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Lagos High Court Sets March 26 For Suit Filed By Businessman Ogbole Against FCMB..

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A Lagos State High Court sitting in Osborne, Ikoyi, has adjourned the hearing of a Case Management Conference (CMC) till March 26, 2025, in a suit filed by businessman Michael Ogbole, demanding $60,206.66 as unpaid commission from the First City Monument Bank (FCMB).

 

Justice O.O. Oshin fixed the date when the case came up for mention on Thursday.

 

 

When the case was called, the claimant’s counsel, Taiwo Olawanle, from the Falana & Falana’s Chambers informed the court that they had served the defence the court processes.

 

FCMB was represented by Gbenga Okeniyi.

 

The court has already issued notices for the Case Management Conference, which requires the physical presence of all parties involved.

 

 

Ogbole, in suit number LD/ADR/4635/2022, filed by his legal team at Falana & Falana Chambers accused FCMB of excluding him from the deal.

 

According to the claimant, on June 2, 2016, he met with FCMB’s Group Managing Director and Chief Executive Officer, Mr. Ladi Balogun, to discuss how he could assist the bank in securing financing from Sky Enterprise LLC, a Florida-based firm specializing in trade finance, risk, and debt management.

 

Following their conversation, Balogun allegedly directed Ogbole to contact FCMB’s Treasurer, Mr. Gerald Ikem, who introduced him to Mr. Nomso Ezenta, Head of Structured Funding and Correspondent Banking, to coordinate the transaction.

 

 

Ogbole claimed that on September 2, 2016, he arranged a meeting between Sky Enterprise’s Global Director for Africa, Mr. Yinka Akinlabi, and FCMB officials at the bank’s headquarters to structure the trade finance deal.

 

Present at the meeting were senior FCMB officials, including other top executives.

 

Afterwards, the parties exchanged several emails and phone calls to finalise the transaction.

 

However, in February 2021, Ogbole discovered that FCMB had proceeded with the deal through Sky British, a subsidiary of Sky Enterprise LLC, without his involvement.

 

 

This was allegedly confirmed by FCMB’s Annual Report and Financial Statements for the year ending December 31, 2020.

 

On October 12, 2021, Ogbole, through his lawyers, demanded payment of $60,206.66—representing a one per cent commission on the $6,020,660 facility secured by FCMB from Sky British.

 

After FCMB failed to respond, another demand letter was sent on January 19, 2022.

 

Despite these efforts, Ogbole claims FCMB has refused to make the payment.

 

The claimant is seeking the following reliefs: “A declaration that FCMB’s failure to pay him for his role in the deal constitutes a breach of contract.

 

 

An order directing FCMB to pay the sum of $60,206.66, plus 21% interest accrued since December 31, 2020.

 

“N20 million in general and exemplary damages, and N5 million for the cost of the lawsuit.

 

The bank, through its lawyer, Prof. Wale Olawoyin (SAN), contended that the suit is a “gold-digging exercise” by the claimant, describing the claim as vexatious, outrageous, and without merit.

 

The bank argued that the suit should be dismissed with substantial costs.

 

Meanwhile, the defendant acknowledged that in 2016, the then Group Managing Director/Chief Executive Officer, Mr. Ladi Balogun, was approached by Ogbole in a public place, where he presented his case, claiming to have the network to broker dollar loans for Nigerian banks, including FCMB.

 

 

Subsequently, Ogbole, primarily through telephone conversations, emails, and two physical meetings, engaged in several discussions with other top FCMB executives.

 

According to the bank, the discussions centred on the possibility of Ogbole and his partner, Yinka Akinlabi of Sky Enterprises LLC, facilitating offshore dollar loans and/or financing for the purchase of one of FCMB’s customers’ vessels.

 

The bank asserted that during meetings with Ogbole and his partner, it became clear that they lacked the required capacity, experience, and understanding of the international finance market to broker the proposed transaction.

 

 

FCMB further claims that at no point did the bank, or anyone acting on its behalf, make any commitment or agreement with Ogbole, his partner, or their representatives regarding commission or any other terms.

News and Report

Just In: Nasir El-Rufai quits APC, joins SDP

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Nasir El-Rufai, former Governor of Kaduna State and a founding member of the All Progressives Congress (APC), has announced his defection from the ruling party to the Social Democratic Party (SDP).

