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EDO STATE GOVERNOR RECEIVES REPORT ON N96BN LOCAL GOVERNMENT FRAUD, VOWS TO PROSECUTE INDICTED OFFICIALS

Edo State Governor, Senator Monday Okpebholo, has revealed that the Economic and Financial Crimes Commission (EFCC) will prosecute some of the recently impeached Edo State Local Government chairmen indicted for looting the Local Government treasuries, running into over N95 billion. The Governor received the report of the Administrative Panel of Enquiry set up to investigate the financial dealings of the impeached 18 Local Government Chairmen in Edo State from the Chief Press Secretary to the Governor, Fred Itua, stated that the report indicted former Governor Godwin Obaseki, leaders of the factional Peoples Democratic Party (PDP), and others. Governor Okpebholo expressed satisfaction with the committee for the professionalism with which it carried out its duty, saying, “Nigerians need to start demanding accountability from elected public office holders.” He stressed that “it was the only way to fight corruption and ensure development.” The Governor vowed to petition the EFCC on the findings of the report for immediate prosecution, saying, “I want to thank you for a job well done. I carefully listened to the submission of the report. The truth is that the administration of former Governor Godwin Obaseki took Edo people for granted. They took everything belonging to Edo people and channeled it for their personal gains.” Fred Itua stated that the panel’s investigation uncovered significant irregularities in the financial activities of the 18 Local Governments Councils. The report indicted former ALGON chairman, Oghomwen Newman Ugiagbe, who used his hotel, Demarriots Hotels Limited, Ahonsi Ogiegbaen Osifo, Eric Agbonmwanre, Abraham Burma, and Dickson Imasogie Notiemwenmwan to loot Local Government funds. The panel reported that N95 billion (N95,080,676,687.86) was received from the Joint Allocation Account Committee (JAAC) by the 18 Local Government Area Chairmen for the period investigated. However, the funds were not judiciously utilized, as no meaningful projects were on the ground to justify the amount received. Fred Itua stated that the Governor would personally take the document to the EFCC to ensure that justice is done for the wrong done to Edo people.

NIGER DELTA YOUTH COUNCIL PROTESTS CEO’S DETENTION IN $87 MILLION FRAUD CASE

The Niger Delta Youth Council (NDYC) has voiced its strong objection to the continued detention of Jesam Michael, CEO of Afriq Arbitrage System (AAS), a cryptocurrency investment firm, who reported a $87 million fraud to the police. Prince Michael Newgent Ekamon, President of the NDYC, expressed his frustration, stating, “My bitterness and my pains, and the people of the Niger Delta youth council, and Niger Delta, and my people, is that in this country, a complainant is arrested and has been detained for over three weeks. It is unlawful.” Michael had initially reported to the Inspector-General of Police (IGP) Special Investigation Unit (SIU) that his staff member, Abayomi Segun Olusesan, had hacked into the company’s system and misappropriated $87 million in investor funds. While Oluwasesan admitted to the hacking, he disputed the amount involved. A forfeiture agreement between the parties resulted in the recovery of some assets from Oluwasesan.However, the police investigation took a different turn when it was revealed that investors had been unable to access their funds or promised returns from AAS for over 18 months. This prompted a preliminary investigation into the company’s operations.Police Public Relations Officer Adejobi Olumuyiwa explained that Michael was detained because he failed to provide verifiable medical records, evidence of legitimate trading practices, and a viable repayment plan for the affected investors. The police also refuted Michael’s claims of harassment, asserting that the actual victims are the investors who entrusted their money to AAS. Despite Oluwasesan’s admission to the hacking, the NDYC questions why he is not in custody while Michael remains detained. Ekamon further alleged that Oluwasesan is “walking free and even parading armed police escort despite the evidence of his crimes as displayed by his lavish lifestyle,” raising concerns about potential bias in the investigation. “The group call on the IGP to look into the matter seriously. Ekamon claimed that the police seems to be having a bias in the matter.” Ekamon also stated that Michael’s health is deteriorating and that he was on his way abroad for medical treatment when he was arrested at Murtala Mohammed Airport. The NDYC is demanding that Michael be either granted bail or charged to court, as required by law, instead of being held in detention, which they claim is jeopardizing his health. “He affirmed that the Youths and the people of Niger Delta worldwide will not sit and fold their hands on this injustice.” The police investigation is ongoing, and they are encouraging affected investors to submit their investment records and documentation.

