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Obazee, Banker Recounts Ordeal in Hands of EFCC
Sunny Obazee, an investment banker faced for seven years, humiliation, rejection and prosecution for alleged N855 million fraud at defunct Platinum and Habib Bank (PHB) which he joined as Divisional Director Investment Banking in December 2007.
Obazee was arraigned and tried by the Econonic and Financial Crimes Commission (EFCC) alongside Anayo Nwosu, Olajide Oshodi, Ashok Israni (Indian businessman), Sunny Obazee, Keystone Bank and NULEC Industries Limited on 13 counts of conspiracy, fraudulent diversion, obtaining under false pretences and theft before Justice Kudirat Jose of the Lagos High Court, Igbosere in 2011.
But on December 9, Justice Jose discharged and acquitted Obazee in a judgement that sent Nwosu, Oshodi and Israni to five years in prison each on seven counts; a fine of N20million to the federal government against Keystone Bank and Nulec Industries on three counts, as well as restitution of N395million to the victim of the fraud Chief Chukwudozie of Dozzy Oil and Gas.
For Obazee, the trial years were days of torture, emotional and psychological traumas especially because the fraud he was accused of started at least two years before he joined the bank.
“The mental torture was great. At a point, I had to file a case of breach of human rights against the EFCC because they were harassing and intimidating me with calls and intermittent detention after we had been admitted to bail.
“I have a boy and a girl and both were studying in Canada; all of us, including my wife, were broken down emotionally. In fact, one day in 2015, I put a call to my son and told him we would be going to court the following day and he told me that he was not feeling okay because he kept thinking about my ordeal.
“He said he could not move one of his legs and one arm. He was crying on the phone. He said he did not want to tell me about his situation so as not to compound my problem. I had to call my younger brother, who is a medical doctor in the United States to go and help check on him.
“The second day in court, I sat down weeping profusely and a lady lawyer in the EFCC team had to go and explain my situation to Rotimi Jacobs, the lead lawyer for the agency, who brought the matter to the attention of the court.
“The court magnanimously granted that I be allowed to go and see my boy. Only God helped me not to lose a boy who was close to finishing his university education over a case I knew nothing about. I would have lost Edosa over nothing.
“I was denied of my promotion, sacked and my official car collected. By the virtue of my position, the bank ought to give me two cars and a generator every four years, but before the trouble started, they only gave me one car and a generator. While they sacked me when I was still pursuing the matter, I wrote them on the need to reconcile what I need to get from them or return to them.
“They said they were coming to take the car and the generator and I was not at home the day they came, but they took away the car and said my dogs did not allow them to take the generator, only for them to later write that I am owing them N12 million for the generator.
“In the course of the trial, a friend recommended me to a British firm coming to Nigeria and who needed an investment banker.
“I met the officials and we discussed and I told them that I had an issue with EFCC and that I was sure I would come out unscathed when we departed, they never got across to me again. The EFCC stamped me with an indelible mark,” he told The Nation.
Genesis of the fraud
Israni, the owner of NULEC Industries Limited, had taken some loan from then-BankPHB and his debt rose to N130million around June 2007 and then he decided to raise capital for his company through Private Placement.
Consequently, the bank constituted a team to make a presentation to the authorities to be the Issuing House for the exercise and by then, Obazee had joined BankPHB and was leader of the team by virtue of his position.
A series of events followed the success of the bank in securing the mandate to be the Issuing House for the Private Placement exercise.
Obazee said: “NULEC gave us the mandate to be the Issuing House. I was not in Corporate Finance; the person who headed it was a Senior Manager. Also, the offer for the Private Placement was not underwritten by the bank. If that was the case, I would have been required to sign and the bank would have needed an Approval Memo, as that would mean we were exposing the bank to some risks.
“The document they produced said the transaction should be underwritten by the bank, but that was not done. I was not a signatory to the account and nobody in my division was. The allotment of the shares was done by the bank and I was not involved also. I did not ask anybody to falsify any report. We asked that a Reporting Accountant and a Solicitor be appointed for the transaction.
