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Union Bank: Fresh Hurdles As Shareholder Drags CBN, Titan Trust To Court

By
James Orji
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Dr Charles Mekwunye, an aggrieved shareholder of one of Nigeria’s oldest commercial banks Union Bank has dragged the Central Bank of Nigeria, CBN to court over its approval of the sale of the bank to Titan Trust Bank.

In the suit number FHC/L/CS/674/2022, the plaintiff is asking for the nullification of the deal, as well as a stay of execution until the court makes final judgment on the matter.

The CBN, the magazine learnt is a co-defendant in the case, and has already been served of the court process.

Union bank was in June this year fully acquired and taken over by the barely two-year old Titan after approval by the Godwin Emefiele-led CBN.

The deal which entails the acquisition of majority shares of Union Bank, which at the time was worth over N3 trillion in asset, according to its 2021 audited Financial Statement has not stopped amazing key stakeholders in the sector, who are still wondering how a relatively unknown entity like Titan, with just two branches, could effectively take over the behemoth Union Bank.

But in spite of the questions raised by key stakeholders, the Regulator had gone ahead to ratified the deal.

Meanwhile, feelers are now emerging that the suit filed by the plaintiff could open up some critical issues in the deal which many Nigerians believe must have been hastily consummated under very shadowy circumstances.

According to the court papers filed by Dr Mekwunye through his team of lawyers led by A.M Makinde, a Senior Advocate of Nigeria, SAN at the Federal High Court in Lagos, the plaintiff is seeking an order to nullify the CBN approval of the sale of Union Bank to Titan Trust Bank.

This is the second time the plaintiff had challenged the deal having first dragged Union Global Partners Ltd and Atlas Mara Limited to court over the sale of their majority shares in Union Bank.

The two firms are now being joined in the present case with the CBN. The British Virgin Islands-based Atlas Mara and Union Global Partners Limited owned a combined 93.4 per cent of Union Bank shares that were acquired by Titan Trust Bank.

In the fresh suit against the CBN, Dr. Mekwunye, contends that the deal did not follow due process, and also violates Nigeria’s extant laws guiding such transactions.

The plaintiff also insists that Titan did not have enough financial capacity to acquire Union Bank, considering that it has just been licensed barely three years ago without any record of strong financial surplus to be able for such humongous deal.

Among other things, Dr. Mekwunye, claimed that the sales of the combined shares of Union Global Partners and Atlas Mara Ltd, in Union Bank was done by private treaty instead of being traded on the floor of the Nigerian Stock Exchange as required by law thereby making the transaction invalid and unlawful.

Recall that Titan Trust Bank had after taking over Union Bank, dissolved its board and appointed Mudassir Amray as its new managing director and chief executive officer.

The bank also appointed a new chairman and three directors; Farouk Gumel, chairman, and Andrew Ojel, Abubakar Mohammed and Lawrence Mackombo, directors.

Borno CAN Chairman Denies Supporting Shettima’s VP Candidacy

By
James Orji
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Bishop Naga Mohammed, Borno State Chairman of the Christian Association of Nigeria, CAN has debunked viral reports on the social media that he had supported the choice of a former governor of Borno State, Kashim Ibrahim Shettima by the All Progressives Congress, APC as the running mate to its presidential flag bearer in the 2023 election, Asiwaju Bola Ahmed Tinubu.

Tinubu, on Saturday unveiled the former Borno helmsman as his running mate while he paid a visit to President Muhammadu Buhari in his Daura, Katsina home.

The announcement has been greeted with mixed reactions from Nigerians, with some supporters of the APC claiming that Bishop Mohammed had backed Shitima’s candidacy. The bishop has now denied the report, saying the statement being quoted was made few years ago.

According to him, he neither granted any interview to any journalist nor issued any press statement to that effect.

Mohammed told The PUNCH,  that the story which had gone viral was taken from what he said in 2017 when Boko Haram was devastating Borno State at a time when Shettima was the governor.

According to him, “I have not granted an interview to anybody and never issued any statement. Was it not yesterday (Sunday) they said they had appointed him (Shettima)? How come I granted interview at the APC secretariat?

