Category Archives: News

Breaking: Pastor Adeboye Loses Second Son, Dare (‘he was such a gentleman’ Secondary School mates lament)

News reaching papermache holds that the General Overseer of the Redeemed Christians Church of God, Pastor E.A Adeboye’s son,  Dare is dead. The cause of death has not been announced but source from the Redemption Camp confirmed the news.

Before his death Pastor Dare Adeboye was a life coach, a visionary leader, a motivator and a bridge builder. He is the son of the General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adejare Adeboye. He was being described as one of the most influential youth pastors in the Redeemed Christian Church of God Worldwide .

The young man is said to be 42 years and died after a brief illness. He is Pastor EA Adeboye’s second son and third child.

Some of the deceased classmates at the  Command Secondary School, Apata, Ibadan described him as a gentleman, the classmates took to social media to express their grief at the loss.


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

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

4 Months After Death; Bolu Akin-Olugbade’s Rolls Royce Up For Sale

If the dead could talk, late businessman, Bolu Akin-Olugbade would have called a meeting of his kins, tell them his wish and the consequence that comes if they don’t adhere to his rules, but sadly, the billionaire had gone to meet his maker and could do absolutely nothing when his favorite car was put up for sale recently.

Papermacheonline gathered that the family of the late Aare Ona Kakanfo of Owuland who bowed to death after contracting the coronavirus could not meet up with the expenses of keeping his fleet of cars, informing the decision to sell of some of the automobiles.

One of his 6 Rolls Royce cars was spotted at an auto shop in Ikeja, Lagos to be sold off to meet the demands of running the family.

The late billionaire claimed to have bought his first Rolls Royce in 1984 and had been hooked to the British car since making him the biggest collector of the brand in Nigeria.

His latest acquisition came in 2019, a Rolls Royce Culinan that was personally delivered to him in his Ikoyi, Lagos home.

The Untold Story; How Tinubu Caused The Rift Between Fayose, Seyi Makinde

-Jide George

To many political observers, the fight between the Oyo State Governor, Seyi makinde and former Ekiti State Governor, Ayo Fayose was just the usual political pattern, the two gladiators were  contesting for the control of their party, the PDP and as expected interest will differ. But pundits have revealed there is more to it, naming top politician and a chieftain of the APC, Asiwaju Bola Tinubu as the main factor causing the rift between the duo.

The last zonal congress of the PDP held in Osogbo gave Seyi Makinde an edge as he was able to defeat Fayose’s candidate, Eddy Olafeso and installed Taofeek Arapaja as the National Vice Chairman of the PDP(southwest).

A source within the PDP narrated to papermacheonline how Fayose met the Rivers State governor, Nyesom Wike prior to the election and told him Makinde was working with Alhaji Atiku Abubakar ahead of the 2023 election with the sole aim of clinching the Vice-President’s slot.

Fayose was also alleged to have informed the National Chairman of the PDP, Uche Secondus how Makinde was seeking to replace him with Prince Olagunsoye Oyinlola.

All these allegations created bad blood within the party with Secondus confronting Oyinlola who defended himself asking how he would have such ambition if the position is not zoned to the Southwest.

It was alleged that Fayose had already cemented a plan with Asiwaju Tinubu to deliver the PDP in Southwest to work for him in his bid to become the President in 2023.

The former Ekiti State Governor after committing himself to Tinubu was said to have been promised a role if the ambition is actualised, causing him to go all out to ensure he wins his first assignment which is to return Eddy Olafeso as the National Vice Chairman of the PDP, a dream thwarted by the Seyi Makinde’s camp.

It is alleged that Tinubu bankrolled the election for the Fayose’s camp who managed to lost the election with a slim margin.

Another sad angle to the defeat was the mistake Fayose made when he was alleged to have to have dropped the ballot meant for Olafeso in a wrong box which gave the first clue that their camp would have it tough in the election.

An insider also revealed that Seyi Makinde had earlier reported to the hierarchy of the party which he begged to investigate the inter-party activities of Fayose.

