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Beaming The Searchlight; EFCC Wades Into First Bank Crisis, Invites Oba Otudeko, Others

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From information gathered by Papermacheonline, the Economic Financial Crimes Commission have started investigating the management crisis rocking the First Bank of Nigeria.

A source hinted that the commission over the weekend invited businessman, Obafoluke Otudeko as well as other prominent figures over some dubious loans taken from the bank.

Oba Otudeko who owns the Honeywell Flour Mills is being asked to pay back a loan to the bank within a specified time limit.

Its alleged that First Bank gave special treatment to Honeywell Flour Mills in restructuring its loan facility.

Oba Otudeko was formerly a chairman of First Bank Plc until 2010.

It was alleged that Otudeko once collected a loan without guarantee to the tune of N11B, something considered as inappropriate.

The businessman was alleged to have used the loan to build the Reddington Blue Hotel in Lagos.

He was said to have not presented collaterals when he obtained the loan.

It was also claimed that in 2013, a N5.5B loan facility was given to Honeywell Flour Mills by Ecobank. The loan is presently a subject of litigation still ongoing at the Supreme Court.

First Bank on Wednesday announced the removal of Sola Adeduntan as the Managing Director replacing him with Gbenga Shobo and appointed ned Directors.

Interestingly, the CBN governor, Godwin Emefiele sacked the new appointees on the grounds that the apex bank was not informed before the appointment of the new management.

The CBN also retained Sola Adeduntan as the Managing Director.

 

Additional Report : Streetjournal

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Obasa Missing as Lagos Assembly Sits, Lauds President Tinubu

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The Lagos State House of Assembly convened for a crucial legislative session yesterday, but an unexpected absence stole the spotlight, the ousted Speaker Mudashiru Obasa was nowhere to be seen. The sitting, which focused on key legislative matters and a commendation of President Bola Ahmed Tinubu’s leadership, went on without Obasa, raising eyebrows among lawmakers and political observers alike.

New Speaker Mojisola Meranda presided over the proceedings, ensuring the session ran smoothly. During deliberations, the lawmakers took turns applauding President Tinubu for his strides in governance, particularly his economic and infrastructural policies aimed at revitalizing Lagos and Nigeria as a whole. However, whispers about Obasa’s absence could not be ignored.

Sources within the Assembly remained tight-lipped on the reason for his nonappearance, fueling speculation.

As lawmakers dispersed after the session, the big question lingered where was  Obasa? For now, the mystery remains, but all eyes will be on the next sitting to see if the seasoned politician resurfaces.

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Meet The New 47-year-old Alaafin Of Oyo, Prince Akeem Owoade

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Prince Akeem Owoade is a Nigerian and Canadian entrepreneur, philanthropist, and president of 100279 Manitoba Limited, a  real estate investment and financial services business in Manitoba, Canada.

 

Born 47 years ago to a prominent and royal family of Owoade-Agunloye in Oyo town, Prince Akeem Owoade is one of the surviving children of Pa Rasaki Ibiyosi Owoade, the descendant of Aremo Aderounmu Iyanda Owoade, Agure Compound, Oyo town in Oyo State, Nigeria.

Prince Akeem Owoade completed his secondary school education at Baptist High School, Saki, Oyo State, Nigeria in 1992. His father worked for Oyo North Agricultural Development Programme (ONADEP) helping Oke-Ogun community in boosting agricultural productivity.

aking an early interest in engineering, Prince AkeemOwoade began his engineering studies by completing his National Diploma and Higher National Diploma in Mechanical Engineering from ‘The Federal Polytechnic, Ilaro, Ogun State (1994 to 1997) and The Polytechnic, Ibadan (1999 to 2001), Oyo State. Nigeria respectively. He did his NYSC with Nigeria Gas Company as Mechanical Intern/Planner in 2002.After the completion of his NYSC, he worked with Oceanic Bank International Plc. in Warri as a teller. (2003 to 2004).

Prince Akeem Owoade decided to further his education in the United Kingdom where he attended University of Sunderland (2008) and Northumbria University (2012)

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Panic As Governor’s Official Car Got Stolen

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Confusion and fear was the order of the day at one of the Government houses in the Southwest some days ago when one of the official vehicles of the Governor, a bullet-proof jeep allegedly disappeared from the garage.

The SUV which is said to be one of the three bullet-proof vehicles being used for the Governor’s official assignment was discovered missing.

The Governor who was out of the country on a short, rest leave was claimed to have been disturbed when he was alerted.

Sources claimed it wasn’t the first time things would get missing at the Governor’s private residence.

‘There had been series of thefts, ranging from missing cash, phones and other expensive items, it’s usually swept under the carpet. Indiscipline is the order of the day here’, a source confirmed this to papermacheonline.

The State Governor, a quiet individual who is spending his second time in office was said to have been disturbed by the occurrence that he had to cut short his leave and return home. One of his closest aides was also kidnapped recently.

 

 

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