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N10bn Money Laundering: Court Upholds EFCC’s Amended Charges
Justice James Omotosho of the Federal High Court sitting in Abuja on February 23, 2024 overruled a motion on notice filed by Ali Bello and Dauda Suleiman urging the court to strike out the 17-count amended charge filed by the Economic and Financial Crimes Commission (EFCC), on the ground against them claiming that the charge lacked merit and invalid.
The court held that the 17-count amended charges filed on February 5, 2024 are valid as the prosecution is entitled to amend its charges provided it is done before judgement is given.
The motion on notice by the defence which was filed on February 22, 2024 by counsel to the second defendant, Nureini Jimoh objected to the admittance of the amended charges stating that it amounted to an abuse of court processes. Also, the motion questioned the Federal High Court in Abuja on the ground that it lacked jurisdiction to try the matter and seeking that the matter be transferred to Kogi State.
Jimoh also submitted that the 17-count amended charge was fatally incompetent, citing Section 216 of the Administration of Criminal Justice Act 2015.
“My lord, the EFCC lacks the grounds to investigate the revenue of Kogi State Government, because the EFCC is not constitutionally recognized to have the powers to usurp the decision and powers of Kogi State House of Assembly.
“Let me say that based on the resolution and decision by the Kogi State Assembly, which says that no fraud was committed in the Kogi State Account, that should lay to rest EFCC`s allegation that a fraud was committed” Jimoh asserted.
Responding, Prosecution Counsel, Rotimi Oyedepo, SAN, in a counter- affidavit objected to the allegations, urging the court to discountenance the application of the defense. He noted that the alleged offence committed by the defendants were in Abuja and “within the jurisdiction of the Honourable Court and all three witnesses in the case are residents of Abuja”. He also pointed at the insecurity challenges involved in prosecuting the matter in Kogi State.
“We are opposing the application with a counter-affidavit and we urge my Lord to dismiss this application. In the circumstances that offences were committed in Abuja, the funds alleged to have been laundered belong to the Kogi State government, but the alleged money laundering act was committed in Abuja and that the funds in question had been allegedly used to acquire properties and equally used to engage in foreign exchange transactions in Wuse Zone 4, Abuja. My Lord, I will rely on Section 20 of the Money Laundering Prohibition Act 2011″, he said.
Delivering his ruling, Justice Omotosho discountenanced the application of the defence, stating that the prosecution has not concluded its case, “so it is immature to say that the EFCC cannot amend charges at any time before judgment”
He also stated that the EFCC under its Establishment Act has the power to investigate and prosecute anybody or entity when cases of corruption and money laundering are established including the powers provided by the Money Laundering (Prohibition) Act 2011.
“Prosecuting a money laundering charge is “within the purview of the EFCC. I hold that this criminal trial is properly constituted before this court. I also hold without hesitation that the second amended charge filed on February 5, 2024 is hereby deemed valid and competent. I hereby order that the defendants are called upon to take their pleas in the amended charge, the objection of the defendant is hereby overruled”, he ruled.
He also added that the case will be given accelerated hearing, equally noting that insecurity could be a reason to try a criminal offence outside jurisdiction
Justice Omotosho adjourned to March 14, 15, and 21 for the continuation of hearing.
The Federal High Court in Abuja has sentenced a Boko Haram member, Alkali Yarima, also known as La’ari, to death by hanging for his involvement in the 2015 terrorist attacks on Maiduguri, Borno State.
Justice James Omotosho delivered the judgment on Friday, finding Yarima guilty of participating in acts of terrorism that led to the deadly attacks.
The court also imposed multiple prison terms on the convict for other terrorism-related offences.
SEE ALSO: MNJTF Commander Pledges End to Boko Haram Insurgency in Borno
Aside from the death sentence on count seven, the court sentenced Yarima to life imprisonment on count six for receiving arms and weapons training in preparation for carrying out terrorist activities.
Justice Omotosho also handed him 35 years imprisonment on count one for professing membership of the proscribed Boko Haram terrorist group, and 30 years imprisonment on count five.
In addition, the court sentenced him to 10 years imprisonment each on counts two, three and four.
The Federal Government had arraigned Yarima on a seven-count charge marked FHC/KNJ/CR/971/2026, filed by the Director of Public Prosecutions of the Federation, Rotimi Oyedepo (SAN), on behalf of the Attorney-General of the Federation.
