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Princess Toyin Kolade Asks Court To Clear Her Name In $32million Fraud Case

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Top businesswoman and Iyalaje Oodua, Princess Toyin Kolade has began moves to clear her name and that of her company in an alleged $32million fraud case.

The amiable society lady who has consistently declared her innocence since the story broke has instructed her lawyers to file application seeking to quash criminal charges which is being heard by Justice Peter Lifu of Federal High Court, Lagos.

Her lawyer, Mr Dele Adesina SAN had filed a motion before the court asking the court to quash the charge preferred, against the Princess Kolade who is the 7th and her company, Fisolak Global Resources, the 10th Defendants/Applicants. In the alternative, he seeks the court to strike out the names of the 7th and 10th defendants in the charge for the following reasons:

According to the learned silk, the Charge and the proof of evidence failed to disclose any prima facie case and/or link or connect the 7th and 10th Defendants/Applicants to the commission of the alleged offences charged.

The Police Investigation Report Issued by the Commissioner of Police, Police Special Fraud Unit (PSFU), Force Criminal Intelligence and Investigation Department, Annex, Lagos which formed the basis of the Criminal Prosecution did not implicate the 7th and 10th Defendants/Applicants in any way or form.

The Police Investigation Report sufficiently cleared the 7th and 10th Defendants/Applicants from the commission of the alleged offences.

The 7th Defendant/Applicant is a clean, clear and responsible personality in the Society and it will be unfair and unjust to drag her name and that of her Company (the 10th Defendant/Applicant) doing a lawful business into a criminal trial for offences they know nothing about.

The essence of this objection is to terminate the proceedings without this Honourable Court dissipating unnecessary energies to consider this unworthy and fruitless matter as it relates to the 7th and 10th Defendants/Applicants.

The justice of this case demands that the names of the 7th and 10th Defendants/Applicants be struck out from the charge.

The 7th and 10th Defendants/Applicants shall rely on the charge together with all other processes, Statements, Reports and documents filed by the prosecution in this case for the hearing of this application.

In a 24 paragraph affidavit deposed to by Abdul-Malik Abdul-Mutalib, a lawyer in Adesina’s law firm, the defendants have been doing clearing Business at the NPA for many years without any blemish or stain whatsoever. “The Defendants/Applicants are Natural and Corporate Citizens doing honest, lawful and responsible clearing business with sustained credibility in Nigeria.

In this particular case, the defendants averred that they were never privy or parties to the loan application, negotiation and agreement as they were not the parties that applied for the facility granted by either the Access Bank or the FCMB, neither were they beneficiaries at any point in time of the said facilities.

He averred further that the defendants were contacted by the eighth defendant, Metal Africa Steel Products to clear their goods it imported. The consignment bears the name of Metal Africa Steel Products Limited (the 8th Defendant) as the Consignee of the goods to be cleared, and by the ordinary course of business, the name of the consignee must be processed in the Pre-Arrival Reassessment Report (PAAR).

“Form C 16 titled “The Combined Certificate of Value and Origin” (CCVO), which is invoice number CF/96954 of 7th April, 2016 confirms the name of the 8th Defendant as the Consignee of the Steel Billets.
The consignment did not bear the Name of Access Bank Plc or any bank at all. The usual trade practice in clearing business at the Port Authority is that if a consignment is in the name of a Bank, no clearing agent or person has the right/power to clear such consignment without express order or authorization of such Bank as the consignee.

Since the documents were not in the name of the bank, there is no way the 7th and 10th Defendants could have known. Indeed there is no way any clearing agent would have known it belonged to a bank.

He therefore urged the court to grant the prayers saying that “the whole essence of the Administration of Criminal Justice System is to prosecute genuine suspects and or offenders and not to persecute the Innocent such as the 7th and 10th Defendants/Applicants. “the purpose of justice would be defeated if the 7th and 10th Defendants/Applicants are compelled to stand trial in this case for offences that the 7th and 10th Defendants/Applicants know nothing about and for which indeed there are no links connecting the 7th and the 10th Defendants/Applicants to the commission of the alleged offences”.

