Saraki’s Aide Granted N250M Bail In Fraud Case – Nigerian News – African News Network | Latest African News | Nigerian News | Breaking News
Connect with us

Nigerian News

Saraki’s Aide Granted N250M Bail In Fraud Case

Published

on

Saraki’s Aide Granted N250M Bail In Fraud Case
An aide to the Senate President, Gbenga Makanjuola, has been granted bail on Tuesday to the tune of N250 million by a Federal High Court in Lagos.

Justice Kuewumi granted Makanjuola the bail with two sureties in like sum. The Justice said the sureties must own landed properties and be resident in Lagos. He said the sureties must be prepared to submit their Certificate of Occupancy of the landed properties to the court’s registrar, pending the determination of the case.

Makanjuola was charged for an alleged fraud of N3.5 billion by Economic and Financial Crimes Commission (EFCC) on an 11-count charge bordering on the alleged offence.

The sureties were also required to present evidence of tax payment in the last three years as well as submit a letter of identification from their banks.

The Deputy Chief of Staff to the Senate President was remanded in prison custody on Wednesday, October 3, alongside Obiorah Amobi by Justice Babs Kuewumi of the Federal High Court, who were also granted bail with the same conditions.

The judge, however, adjourned till October 9 for ruling on the bail application by the defense counsels.

Makanjuola was arraigned alongside Melrose General Services Limited and Kolawole Shittu and Obiorah Amobi. They, however, pleaded not guilty.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.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

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigerian News

IATA Inaugurates Turbulence Aware Data Resource To Forecast Turbulence

Published

on

By

IATA Inaugurates Turbulence Aware Data Resource To Forecast Turbulence

The ability of airlines to forecast and avoid turbulence would now be greatly enhanced as the International Air Transport Association, IATA, has inaugurated a turbulence aware data resource.

IATA said the system would pool and share turbulence date generated by participating airlines. The global body for airlines said before now, airlines had to depend on reports and weather advisories from pilots to offset the impact of turbulence.

IATA says the result would be the first global, real-time, detailed and objective information for pilots and operation’ professionals to manage turbulence.

It is expected that airlines operating in Nigeria would participate and benefit from this new system.

Continue Reading

Nigerian News

Oil Price Stability Buoys Nigeria’s Budget Benchmark

Published

on

By

Oil Price Stability Buoys Nigeria's Budget Benchmark

Nigerian budget benchmark appears buoyed by oil price stability as a result of cuts in production levels to which OPEC members have agreed.

The benchmark of sixty dollars was eroded by sustained drops in price. The high for the year was eighty-six dollars which dropped to about fifty-eight dollars last week.

It rebounded to sixty-two dollars per barrel last week, just as the federal executive council was to hold an emergency meeting on how the price drops would affect the Nigerian budget.

Opec countries had agreed to reduce daily production by eight hundred thousand barrels, while non-OPEC members decided to reduce production by four hundred thousand barrels per day.

Continue Reading

Business News

CBN And MTN Plan To Settle $8b Rift Out Of Court

Published

on

By

CBN And MTN Plan To Settle $8b Rift Out Of Court

It seems as though the Central Bank of Nigeria and telco giant, MTN, are trying to find ways of resolving the $8 billion rift between them. One of MTN’s lawyers is quoted as saying they are making moves toward an out-of-court settlement.

Meanwhile, counsels for both parties have secured another adjournment until late January.

Another $2 billion case involving MTN and the Nigerian attorney general’s office was adjourned as well last week until early January.  This case is related to alleged back taxes owed by MTN.  The telco giant has denied it owed the taxes.

The $8 billion case was a result of a charge against MTN for allegedly violating Nigeria’s extant laws.  In August, Central Bank of Nigeria sanctioned MTN Nigeria for allegedly using irregular certificates of capital importation to transfer $8.1 billion to South Africa on behalf of its offshore investors.

MTN is being asked to return the $8.1 billion to Nigeria.

Mtn group’s Nigerian operations account for one-third of its entire African market share.

Continue Reading

Trending

Subscribe to ANN News Alert

Be the first to receive the latest news from Africa and around the world.

%d bloggers like this: