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Governor Refunds $2.5m Paris Club Loot to EFCC

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Governor Refunds $2.5m Paris Club Loot to EFCC

Governor Refunds $2.5m Paris Club Loot to EFCC

By Dipo Olowookere

The state Governor in Nigeria, who was accused of stealing from the London-Paris Club loot and building a hotel with $3 million has agreed to return $2.5 million, The Nation reports.

It was reported that the Governor recently sneaked into Aso Rock Presidential Villa in search of soft-landing, speaking with some top government officials on how to escape justice.

According to the Nation, the embattled Governor had in the last 48 hours been roaming the corridors of the Presidential Villa in desperate search for help.

He was said to have offered to refund the balance of $2.5 million quietly to the Economic and Financial Crimes Commission (EFCC) without being further investigated, given that one of the proxies used to launder the funds had already surrendered $500,000 to the anti-graft agency.

It was learnt that the Governor, who disguised to enter the Villa, avoided the prying eyes of journalists at the seat of power.

A government source said, “The Governor was looking visibly disturbed, but it was obvious he was seeking help. The manner he managed his shuttle to the Villa suggested that he had something up his sleeves.

“I think he is ready to refund $2.5 million since one of his proxies has paid back about $500,000.

“The governor had audience with some government officials.

“We learnt he made a commitment to pay back quietly to avoid any political backlash.

“He also does not want to be exposed or his proxies subjected to trial.

“The truth is that this government will not give waiver to anybody or group in its anti-corruption campaign.”

Already, the EFCC has recovered about N1.420 billion from some firms and a consultant who benefited from the N19 billion illegally deducted by the Nigeria Governors Forum (NGF) from the loan refund.

Out of the sum, about N1.2 billion was frozen in the account of a consultant alone.

A top source, who spoke in confidence, said the EFCC was already on the trail of all those who benefitted from the N19 billion cash.

The source said, “Apart from the N8 billion left in the NGF’s Naira account, our detectives have recovered about N1.420 billion from some companies and consultants who were used to launder some of the London-Paris Club refunds.

“While a company refunded N200 million, the other paid back undeserving N20 million. We froze about N1.2 billion in a consultant’s account.

“The cash refunds have clearly shown that some of the London-Paris Club funds were siphoned for private use.

“This is why the EFCC is determined to ensure a comprehensive investigation of the scandal.”

Responding to a question, the source added, “The ultimate objective of this commission is to recover the diverted funds and ensure judicious use of the loan refunds by states.

“The law will, however, be applied to those used for the illegal funds. This is not a war against the NGF or any particular Governor.”

The presidency had so far released N1.266 trillion to the 36 states in the past one year, including N713.70 billion special intervention funds to states.

Following protests by states against over-deductions for external debt service between 1995 and 2002, President Muhammadu Buhari had approved the release of N522.74 billion (first tranche) to states as refunds, pending reconciliation of records.

Each state was entitled to a cap of N14.5 billion, being 25 percent of the amounts claimed.

The Minister of Finance, Mrs Kemi Adeosun, said the payment of the claims will enable states to offset outstanding salaries and pension which had been “causing considerable hardship.”

The Governors had sought for the loan refunds to states and local governments at a meeting with President Muhammadu Buhari on May 24, 2016.

Source: The Nation

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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LASEMA Battles to Curtail Fire Outbreak at Balogun Market

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fire Balogun Market

By Modupe Gbadeyanka

The Lagos State Emergency Management Agency (LASEMA) has said it was working tirelessly with other agencies to put out the fire at 3/5 Gbajumo Street, Balogun, Lagos Island.

In a statement issued on Thursday, the organisation said it received a distress call from concerned persons in the wee hours of today over the unfortunate incident.

It was gathered that a 5-storey building at the Balogun Market was gutted by fire, destroying properties worth millions of Naira.

Giving an update on the situation, LASEMA said the joint teams, which rushed to the scene of the inferno, were having a constraint preventing the fire trucks from having direct access to the source of the fire, which are the shops constructed on the road blocking all routes.

“The agency received a distress call around 12:30 am today, Thursday, January 26, 2023, regarding a fire outbreak at No 3/5 Gbagumo street Balogun market, Lagos Island, which prompted the immediate activation of the Emergency Response Team to the scene of the incident.

“Consequent upon arrival at the scene of the incident, information gathered revealed that some shops (rubber shoes and clothes are stored) on the first floor of a 5-storey building was gutted by fire. However, the cause of the fire could not be ascertained.

“Fortunately, there is no loss of life or casualty involved in the incident.

“Collaborative efforts to put out the fire are ongoing by the agency’s Response Team and its fire unit, alongside Lagos State Fire and Rescue Service, Federal Fire Service, Police Force, CBD, LASAMBUS, LNSC and NEMA.

“However, the joint teams have a constraint which is preventing the fire trucks from having direct access to the source of the fire, which are the shops constructed on the road blocking all routes.

“Efforts are still ongoing to prevent the spread of the fire to nearby buildings. Operations are also still ongoing,” the statement said.

