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HOW JUDE EJIOGU LOOTED 1BILLION NAIRA IMO LGA PENSION FUNDS

Published

7 years ago

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I told you before that as a young man one of the artists I followed his music is the late legendary Afro-beat maestro Fela Anikulapo Kuti. Fela did a lot of songs, most of which are about the misrule of our government and even the western imperialists. Fela did a song titled: ‘Beasts of no nation’ to protest the evil apartheid regime in South-Africa. And back home, Fela through his songs exposed so many evil in government dealings. ITT (International Thief, Thief) ,VIP (Vagabonds in Power), Teacher don’t teach me nonsense, Sorrow, tears and blood and Authority Stealing are a few among many work of legendary Fela. I remember his song title Army Arrangement; I heard Fela singing and saying 2.8 billion naira oil money missing.
Last time, I told you that over 3 billion naira was looted and carted away by the Speaker of Imo State House of Assembly Hon Benjamin Uwajumogu. I told you that the Imo Speaker awarded fraudulent Road Contracts to himself in Imo State using his friends as fronts and used the money he got from the road contracts scams to acquire eye popping mansions in Nigeria.I shouted because In the midst of abundant human and natural resources, the vast majority of Imo working masses live in abject poverty. The vast majority of Imolites are kept in unstable and difficult socio-economic conditions while a tiny fraction have exclusive access to things and comforts of life. I called Uwajumogu the International Thief Thief number one of Imo State.The entire money stolen by Uwajumogu alone is enough to begin to rebuild failed infrastructures in his Okigwe constituency. Yet this same man is jostling to represent Okigwe zone in the Senate.
This time i am pointing at the International Thief Thief number two that is currently in power in Imo State, another VIP (Vagabond in Power). This highly placed government official and his accomplices stole 1billion naira from the Imo State LGA Pension fund when he was the Chairman of Local Government Service Commission. Today, LGA pensioners are calling on the State Government to immediately settle the pension of Local Government retirees in Imo State.So who looted the monies issued out by Governor Okorocha to settle LGA pensioners?
Many of these LGA retirees are already living from hand to mouth, despite having committed their active lives to serving society. Many of them are already infirm and can hardly afford the exorbitant hospital bills charged thanks to commercialization of healthcare in Imo State. Many have their children in schools, and can hardly pay high fees. While many of these retirees have not been put on the payroll since their retirement, those already on the payroll are still owed several months of unpaid pension arrears and gratuity. Thus, these retirees, who have no other means of livelihood, can hardly meet their basic needs, while majority are already in debt. Retirement, which ordinarily should be embraced with joy, has become a source of sorrow, frustration, panic and agony in Imo State.
I am aware that the primary reason for this embarrassing state of absurdity as per pensioners in our LGA’s is the “profit first” capitalist Chief of Staff to the Imo Governor Sir Jude Ejiogu who allegedly looted 1 billion naira LGA pension funds in the State when he was the Chairman of Local Government Service Commission. I totally condemn in strong terms this insensitivity to the plights of pensioners in the state. I say boldly today that Jude Ejiogu is the ITT (International Thief Thief number two) in Imo State. Fortunately for this looter, he was not charged to court and he is still in power.
Senate president, David Mark once said ‘if your wealth is from people’s pensions then that is blood money. It is blood money because you cannot take away the sweat, the entitlements of an old man or an old woman who is looking up just to that little appreciation from his country and believe that you will live in peace. You cannot live in peace because the prayers of those old men at home will fight you.’ Like David Mark i share the anguish and anger of the ordinary Imolites against this kind of capitalist looting. To me even the stoning of persons that stole money belonging to pensioners would not be sufficient to compensate the affected pensioners, if on retirement they could not receive their pensions. Yet this same man is jostling to represent Owerri zone for elective position in 2015.
Jude Ejiogu is enmeshed in an orgy of corruption and mass looting of public money and natural resources. I am aware of why Commercial banks operating in Imo State shut their doors against their customers for some days. I am aware that Jude Ejiogu when he was the Special Adviser to the Governor on Internal Revenue Generation (IGR) collected millions of naira from commercial banks in the state as tax but diverted the monies into his own pocket. The State government later demanded the same tax that Ejiogu had already collected from the banks and the banks had to go on strike for excessive taxation .I am also aware that the same Jude Ejiogu allegedly defrauded Hall mark Bank and Progress Bank and ran to USA some years ago. Yet this same man is jostling to represent Owerri zone for elective position in 2015.
To end perpetual mass misery in the midst of an inexhaustible abundance in Imo State, i have commence a campaign against looters like Ejiogu.From week to week i will name them one after the other. As have been amply demonstrated, these capitalist elite like Ejiogu , unless removed from political power will always and would always directly loot the resources that ought to be used to better the lot of the vast majority of the Imo population.Equally worrisome is that when capitalist thieving elite like Ejiogu are not busy with direct looting of the State’s treasury, their only other pre-occupation is the implementation of socio-economic policies that can only make life harder for the overwhelming majority of Imolites . This is the primary ideological reason why Ejiogu is a chief advocate for privatization and commercialization of basic needs and social services in Imo State. Through this unjust strategy, he and other ruling capitalist thieving cabal in Imo State have virtually sold to themselves all publicly built government houses and public companies at rock bottom prices, of course, with money directly looted from the state’s treasury. Save us o God.
-Kenneth Uwadi, Mmahu-Egbema, Imo State, Nigeria

