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BREAKING NEWS: Over $41million Alleged Fraud, FBI Names Nigerian Businessman Person of Interest – FULL DETAILS
The FBI has identified Izunna Okonkwo, the Pastel tech start-up co-founder who made the Forbes 30-under-30 list in 2023, as a person of interest and co-conspirator in an insider trading and money laundering scheme that generated $41 million in illegal profit over five years.....TAP TO CONTINUE READING
Mr Okonkwo, who took graduate studies at Stanford University, allegedly bought stocks and securities based on material non-public information shared by investment banker Gyunho Justin Kim through his American-Pakistani friend, Saad Shoukat.
Messrs Kim and Shoukat met in 2018 while interning at different multinational establishments, and their friendship devolved into criminal activity as Mr Kim shared confidential information about upcoming acquisitions.
Mr Shoukat allegedly passed the information to Mr Okonkwo and other associates, with the Nigerian and Pakistani said to have been friends from their university days.
Mr Okonkwo, 30, allegedly knew Mr Kim was the source of the illicit gains and at one point suggested helping him secure new employment after years of benefiting from the tip-offs.
Mr Kim worked at Citibank’s investment group in San Francisco and had access to confidential financial intelligence as the bank frequently advised companies involved in acquisition deals.
“Okonkwo knew that Kim worked at the investment bank, and Saad Shoukat and Okonkwo communicated on an encrypted messaging app about the impending Reata deal before it was public,” FBI special agent Antony Belitti wrote in a complaint to the U.S. District Court for New Jersey on November 24.
“Saad Shoukat exchanged messages with Okonkwo about helping Kim find a new job,” the filing added.
Mr Shoukat was said to have brokered an arrangement allowing him to trade through Mr Okonkwo’s brokerage accounts in exchange for giving the Nigerian entrepreneur 50 per cent of illegal proceeds.
The FBI said the pair drafted a written agreement confirming access to the accounts and the profit-sharing formula.
When Gilead moved to acquire Immunomedics in 2020, Mr Kim allegedly informed Mr Shoukat, who then tipped Mr Okonkwo and others to buy shares ahead of the announcement.
Mr Kim learnt of the deal on June 23, 2020, and by July 2, Mr Okonkwo and other co-conspirators had begun accumulating Immunomedics shares.
The FBI traced logins to Mr Okonkwo’s brokerage account to a London residence linked to him, which also hosted Mr Shoukat while he conducted some of the trades.
“Around the same time, there were logins to Saad Shoukat’s account from the same IP address in the United Kingdom from which there were logins to Okonkwo’s account,” an FBI agent told the court.
Gilead announced its $21 billion acquisition of Immunomedics in September 2020, and Messrs Shoukat, Kim, and others made $4.9 million from the deal.
The FBI intercepted messages showing exchanges between Mr Okonkwo and a friend about buying Immunomedics stock in August 2020.
Mr Okonkwo allegedly made $2.3 million from the buyout, while a relative received $465,299.
When Amgen moved to acquire Five Prime in early 2022, Mr Okonkwo reportedly opened a brokerage account the next day and bought shares at $15, eventually earning $166,000 as the stock surged following the announcement.
He allegedly made another $370,000 from GSK’s buyout of Sierra, while a relative earned $41,000.
Pfizer’s $5.4 billion acquisition of GBT in August 2022 reportedly yielded Mr Okonkwo $3.5 million, with his Atlanta-based relative making $617,727 and Mr Shoukat earning $5 million.
Days after receiving $3.5 million from the GBT deal, Pastel announced a $5.5 million seed funding round.
Mr Okonkwo co-founded Pastel in 2021 with Stanford colleagues Olamide Oladeji and Abuzar Royesh, and was celebrated by Forbes in 2023 as one of Africa’s rising executives under 30.
He allegedly received $4.7 million after Biogen finalised its takeover of Reata in July 2023 and another $2.9 million from AbbVie’s acquisition of Immonogen in November 2023.
