Thursday, March 27, 2014
Wednesday, March 26, 2014
Tainted Banker, Erastus Akingbola"s New Attempts To Regain Intercontinental Bank Runs Into Major Trouble As Fresh Catalogues Of How He Mismanaged Billions Hit Town!
Tuesday, March 25, 2014
Bank Of Industry's MD, Evelyn Okputu, Directors Facing Investigation Over Unaccounted Multi-Billion Fund, Properties.
Managing Director of Bank of Industry, Evelyn Oputu’s integrity is under serious threat as the Financial Reporting Council of Nigeria (FRC)’s microscopic scrutiny has indicted her and directors of BoI for fund mismanagement, fabrication of false account records and acquisition of government properties through illegal means.
THEWILL, an online investigative platform has done a report detailing FRC’s findings. Here is THEWILL report: ‘Nigeria’s path to industrialisation is now being threatened following revelations that the Managing Director of the Bank of Industry (BoI), Ms. Evelyn Oputu, and some directors of the bank, have allegedly diverted monies and properties belonging to the bank set up to help grow businesses in the country. The alleged fraud which was detected at the twilight of last year is said to be running into billions of Naira, especially in assets allegedly converted by Oputu through a front, Tango Towers.
THEWILL reliably gathered that BoI, formerly Nigeria Industrial Development Bank, (NIDB), as a result of this development and others, is having problems getting its account for 2010, 2011 and that of 2012 approved by the Financial Reporting Council of Nigeria (FRC). This development, it was gathered, is an indictment on the supervisory roles of the Trade and Investment Ministry, which sources alleged, its minister, Olusegun Aganga, has been blinded by the gift of a black Range Rover Sport Unity Vehicle from the bank. ‘Impeccable sources also indicted BoI owners- the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance Incorporation (MOFI). The alleged fraud is said to have been uncovered by the FRC while trying to ensure the level of compliance with the new accounting regime, the International Financial Reporting Standards (IFRS).
The FRC is the body that supervises and ensures compliance of private and public firms with the (IFRS). Preliminary investigation by the council allegedly uncovered several infractions in BoI’s accounts and sources said the development has prompted another round of investigation into the tenure of Evelyn Oputu, who assumed office in 2005 and ended December 12 2013. Oputu is awaiting approval for a one-year tenure extension after serving two terms of four years each. Jim Obazee, CEO of the Financial Reporting Council of Nigeria (FRC) told journalists Lagos that details of its investigations into the BOI will be posted on the council’s website. Obazee noted that 72 listed entities comprising 38 significant public interest entities and three government business entities, including BoI, Nigerian Aviation Handling Company Plc. and Nigeria Police Force Microfinance Bank Plc, submitted their documents to the FRC, when it carried out its last readiness test. ‘Though Obazee declined comment on the findings in BoI, the FRC report which has been sent to Minister of Trade and Investment, Aganga, described Oputu’s tenure as unsatisfactory. The report which was also sent to Oputu frowned at the management whose books for 2010 and 2011 have no records of about 12 properties and that of several funds being managed on behalf of some state governments.
Investigation also revealed that BoI has allegedly produced another statement of accounts for 2010 and 2011 without the knowledge of the Central Bank of Nigeria(CBN) and Ministry of Finance Incorporated (MOFI). The statements, allegedly, are also unsigned by its directors, according to findings.
THEWILL can also report that the FRC report noted that some BOI’s assets have allegedly disappeared from the books since 2008 while some have been allegedly converted for personal use by some of its directors. ‘Some of the assets are two properties on plot 23A and plot 25 on Bourdillon Road, Ikoyi, Lagos. They had to be compelled before the properties were included in the restated accounts for the two years and also for the 2012 though their book value were understated.
The controversy surrounding the latter, a multi-level property, which is directly opposite the house of former Lagos State governor, Bola Ahmed Tinubu, has allegedly forced the former governor to move from his house alleging that it constitutes security risks. When the accounts were restated, the accounts put the valuation of the multiple storey twin-tower property on 25 Bourdillon Road at N1.2 million, while the value of another massive building on 23A Bourdillon road was put at N946,000. ‘In the accounts of BoI, the twin-tower multiple storey building generates N3 million in rents annually, while the one on 23A Bourdillon road generates lower. Sources in BOI however revealed to THEWILL that $7.2 million had been earned on the twin-tower building on plot 25 Bourdillon though not stated in the bank’s books.
The money, it was learnt, could only be accounted for by the managing director and the staff in the finance department. Other highlights of the report included the placement in fixed account in Access Bank, of several intervention funds to assist some state indigenes and some strategic sectors. For instance, BoI accounts allegedly stated that the CBN N535 billion intervention fund for Power and Aviation sectors was fixed at three percent, while it was allegedly put at about 12 percent in Access Bank’s books, THEWILL gathered. Mr. Aig Imoukhuede, the just retired Access Bank Managing Director, was mentored by Oputu. The same revelation was also made of other managed intervention funds which is being kept in fixed deposit accounts in several banks but which the BoI management is allegedly reporting paltry three percent interest rates. ‘
Heyden Oil Boss, Dapo Abiodun Abandon's Wife Bambidele, Children In London To Fend For Themselves, Hustle After Senatorial Ambition With New Found Wealth.