 

In a statement released on Monday, March 10, 2025, El-Rufai explained that his decision was primarily driven by a growing misalignment between his personal values and the direction of the APC.

 

The Kaduna politician expressed his disappointment with the leadership of the APC, accusing the party of straying from the progressive ideals upon which it was founded.

 

 

El-Rufai shared that he had raised concerns about the party’s trajectory both privately and publicly over the past two years but found no willingness among the current leadership to address these issues.

 

Read the full statement below:

 

As a founding member of the All Progressives Congress (APC), I have fond memories of working with other compatriots to negotiate the merger of political parties that created the APC. It had been my hope since 2013 that my personal values and that of the APC will continue to align up to the time I choose to retire from politics.

 

Developments in the last two years confirm that there is no desire on the part of those who currently control and run the APC to acknowledge, much less address, the unhealthy situation of the party.

 

On my part, I have raised concerns in private and, more recently, in public regarding the capricious trajectory of the party. Therefore, at this point in my political journey, I have come to the conclusion that I must seek another political platform for the pursuit of the progressive values I cherish.

 

Founders rightly feel attached towards institutions they helped create, but one must be pragmatic enough to admit when a divergence appears unbridgeable. I have diligently served the APC and made my contributions to its viability as a political platform, but I recognize that the party has since strayed and left me stuck in the vision of its well-meaning founding fathers and mothers.

 

As a loyal party man, I worked to help secure the APC’s election victories in 2015, 2019 and 2023. I was one of the many governors elected on the party’s platform in 2015 and 2019, that stood for certain democratic and progressive principles to advance nation-building. My eight-year tenure in Kaduna State was devoted to implementing progressive policies to advance human development in education and healthcare, as well as expand infrastructure, promote equality of opportunity, create jobs and attract investments.

 

These records count for little in the current APC that has castrated its organs and treated its membership with contempt in the last two years. I find this no longer acceptable.

 

 

Today, 10th March 2025, I have submitted a letter resigning my membership of the APC to my ward in Kaduna, effective immediately.

 

 

Prior to this step, I had concluded consultations with my mentors, colleagues and loyalists across the country about the future. I have now decided to join the Social Democratic Party (SDP), and adopt it as the platform for our future political engagements and activities.

 

 

Without prejudice to this decision, as a member of the SDP, I will focus on engaging with and persuading other opposition leaders and parties to join us and congregate under a unified democratic platform to challenge the APC in all elections and bye-elections between now and 2027 by the Grace of God. I therefore call on all our supporters and other persons concerned about our country’s future to join us in the SDP in the journey towards making Nigeria flourish as a beacon of pride for Africans and the Black Race.

 

Thank you and God Bless the Social Democratic Party.

 

 

God Bless the Federal Republic of Nigeria.

 

Nasir Ahmad El-Ru

fai, CON

Abuja, Nigeria

10th March 2025

 

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Yahaya Bello paid $845,852 in advance for his children’s school fees – Witness

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An official from the American International School, Abuja, on Wednesday testified in the Federal High Court in a case of money laundering involving former Kogi State Governor Yahaya Bello.

 

The official revealed that the former governor paid a total of $1,606,763.68 in school fees for his children.

 

Nicholas Ojehomon, an auditor at the school, gave this testimony during the ongoing trial, where he appeared as a prosecution witness for the Economic and Financial Crimes Commission (EFCC). Ojehomon confirmed that the payments covered Bello’s children’s tuition fees up until their graduation, with part of the amount paid upfront for future school fees.

 

Bello is facing a fraud charge amounting to N80.2 billion filed by the EFCC. During the trial, the prosecution presented financial records, including detailed statements from the school, showing payments made on behalf of Bello’s children.

 

In earlier testimony, Williams Abimbola, a compliance officer at United Bank for Africa (UBA), had submitted documents showing transactions related to the school fees. The EFCC had previously alleged that just before leaving office, Bello paid $760,000 as an advance for his children’s school fees, which was later refunded following an investigation.

 

On Thursday, Ojehomon testified that Bello’s brother, Ali Bello, facilitated the school fee payments. He explained, “Mr. Ali Bello contacted the American International School, Abuja, on Friday, August 13, to arrange payment for the school fees of the Bello children until they graduate. The school management accepted the payment.”

