Shocking revelations have emerged regarding the indictment of top officials of Nigerian Bank, Sterling Bank PLC, for alleged Money laundering, illegal deductions, forgery and fraudulent mismanagement of over $122 Million dollars belonging to a customer, MIDEN Systems Ltd following Police investigations.

Documents exclusively obtained from official sources reveal that the bank has been involved in fraudulent accounting, mismanagement of contract proceeds, money laundering, unauthorized fund transfers, opening of fake bank accounts in the name of MIDEN Systems without authorization, and forgery of bank documents in clear violation of banking regulations.

It may be recalled that in June 2012, MIDEN Systems Ltd, an indigenous oil service firm, entered into a Term Loan/Vessel Finance Facility Agreement with Sterling Bank to enable Miden finance the acquisition of six Light Marine Vessels to be used in operation of the firm’s contract with SPDC.

Under the agreement, the Company contributed $7.3 million (30%) of vessel cost, while the Bank provided the sum of $17 Million dollars ($17,079,000.00) amounting to 70% as loan (via Letters of Credit) for the purchase of the vessels in Malaysia and Singapore. The Repayment plan was structured such that 70% of all contract proceeds from Shell Petroleum Development Company would be transferred, as Loan Repayment, to a Debt Servicing Repayment Accounts (“DSRA”) domiciled with Sterling Bank, while 30% would be reserved for the Company’s operational needs. The tenor of the loan was a 60 months duration (with 6 months moratorium) and billed to terminate by September 2017.

A Police Investigative Report of the activities of Sterling Bank dated 14 January 2025, and which is now pending before a Joint committee of the National Assembly, uncovered a series of grave banking malpractices committed by Sterling Bank between 2016 and 2024 regarding this loan transaction.

According to the report, the bank has been misappropriating contract proceeds without rendering proper account statements to the customer. Several Unauthorized Payments have been made from customer account to unknown persons, including disclosed and undisclosed Sterling Bank solicitors.

Despite multiple formal requests by the customer, Sterling bank refused to provide account statements thereby concealing transaction records (credit and debit notifications) and falsifying book entries.

In addition, the bank failed to disclose the status of the loan liquidation process thereby creating financial opacity.

The police also discovered the Creation of multiple fake accounts by the bank, including an unusual 20-digit account in the name of the Company without authorization.

The Bank unlawfully consolidated the Customer Company’s account with the account of a different and distinct company, Chasewood Nigeria Limited, in order to fraudulently impose dubious and illegal debt obligations on the Company.

It was found that Sterling Bank deliberately denied the Customer access to its 30% share of proceeds, thereby crippling the Company’s operations.

Between 2016 and 2024, Sterling Bank received more than $57 million in contract payments from SPDC and yet falsely claims the Company owes an additional $30 million Dollars to the Bank

Further findings show that Sterling Bank has received a total credit of One Hundred Million and Twenty Two Thousand US dollars (USD122,768,041.69) in the domiciled account without rendering a proper account of the application and sources of funds to the customer contrary to CBN Rules & Regulations.

“The discoveries are shocking and sordid” An Insider source disclosed

It is instructive to note that Sterling Bank falsely claimed that a $30 million loan was applied for, approved and disbursed in one day- 13th January 2017. The loan application did not emanate from the company.

The Bank forged the company’s lodgment of loan application and some documents relating to the loan including Account officer/branch review of loan application, credit committee approvals, customer’s board meeting/resolution. Etc.

They purportedly fulfilled all terms and conditions for loan disbursement under one day and diverted the funds to private accounts operated by top officials of the bank.

Furthermore, the Police report indicates high level criminal conspiracy at the top management level of the bank to defraud the customer and conceal evidence. The bank unlawfully disbursed and failed to account for the sum of One Hundred and Twenty-Two Million dollars (USD122,768,041.69) admittedly credited to the Company’s account between 03/05/2016 and 19/07/2024.