Heyden Oil Boss just caught attention for wrong reasons!.
The supposed role model is said to just hit some big money and in the revelry of attendant pleasure abandoned wife and childern in far away London.
Mr Abiodun is tagged frolicking with young beauties in the name of political hustle.
Here is how news breaker lagostimes broke the news.
'Dapo Abiodun, owner of Heyden Oil and Gas Limited, has been going about telling people how he would become a senator of the Federal Republic of Nigeria come June 2015. He never misses every opportunity he has to sound it loud and clear to everyone who has ears that it would be his turn to represent the people of Ogun East Senatorial District. He has been flaunting his entreprenuerial and academic credentials as being better than the present occupier of the office, Senator Gbenga Kaka.
'What Dapo has refused to show the world is his credential of inability to manage his home well. Dapo’s marriage to his wife is on the brink of collapse.
Information gathered by TLT indicates that the woman, named Bamidele, is lovelorn and feels like an abandoned jalopy vehicle far away in London, where Dapo has consigned her for sometime now. Not only did Dapo abandon her in London, close source to the family says he hardly places call or answers her call.
While Dapo is busy nursing his senatorial ambition, Bamidele is getting her acts together in preparation for a walk-out on the marriage which has continued to make her sad. Dapo, since assuming his new socio-economic status, has forgotten his humble beginning with the woman who was there for her. Dapo was dealing in wrought iron business which could barely make ends meet. Provdence positioned him to meet Diezani Allison-Madueke, Minister of Petroleum Resources.
'There were unconfirmed reports that they had a relationship. The relationship birthed a new dawn for Dapo, as he ventured into oil and gas business. He founded Heyden, and started petroleum products’ importation. In no time, he arrived big time on the social scene. Lo and behold, he became a toast of many, with ladies of different hues always hanging around him. The pleasure of opulence took the better part of him, and he threw caution to the wind.
It has been one issue domestic issue after the other with his wife. He would rather spend millions buying cars for girlfriends while he watch his wife hustle helter-skelter in the cities of London and Lagos in public transport, trying to take care of their kids. Things are fast deteriorating with Dapo’s family. Only a last minute miracle can save what is left of the shreds of his almost broken home.
All these are indications that a man who could not manage his small nuclear family will absolutely find managing a senatorial distict too Herculean a task to handle. With power comes responsibility; Dapo has not shown he has the political wisdom to make a senator.'
Wednesday, March 19, 2014
The trial of Adeyemi Ikuforiji, the Speaker of the Lagos State House of Assembly, continued Tuesday with the prosecution witness detailing how the defendants allegedly laundered millions of Naira.
Adebayo Adeniyi, the EFCC witness, told the court how the defendants collected N13.5 million for honorarium, N4.5 million for renovation of the Speaker’s residence, and N1.5 million for the Speaker’s Guest House every month for six consecutive months.
Mr. Ikuforiji and Oyebode Atoyebi, his aide, are facing a 54-count amended charge of money laundering amounting to over N600 million.
The Economic and Financial Crimes Commission, EFCC, accused the Speaker and his aide of receiving the money from the Lagos State House of Assembly without passing through a financial institution.
The trial was adjourned last January for the prosecution to provide a summarized version of the monies collected by Mr. Ikuforiji and his aide.
But on Tuesday, Godwin Obla, counsel to the EFCC, said that he would rather continue with his previous method to avoid any grounds for appeal.
It was a painstaking effort that required Mr. Obla to go through each of the transactions with the witness. The judge admitted that, but overruled the defence’s plea that the prosecution tabulate the relevant sections of the transactions.
Mr. Adeniyi continued his testimony by stating how the Lagos House of Assembly paid millions of naira to Mr. Ikuforiji; his wife, Mayowa; his orderly; his personal assistant; as well as the state’s Deputy Speaker.
All the monies were collected by Mr. Atoyebi and paid for in cash, the witness said.
On July 14, 2011, N5.4 million was paid to Mr. Ikuforiji for a trip to San Diego, California; his personal assistant and orderly collected N1.3 million and N1.2 million respectively, according to Mr. Adeniyi.
On August 1, 2011, N4.4 million was paid to the Speaker as “cost of allowance”; his personal assistant and orderly pocketed N1.2 million and N1.1 million respectively.
Two days later, N10 million was paid to the Speaker for Ramadan,
On August, 2011, N6.4 million was paid to Mayowa Ikuforiji, the Speaker’s wife; and N1.3 million to the wife’s orderly, the witness said.
