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Journalist Jailed 3 Years For N10.2m Fraud
A Wuse Zone II Magistrates’ Court in Abuja, on Wednesday, sentenced a journalist, Sanusi Inuwa, to three years in prison for N10.2 million fraud.
Inuwa, 47, claims to be the publisher/Editor-in-Chief of Daily Focus newspaper.
The court imposed the sentence after finding Inuwa guilty of defrauding one Mr Hamza Galadima of the said amount.
Magistrate Folashade Oyekan held that the police, who prosecuted the case, proved it beyond reasonable doubt.
She also ordered the convict to pay the sum of N10.2 million to the complainant (Galadima) as compensation or spend five years in prison.
The convict was first arraigned on July 15, 2021, on a five-count charge of conspiracy, breach of trust, cheating, intimidation and defamation of character.
The News Agency of Nigeria (NAN) reports that Inuwa had pleaded not guilty to all the counts, and was granted bail in the sum of N600,000.
According to the police, Inuwa jumped bail but was re-arraigned on June 14, 2022, and kept at the Keffi custodial centre until Wednesday.
The police had submitted that one Dr Ado Birchi introduced the convict to the complainant on April 24, 2021, as the publisher of the newspaper.
The police said that Inuwa collected N10 million from Galadima to renew his publication licence, promising to pay back after two months.
“The money was paid into the defendant’s Access Bank account on four different occasions.
“Two months elapsed without the defendant paying the money back as agreed.
“The defendant later handed over documents for one hectare of land at Sabo Lugbe, Abuja, to the complainant, claiming that the land was worth N13 million,” the police added.
According to the police, the convict also collected N250,000 from the complainant, but ran away and started publishing articles to tarnish his image.
The court heard that the land documents were later discovered to be forged by the convict.
According to the prosecutor, Mr Oyeyemi Adeniyi, the convict conspired with one Arma Yau, at large, to perpetrate the fraud, in contravention of Sections 97, 364, 322, 312 and 394 of the Penal Code.
The 2023 presidential candidate of the Social Democratic Party (SDP), Adewole Adebayo, says he is willing to step down his presidential ambition in the 2027 elections for a better politician to emerge as the flag bearer of his party.
The lawyer stated this on the Sunday edition of Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television.
“Everybody knows that I have an aspiration. I’m working on it but God is the author of tomorrow; we don’t even know who is going to be around in 2027,” Adebayo said.
“It is my prayer to God that if there is a person who God thinks is better than me to fix the problem of Nigeria, my ambition should not stop that person because we want a country that works. That is the kind of thing we are working on at this time.”
Adebayo said the SDP would give Nigerians a candidate that all citizens would be proud of and be ready to give a chance to unseat President Bola Tinubu of the All Progressives Congress (APC) in the next presidential election.
The politician said the SDP won’t divide Nigerians along the delicate lines of religion and ethnicity.
He said, “What used to be an easy discussion – with religion and ethnicity – has become explosive now. So, we will not use the SDP forum to try to bifurcate our people into different zones.
“What we are looking for now is a system where when we make a choice in the SDP, there will be resounding joy outside the SDP and Nigerians will say: ‘Okay, finally, this platform has given the country a chance’.”
The Nigeria Deposit Insurance Corporation (NDIC) has announced that it is actively working to ensure prompt compensation for depositors of the defunct Heritage Bank, specifically those whose account balances surpass the N5 million insurance cap.
Following the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s operating license on June 3, 2024, the NDIC was designated as the liquidator in accordance with the provisions of Section 12(2) of the Banks and Other Financial Institutions Act (BOFIA) 2020, alongside Sections 55(1 & 2) of the NDIC Act 2023.
In a recent update regarding the payment of uninsured amounts to Heritage Bank depositors (currently in liquidation), the corporation indicated that it has commenced the liquidation process, which includes verifying and reimbursing insured deposits to all depositors.
