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Failed Banks: Odili, Lafiagi, Others Fingered

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Senators on Tuesday named Nigerians who abused their positions in banks, borrowed loans worth N53.3 billion, and refused to pay them back, which made the banks to go under.

A report presented to the senate by its committee on banking, insurance and other financial institutions listed a former governor, a former managing director of banks as contributors to such collapse.

A letter dated June 27, 2008 sent by the Nigerian Deposit Insurance Cooperation (NDIC) to the senate NDIC committee attached a list of ‘insider credits’ of 13 closed banks as at June 2008.

But it noted that in view of the fact that the accounts are insider related, the records are constantly reviewed and reconciled.

Those listed include former Kwara State Governor, Mohammed Lafiagi (N1,156,776.57 unlimited personal guarantee); Sanusi Ado Bayero (N45,003,963.93); former Gulf Bank Managing Director, Babajide Rogers (N11,874,216.56); Chrome Services and Related Companies chairman, Emeka Offor (N3,850,016,620) personal guarantee of Offor and 100,000 units of ordinary shares of Environmental Remediation Holding Corporation, USA), and another N3,850,016,620 loan without guarantee.

Victor Odili, N41,103,498.56 – fixed and floating debenture on the assets of the company, N2,628,979.05; N10,856,129.75.

Owner of liquidated All States Trust Bank now Federal Airports Authority of Nigeria (FAAN) chairman, Ebitimi Banigo, Nta Henshaw, and others (N48,551,995,304.83); former Progressive Peoples Alliance (PPA) Governorship candidate Remi Bakare (N1,093,247,535.40); Mike Ajegbo (N210,291,896.21); C.M. Ibeto (N643,340,680.92); and former Information Minister, Dapo Sarumi (N3,847 743.90).

Oluwaogbon Motors chairman, S.O. Bakare (N544,585,269.86 and N21,311,398.59); former City Express Bank chairman, Samuel Adedoyin; former City Express Bank chief executive officer, Sola Adeoti, Former Minister of State for Health, Funke Adedoyin (N5,131,275,864.01); and Angela Onyeador (N30,755,363.13-legal mortgage).

Committee chairman, Nkechi Nwaogu, noted that 50 banks failed because of the huge debts that were never paid, including 36 which crashed before consolidation in 2005, and 14 after consolidation.

But less than two minutes after she read out the list, threatening death text messages flooded her mobile telephone, according to Eyinnaya Abaribe who sat beside her.

Based on the death threats, senate president David Mark, directed the inspector general of police, Mike Okiro, to provide personal security for all the 12 members of the committee immediately.

He lamented that the debtors could go to the extent of threatening the lives of the committee members when they are supposed to be ashamed.

Mark told the committee members: “You have performed wonderfully well and there is absolutely nothing for you to fear because you have done what you ought to do for your country.

“All those sending text messages to you should think twice about what they have done to this country rather than having effrontery to send text messages to you.

“All of us here take collective responsibility for this report. It is not a report from senator Nkechi Nwaogu”

Chairman, Rivers State Council of Traditional Rulers and Oba of Ogbaland, HRM, Eze Chukwumela Nnam Obi (right), with former Head of State, Major-General Muhammadu Buhari as guests at the first Marshall Harry Memorial Lecture in Port Harcourt, last Monday. Chris Monyanaga.

Chairman, Rivers State Council of Traditional Rulers and Oba of Ogbaland, HRM, Eze Chukwumela Nnam Obi (right), with former Head of State, Major-General Muhammadu Buhari as guests at the first Marshall Harry Memorial Lecture in Port Harcourt, last Monday. Chris Monyanaga.

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EFCC Re-Arrests Fani-Kayode

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A former Aviation Minister, Femi Fani-Kayode has been re-invited by the Economic and Financial Crimes Commission (EFCC) following investigations into alleged document falsification
Fani-Kayode alongside a former Minister of State for Finance, Nenandi Usman, is standing trial on alleged N4.6billion money laundering, before Justice Mohammed Aikawa.
Other defendants are Yusuf Danjuma, a former chairman of the Association of Local Governments of Nigeria (ALGON) and a company, Jointrust Dimensions Nigeria Ltd.
They are facing a 17-count charge of money laundering preferred against them by the anti-graft agency.
They had each pleaded not guilty to the charges and were granted bails.
The trial had begun before Justice Aikawa and witnesses were still being led in evidence until Aikawa was transferred out of the Lagos division.
The charge was consequently, re-assigned to a new judge, Justice Daniel Osaigor, and the defendants were scheduled for re-arraignment on October 27.
Meanwhile, at the last adjourned date, FaniKayode was absent from court and the defence counsel who appeared on his behalf, Mr Fred Ajudua informed the court that he was on admission at Kubwa General Hospital in Abuja.
He had prayed for an adjournment on that ground on behalf of the second defendant
But, the EFCC prosecutor, Mrs BilikisuBuhari, informed the court that the same tactics had always been adopted by the defendant whenever he does not want to attend court.
After going through the court’s records, Justice Osiagor noted that it was clear that the defendant had issued a similar letter of excuse five times.

