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How $6.2m Stolen From CBN Within 24 Hours Was Shared

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The sum of $6,230,000 allegedly stolen from the Central Bank of Nigeria (CBN), on February 8, 2023, was shared and invested into real estate, according to court documents.

The $6.2 million, according to the special presidential investigative team, led by Jim Obaze, that probed the tenure of the immediate past CBN Governor, Godwin Emefiele, was removed from the apex bank’s vault under the guise of paying election observers.

Emefiele is standing trial on an alleged 20-count amended charge, preferred against him by the Economic and Financial Crimes Commission (EFCC).

He was alleged to have engaged in criminal breach of trust, forgery, conspiracy to obtain by false pretence and obtaining money by false pretence when he served as central bank chief.

In the court documents, investigators described the theft as an insider’s job, allegedly effected by mainly, CBN officials with the connivance of two outsiders, identified as Adamu Abubakar and Imam Abubakar.

According to the documents, investigators claimed that Odoh Eric Ocheme, Emefiele’s personal assistant, received $3,730,000 of the funds, with three other people splitting the remaining $2,500,000.

Ocheme was said to have justified his lion’s share by claiming he had to pay other interests he had within the apex bank.

In one of the court documents, it was revealed that some of the beneficiaries invested their shares of the loot, estimated at about N1.4 billion in real estate, part of which has now been recovered.

In an affidavit filed along with an extradition charge pending against Adamu Abubakar, Imam Abubakar and Odoh Eric Ocheme before a Federal High Court in Abuja, one of the investigators, a Deputy Superintendent of Police, gave details of investigators’ findings and progress made so far.

Adamu Abubakar, Imam Abubakar and Ocheme are said to be at large and are believed to have fled the country.

This informed the initiation of extradition proceedings against them before the Federal High Court in Abuja.

The Deputy Superintendent of Police was quoted to have said: “We commenced investigation into the case and obtained copies of the withdrawal slip as well as the accompanying documents, Central Bank of Nigeria memos, dated 07/02/2023 and 31/01/2023 respectively, staff identity card of one Jibril Abubakar, letter dated 2/01/2023 purportedly written by Muhammadu Buhari to Boss Mustapha and letter dated 20/01/2023 purportedly written by Boss Mustapha to Mr Godwin Emafiele, which the Central Bank of Nigeria, Abuja Branch relied on in making the payment.

“Investigation at the office of the President as well as the Secretary to the Government of the Federation in the Stale House revealed that the letters purportedly written by Muhammadu Buhari and for Secretary to the Government of the Federation (SGF) Boss Mustapha did not emanate from the offices respectively, while Jibril Abubakar, whose identity card was used to cash the money in question is not a staff of the office of the Secretary to the Government of the Federation.

“We watched the Closed-Circuit Television (CCTV) footages of the 08/02/2023 being the day the money in question was cashed, and the payee (Jibril Abubakar) could not be identified by the staff of either the CBN or that of the office of the Secretary to the Government of the Federation, where he falsely represented himself to be working.

“A further study of the Closed-circuit Television (CCTV) footage revealed that a staff of the Abuja Branch of the Central Bank of Nigeria, identified as Abdulmajeed Muhammad received the impostor (Jibril Abubakar) at the gate of the bank when he arrived on the fateful date: 08/02/2023.

“Abdulmajeed Muhammad was consequently arrested and in his statement made on 15/12/2023, he admitted helping the impostor into the Abuja Branch of the Central Bank of Nigeria, but claimed that he did that innocently, the impostor having been referred to him by Bashirudeen Maishanu; a Senior Staff of the CBN.

“Abdulmajeed Muhammad further revealed that prior to 08/02/2023 when the impostor came to cash the money in question, he (Abdulmajeed Muhammad) had been invited by Bashirudeen Maishanu to explain the procedure of public officials making cash withdrawal from the CBN as those persons claimed to be officials from the office of the SGF and that the then president had approved certain fund for official assignment.

“We visited Kuje Correctional Centre, where we interviewed Godwin Emefiele, who purportedly approved the memos authorising the payment, as then CBN and he denied seeing, talk less of approving such memos.

“We also arrested some concerned staff of the Central Bank of Nigeria, who denied any involvement in the crime, before we finally arrested Bashirudeen Maishanu, who corroborated the account of Abdulmajeed Muhammad and further confessed to have been involved in the crime which, according to him was perpetrated by himself and the first to third defendants/respondents – Adamu Abubakar, Imam Abubakar and Odoh Eric Ocheme.