The NDIC reported significant advancements in the reimbursement of insured deposits up to the N5 million maximum per depositor. This clarification addresses concerns raised by depositors regarding the payment process.
According to the NDIC management, the depositors who have yet to receive their insured amounts mostly lack a Bank Verification Number (BVN) or do not have alternative accounts in other banks, which would enable the corporation to retrieve their information from the Nigeria Inter-Bank Settlement System (NIBSS) database for payment processing. Additionally, some accounts are subject to post no debit (PND) restrictions, while others face Know Your Customer (KYC) limitations, including Tier 1 accounts that restrict the maximum deposit amount, and issues with name discrepancies that need resolution.
Furthermore, some depositors who have received payments may not be aware due to the absence of mobile transaction alerts on their alternate accounts where the insured funds were deposited by the NDIC. The corporation advises these depositors to review their other bank accounts, as some payments may have been processed without their immediate knowledge.
Regarding the initiation of payments for uninsured depositors, the NDIC confirmed that while depositors with balances exceeding N5 million have received the initial insured amounts, the remaining balance above the N5 million insurance limit will be disbursed as liquidation dividends in line with the corporation’s statutory obligations.
The statement highlighted that the corporation has made significant progress in liquidating physical assets and recovering debts from the failed bank to expedite payments to depositors with balances above the insured threshold.
The NDIC emphasized, “To showcase our commitment, the corporation has initiated the liquidation of physical assets and investments while concurrently pursuing aggressive debt recovery, alongside the verification and payment of insured sums.”
“To ensure transparency and adherence to legal standards, the NDIC has extensively publicized the asset disposal process on its official website, social media channels, major national newspapers, and through radio and television broadcasts.”
The corporation’s strategy of simultaneously compensating insured depositors while aggressively pursuing asset liquidation and debt recovery aims to hasten the liquidation process, ensuring all depositors receive their funds without unnecessary delays.
The NDIC further stated, “With significant progress in asset realization, we plan to announce the first tranche of liquidation dividends in April 2025, which will be allocated to uninsured depositors on a pro-rata basis, in accordance with Section 72 of the NDIC Act 2023 addressing the priority of claims.”
For clarity, this section specifies: “In the event that an insured institution is unable to fulfill its obligations or suspends payments, or if its management is taken over by the Central Bank of Nigeria following the revocation of its license, the assets of the insured institution shall be utilized to meet its deposit liabilities, which take precedence over all other liabilities.”
Therefore, other claimants of the defunct Heritage Bank, including creditors and shareholders, will only be considered for liquidation dividends after all depositors have been fully reimbursed.
The NDIC reiterated its commitment to safeguarding depositors’ funds in all licensed banks, urging the public to engage in banking activities without apprehension, as all other banks remain stable and secure.
Affected depositors with further inquiries are encouraged to reach out to the Claims Resolution Department of the NDIC for additional clarification.
German Chancellor Olaf Scholz expressed on Sunday that Europe seeks collaboration with the United States, while simultaneously asserting that the EU is ready to take unified action if Washington enforces tariffs on steel and aluminum.
During his address at the Hanover Industrial Trade Fair, which this year highlights Canada as its partner country, Scholz underscored Canada’s status as an independent nation.
This statement follows former US President Donald Trump’s remarks about the potential annexation of Canada, referring to it as the 51st state of the US.
“We stand alongside you. Canada is not a territory to be claimed by anyone else. It is a proud, sovereign nation,” he affirmed.
In response to Trump’s tariff proposals, the Chancellor articulated that his counter to “America First” policies is a call for enhanced free trade, increased competitiveness, and greater technological independence.
He emphasized that Europe is neither naive nor weak, asserting that trade conflicts are harmful to all parties involved.
“I convey this message to the United States: Europe’s objective remains cooperation. However, if the US forces our hand through tariffs on steel and aluminum, we, as the EU, will respond collectively,” he concluded.