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Abiodun Presents N350.74bn 2022 Budget To Ogun Assembly

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Governor Dapo Abiodun has presented the 2022 appropriation bill of N350.74 billion to the Ogun State House of Assembly.
Abiodun, yesterday, presented the bill, tagged ‘Budget of Restoration’ to the lawmakers at the Assembly Complex, Oke-Mosan, Abeokuta.
Addressing the assembly members at a ceremony presided over by the Speaker, Olakunle Oluomo, Abiodun reiterated his determination to give priority attention to the completion of existing projects, projects with revenue potential and projects that can enhance employment generation.
According to the governor, the total state funding is estimated at N350.74 billion in 2022.
This, Abiodun said, “includes Ogun State Internal Revenue Service (OGIRS) estimates of N56.30 billion and other Ministries, Departments and Agencies (MDAs) estimated at N96.87 billion totaling N153.17 billion. Statutory allocation (i.e. FAAC and VAT) is expected to be N73.01 billion while the capital receipt is estimated at N124.56 billion (i.e. Internal and External loans including Grants and Aids etc).”
On planned expenditure, Abiodun explained that “the aggregate expenditure of N350.74 billion is proposed for the State Government in 2022.”
Under recurrent expenditure, a total of N75B is to be expended in paying salaries and allowances in MDAs; N28b on debt service obligations and N51b on total overhead costs of MDAs and government-owned enterprises.
For capital expenditure, Abiodun said N170 billion is budgeted, being an increase of N10 billion over the 2021 approval of N160 billion.
He added that a total sum of N7.7billion is provided for transfers to the Stabilization Fund to insulate and position the State towards unprecedented activities or economic shocks.
Of the entire budget, Education gulps N56,071.21b, representing 16 percent; while Health takes N35,073.51b, being 10 percent.
Infrastructure takes the largest share of N77,775.77, which is 22 percent of the budget.
The Assembly is expected to legislate on the appropriation bill and return a clean copy to the governor for his assent.
The Speaker assured Abiodun of a speedy and thorough legislative process on the proposed budget with a view to sustaining the tradition of its passage on record time to comply with the January to December cycle in line with the international financial standards.

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ICPC Uncovers N20bn Project Duplication, Personnel Budget Fraud In MDAs

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The Independent Corrupt Practices and other related offences Commission (ICPC) says it has uncovered gross abuse of personnel budget as well as duplication of projects by some federal Ministries, Departments and Agencies (MDAs) amounting to over N20.138 billion.
The duplication and padding occurred in the implementation of the 2021 budget and involved about 257 projects, the anti-corruption agency said its review shows.
The anti-graft agency said it is investigating the Ministry of Labour and the University College Hospital Ibadan as well as corrupt staff members in other MDAs suspected of massive illegal recruitment.
ICPC chairperson, Bolaji Owasanoye, made the disclosure in his welcome address at the 3rd National Summit on Diminishing Corruption in the Public Service and Presentation of Public Service Integrity Award on Tuesday.
Themed, ‘Corruption and the Cost of Governance: New Imperatives for Fiscal Transparency’, the event was held at the State House Conference Hall, Presidential Villa, Abuja.
Many dignitaries including the Secretary to the Government of the Federation, Boss Mustapha, were in attendance.
In his address, Owasanoye said ICPC, through its projects tracking, found out that skyrocketing personnel in many MDAs was attributable to massive budgetary scam, including illegal recruitment, unilateral increase in wages, indiscriminate travels, among others.
“The high cost of governance and rising personnel budget in Nigeria is as a result of illegal recruitment, illegal and unilateral increase in wages and remuneration by some MDAs, indiscriminate local and international travels, unreasonable demands by some political appointee board members of MDAs without regard for extant circulars on cost management; procurement fraud, budget padding, etc,” he said.
“This has continued to reflect in the huge wage bill on personnel and operational cost standing at about 70 per cent of annual budget”.
According to Mr Owasanoye, the “malfeasance” the anti-graft agency uncovered in the recruitment process by some MDAs including the labour ministry is perpetrated with the connivance of some staff members of the Integrated Payroll and Personnel Information System (IPPIS). He noted the cases and officials involved were under investigation.
“At another level, a syndicate of corrupt individuals within the service corruptly employ unsuspecting Nigerians, issue them fake letters of employment, fraudulently enrolling them on IPPIS and post them to equally unsuspecting MDAs to commence work”.

 

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