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EFCC Witness Details How Ex-Bank Staff Accessed Customers’ Accounts, Orchestrated N5.7 Billion Fraud

Banking

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May 17, 2025

EFCC Witness Details How Ex-Bank Staff Accessed Customers’ Accounts, Orchestrated N5.7 Billion Fraud

“We observed suspicious overdraft limits maintained on customers’ accounts, which allowed them to access funds and transfer them to accounts maintained in both Access Bank and other banks”

EFCC Witness Details How Ex-Access Bank Staff Accessed Customers’ Accounts, Orchestrated N5.7 Billion Fraud

A dramatic courtroom revelation emerged on Friday as a prosecution witness for the Economic and Financial Crimes Commission (EFCC) described how a former Access Bank employee allegedly exploited the bank’s internal systems to siphon off over N5.7 billion.

Abdulmajeed Agboola, a staff member of Access Bank Plc, testified before the Special Offences Court in Ikeja, Lagos, detailing how Olajide Ogunmoroti—formerly with the bank’s Abakaliki branch—allegedly used a private laptop to gain unauthorized access to the bank’s server, triggering a critical system glitch.

Agboola told Justice O.O. Abike-Fadipe that this glitch resulted in the manipulation of customers’ overdraft limits, enabling massive illegal withdrawals from unfunded accounts. The funds were allegedly transferred to various accounts within Access Bank and other financial institutions.

Multiple Defendants, Billions at Stake

Ogunmoroti is facing charges alongside Michael Igbomina, David Onyeike, and Moses Iruolaje. The EFCC has leveled an amended 10-count charge against them, including stealing, retention of proceeds of crime, money laundering, false pretence, and unauthorized access to computer materials.

The charges partly read:

“That you, Olajide Ogunmoroti, Michael Igbomina, David Onyeike, and Moses Iruolaje, sometime in 2023, with dishonest intent, stole and converted for your own use the sum of N2,253,827,379.23, being property of Access Bank Plc., thereby committing an offence of stealing, contrary to Sections 280 and punishable under Section 280 of the Criminal Law of Lagos State, 2015.”

“That you, Olajide Ogunmoroti, Michael Igbomina, David Onyeike, and Moses Iruolaje, sometime in 2023, in Lagos, within the jurisdiction of this Honourable Court, with dishonest intent, stole and converted for your own use the sum of N3,473,166,731.00 (Three Billion, Four Hundred and Seventy-Three Million, One Hundred and Sixty-Six Thousand, Seven Hundred and Thirty-One Naira), property of Access Bank Plc., thereby committing an offence of stealing, contrary to Sections 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.”

Key Witness Testimony

Agboola, led in evidence by EFCC counsel Abdulhamid L. Tukur, testified that Ogunmoroti served as the ICT representative at the Abakaliki branch. He said that internal investigations traced the suspicious system activity to that location.

“There was a fraudulent overdraft limit maintained on our customers’ accounts, which enabled them to make withdrawals from unfunded accounts.

“We observed suspicious overdraft limits maintained on customers’ accounts, which allowed them to access funds and transfer them to accounts maintained in both Access Bank and other banks.

“We identified customers whose accounts benefited from the suspicious overdraft maintenance with total exposure of over N5 billion,” the witness revealed.

Adjournment and Broader Context

Justice Abike-Fadipe adjourned the case to May 20, 2025, for continued hearing.

In a related case, a Federal High Court in Abuja in 2024 granted an interim order freezing accounts in FairMoney, PalmPay, and Opay following a N139.6 million loss from a system glitch at TAJ Bank. The court ordered a reversal of the funds to the bank.

Expert Insight

A financial security consultant emphasized the need for Nigerian banks to tighten internal controls and improve system safeguards.
“Institutions must adopt robust IT policies and enhance interbank coordination to avoid vulnerabilities that can cost billions,” the consultant advised. Read More

Slow Progress, Residents Lament… Ota-Idiroko Road Project Faces Public Scrutiny Despite N15 Billion Backing

National

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May 16, 2025

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Slow Progress, Residents Lament… Ota-Idiroko Road Project Faces Public Scrutiny Despite N15 Billion Backing

At the heart of the concern is the drainage system, reportedly incomplete and already showing signs of structural fatigue

Slow Progress, Residents Lament… Ota-Idiroko Road Project Faces Public Scrutiny Despite N15 Billion Backing

Lukman Omikunle -May 16, 2025

Ota, Ogun State – Despite an ambitious N15 billion federal allocation and the symbolic commencement of building demolitions on July 4, 2024, the Ota-Idiroko Road project is already drawing growing concern from residents and community stakeholders over the quality and pace of work delivered by LARALEK Construction Company.