“The job of the Reporting Accountant was to verify the viability of NULEC Industries Limited and NULEC would do two or three years projection about its activities and what it wanted to use the funds for. In the course of the trial which lasted seven years, the Reporting Accountant gave evidence that NULEC was viable as of the time the money was given to it. “When we handled the offer, the company was not dead. I personally committed N5.7 million to the Private Placement. However, we all witnessed how the Capital Market crashed in 2009. A company, Dozzy Oil and Gas Limited, owned by one Chief Chukwudozie, committed the sum of N855 million to buy 600 million units of the shares at N5 per share.
“Other things being equal and in accordance with the regulations, if the shares were listed as planned, the company and its owners would have made N3billion from the sale of the shares and about N2 billion as profit. Unfortunately, the Capital Market collapsed.
“By the time the market collapsed, it affected a lot of things, even banks and BankPHB was not left out. Chukwudozie started making a demand for his money and some of my colleagues in the bank were being interrogated and probed by the EFCC.
“I came back from leave in 2011 and I was asked by the management to go to the EFCC office to explain myself. Before this time, some of my colleagues were already being investigated by the agency. It was at the EFCC office that I met Chukwudozie for the first time. I explained to him that the ugly development was as a result of the market collapse and I also invested some funds into the project and that if I did not believe it would work, I would not have done so.
“The next thing was that I was made to write a statement and asked a series of questions. I was now joined with those who had been under investigation for two years over the matter.
“I knew I was not involved in any criminal activity. Though I am from a humble background, my father, who worked in the palace of the Oba of Benin, wrote on the lintel of his house, in Bini Language, that good name is better than gold and silver and he inculcated that in his children.
“We were arraigned in 2011 and re-arraigned on 15-count amended charge in October 4, 2016. They still wanted to amend the charges again this year, but the court refused to entertain that.
“Each time they amended the charges, it was like starting all over again. I just wish the stain the trial put on me is removed. The establishment of the EFCC is laudable, but their activities must follow due process and based on facts.
“My son and daughter came all the way from Canada to be in court on the day of judgement because they know the type of father and parents they have. I am grateful to God that in the end I was vindicated,” he said.
Nigeria Sanctions Committee (NSC) has designated Simon Ekpa, 16 other persons and two entities, for their alleged involvement in supporting terrorist activities and terrorism financing.
Simon Ekpa
The committee further directed financial institutions to freeze their assets and report any transactions related to the individuals and entities to the Sanctions Committee and the Nigerian Financial Intelligence Unit (NFIU).
Those named on the list include Simon Ekpa, Godstime Promise Iyare, Francis Mmaduabuchi, John Onwumere, Chikwuka Eze, Edwin Chukwuedo, Chinwendu Owoh, Ginika Orji, Awo Uchechukwu, and Mercy Ebere Ifeoma Ali.
Others are Ohagwu Juliana, Eze Okpoto, Nwaobi Chimezie, Ogomu Kewe, Igwe Ka Ala Enterprises, Seficuvi Global Company, and Lakurawa Group.
According to a document obtained from the committee on Thursday, the list was approved by the President upon the recommendation of the Attorney General of the Federation.
“The Nigeria Sanctions Committee held a meeting on March 6, 2024, where specific individuals and entities were recommended for designation following their involvement with terrorism financing.
“The Attorney General of the Federation, with the approval of the President, has thereupon designated the following individuals and entities to be listed on the Nigeria Sanctions List.
“In accordance with Section 54 of the Terrorism (Prevention and Prohibition) Act, 2022, you are required to:
“(a) Immediately identify and freeze, without prior notice, all funds, assets, and any other economic resources belonging to the designated persons in your possession and report the same to the Sanctions Committee.
“(b) Report to the Sanctions Committee any assets frozen or actions taken in compliance with the prohibition requirements.
“(c) Immediately file a Suspicious Transactions Report (STR) to the NFIU for further analysis of the financial activities of such individuals or entities.