“Bashiru Maishanu further confessed that himself, the first and second defendants/respondents (Adamu Abubakar and Imam Abubakar) shared the sum of $2,500,000.00 from the stolen money, while the third defendant/respondent (Odoh Eric Ocheme), being a fellow staff of the Central Bank of Nigeria, kept the balance of $3,730,000.00 claiming that he had other interests to settle in the CBN.
“Bashirudeen Maishanu further confessed that both himself, and the first and second defendants/respondents jointly invested the United States dollars equivalent of the sum of N1, 440,000,000.00 into real estate business of Afrolyk Global Ltd.

“The Managing Director of the said Afrolyk Ltd, Aminu Lawal has been arrested and he confirmed the investment by Bashirudeen Maishanu, Adamu Abubakar and Imam Abubakar, and already refunded the sum of $200 000 00 to the Special Investigator’s team as part of the money he (Aminu Lawal) received as part of the purported investment.

“Cash of about $400,000 00 has also been voluntarily returned by Bashiru Maishanu from part of his remaining share of the money in question. The money (the $6,230,000) was received in cash from the Central Bank at Nigeria and also shared in the same cash by the defendants/respondents and others, making it difficult to trace the monies without arresting the defendants/respondents.

“It was later revealed that the third defendant – Odoh Eric Ocheme – was the Personal Assistant to Godwin Emefiele as the CBN governor while the first and second defendants (Adamu Abubakar and Imam Abubakar) are businessmen and associates of Bashirudeen Maishanu.”

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“Why men should marry poor women” – Mr Nigeria (VIDEO)

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4 days ago

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January 18, 2025

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Nigeria’s top influencer, Ugochukwu Nwokolo, popularly known as Mr. Nigeria, recently shared his perspective on why men should consider marrying women from less privileged backgrounds.

Speaking on a recent episode of The Honest Bunch podcast, Ugochukwu expressed his belief that poor women possess certain qualities that make them ideal partners, citing their prayerfulness and fertility as key attributes.

In his words, “Poor girls turn me on. The poorer she is, the more attractive I find her. A poor woman will wake up at 7:00 a.m., join NSPPD, and pray fervently for her husband. She’ll say, ‘I’m putting my husband on the fire altar.’ When it comes to fertility, poor women can be incredibly fertile.”

Ugochukwu Nwokolo is the first-ever Mr. Nigeria Supranational, crowned by the Silverbird Group under the Mister World Nigeria platform. He will represent Nigeria in the Mr. Supranational competition held in Poland.

FOLLOW THE LINK BELOW TO SEE VIDEO:

https://x.com/OneJoblessBoy/status/1880540913497518518?t=WFcx7Q6extTGZjdFyNkSww&s=19

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Do you know that an Att0rney General in Nigeria can walk into any c0urt while a Cri’minal case is going on and put a st0p to that cri’minal case

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4 days ago

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January 18, 2025

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Do you know that an Att0rney General in Nigeria can walk into any c0urt while a Cri’minal case is going on and put a st0p to that cri’minal case

I mean any crim’inal case at all, if you like make e b the case wey dey kpai person or make e be R(@)P£ case or anyone at all

And they have the p0wer to do so without any explanation at all

They can just walk into any c0urt room and say this crim’inal matter will not proceed anymore
I am exercising my p0wer of nolle prosequi as an Att0rney General in Nigeria

Chai, this p0wer sweet
P0wer to st0p any case you want

Ignorance of the law is no excuse

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Baringo man uses KSh 2m cash gift from William Ruto to expand online goat marketplace

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5 days ago

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January 17, 2025

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  • Efarmer Goats Initiative, which has transformed goat farming through innovation, was conceived on December 1, 2023
  • The website helps people who are looking for goats to buy them at an affordable price and get them in different corners of the country and the world
  • When Enock Kimosop explained his idea to President William Ruto in December 2024, he got a KSh 2 million cash gift from him, and he told TUKO.co.ke that it helped expand his business

Baringo: Enock Kimosop, a man thriving in the goat business, has shared how a KSh 2 million gift from President William Ruto helped him increase his number of goats and better utilise his form of transportation.

Enock Kimosop when he was gifted by William Ruto (l), the Efarmer founder (r). Photo: Enock Kimosop. Source: UGC

 

How was Efarmer Goats idea conceived?

Speaking to TUKO.co.ke, Kimosop shared that the concept of the Efarmer Goats Initiative, which transforms goat farming through innovation, was conceived on December 1, 2023, during the annual Kimalel Goat Auction.

