News
‘There Is Need For Buhari To Sack All His Ministers And Economic Advisers’ Wole Arisekola
publisher and Chairman of the Association of Online Media Practitioners of Nigeria (AMPON) Wole Arisekola has queried the approach of the Buhari administration to its anti-corruption crusade.
Though many see the war against corruption as timely; especially to restore the nation’s dignity, retrieve her collective wealth stolen by the few, and put the nation on the path of greatness, others see the war as lopsided, vendetta, apparently, targeted at the opposition to the government.
In his recently expressed open mind opinion, tagged ‘School of Thought’, Arisekola averred that the war against graft must be fought within known conventions, rather than on spontaneous intuition without concrete evidence.
Goje“I give you a very good example. Look at the case of Danjuma Goje, former Gombe State governor. He has no reason to be in court. He is one of the best Governors that this country has ever produced. When his state was collecting the lowest allocation in the country, he built roads, built an airport, built a university. He did so many wonderful things in that state. Can you compare Gombe State with Zamfara State now? They were created at the same time. But the difference is clear because Goje transformed the state. But every day, you read on the pages of newspapers that Danjuma Goje is being taken to court. Why? You are supposed to judge people on the basis of their performance. There is no former Governor in this country that can claim he outperformed Danjuma Goje. He is an example of good governance in this country. And you have so many people that spent about 99 per cent of their allocations on frivolities walking freely in town”, he said.
Akpabio“Another good case is former Akwa Ibom State Governor, Godswill Akpabio. See how he transformed the state from where people from Lagos and other places used to hire house helps to where everyone is now either in school or is engaged in one productive thing or the other. The state now looks like Dubai in Nigeria.
“So, when you talk of anti-corruption, who are we fighting and how are we fighting it? Are we fighting it on the basis of our perceived enemies or you just look at somebody in the face and say this one is not in our party, let me deal with him? Do you just say, now that I’m in this office, let me just write something against my predecessor to keep him of public eye? “What they do today is pure vendetta. For instance, I find the charges against former Governor Goje very ridiculous.
“And being a Crime Reporter in Europe for about 17 years, I received awards as Best Crime Reporter in Europe between 2004 and 2006. So, when I see cases, I know which ones can fly and I know the ones lacking in merit. So, we should try as much as possible to save tax payers’ money for something better. We should not keep taking cases to court without proper scrutiny. That is why we don’t have conviction; because some of these cases are dead on arrival.”
Arisekola, who publishes The Street Journal, also opined that there should be a total change in the way the war against graft is being prosecuted. He said “there are different agencies that are involved in this fight. You have the police, EFCC and then ICPC. If we want to talk about anti-corruption, we have to take it one after the other. What are the functions of the ICPC? What are the functions of the EFCC? And what are the functions of the police? “I think out of the three, EFCC is the most prominent because we hear about them every day. We hear they charge this to court, charge that to court, everyday. But in my own opinion, we need to strengthen the EFCC.
“The President needs to stop the police from posting their officers to the EFCC. We have EFCC officers that are trained. They have been in existence now for over 10 years. So, they ought to, by now, have good hands to tackle corruption cases without involving the police or any other agency of government. It is causing confusion”, he said. Continuing, the Ibadan-born businessman said “everywhere in the world, if you go to Great Britain, they have their anti-laundering section. They do not go to the Navy, or any other section to get assistance. No. We have intelligent officers in the EFCC who the country has invested so much in. They should be allowed to lead the commission.
We must give them freedom to do their job. When you allow politicians to penetrate an agency of government, the result is what we’re getting today; because they will be using it as vendetta against one another.”
On the economy, he notes: “Nothing has improved when you talk about the economy because we do not have the people that can do the job in the respective positions. Look at the policies of the CBN. All their calculations are against the masses, and nothing works.
“They said do not put money in your account, which is what drove investors away. We have been living in this country all this while and we have never experienced this kind of problem before. What happened to the dollar we were spending in 2015? How did dollar disappear from this country? How can you give a single economy, a single currency three tiers? You have Central Bank rate at 305. You have CBD rate at 395 or 400. You have bureau de change rate, that one is unlimited. Where in the world do you have this kind of policy and you expect the economy to survive?”
Does he then support call for swap of Ministers or sack of the economic team? “I’m not canvassing for a swap. What I want is for the President to sack all of them. They are not helping the masses. They are not helping this country. When somebody fails in his appointment, it means he cannot to the job. The next thing is to remove him and put somebody who is for the job there.
