CBN DEBUNKS FAKE NEWS ON NEW N5,000 AND N10,000 BANKNOTES.(PHOTO).

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  The Central Bank of Nigeria (CBN) has dismissed a viral claim circulating on social media about the introduction of new ₦5,000 and ₦10,000 banknotes, labeling it as fake news. The claim, which included fabricated images of the supposed new denominations featuring Dr. Nnamdi Azikiwe and Chief Obafemi Awolowo, falsely stated that the new notes would enter circulation from May 1, 2025. In a statement on its verified Facebook account, the CBN clarified that the content is not from the bank and directed the public to its official website, (www.cbn.gov.ng), for authentic information. The bank warned against spreading misinformation regarding monetary policies and urged Nigerians to rely only on official statements from its verified channels. The CBN reaffirmed that any major policy decision, including the introduction of new banknotes, would be announced through its official platforms. The public is advised to remain cautious and verify financial information from credible sources befor...

BUSINESSMAN BAGS 10 YEARS FOR N1.1M FRAUD.{PHOTO}.#PRESS RELEASE.

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     The Maiduguri Zonal Office of the Economic and Financial Crimes Commission, EFCC on Thursday, May 9, 2019 secured the conviction of one Suberu Ishaq Okatai.
Okatai was convicted by Justice Umaru Fadawu of the Borno State High Court, sitting in Maiduguri for the offences of conspiracy and obtaining money by false pretense.
His journey to jail started when the Commission received a petition against him on May 14, 2018, alleging that he collected the sum of N1,190,000.00 (One Million One Hundred and Ninety Thousand Naira).
The said sum was received under the pretence that, it was to be used for the supply of power indicator, which the accused and others now at large knew that the said business never existed.
He pleaded “not guilty” to the two-count charge when he was arraigned on March 18, 2019.
Counsel for the prosecution, Khalid Sanusi, presented three witnesses and tendered three exhibits during the trial.
In the allocutus, the convict pleaded for leniency and prayed the court to temper justice with mercy.
Justice Fadawu in his judgment ruled that: “I hereby sentence you to 10 years in prison for the offence of conspiracy contrary to and punishable under sections 8(a) & 1(3) of the Advance Fee Fraud and other Fraud related offences Act 2006.
“I hereby sentence you to 10 years in prison for the offence of obtaining by false pretence contrary to and punishable under sections 1(1) (b) & 1(3) of the Advance Fee Fraud and other Fraud related offences Act 2006.”
The Judge further directed the convict to compensate the nominal complainant the sum of (N1.1 Million) One Million One Hundred and Ninety Thousand Naira, in default of which, the convict should spend three years in prison.
Justice Fadawu, further held that: “The outstanding balance in the account of the convict in the sum of N39,480.44 be forfeited to the Federal Government of Nigeria and the account be closed.”
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