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

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.
News
Yahaya Bello’s Trial Continues March 11 In Alleged ₦110.4b Fraud Case
Yahaya Bello’s Trial Continues March 11 In Alleged ₦110.4b Fraud Case
Justice Maryanne Anineh of the Federal Capital Territory High Court, Maitama, Abuja, on Tuesday, March 10, 2026, adjourned the trial of former Kogi State governor, Yahaya Adoza Bello, till March 11 and 12, 2026, for continuation of trial.
Bello is standing trial alongside Umar Shuaibu Oricha and Abdulsalami Hudu on a 16-count charge, bordering on alleged criminal breach of trust and money laundering to the tune of ₦110.4 billion.
At the resumed hearing on Tuesday, prosecution counsel, Kemi Pinheiro, SAN, informed the court that the matter was scheduled for the continuation of the cross-examination of the 10th Prosecution Witness, PW10, Olomotane Egoro, a compliance officer with Access Bank Plc. The witness had earlier testified at the previous proceeding, where he narrated how funds were allegedly moved through multiple bank accounts.
During the cross-examination, defence counsel, Paul Daudu, SAN, requested that the statement of account of Fazab Business Enterprise Limited be shown to the witness.
Drawing the witness’s attention to the 14th column of the statement, particularly an entry dated June 24, 2022, Daudu asked him to confirm an outflow described as payment for the supply of educational materials.
The witness in response confirmed the transaction, stating: “It was for the supply of educational materials in the sum of ₦20 million.”
The defence counsel also referred the witness to several withdrawals reflected in the account statement and asked whether he recalled the transactions. The witness answered in the affirmative but stated that he could not determine the purpose of the withdrawals.

Yahaya Bello
The witness also confirmed the transfer of ₦86 million from Fazab Business Enterprise Limited to Ejadams Essence Limited, but said he could not explain the reason for the payment.
Asked whether he was in a position to state why the funds were transferred, the witness replied in the negative.
He was also asked if he was aware of any business relationship between Fazab Business Enterprise Limited and Hadassah Katriel Global Enterprise, to which he denied knowledge.
The witness, however, noted that most of the cash withdrawals were structured to fall below ₦10 million.
When asked whether a Suspicious Transaction Report, STR had been filed regarding the transactions and if such a report was before the court, he said “No, my lord.”
Justice Anineh adjourned the matter till March 11 and 12, 2026, for continuation of trial.
News
ICPC Debunks False Claim Of Arrest, prosecution Of Justice James Omotosho
ICPC Debunks False Claim Of Arrest, prosecution Of Justice James Omotosho
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has dismissed as false and malicious a video currently circulating on social media alleging that the Commission arrested the honourable, Justice James Omotosho of the Federal High Court, Abuja.
The Commission states categorically that the claim contained in the video is entirely untrue and intended to spread mischief and mislead members of the public.
ICPC wishes to clarify that it has neither arrested nor invited Justice James Omotosho in relation to any investigation.
The Commission is also not investigating the Honourable Judge as alleged in the video.
The Commission therefore urges members of the public to disregard the misleading content and refrain from spreading unverified information capable of causing unnecessary public concern and damaging reputations.
For the avoidance of doubt the ICPC has no mandate to investigate serving judicial Officers. And the Commission is an agency that has very high regards for not only the honourable Justice James Omotosho but for all judicial Officers in Nigeria.

ICPC
ICPC reiterates its commitment to professionalism and due process in the discharge of its statutory mandate and advises the public to rely only on official communication from the Commission for accurate information regarding its activities.
The public is also encouraged to exercise caution and verify the authenticity of information circulating in social media before sharing it.
J. Okor Odey, Anipr
Spokesperson
ICPC
News
Court Adjourns Fred Ajudua’s Case Indefinitely In Alleged $1.043m Fraud
Court Adjourns Fred Ajudua’s Case Indefinitely In Alleged $1.043m Fraud
Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday, March 9, 2026, adjourned indefinitely (sine die) the trial of Fred Ajudua over an alleged $1,043,000 fraud.
Ajudua is standing trial for allegedly defrauding a Palestinian , Zad Abu Zalaf, of the sum of $1,043,000 (One Million, Forty-Three Thousand U.S. Dollars) under false pretences.
The case, which began in 2005 before Justice M.O. Obadina of the Lagos State High Court, Ikeja, encountered several delays due to legal technicalities employed by the defendant that stalled the proceedings and complicated his arraignment.
The matter was subsequently reassigned to Justice J.E. Oyefeso and later to Justice M.A. Dada, before whom Ajudua was finally arraigned on June 4, 2018.
Following the denial of his bail by Justice Dada, Ajudua appealed to the Lagos Division of the Court of Appeal, which granted him bail on September 10, 2018.
Dissatisfied with the appellate court’s ruling, the EFCC appealed to the Supreme Court.
The Commission also filed a separate appeal with suit number SC/912C/2018 challenging the appellate court’s decision to transfer the case from Justice Dada to another judge to commence afresh (de novo).
Both issues were resolved in favour of the appellant (prosecution) by the apex court, which remitted the case to the Chief Judge of Lagos State to be assigned to Justice Dada for the continuation of a speedy trial and its determination within the shortest possible time.
At the proceedings on Monday, the defence counsel, Olalekan Ojo, SAN, informed the court that the defendant had filed a motion on notice before the court.
“This matter was earlier adjourned for the continuation of trial.
“However, there is a supervening factor, which is the judgment of the Court of Appeal delivered on January 30, 2026, allowing the appeal against the ruling of the Lagos State High Court refusing the defendant bail,” he said.
Ojo further told the court that a Certified True Copy (CTC) of the judgment had been forwarded to the court and attached to the motion on notice filed by the defence on March 5, 2026.
According to him, the Court of Appeal granted bail to the defendant and also ordered that the substantive suit be remitted to another court to commence de novo.
The senior counsel to the defendant submitted that he was relying on the case of Ajudua v. FRN (2019) where the Court of Appeal gave a similar interpretation on the transfer of the case to start de novo.
He also informed the court that the complainant in the matter had appealed against the decision at the Court of Appeal.
“Until that judgment is set aside, the court must act on it. We have written a letter to the Chief Judge of Lagos State to reassign the case to another judge of the High Court of Lagos State,” he said.
Ojo argued that the present court no longer had the jurisdiction to continue with the case and could only direct that the case file be sent to the Chief Judge of Lagos State for reassignment.
Ojo (SAN) also informed the court that he was not relying on the motion filed on March 5, 2026 but on the Judgment of the Court of Appeal delivered on January 30, 2026.
In response, the prosecuting counsel, S. K. Atteh, told the court that he received the application late on Friday.

Court
He added that although the Court of Appeal granted bail to the defendant, the judgment contained no order directing that the case be transferred to another court.
Atteh also informed the Court that counsel to the defendant had filed a motion at the Court of Appeal praying the Court to clarify or interpret the judgment on the issue of the transfer of the case to another judge of the High Court of Lagos State for the trial to start de novo, contrary to the earlier decision of the Supreme Court on the issue.
He urged the Court to strike out the motion if the counsel to the defendant is not relying on the application, which was still pending in the court file.
After listening to the submissions of both parties, Justice Dada struck out the motion on notice and adjourned the matter sine die (indefinitely).
Meanwhile, Ojo SAN, Counsel to Fred Ajudua has also filed another motion at the Supreme Court on February 24, 2026 , praying the apex court to set aside its earlier judgment delivered on May 9, 2025.
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