“These people do not have the capability to do the job. Nigeria is not a trial and error country. Out of about 180 million people, why are you putting people who cannot do anything there? These are not the kind of people we want in Nigeria. The ‘change’ they are talking about is only being enjoyed among politicians, the masses are suffering”.
Though, the war on insurgency in the North eastern part of the country is said to have been largely won by the doggedness of this administration, Arisekola feels, it should be measured within certain perimeters. According to him, certain indices should be taken into consideration when eulogizing this regime on war on Boko Haram as against the last administration. For him, we should first ask ourselves whether this is the same conducive environment under which the Army operated then.
“I remember that when former President Goodluck Jonathan was in power, and Nigeria was looking for where to buy arms, the U.S., Britain, and France did not allow foreign countries to sell arms to Nigeria. They came under the excuse that Nigerian Army was violating human rights law in the way it was carrying out its attack on Boko Haram”, he noted.
However, he gave kudos to the Army, which in spite of non-availability of weapons still fought with their blood, which goes to show Nigerian Army has a lot of patriotic and dedicated soldiers, ready to lay down their lives to protect the nation.
“Now that the Western World has installed the President that they want, they changed everything. They have done what they want, they have given us opportunity to buy arms and we can see the performance of our Army. That is about being in the right place at the right time and having the right equipment to fight the enemy”, he says.
On the alleged diversion of money meant to purchase weapons by the last administration, he cautions that it could have been the more you look, the less you see. “Be careful; don’t believe everything you read on the pages of newspapers. Some of the things you hear are not true. Some of them are political statements by politicians. I am not making a case for them. I was not there and I do not know. But I know that there was a time they were looking for where to buy arms. I lived in the Republic of Ireland for 17 years, and you know that Republic of Ireland and Northern Ireland are not the same. I met good politicians on both sides. I was the first black journalist to interview their political leader, Gerard “Gerry” Adams, President of the Sinn Féin political party, and a Teachta Dála for Louth since the 2011 general election. I interacted with them and I learnt a lot about terrorism, and these always guide me whenever I am reporting anything on terrorism.
“Yes, there is corruption in Nigeria. People are stealing money. But do not write them off, some of them are loyal to this country. What happened then, former U.S. President Barack Obama, the Western World, did not want Nigeria to be successful in the terrorism war.
“There are some things you do not say in the open. I know all these. I have been interviewing people for ages. I have been interviewing World Leaders for ages. I know what is called diplomacy”
All the same, he wonders how Boko Haram manages to finance and sustain operations. Where does Boko Haram get their arms? Where do they get money to prosecute their war? Who is financing them? Where do they get money to feed over 200 girls? It is just like feeding a village. So, you understand all these. You need to understand diplomacy. You need to understand international politics, because we are quick to jump into conclusion. Once you read this headline you believe it hook, line and sinker. It is not like that.
News
Panic As Governor’s Official Car Got Stolen
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.
Business
Former First Bank Employee Accuses Oba Otudeko, Bisi Onasanya Of Massive Fraud
A former First Bank of Nigeria Limited employee, Adesuwa Ezenwa, has accused billionaire industrialist Oba Otudeko and former Managing Director Bisi Onasanya of massive fraud during Otudeko’s tenure as chairman of FBN Holdings Plc.
In court documents filed at the National Industrial Court of Nigeria, Ezenwa alleges that unsecured loans of approximately N12 billion were granted to a company in which Otudeko has significant investments, disguised as loans to Stallion Group of Companies.
Ezenwa, who was summarily dismissed in October 2016, is seeking redress for her termination and demanding N500 million in damages and N25 million in legal costs. She claims that she was made to bear the consequences of granting unsecured loan facilities worth billions of naira to companies linked to Otudeko and Onasanya, while her superiors who approved the credit were not penalized.
Ezenwa joined First Bank in 2002 and became a relationship manager in the corporate banking division in February 2016. She alleges that her superiors, including Abiodun Olatunji and Cecilia Majekodunmi, who worked closely with Onasanya, were involved in the fraudulent activities.
“As a relationship manager, I worked under the supervision and direction of my branch manager and group head and signed official correspondence only after they had approved and/or signed same. I had no independent authority in relation to the grant or disbursement of loans or other banking facilities,” Mrs Ezenwa said.
According to the claimant, she executed a large number of documents while she was still employed by First Bank, but only after approval by her bosses and on their direction.
She said she was summoned on 25 August 2015 to appear before a credit disciplinary committee reviewing facilities availed to a company known as Supply and Services Limited, a subsidiary of Royal Ceramics Group, one of the major customers of the bank.
