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EFCC Arraigns Forex Broker for Alleged N2 Billion Investment Scam in Uyo

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The Enugu Zonal Directorate of the Economic and Financial Crimes Commission, EFCC on Friday, July 19, 2024 arraigned one Rufus John Isip, a self-acclaimed forex broker before Justice C. S. Onah of the Federal High Court sitting in Uyo, Akwa Ibom State.

Isip was arraigned alongside his company, ITM-IT Resources Limited on an eight-count charge bordering on fraudulent conversion, money laundering and obtaining by false pretence to the tune of N2, 022, 081, 172 (Two Billion, Twenty-two Million, Eighty-one Thousand, One Hundred and Seventy-two Naira).

Count one of the charge reads: “That you, Rufus John Isip while being the Director of ITM-IT Resources Limited and ITM-IT Resources Limited sometime in December 2020 and May 2021 in Uyo, Akwa Ibom State, within the jurisdiction of the Federal High Court of Nigeria, with intent to defraud, obtained the sum of (431, 331, 172. 00) Four Hundred and Thirty-one Million, Three Hundred and Thirty-one Thousand, One Hundred and Seventy-two kobo from one Michael Okon, the Director of N-Rex Resources Limited under the false pretence that it is an investment in Vandera, an online investment platform, on his behalf, which pretence you knew to be false and thereby committed an offence contrary to Section 1 (1) (a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006 and punishable under Section 1 (3) of the same Act”.

Count eight of the charge reads: “That you, Rufus John Isip while being the Director of ITM-IT Resources Limited and ITM-IT Resources Limited sometime between December 2020 and May 2021 in Uyo, Akwa Ibom State, within the jurisdiction of the Federal High Court of Nigeria, converted the total sum of (N730, 870, 000. 00) Seven Hundred and Thirty Million, Eight Hundred and Seventy Thousand Naira to crypto currency (Bitcoin) and transferred same into your Binance Wallet knowing that the said money formed part of your unlawful act and you thereby committed an offence contrary to Section 15 (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2011 and punishable under Section 15 (3) (4) of the same Act”.

He pleaded not guilty when the charges were read to him.

In view of his plea, Khamis Mahmud, counsel to the EFCC prayed the court to remand him in EFCC custody on the grounds that “we are still investigating him on other cases”.

The defence counsel, Samson Ewuje however, did not pose any objection.
Justice Onah adjourned the matter to October 14, 2024 for trial and the defendant was remanded at the Uyo Zonal Directorate of the EFCC.

Isip was arrested based on a petition from one Michael George, alleging that he lured him to invest in his online trading platform called Vandora.io. According to the petitioner, the defendant told him that it was more profitable to trade on his platform with a minimum trading capital of $100, 000. 00 (One Hundred Thousand Dollars) and that he would earn more profit if he involved more investors.

The petitioner thereafter invested, reached out to other investors and companies who also invested in the defendant’s phony online trading platform and after 60 days (as agreed) for the investors to start earning their profits, the defendant disappeared into thin air.

Visit www.efcc.gov.ng for more stories

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FirstPower Limited Gets License to Distribute Electricity in Anambra

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The Anambra State Electricity Regulatory Commission (ASERC) has issued an operational license to First Power Electricity Distribution Company Limited (FPEDC) for electricity distribution in the state.

During a ceremony in Awka, Prof. Frank Okafor, Chairman/CEO of ASERC, presented an interim license to FPEDC, authorizing the company to operate for one year.

 

The license follows a Nigerian Electricity Regulatory Commission (NERC) order that transferred regulatory oversight of the electricity market to the state after the inauguration of five commissioners on 9 October 2025.

Prof. Okafor explained that the move aligns with Governor Charles Soludo’s administration, which is committed to upgrading the state’s electricity infrastructure and promoting industrialisation.

 

He noted that, under Section 33 of the Anambra State Electricity Law (2025), only licence‑holders may participate in the state’s electricity market.

 

Existing operators that are already serving customers must regularise their licences through a thorough process, and ASERC has therefore granted interim licences to NERC‑licensed companies already operating in Anambra.

 

 

Dr. Ernest Mupwaya of the Enugu Electricity Distribution Company (EEDC) received the certificate on behalf of FPEDC.

 

He praised the Electricity Act 2023 for empowering states to develop their own regulatory frameworks and highlighted Anambra’s leadership in implementing these reforms.

 

According to Dr. Mupwaya, the collaboration among the Anambra State Government, ASERC, and industry stakeholders has produced a “model of constructive engagement, technical depth, and transparent coordination,” paving the way for a competitive electricity market in the state.

 

 

 

He added that EEDC and FPEDC are fully aligned with Anambra’s development goals.

 

The ongoing reforms are expected to attract investment, expand the network, improve customer service, and modernise the electricity value chain. “Our growth plans for FirstPower are deliberately structured to complement the state’s industrialisation agenda, urban expansion, agricultural development and SME competitiveness,” Dr. Mupwaya said.

 

He expressed confidence that the company will exceed the expectations of the state government and the people of Anambra.

 

 

 

The interim licence will allow FPEDC to continue its operations while the commission completes the full licensing procedure.

 

ASERC has pledged to ensure that all licence‑holders adhere to the standards set out in the Anambra State Electricity Law, thereby safeguarding consumers and supporting the state’s broader economic objectives.

