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Indian, 12 Others Re-Arraigned for Alleged ₦4bn Diesel Diversion from Dangote

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By Adenike Lawal

 

An Indian national, Tukur Shamsudden, and 12 others have been re-arraigned before the Federal High Court in Lagos over the alleged illegal diversion of Automotive Gas Oil (AGO), commonly known as diesel, worth over ₦4 billion property of Dangote Industries Limited.

The suspects were brought before Justice Deinde Dipeolu by the Police Special Fraud Unit (SFU), Ikoyi, Lagos. They face charges of conspiracy, unlawful diversion of petroleum products, and receiving proceeds from criminal activities.

Those arraigned alongside Shamsudden include Ikechukwu Obi, Chigozie Osukwu, Ukaegbu Chukwuma, Umeh Ugochukwu, Emmanuella Akamadu, Zango Umar, Emmanuel Oku, Shaibu Michael, Lucky Otoide, Mmaduabuchi Okezuonu, Ephraim Kanakapudi, and Omojowo Emmanuel.

Prosecuting counsel, M.Y. Bello, told the court that the alleged offenses were committed between January 2022 and December 2023.

The suspects include staff of Dangote Petroleum Refinery and employees of logistics and energy firms contracted to transport diesel from Dangote depots to facilities in Ibese and Obajana.

Dangote staff named in the charge include Akamadu, Oku, Umar, Otoide, and Kanakapudi.

The other defendants were affiliated with companies such as Arigen Integrated Ltd, Obat Ltd, Amaiden Energy Ltd, Regal Gate Ltd, Alkham Ltd, Prestige Ltd, and Opetrus Global Ltd.

The prosecution alleges that Shamsudden, acting on behalf of Regal Gate Ltd, Alkham Ltd, and Prestige Ltd, diverted approximately 1,530,893 litres of AGO worth over ₦1.53 billion.

Similarly, Omojowo Emmanuel, Managing Director of Opetrus Global Ltd, is accused of diverting 2,455,229 litres of diesel, valued at ₦2.45 billion, before December 20, 2023.

The offenses contravene Sections 21(a) and 18(2)(d) of the Money Laundering (Prevention and Prohibition) Act, 2022, as well as Sections 383(2)(a) and 10 of the Criminal Code Act, and are punishable under Sections 390 and 516.

All 13 defendants pleaded not guilty. The court also heard that several of the accused had previously secured bail under varying terms.

The re-arraignment followed the filing of an amended charge sheet after the recent arrests of Shamsudden, Kanakapudi, and Omojowo.

Justice Dipeolu adjourned the case for trial, scheduled to begin on July 22 and 23, 2025.

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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