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Nigerian Bank MD’s colluded with government officials to re-loot recovered Abacha loot – EFCC

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2 days ago

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April 15, 2024

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The Economic and Financial Crimes Commission has accused commercial banks of colluding with government officials to re-loot recovered loot of the late dictator, Sani Abacha.

In December 2017, the Federal Government signed a Memorandum of Understanding with Switzerland on the return and monitoring of the $322 million Abacha loot.

The proceeds were intended for Conditional Cash Transfer under the Social Investment Programme which began in December 2016, under ex-president Muhammadu Buhari’s administration.

The looted funds were meant to provide N5,000 monthly stipends to the most vulnerable Nigerians across the country.

However, on Sunday, a spokesperson for the EFCC, Dele Oyewale, in a statement, said that the anti-graft agency opened investigations into other alleged financial malpractices from the ministry; involving the COVID-19 funds and the World Bank- assisted loan coordinated by the Humanitarian Ministry to assist poor Nigerians.

The EFCC said, “Discreet investigations by the EFCC have opened other fraudulent dealings involving COVID -19 funds, the World Bank loan, Abacha recovered loot released to the ministry by the Federal Government to execute its poverty alleviation mandate. Investigations have also linked several interdicted and suspended officials of the ministry to the alleged financial malfeasance.

“It is instructive to stress that the commission’s investigations are not about individuals. The EFCC is investigating a system and intricate web of fraudulent practices. Banks involved in the alleged fraud are being investigated. Managing directors of the indicted banks have made useful statements to investigators digging into the infractions. Those found wanting will be prosecuted accordingly. Additionally, the EFCC has not cleared anyone allegedly involved in the fraud. Investigations are ongoing and advancing steadily. The public is enjoined to ignore any claim to the contrary.’’

The commission also revealed that N32.7 billion and $445,000 had been recovered from both past and suspended officials of the humanitarian ministry.

It added that the commission initiated investigations into the affairs of the humanitarian ministry inviting former minister, Sadiya Umar-Farouq, and her successor, Beta Edu, suspended by President Bola Tinubu in January for alleged abuse of office.

 

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EFCC recovers N32.7bn, $445,000, faults Betta Edu, Sadiya Umar-Farouq, Halima Shehu

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2 days ago

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April 15, 2024

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The Economic and Financial Crimes Commission, EFCC has faulted suspended Humanitarian Minister, Betta Edu, her predecessor, Sadiya Umar-Farouq, and the Coordinator of the National Social Insurance Programmes Agency, Halima Shehu, while revealing that a combined total of N32.7bn and $445,000 has been recovered so far from ministry.

The commission made the development known on Sunday via its official X handle in response to rumours concerning the progress of its investigations into the alleged financial misappropriation in the Ministry of Humanitarian Affairs, Disaster Management and Social Development.

The statement signed by the spokesperson for the EFCC, Dele Oyewale, read, “The Economic and Financial Crimes Commission, EFCC, has noticed the rising tide of commentaries, opinions, assumptions and insinuations concerning its progressive investigations into the alleged financial misappropriation in the Ministry of Humanitarian Affairs, Disaster Management and Social Development.

“At the outset of investigations, past and suspended officials of the Humanitarian Ministry were invited by the Commission and investigations into the alleged fraud involving them have yielded the recovery of N32.7billion and $445,000 so far.

“Discreet investigations by the EFCC have opened other fraudulent dealings involving Covid -19 funds, the World Bank loan, Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate. Investigations have also linked several interdicted and suspended officials of the Ministry to the alleged financial malfeasance.

