Business
Capital Market scam: Okumagba absent as Court adjourned case
By Joseph INOKOTONG
Chief Magistrate Court Zone 6, Abuja on Monday adjourned till January 25, 2018, for further hearing on the matter between the Federal Government and the BGL Group and its officials.
This is even as Managing Director of the Company, Albert Okumagba was again absent in court.
Presided by Chief Magistrate Chinyere Elewe Nwecheonwu, the adjournment became necessary after counsel to Deputy Managing Director of the Company, Chibundu Edozie, K.B Asunogie drew the attention of the Magistrate to a pending application before another court challenging Edozie’s arraignment.
Asunogie informed the court that “we are aware that there is a pending application challenging this arraignment. When an applicant is challenging a charge; his appearance on the dock is suspended until that preliminary objection is determined
I want to therefore ask that since that preliminary injunction subsists, the accused should be discharged from the dock”.
However, counsel to the Federal Government, Moshood Adeyemi told the court that they have not been served any notice of preliminary injunction, but also informed the court he was ready for an adjournment to enable the prosecution regularize its papers and produce Albert Okumagba in court so as to be able to get justice for all parties concerned.
Presiding Magistrate therefore directed the defense team to serve the notice on the prosecution before the next adjourned date to enable the court hears the notice of preliminary injunction.
There was a mild drama outside the court when counsel to the accused tried to prevent journalists from taking photographs of the accused person, threatening to sue anyone that publishes a photograph of the defense team or the accused.
In the end, some of the defense team formed a human barricade around the accused while others blocked the lenses of one of the photojournalists.
Recall that the BGL Group and its officials were last month arraigned at the Chief Magistrate Court Zone 6, Abuja on charges of criminal conspiracy, Breach of Trust and cheating contrary to Sections 96, 312, 322 and 323 of the Penal Code Law, Chapter 89.
Edozie who was docked along with three other accused were alleged to have conspired among themselves with some other staff of BGL and committed the offenses against the investing public which includes Mahmoud Usman, Ann Awase Orsule, Sylvanus C. Ghasarah, Eno Efanga, UN Staff Thrift Credit Cooperative Society of Anambra State, Abuja office and Adejoke Atte among others who filed complaints against them before the Securities and Exchange Commission.
Managing Director of the Company, Mr. Albert Okumagba was not in court and also had no representation.
However, Edozie was granted bail in the sum of N1million with one surety in the like sum who should not be less than a Level 12 officer and resident in Abuja.
Presiding Magistrate, Chief Magistrate Chinyere Elewe Nwecheonwu after the arraignment, adjourned the hearing to November 6, 2017.
The SEC in exercising its responsibility as enshrined in the ISA, in tackling civil cases through its Administrative Proceedings Committee (APC) recently banned Mr Albert Okumagba, BGL Managing Director and his deputy, Mr Chibundu Edozie, from participating in capital market activities for 20 years.
The commission also ordered Okumugba’s companies to refund to investors over two billion naira.
The ban followed complaints by investors against Okumagba and his company over failure, refusal and or/neglect to liquidate their investments in both the Guaranteed Consolidated dated notes and Guaranteed Premium Notes, among others.
The SEC in a bid to obtain justice for the complainants and grant all parties fair hearing, presented the matter before its APC which sat and decided on the matter.
“During the proceedings testimonies and documentary evidence were tendered by various parties and upon conclusion of the proceedings its APC arrived at a decision which has been approved by the relevant authority,” SEC stated.
The APC decided that by their actions and/or omissions BGL Securities Ltd, BGL Asset Management Ltd., Okumagba, Edozie and other respondents engaged in acts capable of adversely affecting investors’ confidence in the capital market.
It added that the APC decided that the registration of BGL Securities and BGL Assets Management be cancelled, while Okumagba and Edozien be banned from capital market operations for a period of 20 years.
It stated further that the two companies would also pay a fine of N25 million for breaching Rule 1(iii) of the Code of Conduct for capital market operators.
“Other than Okumagba and Edozie, Peter Adebola and Ashley Osuzoka have also been banned for five years and four years respectively,” it added.
The APC, apart from the ban placed on them and some monetary fines, directed the companies to refund N24.03 million to the National Open University Staff Cooperative Multipurpose Society.
Business
Nestoil: Lagos CP dragged to court for contempt, risks imprisonment
This is certainly not a good time for the Lagos State Police Commissioner, Mr. Moshood Jimoh as he has been dragged to court for commiting contempt by defying a clear court order that he and his men must not go near the business premises of Nestoil Group which belongs to Drawcok Estates LTD.
The fresh suit by Drawcok Estates LTD followed Monday’s deployment of over fifty armed police officers by Mr. Moshood Jimoh to seal off the business premises of Nestoil Group which belongs to Drawcok Estates LTD despite an order by Justice Ofili Ajumogobia.
Also, despite a directive by the federal government that police escorts be withdrawn from VIPs, Mr. Moshood Jimoh illegally allocated several police officers to be guarding Mr. Sulu Gambari, the self-acclaimed Receiver Manager which was appointed by a former judge that was handling the case, Justice Isaac Dipeolu.
Recall that Justice Daniel Osiagor of the Federal High Court in Ikoyi vacated all the orders made by Justice Isaac Deinde Dipeolu who wrongly appointed the Receiver Manager.
Meanwhile, dissatisfied with the action of the Lagos Police Commissioner, Drawcok Estates LTD yesterday filed a case of contempt against the Lagos State Commissioner of Police, Mr. Olohundare Jimoh Moshood (Contemnor) before a Federal High Court in Abuja.
