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Uche Ibeto’s Sister Denies Involvement In Fraudulent Eviction Of Veteran Musician From Lagos Family House

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She alleged that her elder sister, Mrs. Laura Okoh, was behind the eviction and that she had no knowledge of the sale of their mother’s house.

Mrs. Ifeoma Ilodibe, the elder sister to veteran musician Ms. Uche Ibeto, popularly known as “Jigida Queen” has denied engaging a lawyer in a fraudulent judgment that led to the eviction of her sister.

In a extrajudicial statement made to the investigating police officer at Zone 2, police Zonal Command, which SaharaReporters obtained on Monday, Mrs. Ilodibe stated that she never signed any documents or gave consent to sell their mother’s house at 36 Ibezim Obiajulu Street, Surulere, Lagos.

“I was shocked when my sister Uche called me and said that some people who claimed to have been sent by the Lagos High Court woke her up at 6am by banging on the gate,” Mrs. Ilodibe said.

She alleged that her elder sister, Mrs. Laura Okoh, was behind the eviction and that she had no knowledge of the sale of their mother’s house.

SaharaReporters had reported that the musician had been forcibly evicted from her residence in Surulere, Lagos, by her elder sister, Laura Okoh, in alleged connivance with a judicial officer and Cecil Ezem Osakwe.

Ms Ibeto, had in a petition to the Chief Judge of Lagos State and Assistant Inspector General of Police, Zone 2, through her lawyer, Onwubualili Sylvester, alleged that her elder sister, Laura Okoh, and a judicial officer conspired to illegally evict her from her late mother’s property in Surulere, Lagos, with a fraudulent court judgment.

According to the petition, Ibeto’s properties worth over N500 million were allegedly stolen and damaged during the eviction, and her tenants’ properties, including a law firm, were sealed up in the building.

She said that the judgment, delivered on July 10, 2025, granted possession and ownership of the property to Cecil Ezem Osakwe, who claimed to have purchased it from the estate administrators – Mrs Okoh.

The judgement which was delivered by His Lordship, Hon. Justice Adewunmi-Oshin of the High Court of Lagos State sitting at Osborne, in Suit No: LD/9481GCM/2025 is Between Cecil Ezem Osakwe Vs Laura Okoh & Ifeoma Stella Ilodibe as 1st to 2nd Defendants.

However, Ibeto’s lawyer alleges that the judgment was obtained through, “fraudulent means, impersonation and false depositions.” Adding that Osakwe used fake documents, including an undated Contract of Sale Agreement and Deed of Assignment to obtain the said judgement.

In the court documents, SaharaReporters obtained the Claimant (Cecil Ezem Osakwe) was represented by “one Victor Giwa Esq, while the Defendant (Ifeoma Ilodibe) was represented by one K.C Joshua of KC JOSHUA & CO, situate at 3rd Floor, Nurses House, Church gate Street, Victoria Island Lagos. Meanwhile, Victor Giwa was also listed among the Counsel in the law firm of KC JOSHUA & CO, who franked and filed the suit on behalf of the Claimant, while his principal represented the Defendant.

However, Mrs Ilodibe in a extrajudicial statement categorically stated that she was never aware of the said suit, and never served with the processes neither did she engaged the services of any lawyer to represent her in the proceeding.

Mrs. Ilodibe described her sister as “wicked” and “greedy,” saying that she had no right to sell the house without her consent. “Who gave Laura the authority to sell the house? With which papers, because our mother gave Uche the documents of the house to keep?” she asked.

The letter also alleged that Mrs. Okoh had a history of greed and jealousy, and that she had previously sold their mother’s cars without sharing the proceeds with her siblings. Mrs. Ilodibe claimed that Mrs. Okoh’s children, including Ifeanyi Maxwell Okoh and Chiedu, were also involved in the alleged fraudulent activities.

“I am not surprised that Laura and her daughter Chiedu lied to the Investigating Police Officers because when Laura speaks, only five percent of what she says is true,” Mrs. Ilodibe said. She urged the police to investigate the matter and ensure that justice is served.

In her letter, Mrs. Ilodibe requested that the police take the following actions: “allow Uche to return to her residence without harassment, punish those involved in the land grabbing, and ensure that the structure of the house is restored to its original state.” She also demanded that the losses and damages incurred by Uche be compensated.

Mrs. Ilodibe concluded by warning that if the alleged perpetrators were not brought to justice, something would happen to Uche and they would be held responsible.

The letter highlights the complex family dynamics and alleged fraudulent activities involved in the eviction of Ms. Uche Ibeto.