The Bank also failed to apply the remittances in the sums of Fifty Seven Million US Dollars (USD57,301,865.56) and Six Billion, Nine Hundred and Seventy Million Naira (NGN6,972,548,982.39,) respectively, by SPDC between 2013 to 2020 towards reducing alleged debts but rather channeled the funds to unknown beneficiaries and accounts suspected to be operated by bank insiders and top officials

In addition, the bank falsified book entries on 13 January 2017 by pretending to credit the Company’s account with $30 Million US dollars when in fact there was no outstanding debt on the account

On 16th September 2017, the bank fraudulently transferred from the account the sum of USD28,302,140.59, under an unlawful scheme titled AA Loan Repayment – when there was no transaction linked to the account as well as other fraudulent transactions on 6th May 2016 and 27th August 2016,

This matter has now escalated to public hearings before the House of Representatives Committee on Public Petitions, where the Nigeria Police Force has submitted a report indicting Sterling Bank for alleged money laundering and mishandling of Miden Systems’ accounts.

To avoid further investigations and embarrassment by the House of Reps, the Bank hurriedly approached the Federal High Court, sitting in Lagos, on 5th of February 2025, to seek a restraining order on House of Representatives from further probe or investigation of Sterling Bank Limited and the Group Chief Executive Officer of Sterling Financial Holdings Company, Yemi Odubiyi pending the determination of the Motion on Notice.

At the resumed hearing of the case on April 30th 2025, the Court couldn’t hear the matter but went on a prolonged adjournment raising concerns on the process.

Section 37(3) of the Cybercrimes (Prohibition and Prevention) Act 2015 explicitly criminalizes unauthorized debits by financial institutions.

Evidently, Sterling Bank’s actions, as outlined in the Police report, clearly violate this provision and Sections 18; 20, 24(1); 25 of the BOFIA, which prohibit fraudulent banking practices.

Legal experts and Consumer Advocacy group, Citizens Network for Consumer Rights, have described the stunning revelations as a financial heist and called for the authorities to conduct a thorough and impartial investigation with a view to initiating possible criminal prosecution of those found culpable.

The Economic and Financial Crimes Commission (EFCC) has explained why it arrested popular rights activist Martins Vincent Otse, also known as VeryDarkBlackMan (VDM).

Speaking to BBC News Pidgin, EFCC spokesperson Dele Oyewale said the arrest was made following several petitions from individuals who had complaints against the activist.

“We arrested him to respond to a series of allegations raised against him by some petitioners,” Oyewale said.

When asked if the petitions were connected to GT Bank, he explained that the complaints came from different people and that the EFCC has a duty to protect the identities and interests of those who reported the matter.

He added, “We will release him once he meets the bail conditions, and we will take the case to court as soon as possible. We are law-abiding.”

Oyewale also confirmed that the activist was arrested in Abuja.

The development comes shortly after VeryDarkMan went to a bank in Abuja with his mother to inquire about her account.

https://tribuneonlineng.com/why-we-arrested-verydarkman-efcc/

EFCC secures court order to remand VeryDarkMan, prepares charges

The Economic and Financial Crimes Commission (EFCC) has secured a court order to remand social media activist, Martins Otse, popularly known as VeryDarkMan (VDM), pending the conclusion of an investigation into alleged cybercrime offences.

VDM was arrested last Friday at a bank branch in the Wuse area of Abuja by a combined team of EFCC operatives, officers of the Department of State Services (DSS), and the Nigeria Police Force.

Eyewitnesses said he was accosted shortly after exiting the bank premises.
His arrest sparked widespread outrage on social media, with the hashtag #FreeVDM trending across platforms throughout the weekend.

Critics have accused authorities of using security agencies to silence dissenting voices.

Sources close to the investigation confirmed that the EFCC is preparing to file charges under Nigeria’s Cybercrimes Act, which empowers the commission to investigate and prosecute cybercrimes, particularly those involving financial and economic crimes.