“I was inspired by speeches from dignitaries at the event, which emphasised the need to make the process of buying and selling goats digital,” he said.

“The idea of selling goats online took root as a way to modernise the traditional goat farming business and address challenges in market access,” he added.

How did Kimosop get Efarmer website started?

Enock started to put his idea in motion; he reached out to his friends from Strathmore and another lady who helped build the website.

The site went live on April 2, 2024, and the group had a vision of transforming the website into an app within a year if it was successful.

Just as with many other businesses, Enock didn’t have all the cash needed to start, so he got together with some friends, and they contributed KSh 150,000 each; in the end, they had a capital of KSh 600,000, and they started their businesses of selling goats online.

How else did the Kimalel meeting help Efarmer?

“Our first sales took place during the Idd Mubarak celebrations in 2024, where we successfully sold 200 goats to individuals and butcheries; some were taking upto 10,” said Enock.

On December 17, 2024, Enock returned to the Kimalel Goat Auction to showcase his firm’s initiative. The president and other stakeholders helped them gain significant visibility, allowing them to penetrate the market at an accelerated pace.

“The KSh 2 million from the president helped boost the businesses with more goats. Initially, we were also transporting a few goats which was costly but now they can get return on investment,” he said.

“Despite our progress, transportation costs remain a significant challenge. Renting trucks for goat transportation is expensive and inefficient. To address this, we are actively exploring options to acquire our own lorry, which would greatly reduce logistics costs and enhance profitability,” he added.

How does Efarmer source goats?

Over time, Efarmer Goats identified reliable sources of the animals, ensuring consistent supply and competitive pricing.

Once Efarmer Goats has found the best breeds needed by the clients, they transport them on a lorry to Nairobi, where they have since found a holding ground in Rongai. At the holding ground, the goats are fed well and rest.

“It is important that they are fed and rest well so that their kgs do not go down after slaughtering,” insisted Enock.

Enock Kimosop at the Kimamel goat auction (r), some of the goats being sold (l). Photos: Enock Kimosop. Source: UGC

How has the evolution of Efarmer happened over time?

Today, Efarmer Goats has established a foothold in international markets as well, and Enock said that they now have a client from Dubai who orders 1000 goats from them on a monthly basis.

“We are managing 300 goats weekly and we sell to him per kilogram. There is also another Saudi Arabia client who is reliable,” he said.

Efarmer Goats prioritises reliability and efficiency. They aim to build client trust while empowering local farmers through sustainable practices and innovative solutions.

One such solution is a mobile app where farmers will be able to upload their goats for sale directly onto the platform, connecting them to buyers within their region.

“This platform will be cost-effective, with farmers only paying a small website application fee,” said Enock.

“We aim to fully exploit global opportunities, increasing our export capacity to handle goat sales in bulk quantities (measured in tons),” he added.

There are also farmer empowerment programs, where Efarmer Goats buys kids from farmers for KSh 6,000, provides guidance on rearing them, and facilitates sales at significantly higher prices (between Ksh 12,000 and Ksh 15,000) after a year.

This initiative ensures farmers achieve higher returns while enhancing their rearing skills.

Efarmer’s goats being held before they are sold. Photos: Enock Kimosop. Source: UGC

 

What are some of the challenges Kimosop faced?

Efarmer Goats expanded its reach to Nairobi, selling both through the website and offline. However, the initial phase was marked by significant challenges.

Among them was the high cost of transportation; transporting goats using large trucks, despite having only a few goats per trip, inflated operational costs.

“Inconsistent and high purchase prices for goats in some regions negatively impacted profitability. These logistical and supply chain issues led to initial losses, prompting us to refine our operations,” shared Enock.

Apparently, the future of goat farming in Kenya lies in technology, collaboration, and a relentless pursuit of excellence. Efarmer Goats said they embody those values as they continue to grow and transform.

Thika farmer frustrated by gate prices turns to grocery business

Elsewhere, on January 13, 2024, Sebastian Peter became the proud owner of two grocery shops in Thika Ngoingwa Estate, Mangu Road.

According to Peter, a friend lent him money to start leasing land for his vegetables, but later, he was frustrated by people who would buy them at KSh 3 and sell them between KSh 50 and KSh 100.

Speaking to TUKO.co.ke, Peter shared that he started as a hawker for his produce, such as kales, but over time, gate prices frustrated him, and he opted to start food kiosks.

Proofreading by Mercy Nyambura Guthua, journalist and copy editor at TUKO.co.ke

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