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Alleged N20 billion Fraud : EFCC grills Sterling Bank CEO, Abubakar Suleiman

The Economic and Financial Crimes Commission (EFCC) has interrogated Abubakar Suleiman, the Chief Executive Officer of Sterling Bank Plc, and two other senior executives of the bank over the ‘hidden’ N20 billion reportedly belonging to the Kogi State government.
The troubled lender is responsible for everything from fraud to sloppy balance sheets and other nefarious acts, making it almost impossible to bank with the supposed “One Customer Bank” with both eyes closed.
In August 2021, the EFCC stated that it had credible intelligence that funds alleged to be proceeds of illicit activities were in an account named Kogi State Salary Account with account number 0073572696 at Sterling Bank Plc.
The money was supposed to be a rescue fund for the state to pay workers’ salaries, but it was allegedly moved to an interest-bearing account as state employees moan in poverty.
The state government, on the other hand, categorically disputed the allegations. The EFCC, on the other hand, claimed that the diverted funds had been recovered and remitted to the Central Bank of Nigeria (CBN), a transaction that the apex bank had apparently acknowledged.
According to the EFCC, the apex bank informed the executive chairman of the EFCC, Abdulrasheed Bawa, that the money had been received in a letter titled DFD/DIR/CON/EXT/01/099 and dated November 9, 2021.
“We refer to your letter of November 5, 2021 on the aforementioned subject with Ref. No: CR:3000/EFCC/LS/CMU/REC-STE/VOL.4/047 and desire to confirm the following information of the receipt of the amount: The commission stated, “Bank: Sterling Bank Plc; Amount: N19, 333, 333.36; Date of receipt: 04 November 2021.”
Newsthumb Newspaper reports that even though the money is in the CBN coffers, the Kogi State government has continued to insist that it neither authorized the opening nor operated the bank account, an assertion confirmed by Sterling Bank.
“Let it be known that the Kogi government has disbursed its bailout loans for the purpose of which it was granted as at October 2019,” said Kogi State commissioner for Information and Communication, Kingsley Fanwo.
“There is, therefore, no hidden bailout funds/loan belonging to Kogi that is capable of being returned to the CBN or frozen by order of court. The EFCC knows this, which is why it withdrew the suit it filed in court on the bailout fund.”
The Kogi State House of Assembly had also summoned the CEO of the bank to appear before it in person for clarification on the N20 billion bailout fund.
However, Sterling Bank had admitted that Kogi State Bailout Account exists in its record and “categorized under the account type ‘Intervention Fund,’” even though it was not opened by the state government or at its instance.
According to insider source, rising from this development, the EFCC invited and interrogated the Sterling Bank boss, Abubakar Suleiman alongside two other officials of the bank for several hours to get the true picture of the circumstances around the said account. Abubakar Suleiman and other officials were released after intense interrogation and they were to return anytime the EFCC needed them on the matter.
It was however gathered that Abubakar Suleiman has allegedly made a useful statement to the commission while investigation is still on.
“The bank’s officials were grilled for several hours by the EFCC on the matter and going by their statements, heads may roll soon,” a source said.
Speaking further, the source divulged, “If the bank says the account was not opened and operated by the Kogi State government, then something is fishy and the bank must answer to it.”
“Who authorized the opening of the fixed deposit account and when? Who are/were/was the signatory to the account? How much had been withdrawn from the account since 2019? And who is keeping the N666.7 million which made up the balance of N20 billion initially said to be deposited into the bailout account? These are some of the questions the EFCC is trying to unravel.”
Recent events have however placed the Abubakar Suleiman led Sterling Bank nulli secondus with scandals. The troubled lender is responsible for everything from fraud to sloppy balance sheets and other nefarious acts, making it almost impossible to bank with the supposed “One Customer Bank” with both eyes closed.
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Update : Court sentences Gospel singer Osinachi’s husband to death By hanging

A Federal Capital Territory High Court sitting in Wuse Zone 2, Abuja, has sentenced Peter Nwachukwu, the husband of gospel singer Osinachi Nwachukwu, to death by hanging.
Justice Njideka Nwosu-Iheme delivered the verdict, finding Nwachukwu guilty of culpable homicide.
Osinachi died in April 2022, and the case drew widespread attention due to allegations of domestic violence.
The court also handed down additional prison sentences and fines for other charges related to the case.
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Tinubu returns from Paris today, Says Onanuga

President Bola Tinubu is set to return to Nigeria today after spending close to two weeks abroad, his Special Adviser on Information and Strategy, Bayo Onanuga, has confirmed.
Onanuga, in a brief post on X, wrote: “President Bola Ahmed Tinubu will return home today.”
The Presidency had earlier assured Nigerians that despite the President’s stay overseas, he remained fully engaged with national governance.
In a statement last Thursday, Onanuga explained: “The President left Paris for London at the weekend and has maintained constant communication with key government officials, overseeing critical national matters, including directives to security chiefs to address emerging threats in some parts of the country.”
He further emphasised that Tinubu’s absence was temporary and “in line with the communicated timeframe of approximately two weeks,” with his return scheduled for April 21, following the Easter holidays.
“The President’s commitment to his duties remains unwavering, and his administration continues to function effectively under his leadership.
“We appreciate the public’s concern and assure all Nigerians that governance proceeds without interruption,” the statement added.
Tinubu had departed for Paris on April 2, 2025, for what the Presidency described as a two-week working visit. According to Onanuga, the trip was intended to “appraise his administration’s mid-term performance and assess key milestones.”
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Opeifa request for the state government to assist the Railway Police and Otti, thanks Tinubu for picking the best material to rewrite Nigeria Railway history

Gov. Otti describes Opeifa as a thorough-bred professional ready to rewrite Nigeria Railway history
Lauds President Tinubu for picking the best material to reposition Nigeria’s oldest corporation
A deserving commendation came the way of the Managing Director of the Nigerian Railway Corporation, Dr Kayode Opeifa, as the Abia State Governor, His Excellency, Dr. Alex Otti, described him as an exceptional professional, most suitable to lead the Nigeria’s oldest surviving public corporation.
Governor Otti spoke on Wednesday, at the Government House in Abia State, during a business visit by the MD/CEO of the Nigerian Railway Corporation, as part of his familiarization tour of the Eastern District of the Corporation.
According to Governor Otti: “I have had so many engagements with past leaders of the Nigerian Railway Corporation, you are clearly different and knows the job”. He thanked President Bola Ahmed Tinubu for appointing Dr. Opeifa to lead the Nigerian Railway Corporation, expressing assurance at his ability to deliver.
He thanked the MD/CEO for promising to synergize with the Federal Ministry of Transportation, and the State Government to see that the transformation of the transportation system in Umuahia is achieved. According to the Governor, “Umuahia Bus terminal is progressing rapidly and we felt that it is important to replicate what we have in Paignton, United Kingdom in Umuahia, by linking the train station with the Terminal to enhance intermodal transportation services.
The Governor stated that he was very happy to see that the MD/CEO is committed to taking the track from Aba to Enugu and even beyond. He recalled, with nostalgia how the train had served the people of the state and regretted the downward trends of rain services across the entire South East.
On the MD/CEO’s request for the state government to assist the Railway Police in the state, Governor Otti promised that his government will provide mobility for Aba Railway Police.
He added that the state government is always ready to support the Federal Government institutions as users of such federal institutions are people of the state, adding that his administration cannot differentiate between federal and state government workers.
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