“It is instructive to stress that the Commission’s investigations are not about individuals. The EFCC is investigating a system and intricate web of fraudulent practices. Banks involved in the alleged fraud are being investigated. Managing Directors of the indicted banks have made useful statements to investigators digging into the infractions. Those found wanting will be prosecuted accordingly.

Additionally, the EFCC has not cleared anyone allegedly involved in the fraud. Investigations are ongoing and advancing steadily. The public is enjoined to ignore any claim to the contrary.

“On the issue of the works of the Commission against Naira abuse, dollarization of the economy and the enforcement of all extant laws relating to them, the EFCC appreciates the avalanche of public awakening, support and involvement demonstrated so far. Increasingly, members of the public are drawing the attention of the Commission to video recording of abuse of the Naira by Nigerians from all walks of life. These gestures amply demonstrate rising consciousness of the public to the sanctity of our national currency and the need for collaborative engagement to sustain the tempo.

“To this end, the Commission will always investigate and prosecute anyone involved in the abuse of the Naira. Old videos being exhumed and flying around for the attention of the Commission are noted as the Commission is sensitive to the fact that its Special Task Force against Naira Abuse and Dollarization of the economy commenced operations on February 7, 2024. However, going forward, new videos of such infractions will be investigated and prosecuted.

At the moment, the Commission is investigating several celebrities involved in Naira abuse. Many of them have made useful statements to the Commission and many more have been invited by investigators working on the matter. The EFCC will not relent in its no-sacred-cow mode of operations and the public should be wary of running afoul of laws against the crime.”

 

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CAC Places First Bank Records On Caveat Over Litigation

Published

6 days ago

on

April 10, 2024

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The Corporate Affairs Commission, CAC, has placed the records of First Bank of Nigeria (FBN) Holdings on caveat pending the resolution of the crisis rocking…

The Corporate Affairs Commission, CAC, has placed the records of First Bank of Nigeria (FBN) Holdings on caveat pending the resolution of the crisis rocking the board of the bank as a result of multiple court cases filed by aggrieved directors.

The crisis rocking the bank stemmed from protests by shareholders who were kicking against the bank’s internal governance and shareholding structure, as a result of which some of them have taken their grievances to the court.

One of such is the case of Olusegun Samuel Onagoruwa v. FBN Holdings Plc in Suit No. FHC/L/CP/1271/2022), which is challenging the capacity of the Board of Directors of FBN to appoint new persons to fill vacant slots.

Onagoruwa in his suit is seeking “an order setting aside, nullifying, annulling and/or quashing the appointments and approvals of Mr. Olusola Adeeyo, Mr. Viswanathan Shankar, Mrs. Remilekun Adetola, Mr. Anil Dua and Mrs. Fatima Ibrahim as Non-Executive Directors of First Bank of Nigeria Limited made on the 20th day of March, 2024, by FBN Holdings PLC during the pendency of this action and in defiance of the subsisting order of this Honourable Court made on the 15th day of July, 2022.”

The motion also seeks an order restraining the above-named non-executive directors from acting or taking any steps as non-executive directors of the bank.

The current court case follows similar four other cases pending at the Federal High Court in Lagos and Abuja challenging the internal governance of FBN Limited, in addition to existing court injunctions restraining the bank from holding the last two Annual General Meetings which the bank went ahead to hold.

In a new twist to the crisis, the Corporate Affairs Commission in a letter entitled.

“Re: notification of pendency of suit no. fhc/l/cp/1575/23 against FBN holdings plc, and subsisting interim orders of the Federal High Court made on the 9th day of August 2023 restraining FBN holdings plc from holding or proceeding with its annual general meeting purportedly held on the 13th day of August 2023”, weighed in on litigations threatening to tear the old generation bank apart.

Signed on behalf of the Registrar General of CAC by Chidimma Maureen Nwite, the Commission in a letter to lawyers to some of the parties in court against FBN Holdings said: “This is to inform you that the record of FBN Holdings PLC RC: 916455 has been placed on caveat pending the determination of Suit No. FHC/L/CS/1575/2023.”

A shareholder, Mr. Olalekan Babalola, said “it is imperative for the authorities to find a solution to this lingering crisis as Nigeria cannot afford another major bank’s collapse at this critical time

He called for urgent resolution of all court cases in the overall interest of depositors, shareholders and other stakeholders of the bank before further damage is done to the oldest Nigerian bank.

 

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