According to the prosecution, Yarima, who hails from the Lawanti area of Mafa Local Government Area of Borno State, belonged to Boko Haram between 2009 and 2015 before his arrest.
He was also accused of accepting the teachings (Da’awah) of the sect’s late founder, Mohammed Yusuf, and remaining a member of the terrorist organisation despite its proscription.
The prosecution further told the court that Yarima travelled to an Arab country where he received training in arms and weapon handling in preparation for terrorist operations, an offence punishable under the Terrorism (Prevention Amendment) Act, 2013.
He was also found guilty of participating in the 2015 attacks on Maiduguri, an offence that attracted the death penalty under Section 2(1) of the Terrorism (Prevention Amendment) Act, 2013.
The trial, which is usually conducted in Kainji, Niger State, was moved to the Federal High Court in Abuja.
Speaking after the judgment, the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), reaffirmed the Federal Government’s resolve to eliminate terrorism in Nigeria.
“We will fight with every inch of our blood to ensure that we make Nigeria a safe place for everybody,” Fagbemi said.
The Dangote Petroleum Refinery and Petrochemicals (DPRP) has announced a further reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N1,175 to N1,125 per litre.
A statement from the company on Thursday has it that this latest adjustment reflects the refinery’s ongoing commitment to ensuring price stability, improving affordability, and supporting Nigeria’s energy security objectives.
ALSO READ: NBS: Kerosene Price Dips as Diesel, Petrol Costs Rise
The price review underscores Dangote Refinery’s responsiveness to prevailing market conditions and its efforts to pass on cost efficiencies to downstream partners and consumers.
“Dangote Refinery remains focused on its broader mission of contributing to economic growth, enhancing fuel availability, and fostering a more competitive and sustainable petroleum sector in Nigeria,” the statement added.
The Securities and Exchange Commission (SEC) has explained why it directed capital market operators to immediately refund funds collected from investors in connection with a purported Initial Public Offering (IPO) by Dangote Petroleum Refinery & Petrochemicals FZE.
In a public notice issued on Tuesday, the Commission revealed that it had observed the circulation of advertisements, flyers, digital banners, and electronic messages across social media and investment platforms inviting members of the public to invest in the refinery through an alleged IPO.
ALSO READ: ‘Nigerian Marketers Import Dangote Fuel Via Lome Hub’
According to the SEC, the purported offer has not received regulatory approval, as the Commission has neither received nor approved any application from Dangote Petroleum Refinery & Petrochemicals FZE for a public offering.
The regulator expressed concern that some registered capital market operators were actively promoting the unapproved offer and soliciting subscriptions from prospective investors.
Explaining the reason for its directive, the SEC stated that the campaign was misleading and amounted to market manipulation capable of creating false expectations among investors and undermining confidence in Nigeria’s capital market.
The Commission noted that invitations encouraging members of the public to open accounts, pre-fund investments, or reserve guaranteed share allocations for the alleged IPO violate provisions of the Investments and Securities Act as well as existing market regulations.
As a result, the SEC ordered all registered operators, including stockbrokers and promoters of digital investment platforms, to immediately cease all advertising and promotional activities relating to the purported offer.
The Commission further directed operators to remove all related promotional materials from their websites, social media pages, and other communication channels within 24 hours.
In addition, firms were instructed to stop accepting deposits, investment commitments, account registrations, or expressions of interest linked to the alleged public offering.
To protect investors from potential losses, the SEC ordered any operator that had already collected funds in connection with the purported IPO to refund such monies within 24 hours.
The regulator warned that any operator that fails to comply with the directive risks facing sanctions under the Investments and Securities Act 2025 and the SEC Rules and Regulations.
The Commission also advised Nigerians to rely only on information released through approved regulatory channels and to ignore unofficial promotional campaigns or investment solicitations concerning the refinery.
SEC added that if Dangote Petroleum Refinery & Petrochemicals FZE eventually decides to proceed with a public offering and secures regulatory approval, an authorised prospectus will be published in line with the law.
The directive comes amid reports that the Dangote Group is considering listing a 10 per cent stake in its $20 billion refinery through a Pan-African IPO expected in 2026.
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