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Court Orders CBN, EFCC to Investigate Afex commodities Exchange company Accounts in 28 Banks over N17.8 Billion debt

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    The presiding Judge of a Federal High Court in Lagos, Justice Chukwujekwu Aneke  has granted an ordered mandating  Central Bank of Nigeria (CBN), and the Economic and Financial Crime Commission (EFCC) to carry out  investigation on the accounts of a limited liability company Afex Commodities Exchange Limited in 28 commercial banks in Nigeria following its inability to pay N17,808,452,467.107  loan facilities it took from Guaranty Trust Bank.
Justice Aneke granted the order sequel to an application filed  and argued before the court on behalf of Guaranty  Trust GTBank  by a Senior Advocate of Nigeria, Chief Ajibola Aribisala.
The investigation  is to cover the period of February 27, 2024  to May 27, 2024  to ascertain whether Afex Commodities Exchange maintain accounts with the 28 banks, and whether there has been any falsification of the account statements of the company in the 28 banks listed in the application filed before the court
   The court also ordered the Central Bank of Nigeria CBN, and Economic and Financial Crime Commission EFCC within minimum of 30 days from the date of service of the Orders on them to file their report before the court.
     Chief Ajibola Aribisala (SAN) also urged the court to adjourn the matter to enable the CBN,and EFCC to comply with the order of the court within the stipulated time.
     Chief Aribisala told the court that 90 percent of all the banks directed by the court to disclose all monies standing to the credit of the alleged debtor’s account in their custody have not been truthful and have failed to present accurate accounts before the court.
He urged the court to await the report of investigation by the CBN and EFCC before entertaining any further application(s) in the matter
   However Opposing the application for adjournment, Afex lawyer, Professor. Olawale Olawoyin SAN urged the court to hear the Preliminary Objection filed by the defendants and release some persons cited for contempt of court, who have nothing whatsoever to do with the matter.
    In his ruling, Justice Aneke adjourned the matter till September 26, 2024 for hearing of pending applications.
     The court had authorized Guaranty Trust Bank (GTBank) to temporarily take over the funds and assets of Afex Commodities Exchange following its N17.8 billion Central Bank of Nigeria (CBN) Anchor Borrowers’ loan.
Justice Aneke granted the interim order after entertaining an  application filed on behalf of GTBank by its counsel, Chief Ajibola Aribisala (SAN).
The N17,808,452,467.107 debt is made up of “N15,766,475,417.06 being the amount outstanding and unpaid, as of April 17, 2024, on the loan facilities (with the accrued interest) granted by the bank  to the company
The bank averred that the tenure of the facility was nine months, intended to finance smallholder farmers registered under the CBN Anchor Borrower’s programme.
The source of the repayment was to come from the sale of the maize produced, while the maturity date for the loan was April 22, 2021.
     However,according to the bank the company did not fulfil its end of the deal.
      Consequently,while granting GTBank’s prayer, Justice Aneke ordered a “Place a No Debit” on all monies standing to the credit of Afex Commodities Exchange as of the day the order was served on the first to 28th respondent banks.

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Kindness Defeats Witchcraft: Apostle Suleman’s Cross-Over Lecture at ‘Mercy Night’

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Evil is very much alive and well in this world. We are reminded of this fact as we see it play out almost often. Although evil occurs and serves as a stark reminder of the cruelty that exists within humankind, showing kindness can easily defeat evil acts, which is witchcraft, lectures popular servant of God and General Overseer of the Omega Fire Ministries (OFM) worldwide, Apostle Johnson Suleman.

 

At the ministry’s Cross-Over service on Tuesday 31st of December, 2024 tagged ‘Mercy Night’, the Restoration Apostle, ably present with his wife, Reverend Lizzy Suleman, warned us to “never avenge ourselves”. To the contrary, Apostle Suleman cautions; “do not be overcome by evil, but overcome evil with good”.

 

Usually, the natural response of man when he is hurt is to hurt back. But, Suleman says “God tells us something different”, quoting Romans 12:19–21: “Vengeance is mine, I will repay. If your enemy is hungry, feed him; if he is thirsty, give him something to drink; for by so doing you will heap burning coals on his head. Do not be overcome by evil, but overcome evil with good.”

 

According to the servant of God, not only should you refuse to take revenge, but you should intentionally do good to those who you would consider your enemies. Showing them love and kindness would so confuse and frustrate your enemy that the result would be them turning to God.

“If you want to see witchcraft being rubbished in your life, engage In kindness. To recover means to regaining possession. To recover means a comeback, the return of control. To recover means to improve and to become better. To recover is renewal,” Suleman teaches, suggesting that hate must not define us.

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Agbado Youths Celebrate Historic Succession, Rally Support for Prince Akintoye as King

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Agbado Community in Ogun State erupted in jubilation on December 27, 2024, as the youths led the town in a grand end-of-year celebration to honor the historic succession of the late patriarch, High Chief Anthony Kayode Akinrinade, by his son, Prince Akintoye Olusola Akinrinade.

