Connect with us

Economy

Ojerinde: Absence of ex-JAMB Registrar’s children in court stalls alleged fraud arraignment

Published

on

Ojerinde: Absence of ex-JAMB Registrar’s children in court stalls alleged fraud arraignment

The absence of the four children of Prof. Dibu Ojerinde, former Registrar, Joint Admissions and Matriculation Board (JAMB), in a Federal High Court, Abuja, stalled their arraignment on Friday.

 Ojerinde and his children; Mary Funmilola, Olumide Abiodun, Adedayo and Oluwaseun Adeniyi, alongside their companies, were to be arraigned before the court.

Olumide Abiodun Ojerinde was a member House of Representatives at 9th Assembly representing Irepo/Orelope/Olorunsogo Constituency of Oyo State.

The Federal Government, through the Independent Corrupt Practices and other related offences Commission (ICPC), had, in a charge marked: FHC/ABJ/CR/119/23, sued the Ojerindes on 17 counts bordering on money laundering.

Ojerinde and his companies are currently facing a money laundering trial before Justice Obiora Egwuatu.

The former JAMB boss was, on Jan. 26, re-arrested by the operatives of the anti-graft commission while he was heading to his car with one of his sons after trial Justice Egwuatu adjourned further proceedings in the charge preferred against him.

ICPC lawyer, Ebenezer Shogunle had, on Feb. 15, notified Egwuatu that Ojerinde was re-arrested on suspicion that he might have committed some other offences not unconnected with the present charges before the court.

He said for this reason, the commission obtained a warrant from the court dated 6th of Dec, 2022 for his re-arrest.

But Ojerinde, in a suit, marked: FHC/ABJ/CS/179/2023, sued the commission for alleged unlawful detention and breach of his fundamental rights.

While Ojerinde’s suit before Justice Egwuatu was adjourned until May 4 for mention, his trial was fixed for the same date for hearing continuation.

The fresh criminal charge against Ojerinde and his children before Justice Ekwo, it was gathered, was connected to the latest finding by the anti-graft commission.

While the FG is the complainant, Ojerinde, Doyin Ogbohi Petroleum Ltd, Cheng Marbles Ltd, Sapati International Schools Ltd, Trillium Learnings Centre Ltd,, Standout Institutes Ltd and Esli Perfect Security Partners are 1st to 7th defendants respectively.

Mary, Olumide, Adedayo and Oluwaseun are the 8th to 11th defendants in the trial.

Although they were not in court, they were represented by a lawyer, Ajibola Bello.

Upon resumed hearing, ICPC’s counsel, Henry Emore, informed the court that the matter was slated for the defendants to take their plea.

He said the 2nd to 7th defendants were corporate persons while the 8th to 11th defendants were natural persons.

Emore said though the defendants were to be arraigned, the 8th to 11 defendants were not in court.

He said the matter was filed on Monday and the court, on Wednesday, graciously gave them today for the defendants to take their plea.

He, however, said they were unable to serve the 8th to 11th defendants.

The lawyer prayed the court for a short adjournment.

Justice Ekwo directed Emore to serve their lawyer in open court since he was present.

“I grant you a leave to serve them now through their counsel. Let the court record shows that this is by leave of court.

“When a lawyer is representing defendants in court, it means that the lawyer knows the contact of the defendants and can reach them,” he said.

The judge, who adjourned the matter until April 19, said: “there shall be consequence if the defendants are not in court in the next adjourned date.”

Continue Reading
Advertisement Simply Easy Learning
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

eleven − 2 =

Economy

NGX Market Capitalisation Gains N836bn

Published

on

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Tantalizers, NASCON lead the losers’ chart 

The Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N57.697 trillion on Tuesday, gained N836 billion or 1.45 percent closing at N58.533 trillion.

Also, the All-Share Index rose by 1.45 percent or 1,480 points to close at 103,524.44, as against 102,044.84 recorded on Monday.

As a result, the Year-To-Date (YTD) return rose to 38.45 percent.

Interest in Telco heavyweight and Tier-one banks such as MTN Nigeria, UBA, Access Corporation, Guaranty Trust Holding Company(GTCO), and sustained interest in Transcorp Power(TransPower) kept the market in the green.

Market breadth closed positive with 35 gainers and 14 losers.

On the gainer’s chart, UBA led in percentage terms of 10 to close at N25.30, followed by MTN by 9.98 percent to close at N243.50 per share.

Julius Berger also gained 9.71 percent to close at N61, While Access Corporation rose by 9.51 percent to close at N22.45 per share.

Veritas Kapital Assurance went up by 9.38 percent to close at 70k per share.

Conversely, Tantalizers led the loser’s chart by 7.89 percent to close at 35k, and National Salt Company of Nigeria(NASCON) trailed by 6.77 percent to close at N53.70.

Morison Industries Plc shed 6.62 percent to close at N1.41, C&I Leasing lost 6.45 percent to close at N3.48, while Cutix Plc dropped 6.30 percent to close at N2.53 per share.

However, analysis of the market activities showed trade turnover settled lower, relative to the previous session.

The value of transactions was also down by 16.76 percent.

A total of 565.79 million shares valued at N14.23 billion were exchanged in 11,519 deals,  compared to 436.90 million shares valued at N17.09 billion exchanged in 11,344 deals traded on Monday.

On the activity chart, Transcorp led in volume with 170.72 million shares traded at a value of N3.13 billion, Access Corporation followed by 48.57 million shares valued at N1.06 billion.