“Nobody called me. No journalist called me, except when this thing happened, when the papers were carrying it viral, then people were calling me.

“Right now, I’m somehow angry and not even composed to talk very well. The story they are carrying was in 2017 when Boko Haram was devastating Borno when Kashim Shettima was the governor.

“They picked that story and I, being CAN chairman, they now levelled it against me. I am just framed up and I don’t even have trust speaking with journalists, including you, because I don’t know what else you will write,” Bishop Mahammed said.

APC Governors Resolve To Back Tinubu-Shettima Ticket, As President Buhari Intervenes

By
Ayodele Oni
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APC Governors Visit Buhari in Daura

By Ayodele Oni

At last, and after an intervention by President Mohammadu Buhari, Governors of the All Progressives Congress, (APC) buried their anger and endorsed the choice of former Borno state Governor, Kassim Shettima as running mate to Bola Tinubu, presidential candidate of the party.

The Governors on Monday paid a Sallah homage to President Muhammadu Buhari at his residence in Daura.

The Governors were reported to have earlier expressed reservations on the choice of Shettima, a Muslim like Tinubu and refusal to carry them along in the course of the search.

The Governors felt one of them, especially Kaduna State Governor, Mallam Nasir El-Rufai,  would emerge as Tinubu’s choice.

After a closed door meeting with the President, the Governors said they were pleased with Bola Ahmed Tinubu’s choice of Kassim Shettima as his running mate in the 2023 presidential election.

The Governors described Shettima as one of Nigeria’s finest.

In the entourage were Aminu Masari of Katsina, Abdullahi Ganduje of Kano, Nasir El-Rufai of Kaduna, Atiku Bagudu of Kebbi, Abubakar Bello of Niger, Hope Uzodimma of Imo, Kayode Fayemi of Ekiti, Simon Lalong of Plateau and Abdullahi Sule of Nasarawa.

Speaking after the meeting, Bagudu said a Tinubu-Shettima Presidency will complement all the achievements of the last seven years under President Muhammadu Buhari.

Bagudu further revealed that the APC Governors Forum is working hard to win the upcoming Osun Governorship election.

On his part, the Imo State Governor, Hope Uzodinma described the choice of Shettima as a collective decision.

He noted that the 22 governors of the APC will deliver 22 States in the upcoming 2023 general elections.

Cross River Lawmaker Dumps PDP, Joins Obi in Labour Party

By
The Source
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Daniel Asuquo

By Chidi Levi

The Labour Party and its candidate for next year’s Presidential Election, Peter Obi, continue to attract defectors from other parties.

The latest entrant into the party is Hon.Daniel Asuquo representing  AKAMKPA/BIASE Federal constituency in the House of Representatives.

Unti his defection, Asuquo was a chieftain of the Peoples Democratic Party, PDP.

In May, he contested for the party’s governorship ticket for Cross River but lost to Senator Sandy Onor representing Cross River Central Senatorial District in the Senate.

In a resignation letter dated July 8, 2022 and addressed to the PDP Akamkpa Urban ward Chairman, Hon. Asuquo cited failure of the party to respect the Cross River governorship rotational principle which would have seen the governorship ticket zoned to Cross River South Senatorial District as one of the reasons for his defection.

He decried “the decision by a group of persons in the party to pursue a narrow and sectional interest as against the interest of the masses”

Hon. Asuquo condemned ” the hypocrisy of the party in its refusal to endorse power rotation for the gubernatorial position while doing so for the Deputy Governorship position”

He described the situation “as the height of disregard for the people of Southern Senatorial District”

The Lawmaker’s campaign office in Calabar is already decorated with banners and posters of Labour party.

Campaign posters announcing his Senatorial candidacy for Cross River South on the platform of the party also adorn the building.

Hon. Asuquo’s defection to the Labour Party comes on the heels of those of  Senator Ezenwa Francis Onyewuchi ( Imo East) and the Hon. Heman Hembe representing  Vandeikya/Konshisha (Benue) Federal Constituency in the House of Representatives.

A plethora of State Houses of Assembly members across the country have also defected to the Labour Party in the past one month.

Political analysts opine that the party gained huge  traction since Obi, a former Anambra State Governor joined it and emerged its Presidential candidate.

