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N26bn PHCN Severance Benefit Puts Insurance Broker in Trouble

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Bestworth Insurance Brokers Abiodun Waheed Hassan

By Aduragbemi Omiyale

An insurance broker, Mr Abiodun Waheed Hassan, has been arraigned before Justice S.C Oriji of the Federal Capital Territory High Court, Apo, Abuja for an alleged diversion of N26 billion.

Mr Hassan, who is a director at Bestworth Insurance Brokers Limited, was accused of using the funds earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of defunct Power Holding Company of Nigeria (PHCN).

The Economic and Financial Crimes Commission (EFCC), which arraigned the suspect on Thursday, February 25, 2021, said the offence was punishable under Section 315 of the Panel Code Cap 532 Laws of the Federation of Nigeria, (Abuja) 2004.

One of the five-count charges against the insurance broker indicated that, “That you, Abiodun Waheed Hassan, Director, Bestworth Insurance Brokers Limited and Bestworth Insurance Brokers Limited on or about January 15, 2015, in Abuja within the jurisdiction of the High Court of the Federal Capital Territory, while being entrusted with certain property to wit: the sum of N26.2 billion paid into Bestworth Insurance Brokers Limited’s Skye Bank Account No. 1771645118 from PHCN Staff Severance Benefits account with the Central Bank of Nigeria, being funds earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of PHCN, did commit criminal breach of trust in respect of the said property by dishonestly misappropriating the sum of N2.5 billion thereof when you transferred the said sum into Kakatar CE Limited’s Zenith Bank Account No.1012637660 and you thereby committed an offence punishable under Section 315 of the Panel Code Cap 532 Laws of the Federation of Nigeria, (Abuja) 2004.”

Another count said, “That you, Abiodun Waheed Hassan, Director, Bestworth Insurance Brokers Limited and Bestworth Insurance Brokers Limited on or about December 18, 2014, in Abuja within the jurisdiction of the High Court of the Federal Capital Territory, while being entrusted with certain property to wit: the sum of N26.2 billion paid into Bestworth Insurance Brokers Limited’s Skye Bank Account No. 1771645118 from PHCN Staff Severance Benefits account with the Central Bank of Nigeria, being funds earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of PHCN, did commit criminal breach of trust in respect of the said property by dishonestly misappropriating the sum of N6.0 billion thereof when you transferred the said sum into PJO Venture Limited’s Skye Bank Account No.1771645235 and you thereby committed an offence punishable under Section 315 of the Panel Code Cap 532 Laws of the Federation of Nigeria, (Abuja) 2004.”

However, the defendant pleaded ‘not guilty’, when the charges were read to him. Based on his plea, prosecution counsel, Benjamin Lawan Menji, ask for a trial date and prayed the court to remand the defendant at the Correctional Service pending the trail.

Counsel for the defendant, Ade Olusalako, told the court that the defence had filed a motion for bail of his client and pleaded for the remand of the defendant in the custody of the EFCC pending the determination of his bail application on the grounds that “the defendant has been on administrative bail for almost five years and he has an underlining sickness”.

But the prosecution counsel objected to the application.

“As he rightly submitted, we received the application but we shall vehemently be opposing the application; we said vehemently so that the court will know that we have a strong opposition.

“Moreover, our facility is overstretched because of the issue of the COVID-19 pandemic, the little we have we are trying to manage them. The proper place of detention or custody is the Correctional Service which the government has done its best in providing,” Menji told the court.

However, Justice Oriji adjourned the matter till March 4, 2021, for a hearing on the bail application and remanded the defendant in EFCC custody.

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NUPRC Probes Gas Bubbling in Bille Community in Rivers

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gas bubbling bille

By Aduragbemi Omiyale

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has commenced an investigation into a gas bubbling incident in Bille community in Rivers State, but preliminary “deductions and field observations indicate that the gas bubbling may be associated with a subsurface phenomenon that could be linked to a variety of triggers.”

In a statement signed by its chief executive, Mrs Oritsemeyiwa Eyesan, on Thursday, the agency said it was worried about the unfortunate incident, assuring residents that efforts are being made to address the issue.

The commission acknowledged the concerns the “unsavoury development has raised in relation to public safety, the environment, and the health of the populace,” stressing that, “The overall well-being of our communities and the protection of the environment remain paramount to the commission, as they are to government.”

It stated that, “Upon notification of the incident, the commission activated a coordinated technical investigation process in line with established regulatory protocols to assess the nature and extent of the gas seepage, identify source(s) and potential cause(s), and propose immediate and long-term mitigation measures.”

“The investigative study is being conducted in collaboration with stakeholders to ensure comprehensive, fact- based outcomes for long-term sustainability,” it added.