In Suit No: FHC/ABJ/CS/2385/2025, the applicant wants Police Commissioner Moshood Jimoh to be found guilty of contempt of court and also be committed to prison unless he obeys the directives contained in Justice Ofili Ajumogobia’s Order of November 24, 2025.
Recall that Justice Ofili Ajumogobia had on November 24, 2025 ordered that the building in question belongs to Drawcok Estates LTD, adding that no police officer must be seen carrying out orders of the Lagos State Police Commissioner around the premises.
The Orders made by Justice Ofili Ajumogobia on November 24, 2025 in suit number FHC/ABJ/CS/2385/2025 were that:
The applicant has a right to own and possess her properties as mentioned in the addresses above as guaranteed by the 34 Constitution of the Federal Republic of Nigeria, 1999 as amended and the African Charter on Human and People’s Rights..
That the sealing-off and occupation of the applicant’s properties on the addresses mentioned above by the Respondents constitute an infringement on the right of the applicant to own property, as guaranteed by Sections 43 and 44 of the he Constitution of the Federal Republic of Nigeria, 1999 as amended.
That the Respondents, whether by themselves , their agents, agencies and servants, acting for it through them or any other person(s) howsoever described or claiming through them, to vacate the applicant’s properties on the addresses mentioned above, and deliver possession over to the applicant forthwith.
That the Respondents, whether by themselves, their agents, agencies, and servants, acting for or through them or any other person(s) howsoever described or claiming through them, to provide security for the applicant to take back possession of her properties on the addresses mentioned above.
That the Respondents is restrain, whether by themselves, their agents, agencies and servants, acting for or through them or any other person(s) howsoever described or claiming through them, from harassing the applicant and refusing her access to her properties on the addresses mentioned above.
Nigerian Concord Newspapers reporters that visited the business premises yesterday reported that pollice officers have been denying workers of several companies access to their offices located within the Nestoil building in Lagos on the order of Moshood Jimoh, despite a subsisting court order directing that they be allowed into the premises.
The affected workers had resumed duties following a court order delivered by Hon. Justice Ofili Ajumogobia of the Federal High Court, Abuja on November 24, which directed that they be granted access to their offices.
Business
Dangote Refinery Boosts Fuel Exports as Gulf Refineries Shut Down
By: Fabian Apechihin
The Dangote Petroleum Refinery has ramped up fuel exports to international markets amid widespread refinery shutdowns in the Middle East, industry sources confirmed.
A senior official at the $20bn Lagos-based plant told The PUNCH that the facility exported significant volumes of petrol (PMS), diesel (AGO), and aviation fuel (Jet A1) to foreign buyers in August, following earlier shipments in June and July.
The surge comes as Saudi Aramco and other regional producers face heavy maintenance schedules, tightening fuel supply. Aramco has already shut down two plants and plans further closures, including its 460,000 b/d Satorp refinery in Jubail for a 60-day turnaround in November–December. Kuwait and India are also scaling back capacity for maintenance and seasonal demand.
According to Argus Media, these shutdowns are pushing Gulf nations to import record volumes of gasoline, with Saudi Arabia and the UAE sharply increasing purchases from Europe and other markets in recent months.
While some reports pointed to operational constraints at Dangote’s 650,000 b/d facility, the company dismissed such claims, insisting production is on track to reach 700,000 b/d by December. Earlier this year, Aliko Dangote announced the refinery had sold two cargoes of jet fuel to Saudi Aramco and recently achieved exports of about 1 million tonnes of petrol between June and July.
“With Gulf refiners offline, Nigeria has now emerged as a net exporter of refined products,” Dangote said.
Analysts suggest the extended refinery outages in the Middle East will further strengthen demand for Dangote’s output, positioning the Nigerian plant as a key supplier in regional fuel markets.
Would you like me to tighten this further into a 5–6 paragraph wire-style news brief, or keep it as a detailed feature-style report with more context on Gulf refinery shutdowns?
Business
US Oil Exports to Nigeria, Others Fall to 3.3m bpd as Local Output Rises
By: Fabian Apechihin
The United States’ crude oil exports to Nigeria and other African countries fell for the fifth consecutive month in July 2025, averaging 3.3 million barrels per day (bpd), the lowest level since March 2022.
The Organisation of Petroleum Exporting Countries (OPEC) disclosed this in its August 2025 Monthly Oil Market Report (MOMR), attributing the decline to weaker flows to Europe and Africa, particularly Nigeria, but without giving further details.
Industry analysts link the slowdown to the ramp-up of local refining capacity, especially the 650,000 bpd Dangote Refinery, which has reduced Nigeria’s reliance on imported crude, including from the US. Vanguard checks also show that crude importation has slowed further in recent months due to improved domestic production.
According to OPEC data, Nigeria’s crude oil output—excluding condensates—rose by 11 per cent year-on-year to 1.559 million bpd in July 2025, up from 1.386 million bpd in the same period of 2024. This marks the country’s highest monthly production level so far this year.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) corroborated the figures, stating that overall output, including condensates, exceeded 1.8 million bpd in July.
Gbenga Komolafe, Chief Executive of the NUPRC, said the milestone was achieved through the agency’s “Project 1 MMBOPD Incremental” initiative, supported by a multi-stakeholder collaborative framework.
“We are glad to report that we crossed the 1.8 million bpd mark on peak production last month, with average production hovering at 1.78 million bpd,” Komolafe stated.
He added that the Commission is working to sustain production growth by optimising the Maximum Efficient Rate (MER) framework, improving produced water management, and aligning operational shutdowns and maintenance schedules to minimise disruptions.
“With these measures and continued collaboration, the presidential mandate on production increase is well within reach,” he said.
Do you want me to make this rewrite more concise for a newspaper front-page brief or keep it detailed like a full energy market report?
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