L-R: Tarry Rufus, Gimba Kumo Yau and Bola Ogunsola

A Federal High Court in Abuja has granted N100 million bail to former Chief Executive Officer of the Federal Mortgage Bank of Nigeria (FMBN), Mr. Gimba Kumo Yau, Tarry Rufus, and Bola Ogunsola.

The Verdict reported that the trio were charged by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) for their alleged involvement in a $65 million real estate fraud.

Justice James Omotosho granted the bail on Wednesday, November 27, 2024, in a case filed by the ICPC against Yau, Bola Ogunsola, Tarry Rufus, Good Earth Power Nigeria Limited, and T. Brend Fortunes Limited.

The ICPC alleges that Yau, while serving as FMBN CEO, awarded a $65 million contract to Good Earth Power Nigeria Limited for the development of 962 housing units in Kubwa, Abuja. The agency claims that the company lacked the capacity to execute the project, leading to its non-completion.

The ICPC further accused the defendants of money laundering, alleging that they received and disbursed parts of the contract sum in cash, violating the Money Laundering (Prevention and Prohibition) Act, 2022.

After pleading not guilty to the charges, the defendants’ legal team applied for bail, arguing that they were presumed innocent until proven guilty. The ICPC counsel did not oppose the bail applications.

In his ruling, Justice Omotosho granted the bail with specific conditions, including the provision of two sureties each worth N100 million and the submission of international passports to the court. The defendants were remanded pending the fulfillment of these conditions.

Our reporter gathered that Mr. Gimba Kumo Yau has faced allegations of financial misconduct. In 2021, the ICPC declared him and others wanted in connection with the alleged diversion of public funds for real estate.

The ICPC has been actively investigating the activities of real estate developers in Nigeria, recovering billions of Naira from those who failed to deliver on their projects.

Chair person, Police Officers Wife Association (POWA), Mrs Mutiat Olufunlola DIsu leds team of Abuja Branch POWA to celebrate women with various empowerment products also with sizable numbers of food items to celebrate 2024. Over thousan of women were empower to be able render support their husband and catter for their families.

DeRemi Atanda, Managing Director of Remita Payment Services Limited (RPSL), emphasized the importance of collaboration between the government and the private sector for the sustainable growth of Lagos. He made this statement at the Eko Revenue Plus Summit 2024, where he urged for greater private-sector collaboration to unlock Lagos State’s digital economy and drive sustainable revenue growth. He also shared insights on how to leverage innovation and policy to create new economic opportunities for the state.

Atanda participated in a distinguished panel that included Hon. Olatubosun Alake, Commissioner for Science, Innovation, and Technology, Lagos State; Mr. Sam Egube, Deputy Chief of Staff, Lagos State; Mrs. Toyin Anjous-Ademuyiwa, Director General of the Office of Transformation, Creativity & Innovation, Lagos State; and Mr. Kabiru Abiola, Managing Director of DigitalentsHUB. The session was moderated by Mrs. Bode Abifarin, Founder/CEO of Strata, and focused on Lagos’ journey towards digital transformation and its implications for sustainable revenue growth.

During the panel, Atanda praised Lagos State’s efforts in developing digital public infrastructure and advocated for its liberalization to encourage greater participation from private sector players. He stated, “Thankfully, this is a government platform where the focus is on policies with a digital outlook. Many policies are already in place; it’s about moving them to the next level.”

He further noted, “Lagos State has laid a strong foundation by promoting digital public infrastructure. However, the next step is clear: liberalizing this infrastructure to create opportunities for private sector players to innovate and succeed. The government is not an entrepreneur; it participates in the wealth generated by businesses. The key to unlocking Lagos’ revenue potential lies in enabling private innovation while ensuring a robust regulatory framework.”

Highlighting Lagos’ groundbreaking lender license initiative, Atanda explained how it expands access to credit and fosters transparency. “Lagos created a system where lenders contribute value back to the state, turning transactions into tools for poverty alleviation. Extending such models across other sectors can unlock immense economic value while improving livelihoods,” he remarked.

The discussion also focused on digital identity and employment initiatives as transformative strategies for Lagos’ economy. Hon. Alake emphasized the role of technology in empowering over 400,000 SMEs through initiatives like the Lagos State Employment Trust Fund and partnerships with innovation hubs and accelerators. “Today, digitization and SME empowerment are top priorities for Lagos,” Hon. Alake said. “Our focus on building a labor market information system and connecting employers with job seekers exemplifies how technology can address unemployment and drive economic growth.”

Mr. Kabiru Abiola highlighted the necessity for a robust identification system in Lagos State to differentiate between employed and unemployed citizens. He argued that such a system would help the government identify specific needs, target interventions effectively, and harness data intelligence to broaden the state’s tax base.

Expanding on this point, Atanda concurred, emphasizing the transformative potential of digital identity systems. “The Lagos ID for everybody provides a basis for valuable insights. The government aims to unlock new revenue streams to improve citizens’ lives, and the most effective way to achieve that is by embracing digital solutions, gaining insights from data, and creating more opportunities for private sector involvement,” he added.

In closing the session, Atanda underscored the importance of collaboration between the public and private sectors. “To truly unlock Lagos’ digital economy, we must create policies that facilitate seamless private sector participation. Data integration and strategic innovation will position Lagos as a model digital economy in Africa.”