KADUNA STATE HOUSE OF ASSEMBLY COMMITTEE ACCUSES EL-RUFAI OF CORRUPTION, RECOMMENDS PROBE

The Kaduna State House of Assembly Committee has concluded its investigation into the alleged misappropriation of N423 billion and misconduct by the immediate past governor of the state, Malam Nasir El-Rufai. The committee found evidence of several cases of corruption in the running of the state’s government, ministries, departments, and agencies between May 29, 2015, and May 29, 2023. The committee made 24 recommendations, including referring the former finance commissioners, accountant generals, and internal revenue chairmen to law enforcement agencies for thorough investigation. The current commissioner of finance, chairman of the State Universal Basic Education Board, and executive secretary of the State Pension Bureau were also asked to step aside to allow for proper investigation. The committee accused El-Rufai’s administration of plunging the state into unwanted and unjustified debts, reckless award of contracts without due process, and humongous cash withdrawals without records of utilization. The committee also alleged that El-Rufai was complicit in diverting funds and laundering money. The committee recommended that the contractors listed, including Ronchess Global Resources PLC, Chamberlayne Global Concept Ltd, and M/S Prestige Integrated Services Ltd, should refund a total sum of N36,351,126,811.65 to the Kaduna State Government. The committee’s report stated that “the Governor of Kaduna State between 29th May, 2015 to 29th May, 2023 as the Chief Executive Officer of the State breached his Oath of Office contained in the 7th Schedule to the Constitution of the Federal Republic of Nigeria (As amended) and failed to exercise due discretion in the administration of the State.”

FORMER ACTING ACCOUNTANT GENERAL FACES TRIAL FOR ALLEGED N868 MILLION FRAUD

The trial of Chukwunyere Anamekwe Nwabuoku, former Acting Accountant General of the Federation, commenced on Friday, January 31, 2025, before Justice James Omotosho of the Federal High Court in Abuja. Nwabuoku is facing a nine-count amended charge bordering on money laundering to the tune of N868,465,000. Prosecution witnesses testified that Nwabuoku, as former Director of Finance and Accounts in the Federal Ministry of Defence, allegedly opened multiple bank accounts to divert the ministry’s funds. Eucharia Ezeobi, a Zenith Bank staff, revealed that she opened four companies’ accounts for contractors with the Ministry of Defence, and that most of the funds were withdrawn in cash, benefiting Nwabuoku significantly. Felix Nweke, Deputy Director of Accounts and Expenditure, testified that Nwabuoku instructed him to open the accounts and move funds from the Ministry’s Security Operation Account to the companies’ accounts. Nweke stated that the funds were usually withdrawn in cash and handed over to Nwabuoku. When questioned by the defence counsel, Nweke clarified that he only took instructions from Nwabuoku, who was his superior in the ministry’s chain of command. Justice Omotosho adjourned the matter until February 26, 2025, and March 5, 2025, for continuation of the trial. Nwabuoku was appointed by former President Buhari to oversee the Office of the Accountant-General of the Federation, pending the outcome of an investigation into financial impropriety allegations against Ahmed Idris, the former Accountant-General of the Federation.

N12.3BILLION FRAUD: EFCC SET TO ARRAIGN HONEYWELL GROUP CHAIRMAN, OTUDEKO, FORMER FBN MD, ONASANYA, OTHERS

The Economic and Financial Crimes Commission (EFCC) is set to arraign the Chairman of Honeywell Group, Chief Oba Otudeko, and three others before the Federal High Court sitting in Ikoyi, Lagos, on Monday, January 20, 2025. The others to be arraigned alongside Otudeko are a former First Bank Managing Director, Stephen Onasanya, a former board member of Honeywell, Soji Akintayo, and a firm, Anchorage Leisure Limited, connected to Otudeko. The EFCC has filed a 13-count charge against the defendants, alleging that they conspired to commit fraud and laundered N12.3 billion between 2013 and 2014 in Lagos. The defendants are accused of obtaining the sum of N12.3 billion from First Bank Limited under false pretenses, claiming it represented credit facilities applied for by V-Tech Dynamic Links Limited and Stallion Nigeria Limited. Specifically, Count 1 of the charge alleges that the defendants conspired to obtain the sum of N12.3 billion from First Bank Limited on the pretence that the said sum represented credit facilities applied for by V-Tech Dynamic Links Limited and Stallion Nigeria Limited, which representation they knew to be false. Counts 5 and 6 accuse the defendants of procuring Honeywell Flour Mills Plc to retain the sum of N1.5 billion and converting the sum of N500 million to the use of Honeywell Flour Mills Plc, which sums they reasonably ought to have known formed part of the proceeds of their unlawful activities. The EFCC counsel, Bilikisu Buhari, filed the charge on January 16, 2025. The defendants will be brought before Justice Chukwujekwu Aneke, to whom the case has been assigned.

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