Economy
Governor Diverts N500m Refund to Repay Personal Loan
By Dipo Olowookere
EFCC recovers cash from firm
NGF: we did nothing wrong
Consultant: we broke no law
Detectives have recovered N500 million allegedly diverted by a Governor from the London-Paris Club loan refund.
The Governor diverted the N500 million (out of his state’s share of the N19 billion first tranche) to a mortgage bank but the Economic and Financial Crimes Commission (EFCC) tracked and secured the cash.
Besides, two firms have refunded N220 million of the N3.5 billion traced to some aides of Senate President, Mr Bukola Saraki.
But the Nigeria Governors Forum (NGF) insists it was not within its purview to determine how Melrose General Services Limited spent its share of the N3.5 billion consultancy fees.
The company yesterday said it was not involved in any N3.5 billion scandal.
It said it executed the consultancy awarded it in line with global best practice.
EFCC traced N2.2 billion payment to another consultant, which allegedly gave the yet unnamed governor N500 million.
The Governor directed that the cash should be transferred to a mortgage bank where he was indebted to the tune of N800 million.
The Governor used the “cash-at-hand” to defray his debts with a waiver by the mortgage company.
A source close to the investigation said, “Of the N19 billion, we discovered that a consultant brought by the North-West Governor was paid N2.2 billion. From the N2.2 billion, the Governor got N500 million.
“He then instructed that the N500 million be transferred to the mortgage bank where he had borrowed money to buy two properties in 2013 and was unable to pay. The debts accumulated to N800 million but with N500 million cash-at-hand, the governor renegotiated the debts and used the cash to defray his liabilities.”
According to the source, the mortgage bank decided to refund the N500 million to the EFCC.
“We have all the evidence of the recovery in our records,” he said.
The two companies which refunded about N220 million out of the N3.5 billion consultancy fees in which some aides of the Senate President were implicated, are Wasp Networks and Thebe Wellness Services.
The Nation stumbled on a document about the investigation. It states: “That Mr Bosun Ottun, the Managing director of Xtract Energy Services, a company that deals in forex trading confirmed that Wasp Networks Limited transferred N170,000,000 on the 16th January 2017 to Xtract Energy Services Limited’s FCMB account for the purchase of $350,000, which he later transferred into Wasp Networks Stanbic IBTC US dollar domiciliary account.
“That Wasp Networks has returned to the EFCC the sum of N200 million paid to the company by Mr Robert Mbonu of Melrose General Services.
“That Mr Robert Mbonu through Melrose General Services Company paid N20 million to Thebe Wellness Services.
“That Mr Richardson A. Ajayi, the Managing Director of Thebe Wellness Services confirmed that N20 million from Melrose General Services Company was a loan from Mr Robert Mbonu, which was to be used as an investment in Thebe Wellness Services.”
On the jewellery which cost about N92,685,000($183,000 then) of the N3.5 billion refund, the EFCC said the former Executive Director of Heritage Bank, Mr Robert Mbonu, could not say the exact date the items will be delivered.
The document added, “That Mr Robert Mbonu, through Melrose General Services Company Limited Access Bank account transferred N92,685,000 to Acarast Communication Limited in exchange for $183,000, which was later transferred to Bhaskar Devji Jewellers in Dubai for purchase of jewellery.
“That Mr Robert Mbonu has not taken delivery of the jewellery and couldn’t provide a date when the jewellery he paid for would be delivered.”
But, the NGF yesterday said it had no business with how Melrose spent the N3.5 billion consultancy fees it paid to the company.
It, however, confirmed that the company was one of its consultants on the London-Paris Club loan refund.
http://thenationonlineng.net/governor-diverts-n500m-refund-repay-loan/
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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