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High Court Orders Final Forfeiture of N81.1m Stolen From Sterling Bank To FG

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N1.2bn Stolen From Sterling Bank

High Court Orders Final Forfeiture of N81.1m Stolen From Sterling Bank To FG

Justice Yelim Bogoro of the Federal High Court sitting in Ikoyi, Lagos, on Monday, March 9, 2026, ordered the final forfeiture of the sum of N81,108,143.8( Eighty-one Million One Hundred and Eight Thousand One Hundred and Forty-three Naira Eight Kobo) to the Federal Government of Nigeria in favour of Sterling Bank Plc.

The judge gave the order, following a motion on notice filed by the Economic and Financial Crimes Commission, EFCC, through its counsel, Hannatu U. KofarNaisa.

The court had, on October 2, 2025, granted an interim forfeiture order of the fund and also directed the publication of the same in a national newspaper for any interested party to show cause why the money should not be finally forfeited to the Federal Government.

The money was part of the over N2,500,000,000 ( Two Billion Five Hundred Million Naira) stolen by some customers of Sterling Bank and transferred to their own use as well as to the use of some third party beneficiaries, owing to a system glitch experienced by the bank.

Upon receipt of a petition from the bank on July 18, 2022 by the Commission, investigations had led to the identification and tracing of the stolen funds to various accounts, including that of a customer, Sulaiman Kehinde Ojora, who was one of the major beneficiaries of the monumental fraud.

Investigation further revealed that Sulaiman Kehinde Ojora fraudulently concealed the sum of ₦43,000,000 in the account of his friend, Taiwo Oluwaseyi Alawode (Account No. 1233126860), domiciled in Access Bank, and the sum of ₦122,200,009.00 in the account of his wife, Aminat Olatanwa Ojora (Account No. 0072889319), domiciled in Sterling Bank.

Moving the motion for the final forfeiture order on Monday, counsel to the EFCC, H.U. KofarNaisa stated that the application was supported with an affidavit deposed to by Maina Gapani Gyal, an investigator with the EFCC.

In the affidavit, Gyal stated that he was one of the operatives of the Commission assigned to investigate the petition received on July 18, 2022 by the Commission from the bank in respect of the alleged monumental fraud.

Gyal said: “That over N2,500,000,000.00 (Two Billion Five Hundred Million Naira) was stolen by some customers of the bank and converted to their own personal use as well as to the use of some third party beneficiaries.

“The said fraud and unauthorized transfer of funds was due to a system glitch in the bank wherein the over N2,500,000,000.00 (Two Billion Five Hundred Million Naira) was allegedly stolen.

“That the glitch gave customers of the Bank an opportunity using the
PAYATTITUDE Global Ltd banking platform (an e-bank wallet and a payment scheme subscribed by sterling bank PLC), to illegally transfer funds when their Sterling Bank accounts were not funded.”

She said that Gyal, in the affidavit, also stated “That the petitioner alleged that the bank was unable to salvage the total sum of N295.916.201.02 (Two Hundred and Ninety Five Million, Nine Hundred and Sixteen Thousand, Two Hundred and One, Two Kobo) from the said monumental fraud, same having been withdrawn and converted by the Bank customers.

“That the said funds were fraudulently concealed in accounts number 1233126860 belonging to Taiwo Oluwaseyi Alawode domiciled with Access Bank PLC and account number 0072889319 belonging to Aminat Olatanwa Ojora domiciled in Sterling Bank PLC, as highlighted in schedule A to this Application.

“That the bank was able to salvage the total sum of N81,108,143.8
(Eighty One Million One Hundred And Eight Thousand One Hundred And Forty Three Naira Eight Kobo), out of the monumental fraud as highlighted in paragraph 9 above and schedule A to this Application, now sought to be finally forfeited.

“That the Bank was also able to salvage the total of N490,349,000 ( Four Hundred and Ninety Million, Three Hundred and Forty Nine Thousand Vaira) from the Banks’ Internal Ledger.”

N1.2bn Stolen From Sterling Bank

KofarNaisa, therefore, told the court that the money was reasonably suspected to have been proceeds of unlawful activities.

KofarNaisa also told court that the Commission had published the interim forfeiture order in The Punch newspaper of February 19, 2026 for any interested party to show cause why the final order of forfeiture should not be made in favour of the Federal Government of Nigeria.

Justice Bogoro, after listening to the submissions by KofarNaisa , held that “having gone through the motion and attachments, I find the application meritorious and the same is accordingly granted.”

Consequently, the Judge ordered the final forfeiture of the money to the Federal Government of Nigeria in favour of Sterling Bank Plc.

