Headlines
Saraki’s Ordeal Continues as Court Orders Forfeiture of Houses to FG
The Economic and Financial Crimes Commission on Monday secured an order of the Federal High Court in Lagos for the forfeiture of two houses in Ilorin, Kwara State, belonging to a former Senate President, Bukola Saraki.
The EFCC told the court it uncovered monumental fraud perpetrated in the treasury of the Kwara State Government between 2003 and 2011, when Saraki was the governor of the state.
Based on an ex parte application filed by the EFCC pursuant to Section 17 of the Advance Fee Fraud and Other Related Offences Act No. 14, 2006, Justice Rilwan Aikawa ordered the temporary forfeiture of Saraki’s two properties designated as Plots No. 10 and No. 11 Abdulkadir Road, GRA, Ilorin, Kwara State.
An operative of the EFCC, Olamide Sadiq, said in an affidavit filed in support of the ex parte application that the EFCC moved to have the two houses forfeited after investigating “the report of a committee set up to review sales of Kwara State Government properties during the reign of the Governor of Kwara State between 2003 and 2011.”
Sadiq said the EFCC also received “a damning intelligence report, showing monumental fraud perpetrated in the treasury of the Kwara State Government between 2003 and 2011.”
He said, “Whilst the investigation was ongoing, several fraudulent transactions were discovered.
“I know for a fact and verily believe that our investigation has revealed the following mind-boggling findings, among others:
“That between 2003 and 2011, Dr Olubukola Abubakar Saraki was the Executive Governor of Kwara State.
“That whilst he held the aforementioned position, the common pattern was that after the payment of monthly allocation by the Federal Government to the Kwara State Government, a cumulative sum of not less than N100m would be deposited into the Kwara Government House account.
“That upon the payment of the said N100m, same would, in turn, be withdrawn in cash by one Mr Afeez Yusuf from the Kwara State Government House, Ilorin’s account in bits and brought to the Government House.”
The EFCC said it believed that Saraki developed the two properties with proceeds of unlawful activities.
Counsel for the commission, Mr Rotimi Oyedepo, urged Justice Aikawa to order their temporary forfeiture to the Federal Government.
After granting the order as prayed, Justice Aikawa directed the EFCC to publish the temporary forfeiture order in a national newspaper and adjourned till December 17 for anyone interested in the properties to appear before him to show cause why the properties should not be permanently forfeited to the Federal Government.
Reacting to the judgment, Saraki maintained his position that the application to the Federal High Court, Lagos, for interim forfeiture order on his Ilorin home by the EFCC was an abuse of the court process and a violation of a subsisting order of the Federal High Court, Abuja.
Saraki in a statement by his Special Adviser on Media and Publicity, Yusuph Olaniyonu, vowed to challenge the verdict at a higher court of competent jurisdiction.
The Punch
President Bola Ahmed Tinubu has made changes in the hierarchy of the Service Chiefs in furtherance of the efforts of the federal government of Nigeria to strengthen the national security architecture.
The President appointed General Olufemi Oluyede to replace General Christopher Musa as the new Chief of Defence Staff.
The new Chief of Army Staff is Major-General W. Shaibu. Air Vice Marshall S.K Aneke is Chief of Air Staff while Rear Admiral I. Abbas is the new Chief of Naval Staff. Chief of Defence Intelligence Major-General E.A.P Undiendeye retains his position.
The President expressed appreciation to the outgoing Chief of Defence Staff, General Christopher Musa and the other Service Chiefs for their patriotic service, and dedicated leadership.
The President charges the newly appointed Service Chiefs to justify the confidence reposed in them to further enhance the professionalism, vigilance and comradeship that define the Armed Forces of Nigeria.
All appointments take immediate effect, Special Adviser to the President
Media and Public Communication, Mr Sunday Dare, said in a statement in Abuja.
The Federal High Court in Abuja has adjourned the trial of the detained leader of the Indigenous People of Biafra, Nnamdi Kanu, till Monday, October 27, to enable him to open his defence in the terrorism charges filed against him.
Justice James Omotosho fixed the new date on Friday, after Kanu informed the court that his former legal team, led by former Attorney General of the Federation and Minister of Justice, Chief Kanu Agabi (SAN), had yet to release his case file to him.