The office of the Attorney-General of the Federation (AGF) had dragged Princess Kolade, her company, Fisolak Global Resources Limited, and nine others before the court on charges bordering on Conspiracy, Obtaining by false pretence and fraud of $32 million USD.

Other defendants in the charge are; four India Nationals, Prem Garg, Devashish Garg, Bhagwan Simgh Rawat and Mukul Tyagi and two Britons, Marcus Wade and Andrew Fairie, said to be at large.

Also, four companies: Metal Africa Steel Products Limited, Wilben Trade Limited, Fisolak Global Resources Limited and Kannu Aditya India Limited, were also charged before the court on the alleged offences.

 

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2027: Obi, South-East Leaders Meet Jonathan Behind Closed Doors

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A presidential aspirant of the African Democratic Congress (ADC), Peter Obi, on Monday, consulted former President Goodluck Jonathan on the state of the nation ahead of the 2027 general elections.

Obi disclosed this after a closed-door meeting with the former president in Abuja. He led a delegation of South-East political leaders to the meeting, including serving and former lawmakers, as well as former Governor of Imo State, Achike Udenwa.

Briefing journalists after the meeting, the former Anambra State governor said the visit was part of ongoing consultations ahead of the 2027 elections.

“Notable South-East leaders have come in consultation with our respected former president. That is basically what it is—on the 2027 elections and, overall, about Nigeria,” Obi said.

Obi has been holding meetings with political heavyweights across the country as part of ongoing consultations ahead of the ADC presidential primary for the 2027 general elections.

Last week, the 2023 presidential candidate of the Labour Party was in Bauchi with South-East leaders, where they held a closed-door meeting with Bala Mohammed.

Speaking after the meeting, Obi said the visit was focused on building national unity and strengthening cooperation across regions.

“My purpose is to solicit the support and cooperation of His Excellency and the stakeholders of Bauchi and the North-East in our quest to unite this country. We want to have a united country to build a future for our children.

“The country cannot continue the way it is today; we are headed in the wrong direction, and we need to reverse that for everybody. That is the simple purpose of why we are here – to seek the support of the stakeholders of Bauchi in building a new Nigeria that will be of benefit to all,” he added.

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Tunde Ayeni’s Travails Return, As EFCC Arrests Ex-Skye Bank Chair over Fraud Allegations

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Operatives of the Economic and Financial Crimes Commission have arrested a former chairman of defunct Skye Bank Plc, Tunde Ayeni, over alleged money laundering, misappropriation and diversion of funds amounting to N36.54bn and $30m.

Ayeni, a businessman, was arrested in Abuja on Thursday, and is currently being held at the commission’s facility.

The arrest followed an EFCC probe into alleged misappropriation and diversion of funds said to have been obtained from Polaris Bank through multiple entities linked to him.

“Operatives of the Economic and Financial Crimes Commission, EFCC, have arrested a former board chairman of defunct Skye Bank Plc and businessman, Tunde Ayeni, in connection with alleged money laundering, misappropriation and diversion of funds to the tune of N36,540,058,400.00 and $30m.

“Ayeni was arrested sequel to the investigation of the EFCC into alleged misappropriation and diversion of funds to the tune of N36,540,058,400.00 and $30m obtained from Polaris Bank Plc by different entities linked to him.

“The funds were loans obtained allegedly for specific investment projects but subsequently transferred to other entities’ accounts. Investigations showed that, though the loans were obtained for purposes such as finance of marine security activities, electricity distribution contract, estate development, they were diverted to the NITEL/MTEL asset acquisition through NATCOM account,” one of the sources said.

Another source said the commission is currently probing 12 companies allegedly linked to Ayeni, which it said were used to obtain the loans from Polaris Bank.

“Twelve different companies linked to Ayeni are being investigated by the EFCC. They are entities he allegedly used to obtain loans from Polaris Bank for his shady activities. The loans are depositors’ funds fraudulently obtained and frittered into diverse wasteful purposes. Ayeni will be arraigned in due course upon conclusion of investigations,” the source said.

