News
FG Seeks Arrest of Ranesh, Dana Air MD over Alleged N1.3Bn Fraud

Federal government has asked a high court sitting in Abuja to issue a bench warrant for the arrest of Hathiramani Ranesh, managing director of Dana Air.
Mojisola Okeya, counsel to the attorney-general of the federation (AGF), made the oral application on Thursday before Obiora Egwuatu, the presiding judge.
The application followed Ranesh’s absence in court for his arraignment.
The federal government alleged that the managing director has refused to appear for his arraignment in the alleged N1.3 billion fraud
The AGF had filed a six-count charge against Ranesh and two others.
In the charge marked: FHC/ABJ/CR/101/2021 and filed by Moshood Adeyemi, deputy director of public prosecutions in the office of the AGF and minister of justice, Dana Group PLC and Dana Steel Ltd were joined as second and third defendants respectively.
In the first count, Ranesh, the two businesses, and unidentified individuals were accused of committing a crime on the property of the Dana Steel Rolling Factory in Katsina between September and December of 2018.
They were alleged to have conspired to remove, convert, and sell four units of industrial generators “i.e. three (3) units Ht of 9,000 KVA and 1 unit of 1,000 KVA; all valued at over N450 million, which form part of the Deed of Asset Debenture that were charged as collateral security for a bond issued in your favour, which Deed is still subsisting at all material times”.
In count three, the defendants and others at large were accused of conspiring to fraudulently divert N864 million from House No. 116, Oshodi-Apapa Expressway, Isolo-Lagos, between April 7 and 8, 2014.
The funds were said to be part of Ecobank bond proceeds intended for the resuscitation of production at the Dana Steel Rolling Factory in Katsina and other unapproved purposes.
Count five alleged that the defendants and others conspired to “fraudulently remove and transfer to one Atlantic Shrimpers Account No: 0001633175 with Access Bank and divert the sum of N60,300,000 (Sixty Million Three Hundred Thousand Naira).”
The money was also said to be part of the bond proceeds from Ecobank meant for the resuscitation of production at the aforementioned factory and other unapproved uses.
The cumulative amount involved in the charge stands at N1,374,300,000.
When the matter was called on Thursday, Okeya told the court that though the case was scheduled for the arraignment of the defendants, Ranesh was not in court.
She then urged the court to issue a bench warrant for Ranesh’s arrest.
However, Bidemi Ademola-Bello, defence lawyer, disagreed with Okeya.
Ademola-Bello said they had filed a preliminary objection challenging the jurisdiction of the court to hear the matter and that the prosecution had already been served.
Okeya, on her part, objected to taking the preliminary objection on the ground that the defendants ought to be arraigned first before the court could entertain any other application.
In his ruling, Egwuatu asked Ademola-Bello to refer the court to any section of the Administration of Criminal Justice Act (ACJA), 2015, that makes provision for his request.
The judge also ordered the parties to address the court in the next adjourned date on whether the preliminary objection ought to be taken before arraignment.
He subsequently adjourned the matter until November 4
News
SEC Probes Ponzi Scheme Linked to FF Tiffany

The Securities and Exchange Commission has revealed plans to commence investigation into the activities of an entity operating under FF Tiffany, allegedly running a fraudulent investment scheme that has defrauded citizens.
A statement by the SEC on Tuesday in Abuja said preliminary information revealed that the scheme, which promised investors unusually high and unrealistic returns, had resulted in the loss of several billions of naira.
The SEC said it viewed the activity as a threat to investor confidence and the overall integrity of the financial system.
The commission assured the public that it was working closely with law enforcement agencies and other relevant bodies to bring everyone involved in the unlawful operation to justice.
According to SEC, those found culpable will be prosecuted in accordance with the Investment and Securities Act and regulatory provisions.
SEC reiterated its earlier warnings to the general public to desist from engaging in Ponzi or unregistered investment schemes that promised guaranteed or exaggerated returns.
“These schemes are not registered with the SEC and do not offer investor protection under the law.
“The commission is currently investigating 79 schemes and will make a statement on its findings at the conclusion of the investigation,” the SEC said.
The commission encouraged investors to conduct due diligence and verify the registration status of any investment firm or product by visiting the SEC website or contacting the commission directly through official channels.
SEC said it remained committed to its mandate of protecting investors, ensuring fair practices, and maintaining confidence in Nigeria’s capital market.
News
US Launches ‘Window on America’ @ Ogun Tech Hub

The Ogun Tech Hub in Abeokuta, Nigeria received a significant step towards increasing digital access and empowering young people as US Embassy in Nigeria launched the ‘Window on America’ facility.
The newly opened centre will offer free high-speed internet, computer access, and targeted programs to help young Nigerians build essential skills in technology, entrepreneurship, and leadership.
In a post on X (previously Twitter), the US Embassy described the hub as a modern ICT and resource centre meant to promote digital inclusion and provide youths with skills.
“Hello Abeokuta! We’re thrilled to announce the opening of the Ogun Tech Hub Window on America. This dynamic space offers free high-speed internet, computers, and programs to help young people gain tech, leadership, and entrepreneurial skills,” the Embassy wrote.
The facility was established in collaboration with the Ogun State and GFA Technologies, a software solutions provider for startups and SMEs.
The Embassy said the facility is part of its wider network of 29 American hubs across Nigeria, designed to empower youth and broaden access to global knowledge and opportunities.
Speaking during the launch, Ogun State governor Dapo Abiodun urged young people to use the ICT industry for self-sufficiency and competitiveness globally.
He lauded the program as a public-private cooperation that connects Nigerian youngsters with global innovations.
The governor said: “The Ogun Tech Hub serves as a collaborative space for technologists, startups, and social entrepreneurs to develop tech-driven solutions for societal challenges. The partnership is aimed at positioning Ogun State as a leading tech hub in Africa, supporting creative problem-solving and commercial innovation.”
With the ‘Window on America’ program fully operational, Ogun State is well-positioned to boost youth empowerment and digital literacy.
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