Between January and June 2011, N13.5 million was paid as honorarium, every month, to the Speaker
He said N4 million and N1 million were also paid monthly, within the stated period, for the renovation of the Speaker’s official residence and guest house respectively.
Asked why there were columns with Cheque Numbers in the cash register, Mr. Adeniyi responded that: “What they do is that a cheque is raised in most cases in the name of the Permanent Secretary and cashed from the bank.
“Basically, these cash payments are supposed to be made through a financial institution, paid to the beneficiarien bgvfs, not through cash payments. Cash payments stall the tracing of the monies.
“We discovered that some of it was paid into the account of the first accused person. Some of it was used for his credit card and other personal matters,” he added.
During cross examination by Wole Olanipekun, counsel to Mr. Ikuforiji, Mr. Adeniyi said that he was not aware what the Speaker used the monies for.
“From our investigation, we did not go in depth into who approved the disbursements, we were particular about the cash disbursement which was above the threshold of transactions by a Permanent Secretary.
“Any payment must be made through e-payment, most especially when it is above the threshold,” Mr. Adeniyi said.
When shown one of the cash registers by the defence lawyer, Mr. Adeniyi said that he could not “remember seeing it.”
Mr. Obla objected to that line of questioning, insisting that the defence must tender the cash register as an exhibit before it court be used for cross examination.
The judge, however, said that the defence was at liberty to use any document that had been brought before the court.
“You cannot file a document and your witness said he cannot remember seeing it. If it was filed by the defence, it is a different ball game altogether,” the judge told Mr. Obla.
“Once you have provided this document, it is for them (the defence) to use it at their own time during the trial, not at your own time,” the judge added.
The trial was adjourned till April 28 for continuation of trial...culled
Monday, March 17, 2014
The princely amount of N46 million in the dormant bank account of the Emir of Kano, Alhaji Ado Bayero, was simply irresistible for the young female banker.
So the suspect, Amina Magaji, was prepared to risk everything to reactivate the account and convert part of the balance there in to her use.
The account was said to have been opened in 1967 but went dormant later.
The suspect allegedly applied for a cheque book, got it and began to operate the account. By the time the bubble burst, she had, according to a source, withdrawn N17million from the account. Amina, alongside 12 other staffers of the old generation bank, is answering questions from the Economic and Financial Crimes Commission, EFCC, on the alleged fraud.
The suspect is allegedly married to a senior staff of a broadcast organisation.
Amina, believed to be in her late 30s, allegedly began systematic withdrawal from the monarch’s account since 2011 before she ran out of luck when her boss discovered discrepancies in the Emir’s signature.
An EFCC source disclosed that the suspected fraudster requested for a cheque book purportedly on the order of Bayero which the bank obliged her, but, unknown to other bank officials, the cheque book remained in her custody.
She consequently used the cheque to make withdrawals from the monarch’s account.
Bank sources revealed that Amina within the last four years withdrew N17 million from the Emir’s account before the scam blew open.
The EFCC source said the matter was reported to the anti graft agency for appropriate action, stressing that “consequent upon that, we invited and quizzed 12 staffers closely related to the account”.
An EFCC operative, who spoke to Sunday Vanguard on the condition of anonymity, revealed that “preliminary investigations indicate that many of them have case to answer as we are able to establish conspiracy and negligence on the part of those connected with the monitoring and control of the bank account in question”.
It was learnt that “the bank has raised the alleged stolen money through the 12 staffers quizzed by the EFCC and returned same to the Emir while the principal suspect has been fired as part of measures adopted by the bank to restore confidence.”.
In the meantime, the principal suspect is said to be cooling her feet in the EFCC custody pending the completion of investigation into the case.
EFCC spokesman, Wilson Uwajeren, confirmed the story; but refused to go any furthe
Wednesday, March 5, 2014
All Progressive Congress (APC) Ekiti State governorship hopeful, Mr Kayode Fayemi has declared war on his kinsman for refusing to sell house to his elder brother, Segun Fayemi. Fayemi who has worn the garment of a tyrant ordered security agents to arrest Mr Sunday Oluwatoke yesterday when the man refused to allow him him have his house, built in 1978 by
his cousin, late James Oluwatoke and close to Fayemi Isan-Ekiti homeland
Sunday who is a strong member of the Labor Party (LP) reportedly spited Fayemi when he boldly wrote, ‘THIS HOUSE IS NOT FOR SALE’ on the house, thus nailing the governor’s ambition to possess the house, which we gathered would have been pulled down for a mansion to be built on the land.
Governor Fayemi’s house is also closed to the building which is fenced round and located at Oke-Isan Street, Ilafon-Ayede road, Isan Ekiti. Sunday’s lawyer we gathered is still making frantic efforts to release him from the police custody.
Sunday Oluwatoke’s arrest and detention was allegedly instigated by Governor Fayemi’s elder brother, Segun Fayemi,calls to Yinka Oyebode the Governor cps Airtel nos were not returned as at press time.