Global stocks sank Wednesday after US President Donald Trump said he was not satisfied with talks that are aimed at averting a trade war with China. Equities were also dented by poor eurozone economic data, and as Trump cast doubt on a planned summit with North Korean leader Kim Jong Un. “Trump (is) continuing to drive uncertainty over global trade,” said analyst Joshua Mahony at trading firm IG. “European markets are following their Asian counterparts lower, as a pessimistic tone from Trump is compounded by downbeat economic data,” he added. Markets had surged Monday after US Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He said they had agreed to pull back from imposing threatened tariffs on billions of dollars of goods, and continue talks on a variety of trade issues. However, Trump has declared that he was “not satisfied” with the status of the talks, fuelling worries that the world’s top two economies could still slug out an economically pain...
Justice Nathaniel Ayo-Emmanuel of the Federal High Court, Ibadan, on Tuesday sentenced Prof. Benjamin Ogbunbodede, a former Director of the Institute of Agricultural Research and Training (IAR&T), Ibadan, to 40 years imprisonment for corruptly enriching himself to the tune of N177 million.
Zacheus Tejumola, a former Chief Accountant of the institute, was also sentenced to 40 years imprisonment while Clement Adenose, another staff, bagged four years in jail.
In a judgment which lasted over two hours, Ayo-Emmanuel said that he convicted the trio based on the overwhelming evidence against them.
The judge, however, said that he had no reason to convict them on count 13 due to want of evidence.
“There is no ambiguity in the facts tendered by the prosecution that the three convicts conspired, converted and stole the hazard allowance of N177 million belonging to the staff of IAR&T.
“Ogunbodede and Tejumola are therefore, sentenced to 40 years imprisonment each for their roles for counts 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 14, 15 and 16.
“Adenose is sentenced to four years in prison. The sentences will, however, run concurrently,” Ayo-Emmanuel stated.
Earlier, Mr Tunde Olupona, the counsel to Ogunbodede, had pleaded with the court to temper justice with mercy in sentencing his client.
He argued that his client lacked administrative experience in running such a sensitive position.
Similarly, Mr I.A Salawu and Mrs Yetunde Adegboye, counsel to Tejumola and Adenose, pleaded with the court to show mercy to their clients, citing various portions of the constitution.
However, Mr Nkwuruka Amana, the counsel to the Economic and Financial Crimes Commission, urged the court to sentence the convicts in accordance with the stipulation of the law.
The News Agency of Nigeria (NAN) recalls that Ogunbodede, Tejumola and Adenose along with 10 others had since 2014 been standing trial over a 16-count charge bordering on conspiracy, unlawful conversion and stealing of N177 million hazard allowance belonging to the staff of the institute.
Ten of the defendants had earlier pleaded guilty and opted for plea bargain arrangement.
Nine out of the 10 previously convicted were different companies which Ogunbodede, Tejumola and Adenose indirectly used to siphon the N177 million.
Olupona, who spoke after the judgment, told NAN that he and his other colleagues were still studying the judgment and would in due course take appropriate decision on whether to appeal or not.
Zacheus Tejumola, a former Chief Accountant of the institute, was also sentenced to 40 years imprisonment while Clement Adenose, another staff, bagged four years in jail.
In a judgment which lasted over two hours, Ayo-Emmanuel said that he convicted the trio based on the overwhelming evidence against them.
“There is no ambiguity in the facts tendered by the prosecution that the three convicts conspired, converted and stole the hazard allowance of N177 million belonging to the staff of IAR&T.
“Ogunbodede and Tejumola are therefore, sentenced to 40 years imprisonment each for their roles for counts 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 14, 15 and 16.
“Adenose is sentenced to four years in prison. The sentences will, however, run concurrently,” Ayo-Emmanuel stated.
Earlier, Mr Tunde Olupona, the counsel to Ogunbodede, had pleaded with the court to temper justice with mercy in sentencing his client.
He argued that his client lacked administrative experience in running such a sensitive position.
Similarly, Mr I.A Salawu and Mrs Yetunde Adegboye, counsel to Tejumola and Adenose, pleaded with the court to show mercy to their clients, citing various portions of the constitution.
However, Mr Nkwuruka Amana, the counsel to the Economic and Financial Crimes Commission, urged the court to sentence the convicts in accordance with the stipulation of the law.
The News Agency of Nigeria (NAN) recalls that Ogunbodede, Tejumola and Adenose along with 10 others had since 2014 been standing trial over a 16-count charge bordering on conspiracy, unlawful conversion and stealing of N177 million hazard allowance belonging to the staff of the institute.
Ten of the defendants had earlier pleaded guilty and opted for plea bargain arrangement.
Nine out of the 10 previously convicted were different companies which Ogunbodede, Tejumola and Adenose indirectly used to siphon the N177 million.
Olupona, who spoke after the judgment, told NAN that he and his other colleagues were still studying the judgment and would in due course take appropriate decision on whether to appeal or not.
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