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Parallex Bank MD, Olufemi Bakre, Gets Tenure Extension

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In recognition of his outstanding performance in steering the bank’s affairs since its inception as a commercial bank, the board of Parallex Bank Limited has approved the tenure renewal of Dr. Olufemi Bakre as the Managing Director of the bank for the next five years effective from 1st of May, 2025.

The Board, in a statement released recently, expressed great satisfaction at the rapid growth Parallex Bank has experienced, under the leadership of Dr. Bakre, since it got licensed as a commercial bank by the CBN in 2021.

This decision by the Bank’s Board of Directors underscores Bakre’s pivotal role in driving the institution’s growth and reputation as a customer-centric financial institution.

According to the Board, Bakre has been instrumental in transforming Parallex Bank into a forward-thinking institution that prioritises innovation and exceptional customer experience. His commitment to excellence, coupled with his wealth of experience and strategic vision, has set the bank on a path of sustainable growth, and the board is thrilled to have him continue leading the charge for another five years as it approaches the concluding stage of capitalisation in line with CBN directive.

Bakre, a professional banker with over three decades of banking experience, has, according to the Board, showcased exceptional expertise across multilateral business, financial institutions (both local and international), the public sector, corporate, commercial, SME and retail banking. He was appointed the Managing Director of Parallex Bank in May 2021.

Renowned in banking circles for his relentless pursuit of excellence and execution prowess, Bakre has introduced groundbreaking solutions that have positioned Parallex Bank as one of the most technology-driven and customer-focused financial institutions in the country. Under his leadership, the bank became profitable In less than three years of operation as a commercial bank against expert projections. The bank has won many recognitions and continues to demonstrate a sustainable and upward growth trajectory.

In his reaction to the development, Dr. Bakre said he is deeply honoured by the confidence reposed in him by the board. According to him, the renewal is not just a personal milestone but a reflection of the Parallex Bank family’s collective achievements. He further stated that the bank will continue to redefine banking in Nigeria and deliver unparalleled value to our stakeholders.

An accomplished professional who has won several professional awards, including The Sun Banker of the Year 2024, Bakre holds a master’s degree in banking and finance from the University of Lagos and has earned over 36 professional certifications both locally and abroad.

In recognition of his contributions to the banking industry and exemplary leadership, Olufemi Bakre has been conferred multiple honorary degrees, including a Professional Doctorate from the City University of Paris and a Doctor of Philosophy in Business Administration from Prowess University, Delaware, USA.

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Ex-gov Obiano’s wife, companies benefited from N860m transactions – Witness

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A prosecution witness in the ongoing trial of former Anambra State Governor, Willie Obiano, has told the Federal High Court in Abuja that he was unaware of an N860 million transaction linked to his company’s account by the Anambra State government.

The witness, Udochukwu Okparache, a general contractor and owner of Youdooh Ventures Limited, testified on Wednesday, February 26, 2025, before Justice Inyang Ekwo.

He was led in evidence by the prosecution counsel, Sylvanus Tahir, SAN.

According to a statement released by the Economic and Financial Crimes Commission on its official X handle on Wednesday, Okparache said he only became aware of the transactions when he was invited by the anti-graft agency for questioning.

“Sometimes in April 2023, I was called by the EFCC to clarify transactions linked to Youdooh Ventures’ bank account. When I reviewed the records, I couldn’t understand some of the inflows. I immediately contacted my account officer, who told me my account was being boosted,” Okparache said.

The witness revealed that the transactions, which totalled N860 million, were carried out using Manager’s cheques, with funds eventually transferred to multiple beneficiaries, including Cherish Ventures Limited, Easy Demands Limited, and Eberechi Willie Obiano, the wife of the defendant.

“I did not bid for any contract with the Anambra State government,” he added.

During cross-examination by defense counsel Onyechi Ikpeazu, SAN, Okparache admitted that he did not report the transactions to the bank because he wanted his account to reflect a stronger financial status.

He, however, maintained that he had no personal ties with the defendant and could not confirm whether the former governor authorised the payments.

The EFCC’s statement further emphasised that the funds were allegedly misappropriated as part of a broader N4 billion fraud case against Obiano, who is facing nine counts of money laundering, diversion of funds, stealing, and corruption.