“The remand order was granted to allow us to complete our investigation and finalize the charges,” a senior EFCC official said, adding that “he would be arraigned once we conclude that process, and the charges are expected to be substantial,” a source said.

As of Monday morning, VDM remains in the custody of the EFCC. His legal representative, Deji Adeyanju, issued a formal statement last week confirming that they are seeking access to him and reviewing possible legal actions.

The EFCC has not issued an official statement on the arrest or the charges.

On this day in 2010, the country mourned. The intrepidly, cold and bold daring hands of Death snatch our beloved president away. Despite his fleeting stay in office, he was able to transform Nigeria even beyond expectation.

If he was still the president, or if he hadn’t died, we would have seen a different Nigeria today. Nigeria would have been Better than it is today because Yar’Adua was leading the country on the right path to achieving Her prosperous Destiny. He was about to set the pace and Blaze the trail of the country. He was on the brink of finding a new path. But sadly, He died.

Why Do good die so early?
May His Soul continue to Rest in Peace.

What are your Memories of President Umar Musa Yar’Adua?

The Joint Admission and Matriculation Board (JAMB) has officially released the 2025 UTME result analysis.

The analysis released on Monday morning by the exam body revealed the breakdown of candidates’ performance across various categories.

The number of candidates who scored 320 and above is 4,756, representing 0.24% of the total candidates.

A total of 7,658 candidates scored between 300 and 319, accounting for 0.39%.

When combining scores of 300 and above, the number rises to 12,414 candidates, which is 0.63% of the total.

In the 250 – 299 category, 73,441 candidates achieved this score range, making up 3.76% of the total candidates.

Those who scored between 200 and 249 numbered 334,560 candidates, representing 17.11%.

A significant 50.29% of candidates, 983,187 in total, scored between 160 and 199.

In the 140 – 159 range, 488,197 candidates (24.97%) scored, while 57,419 candidates (2.94%) scored between 120 and 139.

A smaller group of 3,820 candidates (0.20%) scored between 100 and 119, while 2,031 candidates (0.10%) scored below 100.

In total, 1,955,069 candidates sat for the 2025 UTME.

Additionally, 40,247 underage candidates were allowed to demonstrate their abilities, but only 467 of them (1.16%) achieved scores that met the threshold for exceptional ability, with their performance in the subsequent stages pending.

There were 97 candidates involved in examination infractions, and 2,157 others are undergoing investigations for suspected malpractices.

Also, 71,701 candidates were absent for the exam.

Those facing biometric challenges are still under investigation, with rescheduling for those cleared to take the exam at designated centers.

Some results, including those of blind candidates and others in the JEOG candidates group, are still being processed.

A press conference to announce individual results and facilitate result checking will be held later this week.

The Niger Delta Development Commission, NDDC, said its attention has been drawn to a series of fraudulent emails and messages being sent to applicants of the Postgraduate Foreign Scholarship Programme.

The mailing address (nddcregistry@gmail.com), claiming to be the Commission’s ‘Board Registry,’ invites unsuspecting members of the public to a fake document verification and authentication exercise scheduled for May 19th–21st, 2025, at 30 Bishop Oluwole Street, Victoria Island, Lagos.

We want to clarify that the NDDC is not associated with this fraudulent selection process and exercise. All official communications concerning the scholarship programme will only be through the official NDDC portal (www.scholarship.nddc.gov.ng).

Applicants are strongly advised to disregard any unsolicited messages requesting money, an invitation, sensitive information, or offering scholarship placement outside of the official NDDC processes. Anyone who receives such messages is encouraged to report them immediately to the appropriate authorities, as your safety and privacy are our priority.

We urge those with legitimate inquiries about the scholarship programme to contact us through our official channels. We also encourage beneficiaries of our programmes to verify facts on the NDDC’s official website: [www.nddc.gov.ng].

The Lagos State Vehicle Inspection Service has impounded over 200 unroadworthy vehicles across the state.