“Detailed geotechnical and geological analyses are ongoing to determine the contributing factor(s) and possible remedies for prompt implementation,” the statement further said.

“The commission assures the Bille community of its resolve to ensure that necessary actions required to address the situation are taken in line with applicable regulations, industry standards and global best practices.

“Once again, the commission commiserates with the Bille community as we work assiduously with all stakeholders to unravel the incident, and enjoins members of the community to maintain the commendable level of responsibility whilst adhering to all safety measures and public health advisories issued by the relevant authorities,” the statement disclosed.

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Akwa Ibom Denies Plan to Sell Ibom Power Company

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Ibom Power Company

By Adedapo Adesanya

The Akwa Ibom State Government has dismissed claims that it plans to sell Ibom Power Company, describing the allegation as false and reaffirming its commitment to reviving the state-owned electricity asset through debt repayment and structural reforms.

In a statement issued on March 18, the Commissioner for Information, Mr Aniekan Umanah, said a report by a Uyo-based tabloid alleging plans to dispose of the company was “a wicked fabrication” that should be disregarded.

“At no time has the government approved the sale of Ibom Power Company as scrap or otherwise,” the statement said, adding that such claims exist only in the “imagination of mischief-makers intent on misleading the public.”

Instead, the government said it is focused on stabilising the company’s operations by clearing legacy debts, including a $9 million facility obtained from Afreximbank several years ago.

According to the statement, Governor Umo Eno approved a structured quarterly repayment plan of $560,000 beginning March 15, 2025, aimed at gradually liquidating the loan.

The government described the move as part of broader efforts to “rescue and reposition Ibom Power Company for sustainable operations,” stressing that the approach reflects a commitment to “revival, stability, and long-term value preservation, not liquidation.”

Beyond debt repayment, the state also outlined ongoing electricity sector reforms anchored on a Private Sector Participation (PSP) framework designed to attract investment while retaining public ownership of assets.

Under the initiative, the government said it has established key institutions, including the Akwa Ibom State Electricity Regulatory Commission and Ibom Electricity Holdings Limited, to strengthen oversight and coordinate state-owned electricity assets. Shares of the holding company have also been vested in the Akwa Ibom Investment Corporation.

The concession model being introduced will allow qualified private operators to rehabilitate, finance, and manage electricity infrastructure over a defined period, with strict performance benchmarks and regulatory supervision.

The government said the framework is structured to ensure that “the State will retain ownership and strategic control of all electricity assets,” while transferring operational and commercial risks to private sector participants.

It added that the reform programme is expected to improve reliability, resolve longstanding challenges, and promote a more efficient electricity market without placing additional fiscal pressure on the state.

On recent power outages across parts of Akwa Ibom, the government noted that electricity transmission and distribution currently fall outside its direct control. However, it said efforts are ongoing to engage relevant authorities to address the disruptions and improve supply.

The statement also criticised the publication that carried the initial report, accusing it of spreading misinformation and warning that “government’s measured silence should not be mistaken for weakness,” citing existing laws on libel and defamation.

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Eid-el-Fitr: Gaya Urges Prayers Against National Challenges

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NSIA Abdullahi Mahmud Gaya

By Modupe Gbadeyanka

Nigerians have been urged to use the occasion of Eid-el-Fitr to intensify prayers against the challenges confronting the nation.

This appeal was made by the independent non-executive director of the Nigeria Sovereign Investment Authority (NSIA), Mr Abdullahi Mahmud Gaya.

Mr Gaya described the current situation in the country as a test of citizens’ spiritual resolve and faith, tasking Muslims to reflect on the deeper significance of Eid-el-Fitr, noting that the festival symbolises sacrifice, obedience to Allah, and compassion for the less privileged.

“Every Muslim finds joy in observing the Ramadan fast, a fundamental obligation in Islam. We should not lose sight of the lessons it teaches: obedience to Allah, sharing our blessings with the needy, and being our brother’s keeper,” he said in a statement issued by his media assistant in Kano.

Speaking on the forthcoming general elections, Mr Gaya advised the electorate to vote for selfless leaders committed to national service and the welfare of Nigerians, describing the polls as a choice between progress and regression, stressing the need for voters to support candidates with verifiable achievements rather than empty promises.

He also urged Nigerians to remain mindful of their civic responsibilities by choosing leaders who demonstrate integrity, sincerity, and dedication.

According to him, the country’s future depends on the electorate exercising their voting rights wisely to elect leaders who understand the responsibilities of public office and approach them with humility, competence, and genuine commitment to service.

Mr Gaya expressed gratitude to Almighty Allah for His mercies and felicitated with the people of Ajingi, Gaya, and Albasu Local Government Areas, as well as Governor Abba Kabir Yusuf and Nigerians at large, on the successful completion of the Ramadan fast.

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