Viewpoint: Muslim-Muslim Ticket: Elder Statesman, Edwin Clark Speaks

By
James Orji
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By Chief Edwin Ckark

“We have leaders who ignore the concerns of the people with impunity”

“I feel threatened for our beloved country because of the way things are going. Nigeria is a multi-ethnic and multi-religious nation, with Christianity and Islam as the major religions, even though Nigeria is a secular state.

In compliance with Constitutional provisions of inclusiveness, the number one and number two positions in the country, viz, President and Vice President, have always been occupied by practitioners of the two major religions, to ensure balancing.

It will be recalled that the Presidential candidate of the All Progressives’ Congress (APC), Alhaji Ahmed Bola Tinubu, could not be chosen in 2015 as Vice President to Muhammadu Buhari, because he is a Muslim and Muhammadu Buhari is a Muslim. Alhaji Ahmed Bola Tinubu, in his own words confirmed this in his statement in Abeokuta, Ogun State. What has changed? One quality of a good leader is consistency. A good leader must act in the same way at all times, to all people. He must not display double standard.

Today, what has the Presidential candidate of the APC, Alhaji Bola Ahmed Tinubu done? He has picked a person of his religion, a Muslim, as his Running-mate. Such choice is not inclusive, it is not good for a secular state like Nigeria.

There is presently a sharp division in the country, even on religious lines, and all patriots are seeking ways to salvage the situation. Therefore, Alhaji Tinubu’s decision to take a fellow Muslim as his running mate, will further worsen the situation in the country. He should know that patriotism is a quality of a good leader.

On the reasons adduced by Alhaji Tinubu on why he chose Kashim Shettima as Running-mate, is the APC Presidential Flag bearer telling Nigerians that there are no Christians in the APC from the north who are “competent, capable and reliable?”

There are rumours of an attempt to Islamise the country. Are all these pointers to the confirmation and actualisation of such rumours.

One need to bear in mind the antecedents of the major backers of Alhaji Ahmed Tinubu’s ambition, which include Nasir Ahmad el-Rufai, the Governor of Kaduna State, Abdullahi Umar Ganduje, the Governor of Kano State, and the chosen one – Kashim Shettima.

Both the Governor and Deputy Governor in Kaduna State, are Muslims. A blatant action by the Governor, Nasir el-Rufai. Unfortunately, the APC Gubernatorial candidate for the 2023 election, is following suit. Is there a deliberate move of making Kaduna an Islamic State? Unconfirmed statistics put the ratio of Christians and Muslims in Kaduna State as 50/50; some statistics even put it as 55% for Christians and 45% for Muslims, yet Nasir el-Rufai, despite complaints and agitations by people not only from Kaduna State, but from the entire country, ‘decided’ to pick a Muslim as his Deputy.

It is illusion to think that except one is from the north, you may not win election. So, the idea that unless you come from the north or you are a Muslim, or a Muslim supports you if you are not a Muslim, you cannot win an election, should immediately be jettisoned by proponents of such an idea. The north needs the south to be in power, same way the south needs the north to be in power. No part can do it alone. About 46% or more of Nigerians are Christians.Yet a group of persons want to sideline and exclude them from the affairs of the country. This is not possible.

The question is, is Alhaji Bola Ahmad Tinubu under pressure from these his core supporters and backers, to pick a Muslim as his Running-mate, and did he cave in to the pressure because “it is his turn to be President of Nigeria”, despite complaints and protestations? The PDP is the cause of these things because of its refusal to zone its presidency to the south.

These are dangerous signals. Alhaji Ahmed Tinubu cannot compare 2022/2023 with 1993. In 1993, majority of Nigerians, on their own volition, supported the Muslim/Muslim ticket of M. K. O. Abiola and Babagana Kingibe of the Social Democratic Party (SDP), as President and Vice President, 29 years ago. It was not shoved on them; it was not forced on them. Also, during that period, Nigeria was not so divided on ethnic and religious divides. If people are complaining, a good leader should listen. Unfortunately, we have leaders who not only ignore the concerns of the people with impunity, but also make crass statements.