At the resumed hearing, Adegboyega Awomolo (SAN) appeared for the Federal Government and reminded the court that the matter was fixed for Kanu to begin his defence as earlier directed.
However, no counsel represented Kanu.
He pleaded for an adjournment to allow him to retrieve and study the file to prepare adequately for his defence.
He said, “My lord, my counsel left the case yesterday, and I have not received the file from them.”
He also informed the court of his intention to call 23 witnesses, both local and foreign, and requested an order directing the Department of State Services to allow his foreign witnesses access to him.
Additionally, he sought permission for his lawyers to visit him on non-working days — a request Omotosho granted.
Counsel to the Federal Government, Awomolo, however, described Kanu’s complaint as “strange”, noting that the defendant had spent hours in court with his former lawyers. He further urged the court to strictly enforce its earlier directive giving Kanu six days to open and close his defence.
The prosecution said, “I’m aware that there is a standing order for the defendant to defend himself within six days. The defendant wasted yesterday. This is the second day, my lord. I urge your lordship to keep to the standing order of the number of days given to the defendant,” Awomolo said.
In his ruling, Omotosho said while Kanu’s claim about the withheld case file was “strange and difficult to believe”, he would still grant a short adjournment in the interest of justice.
The judge cautioned against unnecessary delays, stressing that several other cases had been affected by the protracted proceedings.
The matter was subsequently adjourned to Monday, October 27, for Kanu to open his defence.
US President, Donald Trump, has pardoned Binance founder Changpeng Zhao, the billionaire who built the world’s largest cryptocurrency exchange and later served prison time for compliance failures linked to money laundering and illicit activity.
The decision ends a months-long push by Zhao, known widely in the crypto world as “CZ”, to clear his record. The Binance founder has long been seen as one of the most influential figures in the digital asset space and a key supporter of the Trump family’s crypto ventures.
“Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice,” Zhao wrote on social media on Thursday.
The case against Zhao
Zhao served a four-month sentence for violating the Bank Secrecy Act, becoming the first person ever jailed under the law, which requires financial institutions to verify customers’ identities and report suspicious transactions.
Prosecutors said Zhao’s violations were unprecedented, accusing Binance of facilitating more than 1.5 million illegal crypto trades worth nearly $900 million. Those transactions allegedly included dealings with sanctioned groups such as Hamas’ al-Qassam Brigades, al-Qaida, and Iran.
Judge Richard Jones, who oversaw the case, said Zhao’s refusal to comply with US banking rules allowed Binance’s explosive growth. Prosecutors cited Zhao telling employees, Better to ask for forgiveness than permission, when referring to the company’s approach to regulation.
“I failed here,” Zhao told the court during sentencing. “I deeply regret my failure, and I am sorry.”
Zhao’s rise is one of tech’s most striking rags-to-riches stories.
Born in rural China, he immigrated to Canada with his family after the 1989 Tiananmen Square crackdown. As a teen, he worked at McDonald’s before turning to tech in college.
He launched Binance in 2017, and within a few years, it had become a global powerhouse in digital finance.
White House defends pardon
White House Press Secretary Karoline Leavitt confirmed the pardon, saying the counsel’s office had thoroughly reviewed the request.
She accused the previous Biden administration of pursuing “an egregious oversentencing” and adopting a very hostile stance toward the crypto industry.
“President Trump wants to correct this overreach,” Leavitt said, drawing a clear contrast between the two administrations’ approaches to digital finance.
Trump’s move continues his pattern of using presidential clemency to aid political allies, public figures, and others convicted of controversial crimes.
Since taking office, the Trump administration has dropped several enforcement actions against crypto firms initiated under Biden and even dissolved a Justice Department unit focused on crypto-related crimes.
Trump and his sons have also embraced crypto. Their venture, World Liberty Financial, launched a dollar-backed stablecoin that gained early traction after an Abu Dhabi investment fund used $2 billion worth of the token to buy a stake in Binance.
Following news of Zhao’s pardon, the value of another Trump-linked token, World Liberty Finance’s secondary coin, surged sharply, outperforming every major cryptocurrency on Thursday, according to CoinMarketCap.
