Connect with us
£15bn Petro Union Fraud

£15bn Petro Union Fraud: Attorney-General Steps In

More Videos

Published

on

£15bn Petro Union Fraud: Attorney-General Steps In

 

 

In a significant move to safeguard Nigeria from potential fraud, the Attorney-General of the Federation and Minister of Justice, Chief Lateef Fagbemi (SAN), has led a team of senior lawyers to represent the Federal Government at a Supreme Court hearing over the Petro Union Oil and Gas Limited case.

The development marks the first time the Federal Government was represented at such a high level since the little-known company secured a judgment from the Federal High Court in Abuja for £2.556 billion.

However, the Economic and Financial Crimes Commission (EFCC) had concluded in its investigation report that Petro Union obtained the judgment by allegedly using a Barclays Bank UK cheque to draw from an account closed five years before it was presented.

The anti-graft agency’s finding led to the ongoing prosecution of the oil company’s directors before the Federal High Court in Lagos.

The directors, Prince Kingsley Okpala, Prince Chidi Okpalaeze, Prince Emmanuel Okpalaeze, and Abayomi Kukoyi (trading as Gladstone Kukoyi & Associates), are facing a 13-count charge of conspiracy, forgery, and fraud before Justice Chukwujekwu Aneke.

Chief Fagbemi’s appearance in the controversial case is particularly notable because it demonstrates the Federal Government’s resolve to fight the March 11, 2014, court order, which directed the Central Bank of Nigeria (CBN), Union Bank of Nigeria, the Minister of Finance, and the Attorney-General to jointly pay Petro Union the judgment amount along with 15 per cent interest per annum.

During the March 17, 2025 proceedings, Chief Fagbemi led a team of lawyers, including Mohammed Gazali (SAN), a Director in the Federal Ministry of Justice, and other lawyers representing the Federal Government and its agencies.

Chief Adegboyega Awomolo (SAN) led the legal team for Union Bank, while the CBN’s legal representation was headed by Damian Dodo (SAN) alongside Mrs. Olabisi Soyebo (SAN) and others.

Chief Awomolo argued an application to amend the Notice of Appeal by adding eight additional Grounds of Appeal.

While the AGF and the CBN’s lawyers supported the motion, Petro Union’s legal team opposed it.

After listening to arguments on the matter from the lawyers, the Supreme Court reserved its ruling for a later date to be communicated to the parties.

The judgment sum against the Federal Government, CBN, and Union Bank now stands at over £15 billion, including interest—exceeding 50% of Nigeria’s foreign reserves.

Legal experts have compared this situation to the infamous $10 billion Process and Industrial Development (P&ID) case.

The troubling events leading to this judgment began in 1994 when Petro Union allegedly fraudulently obtained a cheque worth £2.556 billion from a Barclays Bank branch in the UK.

The company presented this cheque at a Union Bank branch in Lagos, claiming it was for a contract related to refinery construction and the establishment of a bank.

Subsequent investigations by the CBN and Union Bank unveiled that the cheque, dated December 29, 1994, and drawn in favour of Gladstone Kukoyi & Associates, was confirmed by Barclays Bank to be counterfeit.

Barclays Bank had also indicated that Gazeaft Limited, the issuer of the bill of exchange, did not have an account with them and was not listed as a registered company in the UK.

Despite these findings, Petro Union and its agents persisted in their claims that Union Bank had received £2,556,000,000.00 on their behalf and had transferred £2,159,221,318.54 to the CBN while retaining £396,778,681.46. This led to court actions against the CBN and Union Bank based on these dubious claims.

In a concerning development, Petro Union managed to secure a judgment by presenting an alleged statement of account from the CBN, neglecting the fact that a Central Bank serves as a banker to the government and banks, not to individual companies or persons.

Following these proceedings, both the CBN and Union Bank filed appeals to overturn the judgment, particularly as evidence of fraudulent motives began to emerge during the ongoing criminal prosecution of Petro Union and its executives at the Federal High Court in Lagos.

Additionally, information already presented to the Supreme Court suggests that Petro Union may have obtained the judgments at lower courts by allegedly providing evidence that appears to be based on falsehoods, forgery, misrepresentation of facts, and concealment.

Given Nigeria’s increasing debt profile, many observers are alarmed by the prospect of this additional £15 billion ‘debt’ looming over the nation. They are looking to the Supreme Court to deliver justice in this complex matter.

Facebook 0 Twitter/X 0 LinkedIn0 WhatsApp0 0Shares
Continue Reading
Click to comment

Leave a ReplyCancel reply

Sports

BREAKING: Patrick Vieira Appointed New Senegal Head Coach as Teranga Lions Begin New Era

Published

on

BREAKING: Patrick Vieira Appointed New Senegal Head Coach as Teranga Lions Begin New Era—-The Dakar-born former France international takes his first national-team coaching role after Senegal parted ways with Pape Thiaw following their disappointing 2026 World Cup campaign.

Patrick Vieira has been appointed the new head coach of the Senegal national team, with the former France international taking charge of the Teranga Lions for the first time in his managerial career.

The Senegalese Football Federation (FSF) confirmed Vieira’s appointment on Tuesday, August 18, announcing that the 50-year-old will succeed Pape Thiaw, whose tenure ended following Senegal’s elimination from the 2026 FIFA World Cup. 

The appointment represents a major new chapter in Vieira’s coaching career and his first opportunity to manage a senior national team.

Vieira Returns to His Birth Country

Although Vieira represented France throughout his international career, including winning the 1998 FIFA World Cup and Euro 2000, he was born in Dakar, Senegal.

The former midfielder moved to France at the age of eight before developing into one of the country’s most celebrated footballers. He eventually earned 107 caps for Les Bleus and became an important figure in France’s golden generation.