Federal prosecutors told U.S. Magistrate Judge Michael Hammer that the profits earned by Messrs Shoukat, Okonkwo, and other named individuals totalled at least $41 million.
Mr Kim is facing six counts of insider trading, wire fraud, and money laundering for allegedly leaking confidential Citibank information to associates.
It was unclear whether Mr Okonkwo had been taken into custody, although filings identified him as a dual Nigerian-American citizen with business operations in Nigeria and Atlanta.
Online records show he has been running Pastel from Yaba, Lagos, and had used an office in Atlanta while establishing the company in 2022.
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Sanusi will lead Sallah Durbar in Kano – Gov’t
The Kano State Government has announced that the Emir of Kano, Muhammadu Sanusi II, will lead this year’s Eid-el-Fitr Durbar, even as it unveiled strict guidelines to prevent a breakdown of law and order during the celebrations.....TAP TO CONTINUE READING
The government said the decision, approved by Governor Abba Kabir Yusuf, followed credible intelligence reports indicating attempts by some individuals to create unrest during the Sallah period.
In a statement issued on Wednesday by the Commissioner for Information and Internal Affairs, Ibrahim Abdullahi Waiya, the government said it remained committed to preserving Kano’s cultural heritage but would prioritise peace and security.
According to the statement, Hawan Idi (Eid Durbar) will be conducted by Emir Sanusi from the Kofar Mata Eid Ground through designated routes to Gidan Shettima, terminating at Kofar Fatalwa of the emir’s palace.
It added that Hawan Nasarawa would be held in a modified form without horseback displays, while Hawan Daushe, Hawan Fanisau and Hawan Dorayi have been suspended for the time being in the interest of public safety.
The government said all security agencies had been directed to intensify surveillance and ensure strict compliance with the directives before, during and after the festive period.
It urged residents to remain calm, law-abiding and cooperative with security agencies, while cautioning against the spread of unverified information.
The government further assured the public of its commitment to a peaceful and hitch-free Sallah celebration, wishing Muslims in the state a joyous Eid-el-Fitr.
The Durbar, a centuries-old cultural procession, has been thrown into uncertainty following conflicting statements from government officials on whether it will hold this year, given the unresolved legal battle between Sanusi II and Aminu Ado Bayero.
While Governor Yusuf reinstated Sanusi II in 2024, Bayero continues to contest his dethronement in court, leaving the emirship in dispute.
The government recently hinted that the stool controversy would soon be resolved.
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2027: Igboho dismisses Sowore’s comment on ‘transactional politics’
Yoruba nation agitator, Sunday Adeyemo, popularly known as Sunday Igboho, has dismissed comments by human rights activist and former presidential candidate, Omoyele Sowore, over what he described as transactional politics and activism.....TAP TO CONTINUE READING
PUNCH Online reports that Sowore’s comment followed a viral video in which the activist criticised what he described as “transactional politics” among some regional agitators and influencers, accusing them of aligning with political actors for personal or material benefit.
In the video, Sowore appeared to reference Igboho, suggesting that his recent political positions, including support for President Bola Tinubu’s potential re-election bid, reflected what he termed “amala politics” — a colloquial expression often used to imply opportunistic or interest-driven engagement rather than principled activism.
Igboho, in a statement issued by his media aide, Olayomi Koiki, in Ibadan, the Oyo State capital, on Tuesday, criticised Sowore for allegedly describing his activism as “amala politics” in a recent viral video circulating on social media.
He described the comment as an inconsequential rant that should be ignored by the public.
Igboho argued that his agitation for improved security in the South-West and his support for the second-term bid of President Bola Tinubu in 2027 were constitutional rights aimed at promoting the collective interests of the Yoruba people and the development of Nigeria.
He said, “We strongly reject the characterisation of Igboho’s activism as transactional. Such a myopic position misrepresents the intent and focus of our agitation on effective grassroots security in the South-West and Nigeria as a whole.
“How many protests did Sowore organise to push for my freedom? Sowore’s claim of fighting for the masses contradicts his alleged daily lodging expenses of N450,000 at a popular Lagos hotel.
