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The Chief of Staff to the President and former Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila, has issued a “cease and desist” notice to Mr. Segun Olatunji, Editor of FirstNews, over allegedly “false and malicious defamatory” articles published by him or published off his interview with a news platform.

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Gbajabiamila, in two letters dated May 3, 2024, by his solicitors Dr. Kemi Pinheiro SAN of Pinheiro LP, alerted the public to a “series of deliberate and coordinated malicious campaign of calumny against his person in various print, electronic and social media platforms.”

The Chief of Staff demanded a public apology from Olatunji and First News and a retraction of the allegedly false and malicious defamatory articles within seven days.

He also warned persons already hosting the said publications on their platforms or considering repeating the publications, of the legal implications of doing so, including civil and criminal proceedings under the cybercrime laws, among others.

The letter to Olatunji reads in part: “Our client’s attention has been drawn to the series of deliberate and coordinated malicious campaigns of calumny against his person in various print, electronic media and social media platforms arising from your article published on the 28th day of January 2024 (republished on the 6th of April, 2024) and interview you granted to the same online media platform Foundation for Investigative Journalism (FIJ) on the 4th day of April, 2024 in relation to your arrest and detention by the Defence Intelligence Agency (DIA).

“By the said article and interview you falsely and maliciously published of and concerning our Client defamatory words, wherein he was either expressly or by innuendo portrayed as a fraudulent, corrupt, dishonest, shady, unreliable and disloyal person who is unfit to hold the exalted office of Chief of Staff to the President of the Federal Republic of Nigeria.”

The letter demanded that Olatunji, “within 7 days of receipt of this letter, cause to be published in two national newspapers a full page unequivocal public retraction and apology in terms to be approved by our firm; and in this regard we expect you to revert to us within 3 days of receipt of this letter. You shall also be expected to circulate the retraction and apology on the same platforms wherein your article and interview were circulated.”

It warned that unless Olatunji responds satisfactorily, Pinheiro LP would seek exemplary and aggravated damages for libel, an injunction restraining him from further or similar publications, “an order for retraction of the defamatory words and a public apology in the terms and manners to be stipulated by us and published in at least two national dailies.”

Furthermore, the law firm advised the “unsuspecting members of the public who are already indulged or may be tempted to indulge in the dissemination of these obviously false and defamatory contents to immediately cease and desist from sharing, posting, forwarding, or disseminating the said contents or otherwise engage in cyberstalking of our client, premised on the defamatory words contained in the aforementioned interview and article….

“Unless this warning is heeded, our client will not hesitate to ensure that such perpetrators face the wrath of the law as provided for under Section 24 of the Cybercrime Prohibition and Prevention Act 2015, Sections 375 and 376 of the Criminal Code, and Sections 391, 392, 393, 394, and 395 of the Penal Code as well as a civil action in defamation.”

 

Business

N40 billion stolen at First Bank was done by its manager of electronic products team, Tijani Muiz Adeyinka, the person responsible for handling transfer reversals. – Deji-Dare Akinmejiwa

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The final decision on reversals laid with him alone, instead of a team. Instead of ensuring reversals were done properly, he started diverting funds to a Zenith account owned by his wife. Over 2 years, he managed to steal N40 billion, which he later scattered to 1,190 accounts & used some to buy crypto. As I type this, Mr Adeyinka & his sweet baby boo have vanished. The scam was burst when a customer insisted on resolving non-reversal of funds.

DETAILS:
A First Bank employee identified as Tijani Muiz Adeyinka is now on the run after diverting N40 billion at the bank’s head office team in Iganmu, Lagos.

He allegedly diverted those funds to 98 bank accounts classified as first beneficiaries, including his wife’s.

The bank, with a market capitalization of ₦829 billion, reported the incident to the Nigerian Police Force on March 25, 2024, and obtained multiple court orders to freeze accounts connected to the stolen funds.

As reported by Tech Cabal, Tijani Muiz Adeyinka, the employee implicated in the scandal, held a managerial position in the electronic products team at First Bank’s headquarters in Iganmu, Lagos. Adeyinka, now a fugitive, allegedly diverted approximately ₦40 billion (around $29 million) over two years.

He purportedly exploited his role to misappropriate funds by directing customer reversal requests to a merchant account under his control. His ability to finalize transactions without additional approvals allowed the scheme to go unnoticed.

The fraud came to light following a customer complaint, prompting an internal review by the bank’s control unit, which uncovered numerous suspicious transactions. In response, First Bank alerted the police and pursued legal measures to mitigate the financial loss.

First Bank took proactive steps by obtaining three court orders between April 4 and April 8, 2024, to freeze hundreds of accounts suspected of receiving the diverted funds. Among the affected accounts were 98 classified as first beneficiaries, including one belonging to Adeyinka’s wife, as well as numerous second-tier accounts.

Court documents revealed that Adeyinka routed funds to his wife’s account at Zenith Bank, which then dispersed the money across 34 additional accounts. These accounts subsequently channeled the funds to 1,190 other accounts, creating a complex network of transactions to obscure the origin of the stolen funds.

In a statement to the Lagos State Commissioner of Police dated May 10, 2024, the bank affirmed its collaboration with law enforcement agencies to uncover the circumstances surrounding the fraud and apprehend all individuals involved.

“We hereby bring to your notice the discovery of fraudulent transactions into various transactions within and outside the bank and request your good offices to set up the machinery of investigation in place with a view to unravel the circumstances surrounding the said fraud and get the culprits apprehending to face the wrath of the law,” read a letter dated May 10, 2024, from First bank to the Lagos State Commissioner of Police.

 

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Business

FG Eyes $4.4Billion New Loans As Debt Hits N101Trillion

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The Federal Government of Nigeria is seeking to acquire new loans worth $4.4 billion from the World Bank and the African Development Bank

This move comes as the country’s total debt stock has risen to N101 trillion

Here are some key points about Nigeria’s debt crisis:

Rising Debt Stock:

Nigeria’s total debt stock has risen to N101 trillion, with a significant portion of it being external debt

New Loans:  The Federal Government is seeking to acquire new loans worth $4.4 billion from the World Bank and the African Development Bank

Debt Servicing: The cost of debt servicing has been rising, with a significant portion of the country’s revenue being spent on debt servicing

Concerns: There are concerns about the sustainability of Nigeria’s debt, with some experts warning that the country may be heading towards a debt crisis

-Economic Implications: The rising debt stock and debt servicing costs could have significant implications for Nigeria’s economy, including reduced spending on essential services and infrastructure

Key Statistics

– Total debt stock: N101 trillion
– External debt: $41.59 billion
– Domestic debt: N55.93 trillion
– Debt servicing cost: 75.92% of aggregate revenue (January-July 2023)

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Business

TCN commissions new 300mva power transformer in Benin to boost electricity supply

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The Transmission Company of Nigeria (TCN) has commissioned a new 300MVA power transformer at its Benin Transmission Substation to boost electricity supply

Here are some key points about the commissioning:

Capacity Increase: The new transformer is one of two 300MVA capacity power transformers delivered to the substation, with the installation of the second transformer set to commence immediately

World Bank Projects: The transformers are part of the ongoing TCN and World Bank projects aimed at increasing transmission capacity nationwide

Improved Power Reliability:  The addition of the new transformers is expected to improve power reliability and availability in the region

Transmission Infrastructure: TCN is committed to continuously investing in transmission infrastructure to meet the growing demand for electricity in Nigeria

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