 

 

 

Earlier in his reaction, Managing Director Firstpower Electricity Distribution Company Okechukwu Okafor, said the licensing was to formalise the company’s presence and inform stakeholders that this is no longer EEDC in charge but an independent body saddled with the responsibility of distributing electricity in Anambra. “We are going to partner with the industrialists, the state government, and Ndi Anambra so that they will understand that our presence is geared towards a better solution to electricity. We want to change the narrative and target the customers to be happy. We need to take the message to them, provided there is goodwill. We hope that by the end of 2027, the billing rights of the customer will be metered for easy accountability.

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Ihedioha denies involvement with EEDC

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  • Says he revived Ahiajoku, advanced  electricity in Imo

The former Governor of Imo State and ex- Deputy Speaker of  House of Reps, Rt. Hon. Emeka Ihedioha, has denied involvement with the Enugu Electricity Distribution Company (EEDC), neither does he own any share in the company as speculated in the quarters by some mischief makers.

Ihedioha, in a statement he signed and issued to the media on Wednesday, hinted that as a Governor, he championed efforts to improve power supply in the state, a move he said gained more currency with the establishment of Imo State Power and Rural Electrification Agency (IPOREA).
He also mentioned that he revived Ahiajoku Lecture Series with the intent to advance the cultural heritage of the Igbo race.

“My attention has been drawn to baseless and completely unfounded allegations suggesting that I, as the purported “owner” of the Enugu Electricity Distribution Company EEDC, am sabotaging the ongoing Imo State Power Project. Let me state firmly and unequivocally that these claims are false. I do not own EEDC in any form, whether whole or part, beneficial or nominal. I am not on its board, I hold no shares and do not participate in or influence its corporate decisions in any way. Those peddling these narratives are relying on fiction, not fact.

“Notably, I acknowledge and commend the current Imo State Government for its ongoing power initiatives.

“Any genuine effort to expand energy access, strengthen infrastructure and improve the wellbeing of our people deserves encouragement. As Governor, I championed this same vision when I established the Imo State Power and Rural Electrification Agency (IPOREA), the first dedicated institutional framework created to advance electricity development in the state.

“It was established to provide stability, coordination and long-term structure for power solutions in Imo. I remain proud of that foundation and I welcome any progressive steps taken today that align with the goal of a more prosperous and energy secure Imo.

“In the spirit of continuity and cultural advancement, I am pleased to recall that I revived the renowned Ahiajoku Lecture Series during my administration after nearly a decade of dormancy.
“Ahiajoku represents the intellectual soul of our people and its preservation is essential to our cultural identity. I am therefore delighted that the current administration has also reinstated the program, reinforcing a pedigree that enriches Imo’s traditional and academic heritage.

“My commitment to the development of Imo State, its institutions, its people and its future remains unwavering. I will continue to support any initiative that strengthens our state, uplifts our citizens and promotes progress grounded in truth, integrity and vision”, Ihedioha stressed.

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IMO GOVERNMENT CARRIES OUT LAND CLAIMS SURVEY FOR PROPOSED MODULAR REFINERY PROJECT IN NEKEDE.

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By Prince Uwalaka Chimaroke
17- NOV- 2025

The Imo State Government has officially begun a comprehensive land claims verification exercise in preparation for the development of a major Modular Refinery project within Owerri North Local Government Area. The initiative, led by the Office of the Surveyor General, represents a crucial step in the State’s broader industrialisation agenda and its commitment to harnessing local resources for economic expansion.

According to the public announcement issued by the Surveyor General of Imo State, Surv. Dr. Uzodinma Bob Odidika, the government has commenced the acquisition of approximately 30.6 hectares of land earmarked for operational activities of the Iheoma Marginal Field, situated in Umudibie and surrounding communities in Nekede. The claims survey began on Friday, November 14th, 2025, and is scheduled to run until Wednesday, November 19th, 2025.

The initiative seeks to verify all legitimate land and property owners within the designated area. Stakeholders, including local landholders, families, community representatives, and other interested parties, have been urged to present verifiable documents, landmarks, and supporting evidence to substantiate their ownership claims. The Office of the Surveyor General emphasized that no extension or alteration of dates would be entertained, underscoring the urgency and importance of the exercise.

This announcement aligns with earlier publications made by the Ministry of Lands, Survey and Physical Planning in the Nigerian Horn Newspaper on September 19th, 2025. Those publications invoked Sections 28 and 29 of the Land Use Act of 1978, which empower the government to acquire land for overriding public interest—particularly for projects of strategic economic value such as the proposed refinery.

The establishment of the Modular Refinery is expected to stimulate significant economic growth within the region, boosting job creation, attracting investment, and supporting the broader energy development objectives of the state. The project is also anticipated to enhance local processing capacity, thereby reducing dependence on external refining sources.

In a statement endorsing the claims verification process, the Office of the Governor—led by His Excellency, Distinguished Senator Hope Odidika Uzodimma (CON, GSSRS)—reaffirmed the administration’s commitment to due process, citizen engagement, and seamless execution of all procedures relating to the land acquisition.

The state government reiterated that the claims survey is not only a legal requirement but also a transparent mechanism designed to ensure that rightful landowners are duly identified, compensated, and carried along in the developmental agenda.

As the exercise continues across the affected communities, residents are encouraged to cooperate fully with government officials, provide accurate documentation, and support the smooth implementation of a project set to reshape the economic landscape of Owerri North LGA and the state at large.


The Imo State Government, through the Surveyor General’s Office, assured the public that all verified claims will be thoroughly evaluated, and all processes will be conducted in accordance with statutory provisions and global best practices.

 

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