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 Aduragbemi Omiyale
The ban on the export of raw shea nuts from Nigeria has been extended by one year by President Bola Tinubu.
A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Wednesday disclosed that the ban is now till February 25, 2027.
It was emphasised that this decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.
The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products, the statement noted.
To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.
He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.
The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.
Additionally, he directed the Federal Ministry of Finance to provide access to a dedicated NESS Support Window to enable the Federal Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism to strengthen production and processing capacity.
Shea nuts, the oil-rich fruits from the shea tree common in the Savanna belt of Nigeria, are the raw material for shea butter, renowned for its moisturising, anti-inflammatory, and antioxidant properties. The extracted butter is a principal ingredient in cosmetics for skin and hair, as well as in edible cooking oil. The Federal Government encourages processing shea nuts into butter locally, as butter fetches between 10 and 20 times the price of the raw nuts.
The federal government said it remains committed to policies that promote inclusive growth, local manufacturing and position Nigeria as a competitive participant in global agricultural value chains.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange expanded for the first session this week by 1.27 per cent on Wednesday, February 25.
This lifted the NASD Unlisted Security Index (NSI) above 4,000 points, with a 50.45-point addition to close at 4,025.25 points compared with the previous day’s 3,974.80 points, as the market capitalisation added N30.19 billion to close at N2.408 trillion versus Tuesday’s N2.378 trillion.
At the trading session, FrieslandCampina Wamco Nigeria Plc grew by N5.00 to trade at N100.00 per share compared with the previous day’s N95.00 per share, Central Securities Clearing System (CSCS) Plc improved by N4.18 to sell at N70.00 per unit versus N65.82 per unit, and First Trust Mortgage Bank Plc increased by 14 Kobo to trade at N1.59 per share compared with the previous day’s N1.45 per share.
However, the share price of Geo-Fluids Plc depreciated by 27 Kobo at midweek to close at N3.27 per unit, in contrast to the N3.30 per unit it was transacted a day earlier.
At the midweek session, the volume of securities went down by 25.3 per cent to 8.7 million units from 11.6 million units, the value of securities decreased by 92.5 per cent to N80.7 million from N1.2 billion, and the number of deals slipped by 33.3 per cent to 32 deals from the preceding session’s 48 deals.
At the close of business, CSCS Plc remained the most traded stock by value on a year-to-date basis with 34.1 million units exchanged for N2.0 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.0 million units valued at N478.0 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.05 billion units valued at N408.7 million, followed by Geo-Fluids Plc with 122.0 million units sold for N478.0 million, and CSCS Plc with 34.1 million units worth N2.0 billion.
By Dipo Olowookere
The bears consolidated their dominance on the Nigerian Exchange (NGX) Limited on Wednesday, inflicting an additional 0.09 per cent cut on the market.
At midweek, the market capitalisation of the domestic stock exchange went down by N73 billion to N124.754 trillion from the preceding day’s N124.827 trillion, and the All-Share Index (ASI) slipped by 114.32 points to 194,370.20 points from 194,484.52 points.
A look at the sectoral performance showed that only the consumer goods index closed in green, gaining 1.19 per cent due to buying pressure.
However, sustained profit-taking weakened the insurance space by 3.79 per cent, the banking index slumped by 2.07 per cent, the energy counter went down by 0.24 per cent, and the industrial goods sector shrank by 0.22 per cent.
Business Post reports that 25 equities ended on the gainers’ chart, and 54 equities finished on the losers’ table, representing a negative market breadth index and weak investor sentiment.
RT Briscoe lost 10.00 per cent to sell for N10.35, ABC Transport crashed by 10.00 per cent to N6.75, SAHCO depreciated by 9.98 per cent to N139.35, Haldane McCall gave up 9.93 per cent to trade at N3.99, and Vitafoam Nigeria decreased by 9.93 per cent to N112.50.
Conversely, Jaiz Bank gained 9.95 per cent to settle at N14.03, Okomu Oil appreciated by 9.93 per cent to N1,765.00, Trans-nationwide Express chalked up 9.77 per cent to close at N2.36, Fortis Global Insurance moved up by 9.72 per cent to 79 Kobo, and Champion Breweries rose by 5.39 per cent to N17.60.
Yesterday, 1.4 billion shares worth N46.2 billion were transacted in 70,222 deals compared with the 1.1 billion shares valued at N53.4 billion traded in 72,218 deals a day earlier, implying a rise in the trading volume by 27.27 per cent, and a decline in the trading value and number of deals by 13.48 per cent and 2.76 per cent, respectively.
Fortis Global Insurance ended the session as the busiest stock after trading 193.7 million units for N152.7 million, Zenith Bank transacted 120.7 million units worth N11.1 billion, Japaul exchanged 114.8 million units valued at N407.0 million, Ellah Lakes sold 98.4 million units worth N999.2 million, and Access Holdings traded 63.1 million units valued at N1.7 billion.
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