The event marked a significant milestone in Agbado’s journey toward justice and stability following a prolonged Obaship crisis that stifled the community’s development for over three decades. The crisis, marked by legal battles and defiance of court orders with suit number CA/IB/75/2020, was recently resolved by the steadfast judgment of the Court of Appeal, Ibadan Division. The court ruled in favor of Prince Akintoye Olusola as the rightful successor, allowing him to continue the legal fight to restore order and dignity to Agbado.

 

For 35 years, Agbado thrived as a hub of agricultural trade and economic prosperity, with 147 villages under its jurisdiction. However, internal strife caused by selfish ambitions led to stagnation and disunity. The High Court delivered a landmark judgment five years ago, but resistance by a self-proclaimed monarch delayed the community’s progress.

On the 30th of October, 2024, the Court of Appeal officially recognized Prince Akintoye Olusola Akinrinade as the ‘Stand-In’ Plaintiff, a move that has rekindled hope for the community. This recognition also symbolizes a continuation of the legacy of the late High Chief Anthony Akinrinade, whose leadership was revered by all.

The festive event, organized by the Agbado Youth Forum, drew dignitaries, elders, chiefs, and community leaders. Baale Patoko, a key figure in the community, expressed optimism about the succession, stating, “The whole of Agbado strongly believes that by 2025, Prince Akintoye will be crowned king, bringing renewed peace and progress to our land.”

Pa Theophilus Amodu, a respected elder, praised Prince Akintoye’s exemplary character, noting, “He has taken after his father in good deeds and enjoys the trust and respect of the people.”

Mr. Amodu, President of the Agbado Youth Forum, echoed this sentiment, affirming the unwavering support of the youth for Prince Akintoye’s emergence as king. “His leadership will undoubtedly usher in peace, harmony, and development in Agbado,” he said.

The event concluded with renewed hope and determination among the people of Agbado, who are confident that Prince Akintoye’s ascension to the throne will mark the beginning of a new era for the community.

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Ex banker, Femi Olushakin, others arraigned for alleged armed robbery

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A former banker turned businessman, Olufemi Olalekan Olushakin alongside two others on Thursday were arraigned before the Chief Magistrate’s Court in Ibadan, Oyo State for alleged robbery.

Olushakin —now at large— and the two suspects — Ayomide Akanbi and David Adewale— were alleged to have conspired to commit felony to-wit armed robbery and thereby committed an offence contrary to and punishable under Section 6 (B) of the Robbery and Firearms (Special Provision) Act Cap RII Vol. 14 Laws of the Federal Republic of Nigeria 2004.

In the case with Charge number: MI/1672C (Commissioner of Police, Oyo State Vs. Ayomide Akanbi, M, 32 and David Adewole, M, 47): “Count 1: That you (1) Ayomide Akanbi ‘M’ (2) David Adewole ‘M’ and one Olusakin Olufemi Olalekan ‘M’ now at large on 13th December, 2024 at about 5:00pm at Global Signature Hotel, New Gbagi Road, Ibadan in the Ibadan Magisterial District did conspire together to commit felony to-wit Armed Robbery and thereby committed an offence contrary to and punishable under section 6 (B) of the Robbery and Firearms (Special Provision) Act Cap R II Vol. 14 Laws of the Federal Republic of Nigeria 2004.

“Count 11: That you (1) Ayomide Akanbi ‘M’ (2) David Adewole ‘M’ and one Olusakin Olufemi Olalekan ‘M’ now at large on the same date, time and place in the above Magisterial District while armed yourselves with guns and some other dangerous weapons did attack one Akinola Dare ‘M’ and also dispossessed him of cash sum of Two Million, One Hundred and Forty Thousand Naira (N2,140,000.00) only, property of Global Signature Hotel Limited and thereby committed an offence contrary to and punishable under Section 1 (2) of the Robbery and Firearms (Special Provision) Act Cap R II Vol. 14 laws of the Federal Republic of Nigeria 2004.”

The Police Prosecutor, Inspector Kefas Usman told court that Olushakin —a former branch manager with a second generation bank and now Chairman of LAC Autos & Spare Ltd.— alongside Akanbi, Adewale and others on the night of Friday, December 13, allegedly forcefully gained entrance into Global Signature Hotel in Ibadan by disarming the security men at the gate.

Usman stated that the suspects made forceful and unlawful entry into the hotel, went straight to the control room, destroyed the CCTV memory and cut off the CCTV machine.

“After vandalizing it, they went to the POS machine, took the machines of the company, went to the manager of the hotel, one Dare Akinola, at gunpoint took him to the cash registry to collect all the sales of the week including room sales, lodgment, bar & hall payment totalling over N2,140,000 (Two million, One hundred and forty thousand Naira).

“They went to all the rooms, rounded up all the customers, and forcefully asked them to transfer money into Olushakin’s personal account during the robbery.

“At gunpoint, they gathered everybody to the reception, laid them down at gunpoint and in fear of their lives, the customers made cash transfers to Olushakin’s accounts, they vandalized some other things, took the lodgment book, computers, and other equipment.”

The Chief Magistrate, Mrs. Giwa Babalola, ordered that the suspects should be remanded at the Agodi Correctional Center in Ibadan.

She adjourned the case till January 29, 2025 for further mention.

However, with Olushakin’s absence during the arraignment, the Oyo State Police Command has launched a manhunt for him with a bounty of N5 million placed on him to the public for anybody with useful information leading to arrest.

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