The plaintiff said the committee could not determine whether she had a personal interest in any of the loans granted or whether she made any gain related to her duties. She said she was, however, blamed during proceedings for not whistleblowing on some of the deals endorsed by Mr Olatunji and Mrs Majekodunmi.
“The admonition was most unfair and unwarranted as I was in no position to whistleblow on my superiors … The persons to whom these reports would have been made were the very persons who were the perpetrators of the misdeeds,” she said.
A litany of allegations against Mr Otudeko
Mrs Ezenwa disclosed that unsecured loans of roughly N12 billion were availed, on one occasion, to a company in which Mr Otudeko has significant investment even though the facility was masked as loans granted to Stallion Group of Companies, which later spotted the false entry in its statement of account and complained.
In one case in 2012, she further alleged, an unsecured credit estimated at N2 billion was granted to Broadwaters Resources Company Nigeria Limited, which ended up being a conduit pipe used by Mrs Majekodunmi and Mr Onasanya to siphon monies from the bank. The claimant said the loan was never repaid.
“Out of the N12 billion camouflaged as lending to the Stallion Group, N8.21 billion was transferred through various accounts to a final destination account belonging to a company known as V-TECH LTD, which belongs to the chairman of FBN Holdings, Oba Otudeko, while the sum of N4.45 billion out of the same fictitious facility was transferred to Ontario Oil and Gas. The facility remains unpaid to date,” Mrs Ezenwa said in court fillings.
According to her, several similar loans were granted by Mr Olatunji and Mrs Majekodunmi, including to Supplies and Services Limited, which were “subsequently sublet and disbursed in smaller bits to several customers on more profitable terms to both officers.”
Swap Technologies and Telecomms Plc, Orbit Cargo, Netconstruct Nigeria Limited, and High-Performance Distributions Limited were among the companies named as beneficiaries of the loan disbursement.
Mrs Ezenwa disclosed that such loans could not have been granted without the involvement of the board of First Bank, considering that the amounts involved were huge and above the approval limits of the executive directors, the vice president and the managing director of the bank.
According to the complainant, her dismissal by the bank brought her into disrepute, threatening her chances of securing employment in reputable companies in future.
“The action of the defendant (First Bank) has consequently caused the claimant untold mental distress and is all the more damaging as the claimant is in her thirties and has simply been made a scapegoat for the malfeasance of some of the lapses of the management of the bank,” she said.
Among other demands, Mrs Ezenwa is urging the court to declare that there was no basis for the bank to dismiss her.
“She is being made a scapegoat for a lot of questionable transactions within the bank, which she is claiming innocent of,” Seyi Sowemimo, the claimant’s lawyer, told PREMIUM TIMES on Saturday. “So far, the trial has started. We have subpoenaed the EFCC, and we have subpoenaed the central bank to bring the audit reports of the bank,” Seyi Sowemimo, the claimant’s lawyer, told PREMIUM TIMES.
The allegations have sparked a legal battle, with Ezenwa seeking justice for her dismissal and damages for the fraudulent activities she claims to have uncovered.
Business
“AMCON MD In Trouble Over Keystone Bank Acquisition By Father In-law”, Isa Funtua
Why Bank Customers Are Making Panic Withdrawals…
Following the controversy generated by the leading opposition party, the People’s Democratic party, PDP, over the alleged acquisition of Keystone bank and Etisalat by Alhaji Isa Funtua and the CEO of AMCON, Ahmed Kuru, President Muhammadu Buhari has ordered probe into the alleged fraud.
A highly placed source at the headquarters of the Economic and financial crimes Commission, EFCC yesterday told daybreak that the President was thoroughly embarrassed with the allegations linking him to the transactions.
According to the source, a discrete panel will be set up soon comprising of the Chairman of the EFCC, representative of the DSS, ICPC, federal ministry of Justice to look into the allegations.
The source further added that, both Isa Funtua, Ahmed Kuru, the governor of the central bank of Nigeria, CBN, Chief Godwin Emefiele and management Staff of the Keystone Bank and 9Mobile will be quizzed by the operatives of the EFCC for some interactions.
Recently, a mindboggling scandal broke out to public knowledge about how Keystone Bank and 9Mobile were acquired in controversial circumstances by the business interests of one Alhaji Isa Funtua, a close friend of President Muhammadu Buhari, via the instrumentality of Asset Management Corporation of Nigeria (AMCON).
The PDP challenged the federal government to come out clean on what could be a serious dent on its anti-corruption stance, there is indeed no smoke without fire.