His connection to Senegal makes the appointment particularly significant as he now returns to lead the country’s senior national team.

Replacing Pape Thiaw

Vieira takes over after Thiaw was removed from his position following Senegal’s disappointing World Cup campaign.

The Teranga Lions were eliminated in the round of 32 after surrendering a 2–0 lead against Belgium before eventually losing 3–2 in extra time. The result brought an early end to Senegal’s World Cup ambitions and contributed to the decision to make a change in the dugout.

The FSF subsequently turned to Vieira as it looks to begin a new era.

First National-Team Job for Vieira

Vieira arrives with considerable experience in club management but has never previously managed a senior international side.

He began his coaching career with Manchester City’s youth setup before taking charge of New York City FC in MLS. He later managed French side Nice, Premier League club Crystal Palace, Strasbourg and Italian club Genoa.

His appointment therefore presents a new challenge for the former Arsenal captain, who must now translate his club-management experience to the international stage.

AFCON 2027 Qualification Awaits

Vieira’s first major task will be preparing Senegal for the next international window and the country’s qualification campaign for the 2027 Africa Cup of Nations.

Senegal are the reigning African champions and will be expected to remain among the continent’s leading teams under their new manager. The AFCON qualifiers are scheduled to begin as early as September.

The appointment also gives Vieira an opportunity to build a team capable of competing for another continental title while establishing a long-term project with the national side.

A New Chapter for Senegal

For Senegal, Vieira’s appointment represents both a change in leadership and an attempt to reset after a disappointing World Cup.

For Vieira, it is a chance to manage the country of his birth and take charge of a talented generation of Senegalese players.

The FSF said further details concerning Vieira’s official presentation and the next steps in his installation will be announced later.

The man who lifted the World Cup with France in 1998 will now attempt to lead Senegal to continental and international success — beginning with the Teranga Lions’ new era under Patrick Vieira.

Facebook 0 Twitter/X 0 LinkedIn0 WhatsApp0 0Shares
Continue Reading

Trending News

SHOCKING !! Oluyin Of Iyin-Ekiti In DSS Net Over Alleged Suspicious Demand for Governor’s Used Chair

Published

on

SHOCKING !! Oluyin Of Iyin-Ekiti In DSS Net Over Alleged Suspicious Demand for Governor’s Used Chair

 

The Department of State Services (DSS) has invited the Oluyin of Iyin-Ekiti, Oba Adeniyi Adeola Ajakaiye, for questioning after he made a quiet but suspicious demand for the chair used by Ekiti State Governor, Biodun Oyebanji during a thanksgiving service at Babamuboni Memorial Anglican Church, Iyin-Ekiti.

According to leaked correspondences exchanged between Babamuboni Anglican Church and Oluyin’s Palace, Governor Oyebanji had attended an event on May 31, 2026 at the invitation of Senate Leader, Michael Opeyemi Bamidele, an indigene of Iyin-Ekiti few days to the state’s gubernatorial election.

How Oluyin of Iyin-Ekiti Strangely Demanded Governor’s Seat

It was gathered that after the church program, the Oluyin of Iyin Ekiti, Oba Ajakaiye quietly and specifically requested for the chair which the Governor sat on during the church program.

The church’s Vicar who suspected a mischief by the Oluyin’s palace politely declined the estranged and bizzare request.

According to the church, the decline made Oba Oluyin furious who immediately influenced the untimely transfer of the church’s vicar, Ven. Dr. Samuel Sunday Agunbiade from the church.

The Palace, in a letter addressed to the church , insisted that the governor’s seat be surrendered for “royal custody and appropriate traditional rites.”

In the said letter from the Oluyin-in-Council to the church, they strangely said that “the replacement chair to be commissioned henceforth shall be placed under strict and adequate guard at all times, to avert any future desecration or recurrence of such grave oversight against the sanctity of the stool.”

Meanwhile, the request which has been described as barbaric and bizarre in Nigeria’s political and religious history, immediately raised suspicion and outrage within the community.

The Position of the Anglican Church

The Anglican Church, in its formal reply, rejected the demand, stressing that church property is held in trust under ecclesiastical governance. It further explained that the chair no longer existed, having already been dismantled and incorporated into the altar furnishing.

According to the church, “Consequently, the Church is not at liberty to surrender, transfer, or remove dedicated Church property for external purposes outside the procedures prescribed by ecclesiastical authority.

“As custodians of these properties, we are duty-bound to preserve and administer them in accordance with the doctrine, discipline, and governance of the Church.”

REQUEST FOR THE REMOVAL OF THE CHURCH CHAIR TO THE PALACE nnnnn_040357

Despite the stance of the church to strictly adhere to its ecclesiastical responsibilities and constitutional obligations, the palace persisted.

Outrage in Iyin-Ekiti as Residents React

Residents of Iyin-Ekiti alleged that the monarch’s insistence was not cultural but sinister with claims that the chair might be for ritual manipulation against the governor whom at the time was preparing for his re-election.

They noted that the DSS invitation to the Oluyin underscores how seriously the security agency views the matter stressing that there are sinister motive behind the estranged act.

It was equally gathered that the fallout extended to the church leadership. Ven. Dr. Agunbiade, the vicar who stood firm against the palace’s demand, was transferred under circumstances widely perceived as punitive.

Residents noted that while governors, presidents, and dignitaries have attended church services across Nigeria and Ekiti State in particular for decades, never has a demand been made for their chairs to undergo “traditional rites.”

They described the incident as mischievous while calling for a thorough investigation by the DSS to unravel the mystery and sinister motives behind the bizzare request of the monarch.

Facebook 0 Twitter/X 0 LinkedIn0 WhatsApp0 0Shares
Continue Reading

Trending

Facebook 0 Twitter/X 0 LinkedIn0 WhatsApp0 0Shares