Crime & Court
Ex-Bank PHB director, Adenmosun remanded in prison over alleged N26.6bn fraud
Justice Daniel Osiagor of the Federal High Court, in Lagos, on Thursday ordered the remand of a former Director of Bank PHB (now Keystone), Funmi Adenmosun at the Nigerian Correctional Services (NCoS) in Ikoyi, following his inability to perfect his bail conditions.
The Economic and Financial Crimes Commission (EFCC) had on January 21 arraigned Adenmosun, before the court over alleged N26.6 billion money laundering.
The ex-Bank PHB director was arraigned alongside his company, Home Trust Savings and Loan limited and a private company, Rare Properties and Development Limited.
He was subsequently granted bail in the sum of N250 million with two sureties.
But, at the resumed trial on Thursday, Adenmosun who was initially remanded in EFCC custody urged the court to change his remand to Ikoyi Correctional Centre until he meets his bail conditions.
Justice Osiagor granted his request and ordered his remand at Ikoyi Correctional Centre.
The EFCC’s counsel, Sulaiman Sulaiman told the court that the verification of documents presented by the sureties is still ongoing.
He informed the court that he was ready to commence trial and that one of his witnesses was in court.
The judge, however wondered why the prosecution was taking too long on the verification of documents submitted by the sureties.
Justice Osiagor also observed that the anti-graft agency imposed conditions that were not in the original order made by the court.
The court. then stopped the EFCC from carrying out the verification of the sureties adding that only the court will carry out the exercise.
The EFCC , thereafter called its first witness, Mr. Segun Adesomoju, the Compliance Officer, First City Monument Bank Ltd (FCMB), who told the court that his bank received a letter from the EFCC requesting for account details of the defendants.
However, an attempt by the EFCC prosecutor to tender some of the account statements hit a brick wall as the defence lawyer, Senior Advocate of Nigeria, Wale Adesokan objected to their admissibility.
Following the objection, the EFCC lawyer, Sulaiman urged the court to adjourn the case to enable him to take certain steps to move the case forward.
The case has been adjourned to Friday 3rd of March for the continuation of trial.
The defendants were arraigned on a 10-count charge bordering on conspiracy, money laundering and fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc.
Adenmosun pleaded not guilty to all the counts.
Some of the counts against the defendant read: “That you, Funmi Adenmosun and Home Trust Savings and Loan Limited and Rare Properties and Development Limited sometimes in 2007 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to convert the sum of N26, 600, 000, 000 (Twenty Six Billion, Six Hundred Million Naira) which sum you reasonably ought to have known forms part of proceeds of fraudulent conversion of the proceeds of private placement raised from the public in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary ta section 18 tab of the Money | laundering Prohibition Art, 2011 a8 amended and punishable under section 15 (2) (b) of the same Art.
“That you Funmi Adenmosun and Home Trust Savings and Loan Limited on or about the eighth day of November 2007, in Lagos within the jurisdiction of this Honourable Court indirectly transferred the sum of N450,000,000.00 (Four Hundred and Fifty-Five Million Naira) to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Pic and you thereby committed an offence contrary to section 15 (2) (b) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.
“That you, Rare Properties and Development Limited or about the 8 day of November 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N450,000,060.00 (Four Hundred and Fifty-Five Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2} (d) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.
“That you, Funmi Adenmosun and Home Trust Savings and Loan Limited, on or about the 9th day of November 2007 in Lagos within the jurisdiction of this Honourabie Court indirectly transferred the sum of N610.600,000.00 (Six Hundred and Ten Million Naira) to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent Conversion of funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary ta section 15 (2) (b} of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.
“That you, Rare Properties and Development Limited on or about the 9” day of November, 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N610,000,000,00 (Six Hundred and Ten Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (d) of the Money Laundering Prohibition Act, 2017 as amended and punishable under section 15 (3) of the same Act.
“That you, Funmi Adenmosun and Home Trust Savings and Loan Limited, on or about the 12th day of November, 2007 in Lagos within the jurisdiction of this Honourable Court indirectly transferred the sum of N702, 000, 000.00 (Seven Hundred and Two Million Naira} to Rare Properties and Development Limited which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Pic and you thereby, committed an offence contrary to section 15 (2} (b) of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.
“That you, Rare Properties and Development Limited on or about the 12th day of November, 2007 in Lagos within the jurisdiction of this Honourable Court retained the sum of N702, 000, 000. 00 (Seven Hundred and Two Million Naira) which sum you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscribers to the private placement conducted in the name of Investments & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2) (d) of the Money Laundering. Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same Act.
“That you, Funmi Adenmosun and Home Trust Savings and Loan Limited on or about the 13th day of November 2007, within the Jurisdiction of this Honourable Court indirectly transferred the sum of N706,000,000.00 (Seven Hundred and six million) to Rare Properties and Development Limited which you reasonably ought to have known forms part of the proceeds of fraudulent conversion of the funds raised from the subscriber to the private placement conducted in the name of investment & Allied Assurance Plc and you thereby committed an offence contrary to section 15 (2)(4) Of the Money Laundering Prohibition Act, 2011 as amended and punishable under section 15 (3) of the same act.”
The National Drug Law Enforcement Agency has uncovered and dismantled a large methamphetamine production facility concealed inside a forest in Oyo State, arresting a suspected Mexican drug expert and four Nigerians in what officials described as a major breakthrough against an international drug trafficking syndicate.
