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Rivers State Begins Prosecution Of Amaechi Over $50m Fraud

Published

3 years ago

June 21, 2022

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Rotimi Amaechi

Former Minister of Transportation, Rotimi Amaechi is in more trouble as the Rivers State government has finally slammed a nine-count charge of stealing, cheating and conspiracy on him.
In a suit marked PHC/CR/2022, filed on the 7th of June, the Nyesom Wike led Rivers State also listed the Governorship candidate of the All Progressive Congress (APC), Tonye Cole, Sir Augustine Wokocha, Dr Chamberlin Peterside, Sahara Energy Resources Limited, NG Power-HPS Limited and Cenpropsaroten Hotel Management as the former governor’s co-defendants.
According to the statement in the charge sheet signed by C.F. Amadi, the Director of Public Prosecution for the Attorney-General of Rivers State, in count one, the state said Amaechi and his co-defendants “sometime between 2011 and 2012 at Port Harcourt within the Port Harcourt Division of the High Court of Rivers State did conspire among yourselves to commit felony to stealing the sum of $274,563,599.59USD”.
The document said the money was a proceed from the sale of 70% equity held by the Rivers State Government in the power generation asset at Omoku Gas Turbine, Eleme Gas Turbine and Afam Gas Turbine Phase 1to NG Power-HPS Limited.
In Count two, the state alleged that Amaechi and his co-defendants within the same period “stole the same amount of money being proceeds from the sale of 70% equity belonging to her in the power generation assets at Omoku, Trans-Amadi, Eleme and Afam Gas turbines.
The state in count three said Sahara Resources Limited, NG Powers-HPS Limited within the same period with intent to cheat agreed to purchase from Rivers State Government 70% equity held by the state in the power generation assets in the four turbines in the sum of $302,960,000USD.
The state said the companies actually took possession, management and control of the said power generation assets upon payment of the initial sum of $274,563,599.59USD, but refused to pay the outstanding balance of $28,400,000USD due to the state.
In the count four, the state alleged that Amaechi and his co-defendants within 2011 and 2012 conspired by fraudulent means to affect the market price of the four power generation assets of Rivers State.
She said the defendants offered the assets for sale exclusively to Sahara Energy Resources Limited, NG Power-HPS Limited (subsidiary of Sahara Energy Resources Limited) and Tonye Cole (Director) instead of by means of open competitive bidding prescribed under section 52 (3) of Rivers State public procurement law number 4 of 2008.
The state further in count five alleged that Amaechi, Sahara Energy, Cenpropsaroten Hotel Management and Cole within the same period “did conspired by fraudulent means to affect the market price of Olympia Hotel, Port Harcourt by offering the said Olympia Hotel, Port Harcourt for concession exclusively to Sahara Energy Resources Limited and Cenpropsaroten Hotel Management (subsidiary of Sahara Energy Resources Limited) and Tonye Cole (Director) instead of by means of open competitive bidding prescribed under section 60 (1) of Rivers State Public Private Participation in Infrastructure Development Law number 5 of 2009.
Rivers also in count six accused Amaechi, Sahara Energy, Cenpropsaroten Hotel Management and Cole of conspired among themselves to commit felony by stealing $1million being concession fee the defending companies paid to Rivers State Government for the concession of Olympia Hotel for a period of 40 years.
The state in count eight alleged that Amaechi and Sahara Energy about December 1, 2014 conspired among themselves to commit felony by stealing the sum of $53,095,602.05USD from Rivers State USD account number 006489429 with Access Bank, Bank road Branch, Port Harcourt.
The offence were said to be contrary to section 421, 422, 516A and 383 of the Criminal Code Law, Law of Rivers State of Nigeria, 1999.

Credit: The Street Journal

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Tunde Ednut Earns $5,000 Per Day! -Report

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1 month ago

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“Tunde Ednut earns $5,000 average per day, ISWIS made approx $200,000 from live events in one month” — Chude Jideonwo unveils creator economy data at Digital Creator Africa Summit

At the inaugural Digital Creator Africa Summit, media entrepreneur and #WithChude host Chude Jideonwo unveiled new data positioning the Nigerian creator economy as one of the most commercially powerful industries on the continent.

