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Billionaire Femi Otedola Swims In Messy N54 Million Fraud….

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Billionaire businessman, Femi Otedola, is enmeshed in a N54 MIllion scandal which has already landed him at Lagos High Court. Court papers at our disposal suggests that Oteldola, chairman of Zenon Oil and Forte Oil rented out a property belonging to another billionaire mogul, Chief Bode Akindele to Dr. Anthony Solomon, MD of Pharmacare Ltd, without following due process. The property in question is situated at 268C, Kofo Aboyomi Street, Victoria Island, Lagos. Solomon, according to court papers, is alleging that Otedola got him to part with N54 Million to sublet the property to him under the pretense that he was the actual owner of the house and also under the guise that Akindele was in the know of the arrangement. The story , however , changed sometime in July 2011 when he uncovered that Akindele was not aware of the sublease :”Sometime in July ,2011, the claimant (Dr. Solomon ) discovered that the 1st defendant (Madandola) nineteen (19) months after the bank drafts were issued to the 1st defendant . The claimant subsequently discovered that the 1st defendant remitted only the sum of N8,000,000.00 (Eight Million naira) to the 2nd defendant and fraudulently withheld the remaining sums without remitting same to the 2nd defendant as rent for the property having collected the sum of N45, 000,000.00 from the claimant. Solomon disclosed all that and more in his statement of claim filed before the court by his Lawyer, Anthony Onwaeze of Doyin Rhodes-Vivour and Co Chambers. Consequently, he is asking for, among other things, that the High Court of Lagos mandates Otedola to restitue him for “General Damages against the 1st defendant (Zenon Oil) in the sum of N50, 000,000.00 for breach of contract ; interest on the sum of N24, 000, 000.00 paid to the 1st Defendant which funds withheld by the 1st Defendant foe 19 months at the rate of 21% per annum being loss of interest that would have accrued on the funds. Backing up his claims with a litany of receipts used for the payment as well as photographs of renovation work done on the property, the case , with suit No. LD/491/2009, will sure take a better shape in days ahead.

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Controversial Sterling Bank caught in the act! CBN sanctions, parades officials for hoarding new naira notes [VIDEO]

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Officials of the Central Bank of Nigeria (CBN) have discovered N6 million of the new naira notes hoarded in Sterling Bank Plc, Ado Ekiti branch on Bank Road, Ado Ekiti in Ekiti State, having received the funds for over two weeks, THE WITNESS reports.

 

In a trending video on social media, seen by THE WITNESS, a man who identified himself as Oluwole Owoeye, a deputy director of CBN, while monitoring the distribution of the new naira notes in the state, was seen questioning the bank officials as to why they have not uploaded the funds into their Automated Teller Machines, (ATMs), despite having six of the machines in place.

 

The CBN director also announced a fine of N1 million for each day the fund was in the bank’s custody.

 

The CBN official said, “I am currently at Sterling Bank, on Bank Road as part of the new naira notes monitoring compliance with the guidelines by CBN. They have N6 million, which they collected from the bank for almost two weeks, they have not disbursed any. They said they are yet to configure their ATMs, I do not know why that and I have brought attention to the penalty clause of N1 million per day, because they have five ATMs here, they have no reason for keeping this money.

 

“The zonal service manager, Tunde Onipede promised that by 10:00am latest tomorrow (Monday), because I told him by latest 10:00 am I’ll be here and I want to see the machine dispensing this money.

 

“What is the name again? Olumide Owolabi (Service Manager, Ado) & Motunrayo Babayele. My name is Oluwole Owoeye and I am a deputy director of CBN.”

 

WATCH VIDEO HERE:

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FCMB Manager Arrested For Hoarding New Naira Notes

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A manager of the First City Monument Bank (FCMB) branch in Osogbo, Osun State capital, has been arrested for allegedly preventing Automated Teller Machines (ATMs) loaded with cash from dispensing money to customers.

The spokesperson of the Independent Corrupt Practices and other related offenses Commission (ICPC), Azuka Ogugua, in a statement on Friday said the cash bundles were loaded into the ATMs while still wrapped, and as such, could not be dispensed through the machines

“The ICPC Compliance Team in Osogbo has busted an FCMB in Osogbo, Osun State, where some ATMs were loaded with cash with their wrappers un-removed, thus preventing the cash from being dispensed.

“The Team, therefore, directed that the wrappers be removed, and the cash loaded properly’.

Similarly, seven Point of Sale (POS) operators as well as a security guard were arrested during the ongoing exercise in Osun State for charging exorbitant commissions for cash.

Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

The arrested persons are helping the Commission with information to assist investigations and bust any syndicates involved in the hoarding or sales of the redesigned notes.

 

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New naira: ICPC arrests Stanbic IBTC Bank manager over sabotage

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The Independent Corrupt Practices and other related offences Commission (ICPC), has arrested an official of Stanbic IBTC Bank in Abuja for alleged sabotage.

The ICPC spokesperson, Azuka Ogugua, said the development was in continuation of ICPC’s clampdown on elements frustrating efforts in making the redesigned Naira notes available to members of the public.

The bank official, who is the branch service head of Stanbic IBTC Bank, Deidei Branch in Abuja, was taken into custody for her deliberate refusal to upload cash into the branch’s Automated Teller Machines (ATMs) even when the cash was available and people were queuing at the ATM points.

The statement reads: “When the ICPC monitoring team stormed the bank at about 1:30pm on Friday to ensure compliance, and demanded explanation as to why all the ATMs were not dispensing cash, the team was informed by the branch’s head of operations that the bank just got delivery of the cash.

“However, facts available to the ICPC operatives indicated that the branch took delivery of the cash earlier around 11:58am and either willfully or maliciously refused to feed the ATMs with the cash.

“Against this backdrop, the ICPC team compelled the bank to load the ATMs with the redesigned Naira notes and ensured that they were all dispensing before arresting the culprit.

“The ICPC said investigations were still ongoing and the Commission will take appropriate actions as soon they are concluded.

“Similarly, seven Point of Sale (PoS) operators as well as a security guard were arrested during an ongoing exercise in Osun State for charging exorbitant commissions for cash.

“Investigations, however, revealed that they got the money from Filling Stations that collect new notes from fuel buyers, but they then resell the cash to the public at exorbitant rates.

“The arrested persons were helping the anti-graft commission with information to assist investigations and bust other syndicates involved in the hoarding and sales of the redesigned Naira notes,” the anti-graft agency said.

 

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