“I cannot be compelled to endorse political figures such as Peter Obi or Atiku Abubakar, or even align with Sowore’s political platform. I have the right to make independent political decisions based on the security and collective interests of the Yoruba people.”
He added that Igboho’s advocacy prioritises addressing insecurity across Yorubaland, including killings of farmers, kidnappings along highways and attacks on traditional rulers and royal institutions.
Koiki, however, clarified that these concerns form the basis of Igboho’s movement rather than any ambition for political office or revolutionary leadership.
The statement added, “While Sowore has consistently promoted nationwide revolution as a pathway to leadership, Igboho’s approach is rooted in protecting lives, land and property within Yoruba territory. This agitation is a response to real and ongoing threats faced by communities in the region.
“Latest security incidents in northern Nigeria, including reported explosions in Maiduguri on March 16, 2026, also raise questions about the broader effectiveness of long-term revolutionary advocacy.
“We challenge Sowore to assess the situation in his home state of Ondo State, considering the growing cases of banditry, kidnapping and attacks on rural communities.”
The statement added that the impact of insecurity on vulnerable groups, including farmers, traditional rulers, women and children, had been severe, with several communities reportedly affected.
“These realities reinforce Igboho’s long-standing call since 2020 for localised security measures and stronger regional protection strategies.
“Labelling our agitation and efforts as ‘amala politics’ undermines the urgency of the security crisis and the legitimacy of grassroots agitation,” the statement concluded
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Aisha, Deji, Atiku’s aide, Ibe fume over continuous detention of El-Rufai
The continuous detention of the former governor of Kaduna State, Mallam Nasir El-Rufai, has sparked reactions from politicians and socio-political activists.....TAP TO CONTINUE READING
DAILY POST reports that the former governor has been in the custody of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, over an ongoing investigation into alleged financial impropriety when he was governor.
El-Rufai had earlier spent two nights in the custody of the Economic and Financial Crimes Commission, EFCC, before he was picked up by the Department of State Services and then later handed over to the ICPC.
His continuous detention has sparked outrage among citizens who are calling on the commission to immediately charge the former governor to court.
Popular socio-political activist, Aisha Yesufu, said in a post on X that “holding a citizen indefinitely without trial” is impossible.
According to her, “that is not justice. That is not accountability. That begins to look like persecution.
“Every Nigerian, no matter how powerful or unpopular, has the right to a fair hearing. That right is not a favour from the government. It is a constitutional guarantee. If El-Rufai committed crimes, then prosecute him. Nigerians will support that. But what we must never
Support is a system where the government can detain anyone endlessly, simply because it can.
“Today, it may be El-Rufai. Tomorrow, it could be anyone else who speaks or acts in a way that those in power do not like. A democracy must be better than that.
“So the message is simple: charge him in court or release him. Let justice be done openly, lawfully, and transparently. That is the only way a nation that claims to respect the rule of law should act”.
Similarly, an activist lawyer, Deji Adeyanju, in an interview he posted on X on Wednesday, demanded that the former governor be charged to court immediately, condemning El-Rufai’s incarceration.
“No matter the allegations, I think he should be charged in a court of competent jurisdiction so that he can face the music.
“All these things currently going on don’t look tidy to me”, he said.
On his part, Paul Ibe, a media aide to the former vice president, Atiku Abubakar, lambasted ICPC for not charging the former governor to court.
In a statement on his X handle, Ibe accused the Commission of taking sides with the President Bola Tinubu-led administration.
He wrote, “The matter of the former Governor of Kaduna State, Mallam Nasir el-Rufai @elrufai has proven beyond measure that the ‘I’ in ICPC (Independent Corrupt Practices and Other Related Offences Commission) @icpcnigeria represents Illegal or Irresponsible.
“There’s nothing Independent about the Commission. They’re no different from all the other institutions of state that are standing on Tinubu’s mandate. The ICPC is nauseatingly pliable and has disgracefully made itself available in coercing members of the opposition into the ruling party”!
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