Highlighting explosive growth and overlooked business models, Jideonwo revealed that:

• Tunde Ednut, the former musician turned Instagram media mogul, is estimated to earn over $5,000 a day through his platform — with a business model based on affiliate promotion, Instagram advertising, and music amplification.

• The hit podcast “I Said What I Said” (ISWIS) reportedly made approximately $200,000 in gross revenue from live events alone in a single month, drawing thousands of fans across there US, the UK and Canada.

• “What these numbers show,” Jideonwo said, “is that creators are no longer just influencers — they are media companies, and increasingly, nation-builders.”

The summit, held in Lagos and attended by creators, investors, and media leaders, was designed to shift the conversation from virality to value — reframing content creation as infrastructure, not just entertainment.

As part of his address, Jideonwo announced his $500,000 personal commitment to the FourthMainland Creator Fund — a catalytic investment vehicle to back high-potential African creators with funding, IP support, and platform distribution.

“We’re building the Mavin Records of storytelling,” he said. “Not just with fame, but with financial tools, ownership, and a full studio system that lets creators scale across the continent and diaspora.”

The Creator Fund is part of the broader FourthMainland ecosystem, a creator commerce platform set to launch in 2026. The platform will offer monetization tools, subscription infrastructure, and joint-IP models built around African content — positioning it as the first at-scale infrastructure for the continent’s growing $100B creator economy.

Jideonwo, whose ventures include Joy, Inc., #WithChude, and YNaija, closed with a call to funders and policymakers:

“If music had Mavin Records and tech had CcHub, then creators now have their studio systems — their Mavins — and they’re building billion-dollar value chains without waiting for permission.”

The keynote, titled “Overtaking is Allowed,” argued that Africa’s most important civic and cultural shifts today are being led by independent creators, and that media-tech infrastructure for creators is now one of the biggest opportunities for economic growth across the continent.

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What Ibadan Socialite, Fijabi’s Leak Audio Has Done To Minister Adelabu’s Guber Ambition

Published

4 months ago

July 1, 2025

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A recent viral moment has unexpectedly stirred the political waters for Power Minister Adebayo Adelabu’s 2027 gubernatorial bid in Oyo State. Here’s how it unfolded—and the fallout that followed:

An audio featuring Ibadan socialite, Chief Akinade Fijabi and an unidentified young man surfaced online.

In the audio, Fijabi, an Ibadan high Chief and singer, Wasiu Ayinde’s closest ally bared his thoughts on political bearings in Oyo State and centred it round the Minister for Power, Adebayo Adelabu.

The audio quickly gained traction, sparking laughter and debate across social media platforms in Oyo and beyond.

The audio briefly overshadowed Adelabu’s image and critics seized the moment to question his ability, business sense and highlight potential vulnerabilities in managing grassroots affairs.

Even before the audio, Adelabu’s return to APC and flirtation with a 2027 run had unsettled internal party dynamics. The audio gave fuel to factions already uneasy about his rapid elevation and perceived attempt at imposition.

APC hardliners and youth groups, who’ve openly criticized the party’s handling of aspirants like Adelabu, echoed that the viral moment underscores deeper frustration about favoritism .

Adelabu’s allies are downplaying the audio, arguing that public interactions reflect openness and a grassroots presence and qualities essential for statewide appeal. They’ve also pointed to his achievements, including boosting national grid capacity, as evidence of credible leadership .

Fijabi in the audio also shed some lights based on what he termed ‘reliable information’ on Governor Makinde’s Presidential ambition, claiming it was a plot to collapse the PDP in Oyo State for President Tinubu with an agreement that the Governor would be granted the request to install a successor.

The clip audio shifted part of the conversation from Adelabu’s technocratic record to his public persona. Analysts say managing optics now matters more than ever for his brand.