The Director of Lagos VIS, Mr Akin-George Fashola, stated this in a press release made available to the News Agency of Nigeria on Sunday.

The statement was signed by Mrs Bolanle Ogunlola, Deputy Director of Public Affairs at the Lagos State Ministry of Transportation.

Fashola, who recently led an enforcement operation that resulted in the impounding of several unroadworthy vehicles, noted that the initiative was aimed at enhancing road safety and reducing accidents caused by unfit vehicles.

So This Happened (181) reviews resignation of Lagos commissioner, new UK’s Prime Minister, other

Explaining the rationale behind the operation, Fashola reiterated that the enforcement exercise targeted a wide range of vehicles, with a significant number comprising commercial minibuses, including danfos and korope vehicles.

“The operation is not restricted to private vehicles alone, as is commonly believed, but extends to all categories of vehicles contributing to the state’s transport ecosystem.

“All vehicle owners, especially those intending to use their vehicles for commercial purposes, are urged to ensure they meet the required roadworthiness standards.

“Before commercialising your vehicle, make sure it is fit for the road. You can even take it to any of our annex offices for proper inspection before putting it into operation,” he advised.

He also assured the public of the directorate’s commitment to sustaining the enforcement exercise aimed at improving road safety and promoting a safer, more efficient transport system in Lagos.

The immediate past Chairman of the Nigerian-American Public Affairs Committee, Texas, Mr Ike Chidolue, has urged Senator Natasha Akpoti-Uduaghan to present credible evidence to support her allegations or resign from the Senate.

Akpoti-Uduaghan, the suspended senator representing Kogi Central Senatorial District, had accused Senate President Godswill Akpabio and former Kogi State Governor Yahaya Bello of conspiring to kill her.
Chidolue made the call in a statement on Sunday in Abuja.

His reaction followed the senator’s recent Facebook post, in which she dismissed a viral May 1 Facebook Live broadcast by Dr Sandra Duru (also known as Prof. Mgbeke).

Akpoti-Uduaghan had described the broadcast which featured audio recordings and screenshots that appeared to contradict her public denials on several matters as “manipulated” and “politically motivated.”
However, Chidolue said the senator had failed to present any facts or evidence to defend her position.

According to him, “Her post offered no facts, no forensics, and certainly no credibility.

“What it does offer, unfortunately, is a continuation of a now-familiar pattern sensational allegations, quickly recycled into conspiracy claims once confronted with inconvenient evidence.”

Chidolue added that if the materials presented by Duru were authentic, they portrayed a troubling picture of a public official weaponising unproven accusations for political mileage.

He cited a number of claims made by Akpoti-Uduaghan which had not been substantiated with verifiable evidence. These included allegations of sexual harassment by Senate President Akpabio, claims that former Governor Yahaya Bello was contracted to assassinate her, and accusations that the Akpabios were involved in the 2021 death of a minor.

He also referred to her assertion that her reassignment on the Senate floor was punishment for rejecting advances.

“Not one of these claims has been substantiated by a police report, sworn affidavit, Senate resolution, or authenticated document.

When confronted with contradictory evidence, the senator’s response has been predictable: attack the source, dismiss the proof, and shift the goalposts,” Chidolue stated.

He therefore recommended a four-step approach to restore public confidence.

According to him, Akpoti-Uduaghan should first verify or refute Duru’s recordings through an independent forensic laboratory publicly.

She should also present evidence including police reports, court filings, and Senate records to support every claim, or pursue legal redress if defamed,” he said.

Failing all else, Chidolue added, she should issue a public apology and vacate her Senate seat.

“Let it be said plainly that Nigeria’s public institutions are not theatres for trial-by-sentiment.

“When elected leaders make explosive claims, they owe the public facts, not theatrics. Nigerians deserve better than conjecture and drama.

“The time for storytelling has expired. The burden is now hers: evidence or exit,” Chidolue concluded.