Earlier SaharaReporters reported that four security guards had been arrested by operatives of the Nigerian Police Force attached to Zone 2, Police Zonal Command.

The police are expected to investigate the matter and take necessary actions to ensure justice is served.

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National Pension Commission (PenCom) changes price disclosure rule

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National Pension Commission (PenCom) has directed Pension Fund Administrators (PFAs) to discontinue the publication of daily unit prices for Retirement Savings Account (RSA) and Retiree Funds on their websites, replacing the requirement with a six-month disclosure of returns based on a three-year rolling average.

The directive was contained in a circular issued by the commission.

Under the new guideline, PFAs must stop implementing Section 2.0 (iv) of the Commission’s March 23, 2013 circular, which required them to display daily unit prices for the last seven days.

Instead, they are to publish on their websites the last six months’ rate of return — calculated as a 36-month compounded rolling average in line with the Circular for the Calculation and Reporting of Rate of Returns by Licensed Pension Fund Operators (LPFOs).

According to the commission, the rate of return must be clearly displayed on the homepage of each PFA’s website.

For instance, the six-month disclosure covering April to September 2025 would reflect the 36-month compounded returns ending in each of those months.

This has however raised transparency concerns in the pension industry.

The 2013 circular on Minimum Information to be displayed on PFA Websites formed part of PenCom’s transparency framework for the Contributory Pension Scheme.

The latest addendum modifies that requirement but does not remove PFAs’ obligation to disclose performance information.

Industry watchers say the development may reignite debate over the balance between long-term investment reporting and real-time transparency in Nigeria’s pension industry.

All enquiries on the addendum, the Commission said, should be directed to its Surveillance Department.

An industry analyst who does not want her name mentioned said the move could reduce contributors’ access to real-time performance data.

She said: “Daily unit prices allowed RSA holders to independently track short-term movements and detect fluctuations in fund valuation.

“With only a three-year rolling average now required, contributors will no longer see recent performance in isolation”, she noted.

The analyst added that while pension funds are long-term vehicles, removing daily disclosure raises concerns about information asymmetry.

“PFAs will still compute daily valuations internally. The issue is whether contributors should be denied access to data that already exists,” the analyst said.

However, another pension expert defended the directive, noting that pensions are structured for long-term accumulation and should be assessed over extended periods.

“A 36-month rolling average smooth’s out short-term volatility and provides a more accurate reflection of sustained performance,” the expert said, warning that excessive focus on daily fluctuations could encourage reactionary fund switching.

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Dollar rises in black market on Monday, traders quote new exchange rate

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Dollar edges higher against the naira in black market trading Dollar edges higher against the naira in black market trading

The United States dollar at the parallel market increased in value on Monday, Febuary 23 with traders quote at N1,375/$ as the new selling exchange rate.

The new rate is a slight depreciation for the naira when compared to N1,343 a dollar market closed on Friday, February 20, 2026.

Abdulahhi, a forex dealer, told Legit.ng that the new exchange rate follows renew demand in the market.

“I am currently selling dollars at N1,375/$1 and buying at N1,355/$1. The pound is trading at N1,845 to sell and N1,805 to buy, while the euro is also moving steadily in the market.

“It seems this week the dollar will return to over N1,400. I have been getting a lot of request.”

The fall of the naira comes as BDC operators continue to face difficulties in accessing dollars from commercial banks.

BDCs can get dollar

The apex bank had previously issued a circular allowing licensed BDCs to access foreign exchange through authorised dealers at the prevailing market rate.

Under the directive, each BDC is permitted to purchase up to $150,000 weekly, subject to Know Your Customer (KYC) requirements and due diligence checks, Punch reports.

Leadership reported that despite a policy announcement, some operators disclosed that no transactions have been completed under the new arrangement.

A BDC operator, who requested anonymity, said the directive remains largely unimplemented. According to him, the circular provides that disbursements will be made through settlement accounts, a provision that has raised operational concerns.

He questioned the feasibility of seamless, real-time transfers between domiciliary accounts across different banks, noting that such infrastructure may not yet be fully in place.

The operator added that while commercial banks appear supportive of the policy, many are still developing internal processes to align with the CBN’s directive.

He explained that BDCs are required to submit bid orders through their banks, which would then access the market on their behalf.

Naira in the official market

Meanwhile, in the Nigerian Foreign Exchange Market (NAFEM), the naira closed against the US dollar on Friday, February 20 at N1,346.32/$1 from N1,341.35/$1 a day earlier.

At the GTBank FX desk, the naira weakened by N7 against the dollar to quote N1,356/$1.

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