The insecurity, the fate of Nigeria as a failing state as it is today, did not exist in 1993. The killing of Christians, especially Catholic Priests, the forty (40) persons killed at the Catholic Church in Owo, Ondo State; what happened at the Kuje Medium Correctional Centre a few days ago, where about 1000 inmates, including about 63 Boko Haram terrorists were freed, the attack on the Kaduna bound train, and the killing of some and abduction of several of the passengers, does not speak well of the times we are in. They are all signs of a failing state and ought to make everyone to be very cautious in our actions. And nobody, should aggravate the situation.

Those who are leaders should remember that power is transient.”

– Chief Clark , Elder Statesman and former  Federal Commissioner for Information, is a leader from the  South South Region of the country

Kuje Prison Break: NDLEA Arrests Terror Suspect, As Security Agencies Intensify Manhunt For Others

By
Akinwale Kasali
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Suleiman Idi - Arrested by NDLEA

By Akinwale Kasali

Eagle eye operatives of the National Drugs and Law Enforcement Agency, NDLEA, have arrested one of the wanted Boko Haram Terrorist who escaped from the Medium Security Correctional Centre, Kuje, last week during an attack on the facility by suspected terrorists.

The terrorists freed over 800 inmates of the prison, among them key leaders of Boko Haram, according to Gen Bashir Mgashi the Minister of Defence.

The federal government has declared 68 terrorists who escaped from the prison wanted, while security agencies have launched a manhunt for them.

One of the escaped prisoners has now been apprehended by the Brig Gen. Buba Buba Mohammed Marwa(rtd) -led anti-narcotic agency.

The Director, Media and Advocacy, NDLEA Femi Babafemi, made this known in a Statement in Abuja on Monday.

He explained that the fleeing terror suspect, Suleiman Sidi, was arrested in the early hours of Monday July 11 at Area 1 Motor Park, in the Federal Capital Territory while attempting to board a commercial vehicle to Maiduguri, Borno state.

The NDLEA operatives suspected him and stop him for searching in which three wraps of cannabis sativa were found on him.

During preliminary interview, the wanted terror suspect confimed he was remanded at the Kuje Correctional Centre for terrorism and robbery charges, adding that he was indeed one of the inmates who escaped from the facility last Tuesday.

While commending the officers and men of the FCT Command of the Agency for the arrest and their vigilance, Chairman/Chief of NDLEA, Gen. Marwa directed that the wanted suspect be immediately handed over to the Nigerian Correctional Service, NCoS.

Recall that the Ministry of Interior and the National Prison Service said that 68 Boko Haram Prisoners were on the run following the Kuje jailbreak last week.

Osun: Oyetola, LP Candidate Trade Blame Over Gunmen Attack On Lasun Yusuf’s Home

By
Ayodele Oni
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Lasun Yusuf

By Ayodele Oni

The Labour Party, LP governorship candidate for the July 16 election in Osun state, Lasun Yusuf has alleged that some gunmen stormed his residence early Monday morning, in an apparent bid to assassinate him.

He however escaped being killed by the yet-to-be-identified gunmen who launched an attack on his residence in his hometown in Ilobu, Irepodun Local Government Area of Osun state.

According to reports, the gunmen stormed the residence of the former speaker of House of Representatives around 2.00 a.m, but were vehemently resisted by his security guards who engaged them in a fierce gun battle.

When contacted, Lasun’s media aide, Oyewole Oladimeji confirmed the incident.

The LP candidate has blamed the attack on the Osun State Governor, Adegboyega Oyetola, who he claimed was bent on eliminating him from the gubernatorial race.

But the Chief press secretary to the Governor, Ismail Omipidan, denied the claim saying the former Speaker, is no threat to his principal’s second term ambition.

Omipidan stated that since there were security personnel attached to him, the attack should have been repelled successfully.

The governor’s spokesman said it is too hasty for the LP candidate part to conclude that the governor sent the attackers who are now at large.

Omipidan said, “If we are to carry out an attack, it would have been in the PDP who are attacking our people but for the fact that they have been attacking our people, we have never made any attempt to go on a reprisal.

“Why would anyone want to come after Lasun? Lasun is no threat to Mr governor we are not after any citizen of Osun State, let alone Lasun Yusuff.