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Tinubu Never Blamed Buhari for Fuel Scarcity, Others—Onanuga

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Tinubu blames Buhari

By Modupe Gbadeyanka

The Director of Media and Publicity of the All Progressives Congress (APC) Presidential Campaign Council (PCC), Mr Bayo Onanuga, has said the party’s presidential candidate, Mr Bola Tinubu, did not blame President Muhammadu Buhari for the current challenges in the country.

On Wednesday, during his campaign in Abeokuta, Ogun State, Mr Tinubu accused some powerful persons were behind the current scarcity of petrol in Nigeria, as well as the scarcity of the new Naira notes.

President Buhari is the Minister of Petroleum Resources, and fuel scarcity has remained for months under his watch. He also approved the redesigning of the Naira when Mr Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), brought the proposal to him.

But while speaking yesterday, Mr Tinubu said, “We will use our PVCs to take over government from them. If they like, let them create a fuel crisis; even if they say there is no fuel, we will trek to vote.

“They are full of mischief, they could say there is no fuel. They have been scheming to create a fuel crisis but forget about it. Relax, I, Asiwaju, have told you that the issue of fuel supply will be permanently addressed,” he said at the campaign rally.

“Whoever wants to eat the honey embedded in a mountain won’t worry about the axe. Is that not so? And if you want to eat palm kernel, you would bring a stone and use it to break it; then the kernel will come out. It’s not easy to…

“Let them increase the price of fuel, let them continue to hoard fuel, only them know where they have hoarded fuel, they hoarded money, they hoarded naira; we will go and vote, and we will win even if they changed the ink on Naira notes. Whatever their plans, it will come to nought,” he added.

His comments generated mixed reactions, with some commentators saying he was indirectly indicting Mr Buhari for the crisis facing the country.

But Mr Onanuga rebuffed this, saying the opposition Peoples Democratic Party (PDP) was plotting to “create a wedge between our presidential candidate and President Muhammadu Buhari.”

According to him, the former Governor of Lagos State was only empathising “with the Nigerian people facing the dual crises of fuel and new Naira notes scarcity.”

“For the records, Asiwaju Tinubu, during the APC campaign rally at Abeokuta on Wednesday, in his statement, did not mention, blame or accuse President Muhammadu Buhari for the current challenges in the country.

“Asiwaju Tinubu was only adverting the government’s attention to the sabotage being carried out by some Fifth Columnists in the system, possibly working in cahoots with the PDP.

“The CBN officials, including Governor Godwin Emefiele, have said many times that enough new Naira notes have been supplied to the banks, yet our people complain that they have not been able to get the new notes.

“In recent days, many ATMs are either not working, or when working, they are dispensing the old notes, just a few days to the  January 31 deadline.

“Similarly, Asiwaju Tinubu is aware of the salutary efforts by President Buhari to end the fuel queues by chairing a 14-man panel. Yet the queues and agony continue.

“For a presidential candidate, who cares about the suffering of our people, he has a duty to warn the government that its efforts to make life better for Nigerians are being sabotaged on several fronts.

“Our presidential candidate only re-echoed what is well known and acknowledged, even by President Buhari himself, at different fora: That there are Fifth Columnists in and outside of government who often throw spanners in the works against good intentions and programmes of the government.

“How does an advisory genuinely made by Asiwaju Tinubu to protect and create goodwill for the government of his party become an attack? It can only be so in the jaundiced view of the PDP,” a part of the statement issued on Thursday said.

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DLM Capital Sponsors Employee’s Philanthropic Projects

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DLM Capital Employee's Philanthropic Projects

DLM Capital Group, a development investment bank, partnered with the Shile Akinjo Charity Foundation (SACF) on two of its charity initiatives: “Love Feast on the Street” and “Back-to-School Project.”

Shile Akinjo, a corporate finance associate at DLM, started SACF in 2022 to support low-income families and the less privileged to fight poverty, receive decent health care, and achieve a basic education.

The “Love Feast on the Street” was held on the 17th of December 2022 to celebrate Christmas with over 400 kids at Makoko Slum, Yaba, Lagos. The day’s highlights include face painting, a dance competition, popcorn, food, drinks, and the gifting of party packs to the kids.

The “Back-to-School Project” was held on the 20th of January 2023 at The Light School and Boanerges School at Akesan, Alimosho, local government. All the pupils in basic 1–5 were given school supplies such as school bags, socks, notebooks, pencils, biros, erasers, rulers, crayons, water bottles, and snacks.

Shile Akinjo commented on the initiative, stating, “Happiness is as essential as food if a child is to develop into normal manhood or womanhood.” Being able to put smiles on these kids’ faces is fulfilling, and we will continue to carry out initiatives that support these goals. I am grateful to Mr. Sonnie Ayere and DLM Capital Group for their full commitment to these projects. I feel lucky to work for a company that supports and encourages its employees to do good things for the community.

In a statement highlighting DLM’s sponsorship of the projects, Chinwendu Ohakpougwu, Head of Corporate Communications, said: “At DLM, we are committed to impacting human lives. The management of DLM will continue to support good causes that promote the welfare of others.”

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