Pundits had traced a long enmity between the former Ekiti governor and Alhaji Atiku Abubakar which cast on him the reality that Atiku would never consider him for the Vice President slot if he becomes the party’s flagbearer in the presidential election and for obvious reason he decides to protect his interest.

Keen observers noted that the just concluded zonal congress in Osogbo was just a test of power and predicted Fayose will never work in harmony with Makinde if his sole interest is to deliver for Asiwaju Tinubu towards the actualisation of his presidential ambition.



e-Taxi Platform, Univasa Launches In Ibadan

Ride-hailing platform, Univasa has expanded its services to the Oyo State capital, Ibadan to the delight of both drivers and riders who got 100% off their first trips using the application.
 The launch which also doubled as a roundtable discussion with stakeholders held on April 15, 2021, at the Pentonrise Building, Bodija, Ibadan and toes the line of successful launches in Lagos, Edo and River states.
 Univasa’s commitment is to make rides safe for drivers and rider partners with the company having several features in the application that makes this possible.
 Univasa’s CEO, Dr Ben Adeniyi asserted that “ we want to change the transportation industry, give our partners higher returns while ensuring their safety, and we are committed to using technology and innovation to drive this sector. That is what has formed this today’s expansion and we are still moving. We are looking forward to partnerships that will create jobs, provide security and safety when it comes to transportation and we are not backing out from this quest”.
The drivers present at the launch expressed their happiness at having more opportunities to proffer services to riders in the city.
 The team is also set to launch the platform with drivers and riders in Abuja in the coming weeks.
Also speaking at the event, the General Manager of Univasa Nigerian Limited, Mr John Oyakhilome said one of the features that differentiates Univasa from others is the relationship with the drivers. According to him ‘We treat our drivers as partners, we make them unique. They decide how the market operates and we have one-on-one communication with them because they are stakeholders’.
Univasa Nigeria Limited is a Lagos-based company focusing on development of IT with various private organizations.

Days After Receiving Ibadan Honour, EFCC Picks Rochas Okorocha

Barely some days after he stormed Ibadan where he was honoured by the Olubadan and the CCII, former Imo State Governor, Rochas Okorocha has been picked up by the EFCC.

Confirming the incident, EFCC head of media and publicity, Wilson Uwujaren said the Senator was invited for questioning by the commission.

As at the time of filing this report, the politician is said to have been locked inside the interrogation room of the EFCC office in Abuja and grilled over some undisclosed issues.

Three days ago, Okorocha stormed the Liberty Stadium, Ibadan with armed security venue of the CCII honour.

He was honoured for his contribution to education as he was said to have given free education to over 25000 children from Ibadan.

Wielding The Big Stick; Why Kano Govt Locks 5 GTBank Branches In One Day

The Kano State Internal Revenue Service (KIRS) on Tuesday sealed five branches of Guaranty Trust Bank (GTB) over tax evasion. This made many customers of the bank to be stranded.

The closure of the popular bank, according to the agency, is in line with an order issued by Kano State High Court over the bank’s failure to audit and pay its taxes between 2014 and 2019. The affected branches include Murtala Muhammad Way, Wapa, Zaria Road, Bachirawa and France Road.

Briefing newsmen during the exercise, the Legal Director of the agency, Barrister Bashir Yusuf Madobi, said the bank’s refusal to pay the amount accruing to N1,005,687,755.55 or release some of their audit reports forced the agency to take the action.

He said, “What irritated us to take this action is that right from the initial stage, we demanded some documents from them which they failed to honour us and give us the documents.

“As a revenue authority, KIRS is saddled with the responsibility of enforcing payment of taxes. One of the procedures we follow in order to enforce payment of due tax is by instituting a court case before a competent court. So, we decided to file this case before the State High Court on ex parte application.

“This is why we went there today to enforce the judgment and enforce the payment of due tax as provided under the extant revenue laws. “The money is over N1bn. The next line of action is for them to come so that we sit down and sort it out if they are willing to do so,” Barrister Madobi said.

On the condition for reopening the sealed branches, KIRS said the bank must pay a minimum of 25 per cent of the liability and provide the earlier requested documents.