Ongoing construction at JoJu junction, Sango-Otta

On July 4, 2024, Newsheadline247 reports that the demolition of high-density structures at the Oju-Oore axis to make way for a long-awaited flyover and the broader 64-kilometre road rehabilitation effort—an initiative championed under the 2024 federal budget, which saw the Ministry of Works’ funding increase dramatically to ₦1.03 trillion from a previously proposed ₦657.3 billion.

However, optimism is now tempered by frustration, as both road users and locals question the execution of the project.

At the heart of the concern is the drainage system, reportedly incomplete and already showing signs of structural fatigue. Cracks and wear are visible in access slabs, and the concrete drains are allegedly buckling under pressure, despite construction being only partially in progress.

Cracking recently constructed drainage wall in Sango-Otta

Chief Olayiwola Deinde, a Civil Engineer and a respected voice in the community, expressed strong reservations. “The Ota-Idiroko Road construction, a project that should elicit joy, going by the fact that an indigenous firm is in charge, is challenged by pace and quality,” he stated. “The drains haven’t reached expected distances, and we’re left guessing if the contractor is being adequately funded.”

Chief Deinde, the Seriki Oruba-Ota, added that while the community supports development, they will not compromise on quality. “This isn’t just concrete and stone—it’s a lifeline for thousands. If it fails under pressure now, what happens in a year or two?”

A trader at Oju Oore, who identified herself as Shakirah, urged the contractor to expedite the project. She expressed her concerns about the significant impact that the ongoing bridge construction is having on their business, stating, “It is always terrible whenever it rains.”

A commuter, who preferred to remain anonymous, echoed Shakirah’s sentiments. He emphasized that the government should encourage the contractor to work faster, saying, “The current situation has put many businesses in a difficult position. The government should kindly consider the traders and business owners in the area, as most of them are incurring losses due to the commencement of the project.”

On Thursday, the Executive Chairman of Ado-Odo/Ota Local Government, Hon. Wasiu Lawal, FCA, called for immediate action on the Road project in a decisive move to address the ongoing hardship confronting residents and commuters in the area.

With the rainy season approaching its peak, the Chairman emphasised the urgency of accelerating repairs to prevent further deterioration and hardship. “We cannot allow the rains to compound the suffering of our people. Now is the time for swift intervention,” he stated during an inspection of the project.

The Federal Government, LARALEK Construction, and relevant oversight bodies now face mounting pressure to improve transparency, ensure consistent cash flow, and raise the construction standards before the rainy season compounds the challenges.Read More

“Successor Generation Is Nigeria’s Future” – Gbenga Daniel Champions Next-Gen Engineers at Kresta Laurel’s 35th Anniversary

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May 16, 2025

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The interactive event brought together engineering undergraduates from the University of Lagos, Lagos State University, and Lagos State University of Science and Technology

“Successor Generation Is Nigeria’s Future” – Gbenga Daniel Champions Next-Gen Engineers at Kresta Laurel’s 35th Anniversary

Gbenga Daniel Champions Next-Gen Engineers at Kresta Laurel’s 35th Anniversary: “Successor Generation Is Nigeria’s Future”

As Kresta Laurel Limited marked its 35th anniversary with an inspiring interactive session in Lagos, its Chairman and former Ogun State Governor, Senator Otunba Gbenga Daniel, delivered a powerful message: Nigeria must begin building a successor generation of engineers to secure its future.

Speaking at the company’s Maryland headquarters, Senator Daniel—also a current member of the Senate representing Ogun East—emphasized the urgency of mentoring young minds and equipping them with practical engineering exposure. The interactive event brought together engineering undergraduates from the University of Lagos, Lagos State University, and Lagos State University of Science and Technology.

“We need to start building the successor generation,” Senator Daniel said, stressing that early exposure to industry practice is key to inspiring interest and cultivating technical excellence in Nigeria’s youth.

Highlighting the broader challenges facing the sector, he called on the Federal Government to back local industries, noting that unlike their foreign counterparts, Nigerian firms often operate without state support. “Our companies provide electricity, water, and infrastructure on their own—yet they are burdened with multiple taxes. This is not sustainable,” he added.

