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FG- Imo: :Regulatory Oversight of The State Electricity Market Is Now Underr ISERC

By Favour Ifeoluwa & Akinola Ajibade  The Federal Government yesterday( Monday) announced the transfer of Regulatory Oversight of the Electricity Market in Imo State to the state electricity regulatory commission, otherwise known as (ISERC). In a statement issued by the Nigerian Electricity Regulatory Common( NERC), the development is in compliance with the amended Constitution of the Federal Republic of Nigeria (CFRN) and the Electricity Act 2023 (Amended), reiterating that all transfers envisaged by this order shall be completed by 31 December 2024. According to the Commission,the transfer Order’s provisions include: “Direct Enugu Electricity Distribution Company (EEDC) to incorporate a subsidiary (EEDC SubCo) to assume responsibilities for intrastate supply and distribution of electricity in Imo State from EEDC, and that EEDC shall complete the incorporation of EEDC SubCo within 60 days from 27th June 2024. The subcompany shall apply for and obtain licence for the in
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N723m: Standard Bank Staff dragged to court

By Akinola Ajibade

A staff of Standard Chartered Bank, Nigeria Limited, Jeffrey Akhimien and others were dragged before the federal high court in Lagos for allegedly defrauding the bank of N723, 660, 867. 47 million.

News Mirror reports that the bank had in a bid to recover the money reported Jeffrey Akhimien alongside Segun Samuel Ogunjimi and a limited liability Company, Greaterheights Technologies Limited, to Police Special Fraud Unit (PSFU) for Investigation and prosecution.

Thereafter, PSFU dragged the defendants to court on charges bordering on fraud, illegal and unlawful funds conversion and  obtaining funds through false pretence.

Jeffrey Akhimien, a staff of the bank in Aromire, Ikeja branch was accused of conspiring with Segun Samuel Ogunjimi, his company, Greaterheights Technologies Limited and one Lucky Sargin, to swindled the bank of total sum of N723, 660, 867. 47 million.

The defendants were alleged to have committed the offences within one year, precisely between January and December, 2020.

The first defendant, Jeffrey Akhimien, was alleged to have singlehandedly converted to his own use and benefit, the sum of N175 million. While he and others were alleged to have jointly defrauded the bank of the sum of  N548, 660, 867.47  million.

The Bank’s staff, Jeffrey Akhimien was alleged to have falsely presented to the bank, that all members of staff of Greaterheights Technologies Limited, needed loans from the Bank and that the said Staff authorized him to approach the Bank and negotiate for the loans on their behalf and that their salaries and Grade Levels qualified them for the loans and that their loans advanced was meant to assist them solve their individual financial needs and that they had the means, ability and capacity to pay back the loans as at when due.

The offences according to the prosecutor, Mr. Henry Obiaze, are contrary to Section 8(a), 1(1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006, but punishable under Section 1(3) of the same Act.

He also told the court that the offences contravened Sections 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 as mended in 2012.

All the defendants pleaded not guilty to the charges. The development, which make the prosecutor to ask for trial date as well urged court to remand all the defendants till the determination of the charge.

But their counsel, told the court of his clients’ bail appllication, which was argued.

Ruling on the counsel submissions on the bail appllications, Justice Peter Lifu, acceded to the defendants’ request, and granted each of them bail in the sum of N10 million with two sureties in like sum.

Justice Lifu also ordered that one of the sureties must be a blood relation to the defendants, while the other must be a Civil Servant in Federal of Lagos State employment and not below Grade Level 12.

The judge while adjourning the matter till May 26, for trial, ordered that the defendants be remanded in the custody of the Nigerian Correctional Services (NCoS) pending the perfection of the bail conditions.”


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