News
Tinubu’s Men Named In 16.4 Billion Naira Scandal (the WEMA Bank connection)
Bank records of Ocean Trust Limited showed how the company hurriedly shuffled billions of naira between its accounts with Wema Bank.
Between January and June 2019, Ocean Trust summarily moved N16.4 billion from its operations accounts into a fixed deposit account, all domiciled at Wema Bank, a bank.
Ocean Trust was specifically mentioned in Mr. Apara’s court documents as one of the firms allegedly used to siphon funds from Alpha-Beta, the controversial Lagos tax contractor whose financial activities have come under scrutiny amidst ongoing publications by the Gazette.
Alpha-Beta has received billions from Lagos treasury since Mr. Tinubu was governor, according to Apara who said the firm received N150 billion in the past 15 years from Lagos.
Most of the transactions, which Mr. Apara said were later laundered through fronts, were conducted in secrecy, and Mr. Tinubu and his successors have rejected all requests to publish the state’s financial records.
On January 2, 2019, Ocean Trust moved N1.5 billion from its 0702892574 Wema Bank account to another 0122613238 account within Wema Bank. The description for the transaction was labelled “Closure proceeds”. A week after on January 9, N800 million was transferred to the same bank account.
On January 16, 2019, N500 million was also transferred to the same account. N1.5 billion, N800 million, and N500 million were transferred to the 0122613238 Ocean Trust account on February 1, February 8 and February 15 in 2019, respectively.
The same account got N1.5 billion on March 4, while N800 million and N500 million were transferred on March 11 and 18, 2019.
On April 3, the account received yet another N1.5 billion while N800 million was credited to it on April 10 and another N500 million on April 17.
N1.5 billion was moved to the account on May 3 while N600 million and N500 million were credited to the account on May 10 and May 17 respectively.
On June 3, N1.5 billion was transferred to the Ocean Trust account with another N600 million on June 10 and another N500 million on June 17.
The suspicious N16.4 billion transactions that went into a fixed deposit with Wema Bank were also carried out with 08092317155, a telephone number linked to a TVC executive Adefarakan.
On April 10, 2019, N200 million was transferred directly from Ocean Trust to Continental Broadcasting Service, the parent company of TVC which Mr. Tinubu admitted he had shares in a statement last month.
The broadcaster also received N10 million directly from Ocean Trust on June 14, 2019, even though the company had already been exposed as a shell business by Mr. Apara.
Also on the registration filings of Ocean Trust was Frank Obi, group executive director of Paragon Holdings.
Paragon built Ikeja City Mall, Circle Mall, Oshodi LAWMA Complex, Simpson LAWMA Complex and once held a 20 percent stake in Ikeja City Mall. Mr. Obi, who is also a non-executive director at Primero, had two million shares in Ocean Trust.
Kehinde Durosinmi-Etti, head of Lagos State Security Trust Fund, was also on Ocean Trust CAC document obtained by the Gazette with 2.4 million shares, alongside a former senator Jonathan Zwingina, who had 2.5 million shares.
Wema Bank account opening package obtained by the Gazette showed Mr. Adefarakan was a signatory to Ocean Trust’s financial activities.
Late Governor Ajimobi’s first child, Bisola is dead!
News filtered in early Thursday, March 27, 2025 that Bisola,42 died after a brief illness in the United Kingdom.
The late woman before her death was the special adviser to the Minister of Budget and Planning, Atiku Bagudu.
Married to Kolapo Kola-Daisi, their marriage is blessed with three children.
The Economic and Financial Crimes Commission (EFCC) recently arrested prominent businesswoman and socialite, Aisha Achimugu, following allegations of fraudulent activities related to a multi-million-naira contract awarded to her company by a South-West state.
Achimugu, who serves as the Chairman of Bluewave Exploration and Production Limited, was detained last weekend after a civil society group filed a petition accusing her of involvement in dubious dealings concerning the contract. She was granted bail the following day but has been instructed to return for further questioning in the coming week.
Beyond her corporate endeavors, Achimugu is well-known in elite circles across Lagos and Abuja. Her social media presence showcases a lavish lifestyle, featuring exotic vacations, exclusive yacht parties, and private jet travels.
This arrest marks a significant challenge for Achimugu, whose business empire and social standing are now under intense public scrutiny. The EFCC’s investigation is ongoing, and the outcome may have far-reaching implications for her career and reputation.
A source hinted that Achimugu was asked by the commission to report back on the 30th of March,2025 for further questioning.
Not really bothered by the investigation, the billionaire days after her arrest launched a 30-day feeding Ramadan programme where she targets the less-privileged.
Additional Information- Streetjournal Magazine
The Lagos State House of Assembly convened for a crucial legislative session yesterday, but an unexpected absence stole the spotlight, the ousted Speaker Mudashiru Obasa was nowhere to be seen. The sitting, which focused on key legislative matters and a commendation of President Bola Ahmed Tinubu’s leadership, went on without Obasa, raising eyebrows among lawmakers and political observers alike.
New Speaker Mojisola Meranda presided over the proceedings, ensuring the session ran smoothly. During deliberations, the lawmakers took turns applauding President Tinubu for his strides in governance, particularly his economic and infrastructural policies aimed at revitalizing Lagos and Nigeria as a whole. However, whispers about Obasa’s absence could not be ignored.
Sources within the Assembly remained tight-lipped on the reason for his nonappearance, fueling speculation.
As lawmakers dispersed after the session, the big question lingered where was Obasa? For now, the mystery remains, but all eyes will be on the next sitting to see if the seasoned politician resurfaces.
Ajimobi’s Eldest Child, Bisola Dies In The UK
EFCC Arrests Top Businesswoman, Aisha Achimugu
Obasa Missing as Lagos Assembly Sits, Lauds President Tinubu
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