“It is not only that my principal does not know anything about the attack but I am doubtful of the claim being made by Honourable Lasun Yusuff.

“Lasun should stop painting a picture as if there is tension in the state. We all know there is no tension in Osun.”

Meanwhile, the Force Public Relations Officer, Olumuyiwa Adejobi while responding to questions on the attack on Twitter stated that “I have asked Osun command to investigate this as urgent as possible. The DPO of the area has visited the scene, while we expect the command to react to this too.”

Muslim/Muslim Ticket: Resignations Sweep APC  

By
James Orji
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Bola Tinubu, the Presidential Candidate of the ruling All Progressives Congress, APC and the All Progressives Congress, APC could not have expected the reactions to the choice of Kassim Shetima as the party’s vice presidential candidate.

Thus, less than 48 hours after he picked the former Borno state governor as his vice-presidential candidate, two members of his party, Daniel Bwala, special adviser to the deputy senate president on legal matters, and Senator Ishaku Abbo, have resigned from the APC.

Tinubu had unveiled Shetima as his running mate in next year’s presidential election, on Saturday while paying Salah homage to President Muhammadu Buhari in Daura, Katsina state, saying he took the decision in the interest of the country, and also “because he is competent, capable and reliable.”

His action has generated mixed reactions from his party and other well-meaning Nigerians who expressed fear over what impacts a muslim-muslim ticket will have on a multi-religious country like Nigeria.

Bwala had announced his resignation from the party, noting that his conscience will not allow him to campaign for Tinubu.

He said he had expected that his party should “gravitate towards uniting our people,” rather it has polarised the country more by promoting a muslim-muslim ticket.

“Tonight I officially resigned my membership of @OfficialAPCNg on principles and conviction that I hold so dear. At this time of our national existence, our efforts and energy should gravitate towards uniting our people,” Bwala said, few hours after Tinubu announced Shetima as his running mate.

He said his resignation took effect from July 10, adding that his decision to leave the party is based on “principles and conviction.”

Also reacting, Senator Abbo accused the APC flagbearer of trying to distabilise the country, adding that a committee set up by the party on the issue advised Tinubu not to pick a muslim as his running mate. The former Lagos state governor, he said, jettisoned the committee’s recommendation.

Abbo in a statement said, “We sat down in Abuja and strategised, and we concluded that he should not take a Muslim as running mate. He (Tinubu) threw away the report. My conscience will not allow me to campaign for Tinubu.

He explained that he’s a member of the Christian Association of Nigeria, CAN and cannot go against the body’s decision not to support a muslim-muslim ticket.

The body representing Christians in the country has directed its members not to support APC over is muslim-mulsim joint ticket.

He said, “I am a member of CAN; I cannot deny CAN. I remain in APC. But I will take the survival of my country first over political considerations.

“It is very irresponsible of Tinubu to take his political survival over the stability and peace of Nigeria.

“For Tinubu now to be given the ticket and turn around to do what he couldn’t achieve in 2015 despite opposition from Catholics and other Christian leaders is extremely irresponsible.

“Buhari fought a civil war and understands the consequences of a divided nation. When Tinubu wanted to be VP in 2015, Buhari said no because he understood the importance of unity.

“We cannot work for such a man. I will oppose (a) Christian-Christian ticket because I am invested in the stability of this country. A Christian-Christian ticket will be insensitive to Muslims of this country.

“The country is evenly divided among Muslims and Christians. So any government that is Muslim-Muslim will be illegitimate and will never gain the respect of Christians.”

Meanwhile, the Middle Belt Forum, MBF has also rejected the APC Muslim-Muslim presidential ticket, describing it as a danger to the collective wellbeing and unity of the country. It said the action is an evil plot that must that must be defeated in 2023 by Nigerians.

National President of MBF, Dr Bitrus Pogu, who made this known in Makurdi, Benue state described the choice as an unfortunate development.

Similarly, the APC has denied that its Legal Officer, Barr. Ahmad Usman El-Marzuq has resigned from the party following the controversy that trailed the party’s Muslim-Muslim ticket. The party clarified that El-Marzuq has not left the party, describing the report as being “borne out of mischief or extreme negligence. We urge the General Public to kindly disregard it.”