The leading opposition party also confirmed fact that the son-in-law of Isa Funtua, Ahmed Kuru, is the current CEO of AMCON.
Before him, the previous CEO, Chike Obi, was a first-class gentleman and technocrat who was strangely removed from office before the expiration of his term and was replaced with Kuru, the son-in-law of Isa Funtua.
Now, let us get into the insider details of how Funtua bought Keystone Bank and 9Mobile in the most bizarre of dealings that circumvent the laws of the land. Keystone Bank was sold by the current CEO of AMCON to his father-in-law, Funtua, without any AMCON Board’s approval and with the active connivance of CBN and NDIC at a grossly undervalued price of 25 Billion Naira. To put things in context, let us recall that Enterprise Bank was sold for over 60 Billion Naira and Mainstreet Bank was sold for over 100 Billion Naira under the former CEO of AMCON.
Before the sale of Keystone Bank to Isa Funtua, all bad debts in the books of the Bank were taken over by AMCON. So, it was a clean Bank with all the Assets and no Liabilities that was sold to the Buyers.
The Executive Management of AMCON was coerced into approving the transaction and those who were willing to submit a much higher bid were disqualified under a most opaque, suspicious process that lacks all transparency. The process was just manipulated in favour of the father-in-law of the AMCON CEO.
The Corrupt Payment for Keystone Bank The most disgusting part of the entire sale of Keystone Bank is how the 25 Billion Naira sales price was paid to AMCON.
The Isa Funtua Team paid 5 Billion Naira to AMCON, and then the balance of 20 Billion Naira was later paid through the most criminal and corrupt approach ever perpetrated by AMCON in favour of the Buyer. What happened was that AMCON moved 20 Billion Naira of their own funds as a fixed deposit at GTBank to Heritage Bank. Heritage Bank then paid the 20 Billion Naira on behalf of the Funtua Group to AMCON. In other words, AMCON used their own funds as a collateral for a loan to the Funtua Group for 20 Billion Naira!
When the Funtua Group took over Keystone Bank, they went borrowing immediately at the Interbank Market for 20 Billion Naira to refund AMCON’s funds. This has left a hole in Keystone Bank’s Balance Sheet and makes the Bank one of the most undercapitalized Banks in the Country as at today. The evidence of this highly compromised acquisition process can be obtained from the current and former staff of AMCON, from NDIC, CBN and from the current staff of Keystone Bank itself.
Another suspicious acquisition scandal surrounding the Funtua Group is about the untidy way 9-Mobile, formerly known as Etisalat, was bought. It is Mr. Adrian Wood of Teleology Holdings, a very sound telecoms professional, who collaborated with the Funtua Group for the acquisition of 9-Mobile.
The problem with their bid was the lack of a qualified Operator to support the bid which was one of the minimum conditions of NCC. Adrian Wood alone was not a substitute for an Operator.
The Nigerian Communications Commission (NCC) gave several conditions that must be met by the Ultimate Buyer of 9-Mobile to ensure the protection of shareholders value, prevent loss of jobs, protect the telecoms industry from slipping into a crisis and ensure transparency and professionalism in the post-acquisition entity.
The conditions listed by NCC that must be met by the Buyer are Strong Telecoms Operating Experience, Strong Financial Capabilities, Strong Technical Knowledge and Strong Administrative Skills.
The first thing that happened once Teleology was announced as the preferred winner was that the Funtua Group edged Adrian Woods out of Management and turned him to an Insignificant Shareholder.
The second development was that the Funtua Group raided Keystone Bank again and forced the Bank to Pay 50 million Dollars as down payment for the acquisition of 9-Mobile.
The third issue was that Teleology Nigeria replaced Teleology Holdings to remove any influence of Adrian Woods from 9-Mobile totally. The fourth step taken the Funtua Group was to borrow 260 Million Dollars from African Exim Bank.
The fifth thing was to coerce NCC to approve the sale at all cost without meeting 90% of the conditions set up ab-initio by the NCC.
The sixth strange action of the Funtua Group was to force the board of NCC to approve the sale through the influence and pressure from the Presidency. And the seventh Funtua infraction was to use the influence of CBN to force the Banks to the table and waive their own conditions of sale of 9-Mobile to the Teleology Nigeria group.
Efforts to reach the acting Head media and publicity of Economic and financial crimes Commission,EFCC, Mr. Tony Orilade to confirmed the latest developments proved abortive as his lines were not connecting.
Source; The Capital
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