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Alleged $285,006 Bond Fraud: Company Drags Ecobank to EFCC

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Moriah Trust Limited and its alter ego, Mr. David Nwedu, have petitioned the Economic and Financial Crimes Commission (EFCC) to investigate alleged fraudulent activities by Ecobank Nigeria Plc involving a $285,006 Advance Payment Guarantee (APG) Bond.

The petition also seeks accountability for bank officials allegedly complicit in these transactions.

The petition, titled “Criminal Complaint Against Ecobank Nigeria Plc on an Attempt to Defraud Moriah Trust Limited of an Advance Payment Guarantee Bond No G 00613 for $285,006,” was dated November 13, 2023, and filed with the EFCC on January 26, 2024. It was signed by Olabanji A. Eniola Esq. of Umar, Gimba & Associates, solicitors to the petitioner.

The document sighted by TheNiche, reveals that Moriah Trust Limited, a customer of Ecobank Nigeria Plc, operates a domiciliary account (No. 2230509622). In 2005, while executing the “Abidjan Lagos Transport Corridor” project, Mr. Nwedu, on behalf of Moriah Trust, requested a 20% APG of the contract sum of $1,425,032.70. Ecobank approved the request, crediting $285,006 to the account.

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However, the petition states that the International Development Association (IDA), the project’s awarding body, had earlier advanced $70,000 to the petitioner. As a result, only $215,006 of the APG remained payable. On November 14, 2005, the IDA transferred $214,996 to Ecobank on behalf of Moriah Trust Limited, deducting $10 as bank transfer charges. This amount was purportedly warehoused by Ecobank pending the discharge of the APG.

On January 5, 2006, Mr. Nwedu fulfilled his contractual obligations and returned the APG document to Ecobank for discharge.

Surprisingly, instead of crediting the warehoused $214,996, Ecobank allegedly credited the domiciliary account with $20,060,118 on January 18, 2006, an amount grossly in excess of the expected sum.

The petition claims that Mr. Nwedu immediately notified Ecobank of the error. The bank reportedly responded that it had erroneously credited the naira equivalent of the warehoused funds to the domiciliary account. Following this, Ecobank allegedly deactivated the account without informing or obtaining the consent of Moriah Trust Limited, leaving the erroneous credit balance intact.

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Efforts to resolve the issue proved futile. In 2008, Mr. Nwedu deposited $17,000 to reactivate the account and reconcile the statements, but the bank allegedly failed to act. A further deposit of $3,000 in 2009 also did not yield any results, as Ecobank reportedly continued to deny the petitioner access to the account.

The situation has caused significant challenges for Mr. Nwedu. Since 2019, the IDA has demanded a project closure report, which he has been unable to provide due to his restricted access to the account. This has reportedly led to allegations of fiduciary breaches against him, causing irreparable damage to his reputation.

The petition accuses Ecobank Nigeria Plc of deliberately withholding access to the account, raising suspicions of fraudulent activity involving the APG funds. It urges the EFCC to investigate the matter thoroughly, identify any officials involved, and ensure justice is served.

“The actions of Ecobank Nigeria Plc constitute an attempt to defraud Moriah Trust Limited of its hard-earned funds,” the petition reads, adding that the EFCC chairman should intervene to uncover any illegal transactions and protect the petitioner’s financial interests.

 

 

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Oseni mourns ex-Oyo lawmaker Akeem ‘Able’, says Oyo APC has lost loyal progressive

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The lawmaker representing Ibarapa East/Ido Federal Constituency in the House of Representatives, Engr. Aderemi Oseni, has mourned the death of a chieftain of the All Progressives Congress (APC) in Oyo State and former member of the Oyo State House of Assembly, Hon. Akeem Abimbola Oladipupo, popularly known as Able, describing his demise as a painful loss to the progressive family.

Oladipupo, who represented Ibadan North-West Constituency in the Oyo State House of Assembly, was widely regarded as a grassroots politician and committed party loyalist until his passing.

Oseni, who is also the Chairman, House Committee on Federal Roads Maintenance Agency and the APC candidate for Oyo South Senatorial District, said the late politician’s death had created a vacuum within the party and among those who benefitted from his unwavering commitment to public service.

In a condolence statement issued on Monday by his Media Aide, Idowu Ayodele, and made available to journalists in Ibadan, the Oyo State capital, the federal lawmaker described the late Oladipupo as a dependable progressive, humble political actor and loyal party stalwart whose impact would remain indelible.

He said the deceased dedicated his life to serving humanity, strengthening the progressive movement and supporting the aspirations of many at the grassroots.

Oseni said, “The death of Hon. Akeem Abimbola Oladipupo (Able) came to me as a rude shock. Oyo State and the progressive family have indeed lost a committed, loyal and selfless leader whose passion for service, humility and dedication to the people stood him out.

“He was not just a politician but a bridge-builder, a dependable ally and a grassroots mobiliser who believed strongly in the ideals of our great party. His contributions to the growth of the APC in Oyo State and his service to humanity will remain unforgettable.”

The APC senatorial candidate noted that the late former lawmaker remained steadfast in promoting peace, unity and political development, adding that his simplicity and accessibility endeared him to many across political divides.