Senator Daniel also voiced strong support for President Bola Ahmed Tinubu’s economic reforms, including Nigeria First policies and tax restructuring efforts. He believes these reforms could restore confidence in local enterprises and stimulate industrial growth.

The day-long training featured presentations by Engr. Dideolu Falobi, FNSE, Managing Director of Kresta Laurel, who walked students through the company’s legacy of innovation and engineering excellence. Other speakers included Mr. Kehinde Sogunle, former Commissioner for Finance in Ogun State, who gave an engaging lecture on leadership; Mr. Sunkanmi Adegorite, Executive Director of Sales, who led a session on fire safety; and Habib Lukman, the company’s HSE Officer, who shared insights on industry best practices in health, safety, and environment.

Student participants praised the program, describing it as a rare opportunity to connect classroom theory with real-world engineering. “It gave us direct insight into industry practices and exposed us to mentorship that’s critical for our career path,” one student said.

Founded in 1990, Kresta Laurel Limited has built a reputation as Nigeria’s leading electro-mechanical engineering firm, offering top-tier solutions in elevators, cranes, industrial UPS, welding machines, building maintenance units, and more. Under the visionary leadership of Senator Daniel, the company continues to drive innovation while maintaining high standards of technical expertise and corporate social responsibility.

As Kresta Laurel turns 35, it not only reflects on decades of excellence but also sets its sights firmly on the future—investing in people, technology, and the next generation of Nigerian engineers.

What You Should Know About Kresta Laurel Limited

Established in 1990, Kresta Laurel Limited is Nigeria’s leading engineering company with distinctive competence and knowledge in electro-mechanical systems. The company provides cutting-edge engineering solutions to clients across various sectors, including oil and gas, banking, aviation, transportation, manufacturing, construction, and public infrastructure.

With 35 years of unparalleled service delivery, Kresta Laurel Limited continues to set the standard for engineering excellence in Nigeria and beyond. The company’s commitment to quality, innovation, and customer satisfaction has earned it a reputation as a reliable partner in Nigeria’s engineering landscape.

Kresta Laurel Limited’s corporate social responsibility initiatives, particularly in the area of education and skills development, demonstrate its dedication to not only business excellence but also to the development of Nigeria’s human capital. The company’s recent interactive session with engineering students from three Lagos tertiary institutions is a testament to this commitment.

As Kresta Laurel Limited celebrates its 35th anniversary, it remains focused on its mission to provide world-class engineering solutions while contributing to the growth and development of Nigeria’s engineering sector and the economy at large. Read More

Pope Leo XIV Invites President Tinubu To His Inauguration On Sunday

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May 15, 2025

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Pope Leo XIV Invites President Tinubu To His Inauguration On Sunday

The Catholic Bishop of Sokoto Diocese, Mathew Hassan Kukah, is also in the president’s entourage

Pope Leo XIV Invites President Tinubu To His Inauguration On Sunday

President Bola Ahmed Tinubu will depart Abuja for Rome, the capital of Italy, on Saturday at the invitation of Pope Leo XIV.

Accompanied by top Catholic leaders, President Tinubu will attend a solemn mass marking the beginning of the Pontificate of His Holiness Pope Leo XIV, the 267th Bishop of Rome and the new leader of the Roman Catholic Church.

In the Papal invitation sent by Cardinal Pietro Parolin, Pope Leo XIV underscored the need for President Tinubu’s physical presence “at this moment of particular importance for the Catholic Church and the world afflicted by many tensions and conflicts”.

Pope Leo further stressed: “Your great nation is particularly dear to me as I worked in the Apostolic Nunciature in Lagos during the 1980s.”

President Tinubu’s entourage includes the Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, Archbishop of Owerri and President of Catholic Bishops’ Conference of Nigeria, Archbishop Lucius Ugorji, Archbishop Ignatius Kaigama of Abuja, and Alfred Martins of Lagos.

The Catholic Bishop of Sokoto Diocese, Mathew Hassan Kukah, is also in the president’s entourage.

Pope Leo XIV, formerly Cardinal Robert Francis Prevost, will be formally installed to the exalted office on Sunday, May 18, at St. Peter’s Square in the Vatican.

The Conclave of Cardinals elected him 27 days after his predecessor, Pope Francis, died on April 21.

President Tinubu will return to Abuja on Tuesday, May 20.

POPE LEO XIV INVITES PRESIDENT TINUBU TO HIS INAUGURATION ON SUNDAY