The EFCC on May 22, 2018 arraigned Oluohu alongside Okon, Anwanadung and their companies, Blue Dolphin Limited and Lib-Zone Petroleum Limited before Justice F. O. Riman of the Federal High Court, Uyo, on a 6-count charge bordering on conspiracy and illegal dealing in petroleum products.

When arraigned, the accused persons pleaded not guilty to the charges preferred against them , setting the stage for their trial which commenced on June 22, 2018.

In the course of trial, the prosecution, through its counsel, Nwandu Ukoha presented three witnesses and tendered 14 exhibits which were all admitted in evidence. The defence counsel, Ime Umana moved a ‘No Case Submission’ arguing that the evidence against his clients were not sufficient to justify the continuation of trial and urged the court to discharge and acquit them.

Justice Riman upheld the argument of the defence and ruled that the prosecution could not link the accused persons with the charges pressed against them. She thereafter invoked the provisions of Section 302 of the Administration of Criminal Justice Act, ACJA, and acquitted the accused persons and dismissed the charges against them.

Dissatisfied with the ruling, the EFCC filed a Notice of Appeal on November 3, 2018 and prayed the court to set aside the acquittal of the accused persons. Delivering judgment on Monday May 18, 2020, at the Court of Appeal, Justice Ekpe on behalf of Justice M. L. Shuaibu, upheld the appeal filed by the EFCC and ordered a fresh trial. “This appeal is meritorious and hereby allowed”, she ruled.

The Judge thereafter ordered the Honourable Chief Judge of the Federal High Court to reassign the matter to another Judge for retrial.

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In a resignation letter he personally signed and addressed to the PDP Chairman in his Akparabong Ward of Ikom Local Government Area of Cross River State, Ndoma-Egba cited reasons which necessitated his exit from the party.

The senator, who represented Cross River-Central senatorial district in the Senate from 2003 to 2015, was elected on the platform of the PDP.

In his resignation letter, Ndoma-Egba pointed out that the current policies and direction of the PDP had become inconsistent with his philosophy and commitment to democratic principles and that he can no longer pursue his “political beliefs in the party in its current state.”

“I returned to politics to pursue certain ideals and values, to contribute towards strengthening democracy, to give a voice to my people, a people who have been most kind and generous to me.

“Before, PDP was strong in Cross River State because it offered members an atmosphere and opportunity for self expression within its confines. Today, those values that underline democracy have totally become strange to the party.

“I, therefore, resign my membership of the PDP forthwith and urge you to take the necessary steps to reflect this in your records,” he added.

Ndoma-Egba expressed gratitude to the party for the opportunities given him in the past and wished it well in its future endeavours.

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The 7-year tenured Bonds with maturity due in 2022 were issued via a Book Building process by FBN Capital Limited, following its appointment as the Lead Issuing House by the State Government in May 2015.

The state in line with its mandate to develop infrastructure, had embarked on several projects including road, water and health facilities which were financed through bank loans.

The proceeds from the Issue were therefore earmarked for refinancing the State’s outstanding obligation to the lending banks.

The Bonds which were offered at 17 percent coupon rate (paid semi-annually) proffered a cheaper financing option to the State.

FBN Capital as Lead Issuing House led the league of the Issuing Houses to underwrite the transaction to the tune of N6.25 billion on a standby basis.

The Bond Offer was secured by an Irrevocable Standing Payment Order (ISPO) issued by the Federal Ministry of Finance as a first line charge upon and payable out of the Statutory Allocation of the State.

By this order a Sinking Fund account was created and managed by the Trustees to the Issue from which bondholders’ obligation (interest and principal) would be repaid.

Speaking on the transaction, Taiwo Okeowo, Deputy Managing Director of FBN Capital stated that “Despite the market volatility which characterized the bond issuance period, the transaction was closed at a favourable pricing mark, raising N1.75 billion over the underwritten sum.

“FBN Capital leveraged on its distribution relationships to obtain commitment for the transaction, and on conclusion of the offer a total of N8 billion was raised, significantly reducing Cross River State’s outstanding loans to banks and lowering the service cost for the loans”.

The Issuer was assigned a ‘BBB” rating while the Issue was assigned an ‘A-’, both by Global Credit Rating Co. Limited following their financial due diligence.

FBN Capital was recognized as the Best Investment Bank in Nigeria 2015 for the fourth consecutive year by Global Finance Magazine.

The firm also received the World Finance Banking Awards as the Best Investment Bank in Nigeria 2014, and the EMEA Finance African Banking Awards as the Best Local Investment Bank in 2013.

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An Islamic Scholar and Missioner of Nasrul Lahi-Li Fatih Sociey of Nigeria(NASFAT), Calabar branch, Cross Rivers State, Sheik Abdulkadir Bature, gave the admonition during the organisation’s 2015 Ramadan Lecture and Lauching of the Organisation’s Land Appeal Fund along Tinapa Road,Calabar‎.

The cleric who is also the Chief Imam of the University of Calabar Central Mosque urged Muslims to be upright in their deeds in whatever position they occupied.

He reminded the Ummah to be closer to Almighty Allah during and after the holy month of Ramadan and seek forgiveness of their sins from the Creator.

In a lecture entitled: “Ramadan, A month of Generosity, Righteousness” sheik Bature said betrayal of trust by the leadership is at the centre of most of the problems confronting the nation.

The scholar, while also stressing that the holy month should be the period of soul cleansing for every Muslim across the globe, explained that, “The holy month of Ramadan is the period to give out in charity to those in need because Almighty Allah has commanded us to do so as part of our trust to our brothers and sisters in Islam and to non-Muslims alike.

He advised Muslims to imbibe the spirits of Ramadan by being generous to their neighbours as one of the exemplary teachings of the holy Month.

He called on the muslim Ummah be their brothers keepers, care for each other and be an example of what Islam stand for by being patient in life and not seeking for wealth through dubious means.

“Islam teaches us to be generous and be our brothers keepers,leave a good life worthy of emulation and avoid any act of dubious.

“The last ten days of Ramadan has an abundant ‎blessings and your reward will be bountiful before Allah if you willingly contribute your money and efforts to the cause of Allah during this Holy Month”he said.

The cleric prayed Allah to guide the government of Cross River State and Nigeria aright to enable them fulfilled all the good promises made to the citizens.

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