According to Oseni, the late politician’s legacy of service and sacrifice would continue to inspire younger politicians and party faithful.

He, however, urged members of the APC, associates and family members of the deceased to take solace in the remarkable life he lived and the positive impact he made during his lifetime.

Oseni also prayed for the repose of the deceased’s soul and for God to grant his family the fortitude to bear the painful loss.

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Governors Push N100,000 Minimum Wage to Ease Workers’ Economic Burden

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State governors have proposed a new national minimum wage of N100,000 for Nigerian workers as part of efforts to cushion them from the biting effects of inflation and the rising cost of living.

Governor AbdulRahman AbdulRazaq of Kwara State, who is also the Chairman of the Nigeria Governors’ Forum (NGF), disclosed the proposal on Saturday in a post by the state government’s official Facebook page. He said the move aims to improve workers’ welfare while ensuring that government finances remain sustainable.

“State governments recognise the urgent need to improve workers’ welfare in response to the current economic realities facing Nigerians,” AbdulRazaq said.

“We are actively engaging with the Federal Government and organised labour to arrive at a wage structure that is fair to workers and sustainable for government finances.”

The NGF chairman explained that ongoing discussions are focused on balancing the need to boost workers’ purchasing power with the capacity of governments to deliver essential public services and development projects.

“The goal is to improve the living conditions of workers while ensuring that states can continue to meet their obligations and sustain projects that directly impact citizens,” he added.

The proposed N100,000 minimum wage is expected to intensify national debates on salaries, inflation, and broader economic reforms as Nigerians continue to contend with rising food prices, transportation costs, and other living expenses.

Currently, Nigeria’s statutory minimum wage stands at N70,000 per month. Some states, including Lagos, Rivers, and Imo, are already paying above the national benchmark to support workers amid the country’s economic challenges.

Meanwhile, the Nigeria Labour Congress (NLC) has continued to call for a comprehensive review of salaries, insisting that workers deserve a living wage that reflects present-day economic realities rather than merely guaranteeing survival.

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Petrol hits N1,533/litre as cooking gas prices jump nationwide

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The average retail price paid by consumers for Premium Motor Spirit, popularly known as petrol, rose to N1,532.93 per litre in April 2026, representing a 23.69 per cent increase compared to the N1,239.33 recorded in the corresponding period of 2025, findings by the National Bureau of Statistics (NBS) have shown.

The sharp rise in petrol prices came amid mounting inflationary pressure and worsening living costs, with Nigerians grappling with soaring transportation and food expenses that have continued to shrink household purchasing power.

The NBS disclosed this in its Premium Motor Spirit (Petrol) Price Watch for April 2026, released on Friday.

The report further showed that on a month-on-month basis, petrol prices rose by 18.97 per cent from N1,288.54 recorded in March 2026, underscoring persistent volatility in the downstream petroleum market.

A breakdown of prices across states revealed that Yobe recorded the highest average retail price for petrol at N1,599.05 per litre during the review period.

Edo and Bauchi followed closely with average prices of N1,595.74 and N1,589.07, respectively.

However, Niger residents paid the least for petrol at an average of N1,403.89 per litre, while Sokoto and Katsina recorded N1,404.16 and N1,406.28 respectively.

At the zonal level, the South-South recorded the highest average retail price at N1,566.76 per litre, while the North-West posted the lowest at N1,508.81.

The latest petrol price increase comes as millions of Nigerians continue to battle the ripple effects of rising inflation, with higher energy costs worsening transportation fares and the prices of essential commodities.

Similarly, the NBS said the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas, also known as cooking gas, rose by 13.73 per cent month-on-month to N8,706.93 in April 2026 from N7,655.73 recorded in March.
On a year-on-year basis, the price increased by 10.42 per cent from N7,885.60 recorded in April 2025.

Lagos recorded the highest average price for refilling a 5kg cylinder at N9,745.10, followed by Nasarawa at N9,451.70 and Bayelsa at N9,422.74.

In contrast, Anambra recorded the lowest average price at N7,204.76, while Ondo and Ogun followed with N7,239.49 and N7,825.75, respectively.

At the regional level, the North-West recorded the highest average retail price for refilling a 5kg cylinder at N9,025.07, followed by the North-East at N8,847.16, while the South-East posted the lowest average price at N8,224.37.

Also, the average retail price for refilling a 12.5kg cylinder of cooking gas increased by 13.89 per cent month-on-month to N22,382.20 in April 2026 from N19,652.83 in March.

Compared to April 2025, the price rose by 10.43 per cent from N20,268.06.

According to the NBS LPG Price Watch for April, Katsina recorded the highest average retail price for refilling a 12.5kg cylinder at N25,596.71, followed by Kogi at N24,558.25 and Gombe at N24,438.97.

Ogun recorded the lowest average price at N19,564.36, while Bauchi and Anambra followed at N20,178.87 and N20,511.90 respectively.

The North-West recorded the highest zonal average retail price for refilling a 12.5kg cylinder at N23,276.95, followed by the North-Central at N22,865.29, while the South-East posted the lowest average at N21,060.92.

The latest figures signal growing pressure on household energy costs, raising concerns over the implications for inflation and the cost of living in the coming months.

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