Education

Olukoyede Charges Students,Says “Make Integrity Your Foundation”

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Olukoyede Charges NACIWA

Olukoyede Charges Students,Says “Make Integrity Your Foundation”

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has charged students across the country to make integrity their foundation, stressing that with such a foundation, future prospects of success will come handy.

He gave the charge in Abuja on Monday, March 9, 2026, while addressing students of J.K. People’s Comprehensive Academy Mararaba, Nasarawa State that came on a study tour of EFCC’s Corporate Headquarters.

Olukoyede, who spoke through EFCC’s Head of Media and Publicity and Spokesperson of the Commission, Deputy Commander of the EFCC, DCE Dele Oyewale noted that students that embraced integrity, accountable conduct and transparency will turn out to be leaders in their generation.

“ Your foundation is important. No superstructure can stand on a foundation of corruption. At this stage of your education, you have every opportunity to choose integrity. You cannot be wrong with integrity and you cannot be right with corruption”, he said.

The EFCC boss further encouraged the students to aim high, broaden their vision and aspirations and dominate their environment for good.

On her part, the Head of Enlightenment and Re-Orientation Unit of the Commission, Assistant Commander of the EFCC, ACE II Aisha Mohammed, pointed out that prevention, investigation and prosecution are EFCC’s three-pronged approach to fighting corruption, economic and financial crimes. She highlighted television and radio sensitisation programmes and the establishment of Integrity and Zero Tolerance clubs in schools across the country and sustained collaboration with critical stakeholders as part of the Commission’s preventive efforts.

She charged the students to always thread the path of ethical behaviour as leaders of tomorrow. “You are the future of this country. If you get it right, Nigeria will get it right. Be content. Don’t allow anyone to pressure you into living beyond your means,” she said.

In a presentation on cybersecurity, Inspector of the EFCC, Kayode Eniola, educated the students on the nature and consequences of cybercrimes, describing cybercrimes as criminal activities perpetrated through digital communication tools and internet-enabled platforms. She identified phishing, hacking and online romance scams as common forms of cybercrime, adding that victims of cybercrimes often suffer financial losses, privacy breaches and reputational damage.

Olukoyede Charges NACIWA

Olukoyede

She further advised the students to adopt preventive measures against cybercrimes, such as using strong passwords, updating their software regularly, avoiding suspicious links and logging out of shared devices after use.

In his remarks, Okoro Chijioke, a teacher in the school, expressed gratitude to the EFCC and the students for an insightful event, describing it as “an unforgettable experience and one of the best so far.”

The event featured a question and answer session as well as a quiz competition in which the children’s understanding of the lecture was assessed. Two students, who emerged winners, were presented with gifts and souvenirs.

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CAS Kelvin Aneke Advocare Expanded TETFund Support To Boost AFIT Research, Innovation, National Capacity

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Under CAS Air Marshal Aneke

CAS Kelvin Aneke Advocare Expanded TETFund Support To Boost AFIT Research, Innovation, National Capacity

The Chief of the Air Staff (CAS), Air Marshal Sunday Kelvin Aneke, has advocated expanded support from the Tertiary Education Trust Fund (TETFund) to further strengthen research, innovation, and human capital development at the Air Force Institute of Technology (AFIT). The CAS made this known during a courtesy visit to the Executive Secretary of TETFund on 10 March 2026, where he expressed the Nigerian Air Force’s deep appreciation for the Fund’s longstanding interventions in AFIT.

He commended the leadership of the Executive Secretary for initiatives that continue to strengthen tertiary education in Nigeria, noting that institutions such as TETFund remain critical to national development. According to the CAS, “TETFund has remained a long-standing strategic partner to the Nigerian Air Force. The Fund’s interventions at the Air Force Institute of Technology have significantly enhanced the Institute’s capacity to deliver on its mandate as our premier technical training institution and to contribute meaningfully to national development.”

Air Marshal Aneke highlighted the significant impact of TETFund’s support to AFIT, particularly in the areas of infrastructure development, research funding, and academic capacity building. He noted that through the Fund’s interventions, the Institute has benefited from the construction of key facilities including the Faculties of Ground and Communication Equipment and Management Sciences, a Cyber Security building, multi-user laboratories, offices, accommodation blocks, as well as support for ICT development, library expansion, and entrepreneurship programmes. The CAS further observed that AFIT has, over the years, evolved into one of the most sought-after universities in Nigeria, particularly in aerospace and aviation-related disciplines.