When contacted, EFCC spokesman Dele Oyewale confirmed the arrest but declined to give further details.

The Punch

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2027: Opposition Parties Storm Ibadan, Unite to Field One Candidate Against Tinubu

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Political leaders from the opposition have resolved to present a united front in the 2027 general elections, agreeing to field a single presidential candidate to challenge President Bola Tinubu of the ruling All Progressives Congress (APC).

The decision was one of the major highlights of a National Summit of Opposition Political Leaders held on Saturday in Ibadan, Oyo State, where participants gathered to fashion the way out of the current challenges facing the country.

They also warned that Nigeria’s democracy is under increasing strain and requires urgent collective action to safeguard it.

The summit, themed “Safeguarding Nigeria’s Democracy: A National Dialogue,” brought together key opposition figures across party lines, culminating in the adoption of a joint communiqué known as the Ibadan Declaration.

Leaders at the event said the decision to rally behind a single candidate was driven by the need to avoid fragmentation of votes and strengthen the opposition’s chances at the polls.

Host governor, Seyi Makinde, in his welcome address, warned of a steady erosion of democratic competition, noting that the concentration of political power under one party threatens pluralism.

He took a trip down memory lane, reminding the ruling party that the ‘wet e’ era in Ibadan, which he said must not be allowed to repeat itself.

“Democracy without opposition is not democracy, it is a slow drift toward a one-party state,” he said.

Factional National Chairman of the Peoples’ Democratic Party (PDP), Taminu Turaki, described the move as both strategic and necessary, warning that disunity has historically weakened opposition efforts.

“A single stick can be broken easily, but a bundle of sticks is far more difficult to break,” he said, urging political actors to prioritise national interest over individual ambition.

Turaki maintained that Nigeria is currently experiencing what he termed “progressive regression,” citing worsening insecurity, economic challenges, and declining confidence in democratic institutions.

“This is not a moment for silence or division; it is a moment for decisive action,” he said.

Similarly, former Senate President David Mark described the moment as a “national rescue mission,” stressing that no single opposition party could confront the current political structure alone.

“We cannot confront the future as fragmented entities. This is the time to rewrite the story of coalition building in Nigeria,” Mark said.

In the communiqué issued at the end of the summit, opposition parties reaffirmed their commitment to contest the 2027 elections at all levels, rejecting what they described as attempts to impose a one-party state.

They also resolved to resist any move to make the election a one-candidate race, insisting that Nigerians must be presented with credible alternatives.

Beyond the consensus candidacy plan, the declaration raised concerns over the credibility of the electoral process.

They passed a vote of no confidence in the Chairman of the Independent National Electoral Commission (INEC), Joash Amupitan.

The opposition leaders alleged bias and called for his removal from overseeing the 2027 elections.

Leaders at the event said the decision to rally behind a single candidate was driven by the need to avoid fragmentation of votes and strengthen the opposition’s chances at the polls.

The summit further urged the National Assembly to review contentious provisions of the Electoral Act 2026, and demanded an extension of deadlines for party primaries to the end of July 2026.

Participants also called for the release of political actors allegedly detained on bailable offences, stressing the need for inclusivity and respect for fundamental rights.

Speakers at the summit, in their separate remarks, repeatedly stressed that Nigeria stands at a critical juncture, urging leaders to act decisively to preserve democratic institutions.

The summit ended with the declaration of a shared commitment among opposition parties to deepen collaboration, rebuild public trust, and present a united challenge in 2027.

The Ibadan meeting attracted several prominent political figures from different political parties, including the PDP and the African Democratic Congress (ADC).

Among them were former Vice President Atiku Abubakar, Labour Party 2023 presidential candidate Peter Obi, former Kano State governor Rabiu Kwankwaso, former Osun State governor Rauf Aregbesola, former Rivers State governor Rotimi Amaechi, political economist Pat Utomi, and elder statesman Jerry Gana, among other notable political leaders.

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