Following the witness’s testimony, Justice Ekwo adjourned the trial to May 26, 27, and 28, 2025, for continuation of proceedings.

Obiano, who was arrested by the EFCC shortly after leaving office in 2022, has denied any wrongdoing.

 

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My life is in danger, NAFDAC DG  Prof. Mojisola Adeyeye cries out.

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The Director General of the National Agency for Food and Drug Administration and Control (NAFDAC), Prof. Mojisola Adeyeye, on Wednesday raised the alarm over threats to her life and that of the agency’s staff, calling on the authorities to protect the operatives who daily navigate a great deal of hazards while carrying out their assigned responsibilities.

 

This comes as the NAFDAC boss prescribed the death penalty for counterfeit and illicit drug peddlers in the country.

 

Prof. Adeyeye addressed newsmen at the Presidential Villa, Abuja, where she had gone to speak on the agency’s recent large-scale enforcement operation across three major open drug markets—Onitsha, Aba, and Lagos—describing it as the biggest in NAFDAC’s history. She also disclosed that the value of the seized illicit and fake drugs was estimated at about N1 trillion.

 

Recall that Prof. Dora Akunyili was haunted by drug cartels due to her relentless efforts to combat counterfeit drugs in Nigeria during her tenure as the Director-General of NAFDAC from 2001 to 2009.

 

Her personal motivation stemmed from the death of her sister, who died after receiving fake insulin. Akunyili’s campaigns led to the closure of open-air medicine markets and the confiscation of large quantities of fake drugs, which earned her numerous threats and an assassination attempt in 2003.

Her actions significantly disrupted the operations of drug cartels, making her a target for retaliation.

 

Narrating the agency’s challenges, the NAFDAC DG said, “I told you about the attempted murder about six months ago. One of our staff in Kano—his child was kidnapped because the father was doing what he was supposed to do. Fortunately, the child escaped.

 

“For me, I have two policemen living in my house 24/7 in Abuja and Lagos. I don’t have a life. I cannot go anywhere without police, and to me, that is not my way of living. But I don’t have a choice because we’ve got to save our country. Nonetheless, I also use common sense.”

 

Meanwhile, the NAFDAC DG explained that the seized consignments of banned, expired, unregistered, substandard, and falsified medical products will be destroyed publicly in each of the locations where they were seized after the exercise.

 

She called for speedy work by the National Assembly to expedite the amendment of NAFDAC ACT NI LFN and Counterfeit and Fake Drugs and Unwholesome Processed Foods C34 ACT to include LIFE SENTENCE & DEATH PENALTY in the penalties for crimes committed under these Acts.

 

“With the signing into law of the Proceeds of Crime Act (POCA) for the forfeiture of assets, the assets recovered from suspects will be treated as proceeds of crime after their conviction by the courts.

 

“We use this opportunity to call on the National Assembly to expedite the amendment of NAFDAC ACT NI LFN and Counterfeit and Fake Drugs and Unwholesome Processed Foods C34 ACT to include LIFE SENTENCE & DEATH PENALTY in the penalties for crimes committed under these Acts,” she stated.

 

Adeyeye described the exercise as “purely an enforcement operation to protect public health and rid our country of falsified and substandard medical products.”

 

“Many people are dying, and many have died as a result of the activities of fake drug peddlers.”

 

Shedding more light, Prof. Adeyeye said the ongoing crackdown on the illicit drug trade by operatives of the agency has also resulted in the seizure of 87 truckloads of banned, expired, and substandard medical products, including USAID and UNFPA-donated antiretroviral drugs, male and female condoms.

 

She said the value of the seizures is at least N1 trillion and could be much higher after assessment.

 

The operation was executed in Ariaria and Eziukwu Markets (Aba), Bridge Head Market (Onitsha), and Idumota Drug Market (Lagos).

 

She said it was part of NAFDAC’s National Action Plan (NAP 2.0) 2023-2027, aimed at eliminating counterfeit medicines, improving regulatory compliance, and safeguarding public health.

 

Prof. Adeyeye revealed that the exercise, which commenced on February 9, 2025, involved 1,100 security operatives, including military personnel, police, and Department of State Services (DSS) agents.