(d) Report as an STR to the NFIU all cases of name matching in financial transactions prior to or after receipt of this list.”
The committee ordered the immediate freezing of bank accounts and financial instruments associated with the listed individuals and entities across multiple banks, payment platforms, and financial institutions.
“Freezing measures should be extended to all accounts associated with the designated subjects. For designated entities, this should include accounts linked to their signatories and directors to ensure comprehensive enforcement of the sanctions regime,” the document added.
The committee also stated that financial institutions and relevant stakeholders have been instructed to enforce the sanctions and submit compliance reports to the Nigeria Sanctions Committee via [email protected] and
See the full list of the frozen accounts below
- Simon Ekpa Njoku 21-03-1985 Guaranty Trust Bank 0118835791, 0115442299, 0115442275
- Godstime Promise Iyare 20-05-1996 Access Bank 0060032439, 1187008630, 1448136683. UBA 2212655102. Moniepoint 8197394552. Kuda 2007096158. Promicool Venture- Moniepoint 8197394576.
- Francis Chukwuedo Mmaduabuchi 27-09-1987 Eco Bank 3941072599, Fidelity 6239280146, Opay 8037688095, Moniepoint 8196060258, 8196028438, 8196028452,5380383959, 5612325508,4730823866, 8037688095
- John Anayo Onwumere 05-03-1987 Sterling 0026224269, Zenith 4230646454
- Chikwuka Godwin Eze 05-05-1975 First Bank 3031299977, Access Bank 0110709618, 0108595489, 1132518632
- Edwin Augustine Chukwuedo 27-05-1983 Union 0010808495, 0110232286, 0069247850, Eco Bank 2321194539, Opay 8169916076, Moniepoint 6786290317, 6786290300
- Chinwendu Joy Owoh 10-02-1982 First Bank 3125731837, GTB 0115848475, Moniepoint 6474876289, Union 0014660761
- Ginika Jane Orji 05-10-1995 Blueridge 8039231985, Opay 7059681248, 8106940744
- Awo Uchechukwu 11-12-1978 First Bank 3060144916
- Mercy Ebere Ifeoma Ali 07-07-1998 Access 1612608952, FCMB 6594319019, First Bank 3147574474
- Ohagwu Nneka Juliana 15-08-1985 UBA 2147559148
- Eze Chibuike Okpoto 12-01-1989 Access 0071127599, 1138098116, FCMB 3723955016, GT Bank 0123014963
- Nwaobi Henry Chimezie 12-06-1991 Access 1113046148, 1113046148, UBA 2115584448, 2117752704, First Bank 3067985749, Moniepoint 8276850931,
- Ogomu Peace Kewe 27-06-1997 Access 1840168323, UBA 2096777826, First Bank 3124937333, 2041450556, (USD) 3180578127, Zenith 2547460190, Opay 9069071154, Kuda 2028607838, Fidelity 6552642526, GT Bank 0258732080, Stanbic 0021280495
- Igwe Ka Ala Enterprises 3750733 Access 1872085373, 0800331795. Fairmoney 2683102063. Fidelity 5090919707, GTB 0206153527, 0044247093, 0044247086, 0044247079, 0044247062, 0044247055, 0044247103, 4020644423. Opay 9023765613, 8035144914, 8126308128. Polaris 3124277058. Carbon 0629821223. Zenith 1226773554
- Seficuvi Global Company 3225098 Access Bank 1436852548, Eco Bank 3831141439
- Lakurawa Group NLLKW
ALX, Africa’s leading tech career accelerator, is celebrating a major win for young African talent as 21 exceptional learners from the ALX Pathway program secure prestigious scholarships from the Mastercard Foundation to pursue further studies at the African Leadership College of Higher Education (ALCHE).
Among them, seven outstanding scholars are from Nigeria, reinforcing the country’s reputation as a hub for ambitious, high-potential talent within ALX’s transformative learning ecosystem.
The programme is a pathway to global universities and scholarships, equipping Africa’s future leaders with cutting-edge skills, career-defining networks, and access to life-changing opportunities in high-growth industries.