He attributed this growing reputation to the institution’s culture of discipline, commitment to academic excellence, and uninterrupted academic calendar, noting that AFIT’s zero tolerance for strike actions has significantly enhanced its appeal to students seeking stable and high-quality technical education.

“Through sustained collaboration with TETFund, AFIT has grown into a multidisciplinary centre of excellence producing highly skilled manpower for Nigeria’s aviation, aerospace, and defence sectors,” he stated.

Under CAS Air Marshal Aneke

CAS Air Marshal Aneke

Air Marshal Aneke further noted that there remain additional areas where TETFund’s continued support could strengthen AFIT’s capacity for research, innovation, and manpower development, particularly in emerging technological fields. He also highlighted opportunities for the Fund’s intervention in the Nigerian Air Force College of Nursing and the Nigerian Air Force School of Medical Sciences and Aviation Medicine, especially in areas of infrastructure development and academic capacity building aimed at strengthening the nation’s healthcare manpower base. Responding, the Executive Secretary of TETFund commended the Nigerian Air Force for its commitment to academic excellence and national capacity development, noting that AFIT’s progress reflects the impact of sustained collaboration between both institutions.

He reaffirmed the Fund’s readiness to continue supporting initiatives that promote research, innovation, and human capital development in line with its mandate to strengthen tertiary education in Nigeria.

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ICPC Advocates Enhanced Forensic Capabilities For Sophisticated Financial Investigations

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Edo High Court

ICPC Advocates Enhanced Forensic Capabilities For Sophisticated Financial Investigations

The Secretary to the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Mr. Okwudiri Oparaodu, has called for a significant bolstering of the Commission’s forensic capabilities to effectively tackle the rising tide of complex corrupt practices and financial fraud. He underscored that forensic investigation is no longer just an optional tool, but a cornerstone of modern law enforcement, essential for navigating the increasingly sophisticated methodologies employed by criminals.

Mr. Oparaodu made these remarks recently during his address at the opening of a two-day capacity-building workshop for ICPC operations personnel. The training, themed “Harnessing Forensic Capabilities in the Investigation of Corrupt Practices and Financial Frauds,” is sponsored by the Centre for Democracy and Development (CDD).

Addressing the participants, the ICPC Secretary highlighted the dynamic nature of criminal activity, noting that its growing complexity demands that investigators master and leverage modern technology. He elaborated that forensic processes are highly technical and play a pivotal role in constructing watertight cases. He cautioned that any procedural lapse or oversight in the forensic chain could prove fatal in a court of law, potentially undermining months of investigative work.

“The integrity of your investigation rests on the robustness of your forensic application,” Mr. Oparaodu stated. He therefore urged the attendees to engage with the training materials diligently, paying meticulous attention to investigative procedures to ensure their efforts yield credible, verifiable, and defensible outcomes that will stand up to judicial scrutiny.

Beyond the operational focus, Mr. Oparaodu expressed his profound appreciation to the Centre for Democracy and Development for its sponsorship and strategic partnership. He particularly commended the CDD for its inclusive approach, which saw both operational and administrative personnel included in the programme.

He noted that this cross-cutting capacity building would foster a more holistic understanding of forensic applications across the Commission’s value chain. He concluded by asserting that the knowledge acquired should be swiftly integrated to strengthen the Commission’s core mandate of combating corruption and safeguarding public integrity.

Earlier in his welcome address, the Head of the ICPC External Cooperation Unit, Mr. Ahmed Abdul, welcomed the participants and reiterated that the training was a direct outcome of the invaluable support from the CDD.

He encouraged everyone to participate actively in the sessions, maximising this opportunity to refine their professional skills. His charge to them was clear: to apply the newly acquired knowledge practically, thereby adding tangible value to the Commission’s operations upon their return.

Speaking on behalf of the CDD, Mrs. Titilayo Olaniyan underscored the timeliness of the initiative. She stated that the training arrives at a critical juncture when corruption and financial crimes in Nigeria and across the region are becoming increasingly intricate and transnational.

Edo High Court

ICPC

She emphasised that the effective deployment of forensic techniques, coupled with proper evidence management and modernised investigative methods, is not just beneficial but essential for strengthening law enforcement and prosecutorial efforts.

“This initiative is a testament to the CDD’s unwavering commitment to strengthening accountability mechanisms and enhancing the institutional capacity of anti-corruption agencies,” Mrs. Olaniyan explained. She added that the workshop forms part of a broader strategy to promote good governance and the rule of law.

In closing, she commended the leadership of the ICPC for its continued dedication and resilience in safeguarding public resources and promoting a culture of integrity within the Nigerian public service.

Signed
J. Okor Odey, Anipr
Spokesperson for the Commission

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