 

 

Ojehomon confirmed that the payments were made for four of Bello’s children, enrolled in Grades 8, 6, 4, and 2, and also included fees for future children who were expected to start in August 2022, assuming space was available.

 

The amounts paid for each child included: $90,074 for the child in Grade 8, $87,470 for the child in Grade 6, $26,241 for the child in Grade 4, and $18,707 for the child in Grade 2.

 

The witness also identified a contractual agreement between the school and Ali Bello, detailing the prepayment arrangement.

 

 

EFCC counsel Kemi Pinheiro (SAN) presented the school’s admission and prepaid tuition documents as evidence. Ojehomon further testified that a refund of $760,910.84 was made to the EFCC, confirming that the refund was transferred to an account at the Central Bank of Nigeria.

 

The court also heard from Williams, the UBA witness, who submitted additional financial documents related to accounts managed under Bello’s administration. She testified that multiple withdrawals were made through cheques from the Kogi State Government House account, often broken into tranches of N10 million, with funds primarily issued to two individuals, Abdulsalam Hudu and Aminu J.O.

 

Williams confirmed that, on December 12, 2018, ten transactions of N10 million each were processed in favor of Abdulsalam Hudu. Key signatories to the account were also named, including Christopher Enefola (Permanent Secretary), Onekutu Daniel (Chief Accountant), and Abdulsalam Hudu (Accountant).

 

 

However, under cross-examination, Williams admitted that Yahaya Bello’s name did not appear in any of the transactions related to the Kogi Government House account. Defense counsel, Daudu, noted that Bello’s name was absent from the documents presented, to which Williams confirmed it was not listed. She further clarified that she was not the account officer in charge of the Kogi Government House account, which was managed from Lokoja, Kogi State, rather than her branch in Area 3, Abuja.

 

Justice Emeka Nwite adjourned the trial to Friday, March 6, for further proceedings.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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VICE PRESIDENT SHETTIMA TO ATTEND NACC 65TH ANNIVERSARY GALA IN LAGOS

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The Nigerian-American Chamber of Commerce (NACC) is set to celebrate its 65th anniversary with a grand gala dinner, featuring His Excellency, Vice President of Nigeria, Alhaji Kashim Shettima, as the Special Guest of Honour.

 

The prestigious event will take place on April 12, 2025, at Lagos Continental Hotel, Victoria Island, Lagos, with the red carpet reception commencing at 5:00 PM.

 

The highlight of the evening will be the inauguration of Alhaji Sheriff Balogun as the 20th President of NACC.

 

Alhaji Balogun will also unveil his leadership team, while outlining strategic initiatives to strengthen bilateral trade relations between Nigeria and the United States.

 

As part of the evening’s programme, 40 new members will be inducted into the chamber, and the NACC multi-storey building project will be officially launched.

 

The gala will also honour outstanding Nigerian and American companies and distinguished individuals, including past presidents of the chamber, for their contributions to economic growth and trade relations.

 

The President of Africa Finance Corporation (AFC), Mr. Samaila Zubairu, will chair the event.

 

Dignitaries confirmed to attend include Governor Uba Sani of Kaduna State, Governor Dauda Lawal of Zamfara State, Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, Founder and Chairman of Elizade Group, Chief Michael Ade-Ojo and Chairman of Odu’a Group, Otunba Bimbo Ashiru.

 

Others are Founder of Afe Babalola University, Aare Afe Babalola, Chairperson of Brittania-U Nigeria Limited, Catherine Uju Ifejika, Comptroller General of the Nigerian Customs Service, Bashir Adewale Adeniyi, and Chairman of Zinox Technologies Limited, Leo Stan Ekeh.

 

His Excellency, Governor Babajide Sanwo-Olu of Lagos State, will serve as the Chief Host of the occasion.

 

For 65 years, the Nigerian-American Chamber of Commerce has been at the forefront of fostering bilateral trade relations between Nigeria and the United States, serving as the premier platform for business growth, networking, and investment opportunities.

 

The Chair of the Planning Committee, Dr.Ikenna Nwosu, says all the guests will be treated to one of the grandest anniversary galas ever experienced in the country.

 

 

*VICTOR OJELABI*

Senior PR Associate

Neo Media & Marketing | Chair, Publicity Committee, NACC Presidential Inauguration Dinner & Awards Night

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