Speaking on this remarkable achievement, Oluwapelumi Thomas, Learning Community Experience Specialist at ALX Nigeria, shared, “At ALX, we believe that unlocking Africa’s potential starts with unlocking the potential of its people.
The success of these learners in securing scholarships to ALCHE through the Mastercard Foundation is evidence that talent, when nurtured with the right opportunities, knows no bounds. We couldn’t be prouder.”
Among the Nigerian awardees are: Ayomide Samson Ajayi, Effiong Immaculata Emmanuel, Hanif Olayiwola, Chigozie Emmanuel Ndubuaku, Peace Chidinma Chukwuka, Chibuzor Moses Uzowuru and Chisom Obueze Louisa.
The Mastercard Foundation scholarships will provide recipients with full tuition and stipends to pursue world-class higher education at ALCHE, sharpening their leadership, technical, and entrepreneurial skills to drive impact across the continent. This milestone reinforces ALX’s role as a driving force in shaping Africa’s next generation of changemakers.
With every success story, ALX continues to open doors for Africa’s young professionals, empowering them to take advantage of career support, networking, and transformative scholarship opportunities. The journey doesn’t stop here—Africa’s future innovators are just getting started.
Airtel Mobile Commerce BV, a subsidiary of Airtel Africa PLC, is thrilled to announce the launch of the Airtel Money GlobalPay Card, a new payment solution designed to connect Airtel Money customers across Africa with global online marketplaces.
This collaboration with Mastercard will empower Airtel’s 150 million mobile phone users in 14 African countries with access to Mastercard’s global merchant network, enabling safer and more secure international transactions.
The Airtel Money GlobalPay Card is a virtual (non-plastic) payment solution that links directly to Airtel Money wallets. This card can be used for a wide range of payments across global online merchants, including major platforms such as Facebook, Netflix, Uber, Amazon, Google, AliExpress, and Alibaba.
Users will also have the ability to make payments for travel bookings, utilities, subscriptions, and purchase goods from international suppliers—all from the convenience of their mobile phones.
For Airtel Money customers, activating the Airtel Money GlobalPay Card is simple. Customers simply need opt-in for the card, load it from Airtel Money wallet, and start shopping. No additional documentation, registration, or installations are required.
With this payment solution, Airtel and Mastercard aim to meet the growing demand for digital payments in Africa and support small businesses in cross-border trade. The partnership aligns with Airtel Africa’s goal of enhancing financial inclusion by providing efficient and seamless payment solutions to mobile money users across the continent.
CEO of Airtel Money, Ian Ferrao, commented: “At Airtel, we are continuously innovating to enhance the customer experience. By adding Mastercard’s secure virtual payment solution to Airtel Money, we are making International payments simpler and more accessible for our customers. This collaboration allows us to offer a global e-commerce experience.”
Mastercard’s global network and expertise in payment solutions will play a critical role in supporting financial inclusion efforts in Africa. The initiative aligns with Mastercard’s commitment to bring one billion people, 50 million small businesses, and 25 million women entrepreneurs into the digital economy by 2025.
Senior Vice President for Digital Partnerships at Mastercard Middle East and Africa, Muhammad Nana, stated: “Our digital partnerships strategy focuses on enabling the digital transformation of our partners, helping them provide their customers with access to a seamless global payment ecosystem. With over 150 million Airtel Africa consumers now connected to the global digital economy, we are helping more consumers access the benefits of e-commerce.”
With increasing mobile internet access and the growth of affordable smartphones, African consumers are poised to take full advantage of this new solution. The Airtel Money GlobalPay Card empowers users—both banked and unbanked—to shop globally, connecting them to digital products and services right from their mobile phones.
How to Link Airtel Money GlobalPay Card:
- Download the MyAirtel App from Playstore or App Store
- Select Airtel Money and enter your PIN
- Opt in for the Airtel Money GlobalPay Card powered by Mastercard and accept the terms and conditions
- Top-up your card from your Airtel Money wallet and start shopping
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