Ogun: NULGE Accuses Abiodun Of Crippling Local Govt

By
Akinwale Kasali
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By Akinwale Kasali

Governor Dapo Abiodun of Ogun State has been criticized by the leadership of the Nigeria Union of Local Government Employees, NULGE, in the State for crippling the Local Government.

Ayuba Olatunji, Ogun State NULGE chairman accused the governor of deliberately crippling the activities of the Local Government, which has marred their performance.

Olatunji added that both Governor Abiodun and his predecessor, Ibikunle Amosun’s administration ensured that the LGAs remained comatose by failing to remit the statutory 10% State Internally Generated Revenue (IGR) to them, apart denying the councils monthly allocation from the federal government.

The NULGE chairman made this remark in a chat with journalists on the issues affecting the functionality of NULGE in the state.

He commended former Governor Gbenga Daniel for injecting more funds into the local government and allowing them to be responsible for rural infrastructural development in their council areas.

Olatunji identified funding, administrative and political challenges as some of the factors crippling the LG administration in Nigeria.

According to him, “Dapo Abiodun and Amosun governments only remember local government during election period. It is then they remember local government exist. They will come and campaign and instruct the local government chairmen to mobilize people for them.

“If you want to do marriage, they will say go to local government, if they want to delineate wards, they will remember local government. But when it comes to proper administration and funding of local government, local government is nothing. That is when they will say LG are corrupt that is they are taking over their responsibilities.

“In terms of funding, all of them committed and run against the provision of the constitution. But in comparison, the OGD-led administration injected more resources into the local government than any other government in Ogun state.

“During his era, the IGR of the LG remains with the LG, it is untapped by the state government, and the funds of the local government get to the local government, when it comes to the area of participation, local government are requested to make contribution. It is from the LG’s purse that such amount is paid to the state. It is like a counterpart funding to the state government.

“The other area where OGD administration erred is the area of 10% of the state IGR that is supposed to come to the LG. But as at that time, you can see economical development and infrastructural development at the local government. Roads are constructed and maintained during that time, and markets and rural electrification are going on that time.

“Today we can see the state of our roads and that started during Amosun period. In fact, the imbroglio facing the local government in terms of funding was compounded during Governor Amosun’s administration. It is at that time the issue of taking over local government funds started, it is then all resources of local government are used to pay all primary school teachers’ salaries, on analysis, Amosun administration only contributed 20% to the funding of local government and for paying local government primary school teachers’ salaries, from the local government allocation it accounted for 70% and when that is paid, the local government is left with nothing.

“All they (governors) will allege is that LGs are corrupt, that’s why we are taking over the administration. For someone battling a headache, is cutting the head the antidote?” the NULGE leader said.

NIMASA: Court of Appeal President Lauds Jamoh’s Commitment To Admiralty Law

By
James Orji
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Bashir Jamoh

Justice Monica Dongban-Mensem, President of the Courts of Appeal has commended Bashir Jamoh, Director General of Nigerian Maritime Administration and Safety Agency, NIMASA for his exemplary leadership role in supporting the adjudication and mediation in admiralty matters.

Speaking at the recently held Nigeria Shippers Council (NSC) seminar for judges in Abuja, Justice Dongban-Mensem said Dr Jamoh is contributing immensely to keeping judicial officers abreast with relevant knowledge to handle maritime matters.

The Court of Appeal President who participated in a similar seminar for judges organised by NIMASA, added that the DG has set worthy examples for other agencies, which has increased judges’ capacity to perform better.

Jamoh’s impact touches on areas like timely and easier interpretation of Suppression of Piracy and other Maritime Offences, SPOMO Act which aims at achieving a safer maritime domain; alternative dispute resolution in the maritime industry; limits of admiralty jurisdiction in Nigeria amongst others.

Under Jamoh’s watch as NIMASA DG, Nigeria recorded its first conviction of pirates using the SPOMO Act at the Federal High Court Port Harcourt in August 2020.

The convicted three persons were accused of involvement in the hijack of an Equatorial Guinean flagged vessel named, MV ELOBEY VI, off Equatorial Guinea’s coast.

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