 

According to her, the security forces cordoned off the markets to prevent traders from concealing or smuggling out illegal products.

 

She affirmed that the operation uncovered shocking violations of drug storage and distribution regulations, including “diverted donated medical supplies: Large quantities of USAID and UNFPA-donated antiretroviral drugs and condoms, meant to support Nigeria’s HIV/AIDS response, were found expired and repackaged for sale. These life-saving medications were either improperly stored or deliberately resold for profit, undermining global efforts to combat HIV/AIDS in Nigeria. Significant volumes of Tramadol, Flunitrazepam (Rohypnol), Nitrazepam, and Diazepam—drugs linked to rising drug abuse, crime, and insecurity—were seized.”

 

The Director General said the sheer volume of these narcotics was deemed sufficient to destabilize national security.

 

Also, the NAFDAC boss said a large quantity of Tafradol, recently banned in India after a BBC undercover investigation exposed its illicit export to Africa, was discovered in Onitsha.

 

According to her, the drug, unapproved anywhere in the world, has been widely abused in Nigeria.

 

Prof. Adeyeye noted that vaccines, prescription medicines, and thermolabile drugs (requiring cold storage) were found stacked in toilets, staircases, and rooftops at dangerously high temperatures.

 

Similarly, Oxytocin injections and other essential medicines were stored under extreme heat, rendering them ineffective and potentially harmful.

 

Some warehouses were packed with pharmaceuticals in rooms with no windows, where temperatures could reach 40°C, accelerating chemical degradation.

 

On fake, expired, and unregistered drugs, she disclosed that banned and expired drugs were hidden in plumbing and wood plank sections of Onitsha’s Bridge Head Market, far from the authorities’ usual focus, while unregistered and falsified products were found in over 7,000 shops screened during the operation.

 

The Director General announced that so far, 40 arrests have been made, with suspects facing prosecution.

 

The National Security Adviser (NSA), Mallam Nuhu Ribadu, coordinated security forces for the operation, ensuring strict compliance.

 

She also said a database of the offending shops and their owners has been compiled for further legal action.

 

According to her, the seized drugs will be publicly destroyed in the three cities after the exercise.

 

She spoke of plans by NAFDAC and the Pharmacy Council of Nigeria (PCN) to relocate all open drug markets within the next year to six Coordinated Wholesale Centres (CWCs), one per geopolitical zone.

 

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$3.5m Nigerian tech startup ceases operation, returns capital to investors

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After three years in operation, Nigerian education technology startup Edukoya has ended operations, saying poor infrastructure and economic challenges made it impossible to scale.

The startup which secured Africa’s largest pre-seed funding of $3.5 million in 2021, said it will return capital to investors rather than persist in what it described as an unsustainable market environment.

In a statement on Wednesday , the startup said despite its early success, it faced fundamental adoption challenges, including limited internet penetration, high device costs, and declining disposable incomes that undermined its target audience’s ability to pay for digital education services.

Unveiled to revolutionise digital learning for K-12 (primary and secondary) students, Edukoya rapidly gained traction, onboarding over 80,000 students, facilitating millions of practice questions, and conducting thousands of live tutoring sessions.

After exploring strategic alternatives, including partnerships, mergers, and business model pivots, Edukoya found no viable path forward.

Part of the statement read, “Having explored various strategies to sustain operations—including partnerships, mergers, and business model shifts—without success, we’ve made the difficult decision to shut down and return capital to investors rather than exhaust resources in an unsupportive market.

“This strategic shutdown—though counterintuitive in a startup culture that emphasizes persistence at all costs—creates better outcomes for everyone: our investors can redeploy capital, our team can transition with dignity, and we preserve our vision’s integrity instead of compromising to survive.”

Edukoya’s shutdown highlights the broader struggles of Africa’s edtech sector, where startups face difficulties balancing innovation with the realities of infrastructure gaps and affordability constraints.

While digital learning remains a high-potential market, achieving large-scale adoption continues to be an uphill battle.

Edukoya expressed gratitude to its team, parents, students, and investors, stating that while its journey is ending, the insights gained could help pave the way for future innovations in African edtech—when the market is ready to support them.

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