were arrested for using fake diplomatic number plates.
The FRSC said the second phase was prompted by growing concerns raised by the Office of the National Security Adviser (ONSA) over the increasing use of fake, covered, defaced, obsolete and counterfeit diplomatic number plates.
It warned that vehicles operating with fraudulent or unidentifiable registration plates could allow criminal elements to evade identification, undermine security surveillance and frustrate investigations.
Beyond the enforcement of vehicle registration regulations, the operation will also focus on maintaining free-flowing traffic along designated corridors, emergency rescue interventions and the prompt clearance of road obstructions.
Speaking ahead of the exercise, Corps Marshal Shehu Mohammed warned that the use of fake, concealed, defaced or obsolete number plates would no longer be treated as a minor traffic offence because of its implications for public safety and national security.
He urged motorists to ensure their vehicle registration plates are genuine, valid, clearly visible and properly displayed, while calling on members of the public to cooperate with FRSC personnel during the operation.
Mohammed also directed officers participating in the exercise to discharge their duties professionally, maintain discipline and respect the rights of citizens.
He particularly emphasised that engagements involving diplomatic number plates must be handled with appropriate courtesy and in accordance with applicable diplomatic protocols.
NEWS
Keyamo Rolls Out Tinubu Aviation Revolution Series Ahead Of 2027 Re-election Campaign
The Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, has rolled out a short television campaign series titled Tinubu Aviation Revolution Series to showcase the achievements of President Bola Ahmed Tinubu’s administration in the aviation sector ahead of the 2027 presidential election.
The initiative marks one of the first campaign communication interventions by Keyamo following his appointment as Director of the Directorate of Air Transport Mobilisation under the All Progressives Congress Presidential Campaign Council (APC PCC).
The directorate is responsible for coordinating and facilitating air transportation for authorised campaign activities in support of President Tinubu’s re-election bid.
SEE ALSO: Tinubu Sends Six NMDPRA Executive Director Nominees to Senate, Retains Three
Demonstrating his commitment to the new assignment, Keyamo swiftly mobilised his team to produce a 30-second television campaign material highlighting the administration’s achievements in the aviation sector.
The campaign material, which has been fully paid for, is scheduled to commence airing on November 1, 2026, across major television stations. The broadcasts are expected to continue until a few days before the presidential election.
According to a press release issued on Saturday by Tunde Moshood, Special Adviser on Media and Communications to the Minister, the Tinubu Aviation Revolution Series is designed to present a concise, compelling and accessible account of the transformation of the aviation sector under the Tinubu administration.
Through the short-format television production, the campaign seeks to bring the government’s aviation record directly to the voting public, highlighting the sector’s progress and its contribution to national development.
The statement noted that aviation serves as a critical driver of economic growth, tourism, trade, investment and international connectivity.
It added that the series is intended to draw attention to the sector’s role in advancing the Renewed Hope Agenda and encourage an informed public assessment of the administration’s performance.
NEWS
‘I’ve Been a Threat to Gov’t Since Age 20’ – Sowore
African Action Congress (AAC) presidential candidate, Omoyele Sowore, has accused government authorities of repeatedly targeting him, declaring that he has been a threat to the government since he was 20 years old.
Sowore made the declaration during an appearance on Channels Television’s Politics Today on Friday, following an alleged attack on him and members of his team in Ado-Ekiti, Ekiti State.
The activist expressed frustration over questions about why he believed the authorities considered him a threat, insisting that attention should instead be focused on the circumstances surrounding the incident.
SEE ALSO: Sowore Challenges Okonjo-Iweala to Name Those Behind Alleged $2.4bn Subsidy Fraud
During the interview, Sowore alleged that the Ekiti State Commissioner of Police, Falade Adegoroye Michael, knew the individuals responsible for the attack, claiming that the commissioner visited them while they were receiving medical treatment.
“So he knew the people who attacked us,” Sowore said.
He further alleged that shortly after the commissioner left, the police issued a statement describing the incident as an altercation.
Questioning the circumstances surrounding the incident, Sowore also raised concerns about the alleged removal of CCTV cameras at the location.
“And why are they trying to remove the camera?” he asked.
Sowore also recalled previous encounters with security agencies, alleging that a tracking device had once been placed under his vehicle and traced to the Department of State Services (DSS).
“They placed a tracker under my car. It was traced to the DSS,” he said.
The AAC candidate further referenced an incident during the administration of former President Muhammadu Buhari, alleging that he was abducted from a hotel in Lagos.
He also claimed that DSS operatives attempted to take him away from a court premises less than two months ago, but were resisted.
Responding to questions about why he believed the authorities were after him, Sowore described the line of questioning as condescending.
He subsequently declared: “I’ve been a threat to the government since I was 20 years old, and they have not given up on me.”
He added: “They want to kill me, and you know it.”
Sowore maintained that the central issue was the alleged attack in Ekiti rather than questions about his perception of the government’s attitude towards him.
“The issue is that we were attacked, unprovoked, in Ekiti State, and we have given you what happened,” he said.
He also challenged journalists not to pretend they were unaware of what he described as continued attempts to target him.
“Don’t pretend like you don’t know,” he added.
How the Ekiti Incident Happened
The controversy followed an incident at a restaurant in the Dalimore area of Ado-Ekiti on Friday, where Sowore and members of his team sustained injuries during a confrontation with some individuals.
Sowore had earlier raised an alarm on social media, alleging that armed men attacked his team and that their whereabouts were initially unknown.
In a post on his X account, he accused the attackers of being government-sponsored and alleged that the DSS provided them with his team’s location.
“We have been brutally attacked and injured by well armed government-sponsored thugs in Ado-Ekiti, Ekiti State,” he wrote.
He subsequently accused the security agency of providing the attackers with their exact location to facilitate the assault.
However, the Ekiti State Police Command disputed reports that Sowore had been kidnapped, explaining that officers responded to a distress call concerning an altercation involving the AAC candidate and some individuals at a restaurant.
The Police Public Relations Officer, Sunday Abutu, said operatives were immediately deployed to the scene and rescued Sowore before taking him to the Police Hospital in Ado-Ekiti for medical attention.
According to the police, Sowore sustained a minor injury during the incident.
The command also disclosed that the Commissioner of Police had ordered a discreet investigation to establish the circumstances surrounding the incident, identify those involved and ensure that anyone found culpable was brought to justice.
Sowore subsequently rejected the police description of the incident as an altercation, insisting that he and his associates were attacked.
“There was no altercation! We were attacked!” he declared.
He also accused the police command of downplaying the severity of the incident despite what he said the commissioner witnessed during his visit.
The conflicting accounts have left questions surrounding the circumstances of the incident, with the police investigation expected to establish what transpired and identify those responsible.
The DSS had yet to publicly respond to Sowore’s allegations at the time of this report.