The industrial-scale laboratory was discovered at Tapa Village in Ibarapa North Local Government Area during an operation conducted by NDLEA operatives on June 17.
Among those arrested was a 56-year-old Mexican national, Jose Villa Ochoa, who was allegedly recruited to provide technical expertise for the large-scale production of methamphetamine.
Four Nigerians identified as Maxwell Uche Nevoh, Olatunji Yusuf, Bankole Akeem Owolabi and Ganiu Monsiu were also apprehended during the raid.
The Chairman of the NDLEA, Brig. Gen. Mohamed Buba Marwa (retd.), said the clandestine facility was equipped with substantial quantities of precursor chemicals and industrial processing equipment used in the manufacture of methamphetamine.
According to the agency, forensic analyses conducted at the site confirmed the presence of methamphetamine, while all recovered substances, chemicals and equipment had been secured as exhibits for further investigation and prosecution.
The discovery came barely four weeks after NDLEA operatives dismantled another large methamphetamine laboratory hidden in a forest in neighbouring Ogun State, heightening concerns over attempts by drug cartels to turn the South-West into a hub for synthetic drug production.
Marwa said the latest operation underscored the agency’s determination to dismantle transnational drug trafficking networks operating within Nigeria.
He warned both local and foreign drug syndicates against viewing the country as a safe destination for illicit drug activities.
“Let the message go out clearly to all drug cartels, domestic and international, that Nigeria is not, and will never be, a safe haven for your illicit trade,” Marwa said.
“We will find you in the cities, we will track you into the forests, and we will dismantle your infrastructure of death.
They thought hiding in dense forests would shield them from the long arm of the law. They were wrong.”
The NDLEA described the operation as another significant blow against organised drug trafficking networks and commended the officers involved in the raid for their professionalism, resilience and courage.
Operatives of the Gombe State Police Command have recovered a Toyota Highlander reported stolen in Port Harcourt, Rivers State, five years ago.
The vehicle was recovered on June 8, 2026, during a routine verification exercise conducted by detectives attached to the State Intelligence Department in collaboration with officials of the Federal Road Safety Corps at the Gombe State Internal Revenue Service vehicle licensing office.
The spokesperson for the command, DSP Buhari Abdullahi, disclosed this in a statement issued on Saturday, saying the vehicle was flagged as suspicious during the process of uploading and verifying vehicle records.
According to him, the joint team identified the Toyota Highlander bearing registration number FH823PHC and subjected it to further scrutiny, which revealed that it had been declared stolen on September 17, 2021.
Preliminary findings showed that the vehicle belonged to one Cecilia A. Duru of Akwaka Lane, Rumuodumaya, Port Harcourt, Rivers State.
Abdullahi said investigators subsequently uncovered a transnational movement of the vehicle, establishing that it was taken to the Niger Republic in 2023 before returning to Nigeria through Illela Local Government Area of Sokoto State on October 17, 2025.
He added that the sport utility vehicle was later sold in Kaduna State and eventually brought to Gombe for re-registration, where it was detected and recovered by security operatives.
“Investigation is ongoing, as efforts are being intensified to identify and apprehend those involved,” the police spokesperson stated.
He urged members of the public to exercise caution when purchasing vehicles, advising intending buyers to verify ownership documents and authenticate vehicle records through the appropriate authorities before concluding any transaction.
The command reaffirmed its commitment to combating vehicle theft and other trans-border crimes, assuring residents that efforts were underway to arrest all those linked to the theft and illegal trafficking of the recovered vehicle.
A Federal High Court sitting in Abuja has sentenced two women linked to a slain suspected terrorist kingpin, Kachallah Ibrahim Battujo, to a total of 40 years imprisonment for offences bordering on terrorism and aiding criminal activities.
The convicted women — Safiya Salihu and Halima Abdullahi — who are said to be the mother and sister of the late bandit leader, were handed the sentence on Wednesday by Justice Hauwa Yilwa after they pleaded guilty to parts of a five-count terrorism charge filed by the Office of the Attorney-General of the Federation.
Battujo, described by security operatives as a notorious bandit kingpin, was earlier eliminated by security forces on June 10, 2026, during an operation in a forest near Iluke in Kabba/Bunu Local Government Area of Kogi State.
During proceedings, the court heard that the defendants were implicated in aiding and abetting the activities of the deceased, including passing information through telephone communications and concealing aspects of his criminal operations.
According to the prosecution, both women admitted guilt to count two of the charge, which bordered on supporting and facilitating the activities of a known bandit leader in violation of Section 26 of the Terrorism (Prevention and Prohibition) Act, 2022.
Halima Abdullahi was further convicted on count four, which involved concealing information regarding illegal firearms allegedly acquired by her brother after she reportedly visited his forest hideout.
Safiya Salihu, on her part, also pleaded guilty to count five, which accused her of withholding information about terrorist activities linked to her son.
Although the charges also included allegations of receiving ₦490,300 suspected to be proceeds of terrorism and sponsorship of pilgrimage using illicit funds, the Director of Public Prosecutions, Rotimi Oyedepo, SAN, urged the court to discount those counts while proceeding with conviction on others.
Justice Yilwa, in her judgment, imposed 20 years imprisonment on each of the counts, but ordered that the sentences should run concurrently, effectively making the total jail term 40 years for each convict.
The court further directed that after serving their jail terms, the convicts should undergo rehabilitation, underscoring the judiciary’s position on balancing punishment with reintegration.
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