GTCO sold 39.04 million shares worth N165.80 million, Jaiz Bank traded 36.78 million shares valued at N72.51 million and UBA transacted 31.96 million shares valued at N796.24 million

Continue Reading

Economy

SIFAX Group Appoints Basil Agboarumi As Executive Director

Published

on

SIFAX Group, one of the leading business conglomerates in Nigeria with investment in Maritime, Aviation, Oil & Gas, Haulage & Logistics, Financial Services, and Hospitality, has appointed Basil Agboarumi as its new Executive Director of corporate and Intergovernmental Affairs.

Agboarumi recently completed his term as the Managing Director/CEO of the Skyway Aviation Handling Company Plc. (SAHCO Plc.), one of the subsidiaries of SIFAX Group.

Agboarumi holds a National Diploma (OND) in Mass Communication from the Federal Polytechnic, Auchi and a Higher National Diploma (HND) in Mass Communication from the Federal Polytechnic, Oko, a Master in Communications (MSc) from the Lagos State University and a Certificate in Creative Design & Digital Communications from the School of Media & Communications of the Pan-Atlantic University, Lagos. He also holds a Management Certificate in Civil Aviation from Concordia University, Montreal, Canada.

Basil Agboarumi, Executive Director, Corporate and Intergovernmental Affairs

After the privatization and subsequent takeover of SAHCOL by SIFAX Group in 2009, Agboarumi was appointed the Head of Corporate Communications to spearhead the re-branding of the new company. He was subsequently appointed the company’s Managing Director in 2018. Under his leadership, SAHCO Plc was listed on the Nigeria Stock Exchange while many airlines, both local and foreign, signed business deals with the company due to its excellent and cutting-edge services which include passenger handling, ramp handling, and cargo handling.

Agboarumi has over 25 years of professional in public relations, reputation management, brand development, media relations, business development, and government relations.

Speaking on the new appointment, Dr. Taiwo Afolabi, Chairman, SIFAX Group, said Agboarumi brings vast experience and records of achievements to his new role, adding that these qualities will help him succeed in the new role.

He said: “He demonstrated the capacity and ability to navigate different terrains as a leader during his time as the Managing Director of SAHCO. The COVID-19 pandemic hit shortly after he took over the reins at SAHCO, but he was able to steer the ship of the company to profitability despite the uncertainties that characterised the global aviation business at the time. I am convinced the Group will benefit tremendously from his wealth of experience as he assumes this new role.”

Continue Reading

Economy

NGX All-Share Index Crosses 100,000 Mark

Published

on

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

…Guinness Nigeria and FTN Cocoa Processors lead the losers’ table

The All-Share Index, one of the performance indices of the Nigerian Exchange Ltd.(NGX), on Thursday, crossed a 100,000 mark for the second time in the year.

Having crossed the mark on Jan. 24, and later dropped, the All-Share Index specifically added 0.75 percent or 744 points to settle at 100,335.3, compared to 99,591.64 posted on Wednesday.

Consequently, investors gained N420 billion or 0.75 percent, as the market capitalisation which opened at N56.310 trillion, closed at N56.730 trillion.

Also, the Year-To-Date (YTD)return rose to 33.19 percent.

Improved buy interest in the shares of Dangote Sugar, MTN Nigeria, Transcorp Power, Oando Plc, and Cornerstone, alongside other top gainers drove the equity market to a positive terrain.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 9.11 percent.

However, market breadth closed negative with 33 losers and 25 gainers.

On the gainers table, Dangote Sugar and MTN led in percentage terms of 10 percent each to close at N50.60 and N201.30 per share, respectively.

Transcorp Power followed closely by 9.99 percent to close at N351.30, while Juli Plc added 9.96 percent to close at N4.97 per share.

National Salt Company of Nigeria (NSCN) rose by 9.92 percent to close at N47.65 per share.

On the other hand, Guinness Nigeria and FTN Cocoa Processors led the losers’ table by 10 percent each to close at N45.90 and N1.53 per share, respectively.

Transcorp also lost 9.95 percent to close at N17.10, Ikeja Hotel shed 9.93 percent to close at N6.08, while Redstarex declined by 9.87 percent to close at N3.38 per share.

Stock Market Gains N18bn; FTN Cocoa Processors, Prestige Assurance lead Losers’ Chart 

A total of 554.72 million shares valued at N17.73 billion were exchanged in 9,708 deals, compared to 416.48 million shares valued at N19.51 billion exchanged in 9,338 deals.

On the activity table, Transnational Corporation (Transcorp) led both in volume and value with 301.36 million shares traded in value of  N5.65 billion.

Sterling Nigeria sold 33.32 million shares worth N150.78 million, while FBN Holdings traded 23.21 million shares valued at N773.91 million.

Also, United Bank of Africa (UBA) transacted 18.38 million shares worth N400.29 million and Zenith Bank sold 17.08 million shares valued at N583.93 million.

Reacting, a stockbroker with Premium Capital, Mr Victor Ibrahim, said that the improved performance of the equity market was due to renewed investors’ expectations from the current government’s policies.

Ibrahim stated in Lagos that investors were keying into the future benefits of the economy by boosting their investment in the equity market.

He said, “The stock market is a leading indicator of the Nigerian economy and as such, with government policies such as the free-flow economy, investors confidence in our market has been boosted.

“The artificial scarcity of dollars in order to underprice or devalue the Naira is also another indicator.

“This is because the price of stocks in the Nigerian equity market is cheaper for foreign investors and those local investors who have dollars in reserve.

“While the Nigerian economy may presently appear tough, investors are keying into the future opportunities in the current government’s policies with the belief in the capacity of President Bola Tinubu.”

Continue Reading

Editor’s Pick

Politics