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Ekiti 2018: One Costly Mistake and a Million Errors by Michael Akinsuyi

Published

6 years ago

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For the All Progressives Congress, (APC), the July 14 gubernatorial election in Ekiti is like the epic battle of two bitter, ancient football rivals. In the first finals, the prejudiced referee acted like a striker, midfielder and linesman for one side. In this new battle, the once defeated side now has another chance for a rematch without the hindrance of a partisan referee. This time around, the incumbent, Mr Ayodele Fayose and his crony, Mr Olusola Elenka will no longer have free kick of the ball. The Federal might, which has always been Fayose’s spring, now hosts his imminent pitfall. But one big mistake is for the once defeated side to field the same team, use the same strategy without tactical alteration. Figuratively, the defeated team is currently choosing its line-up. On May 5, its captain will be picked.

Four years after the defeat of the All Progressives Congress, (APC), the party is desperate to reclaim a battered image. However, even with the assumed backing of the Federal authorities, the defeat of Mr Fayose and his crony is not given. The possibility of APC dodging another devastating downfall depends on who wins the primary election slated for this Saturday. While Fayose has given a clear direction on his path, the APC is enmeshed on a riotous, trampling race that may produce a candidate who may be another Fayose’s piecemeal. This is the grave error that APC leadership might commit. This is the dangerous path they might take to the party’s peril. To win the election, the APC has the historic responsibility to organize a primary that is not driven by cash nor motivated by the short-sightedness of a few cabal in the core-North who has been rumoured to be hell-bent on influencing the primary with enormous resources to the detriment of long term stability and prosperity of the commonwealth.

To win the main election, APC needs a sharp break from the past. The party needs a bold, decisive, courageous and iron-cast figure whose sneeze will send Fayose scampering. The party also needs a candidate that will not betray the party. In the context of the realignment on-going in the country, there is the fact that an APC candidate without long standing ideology may be swayed to lead an onslaught against the same APC in the coming years. There are indeed real dangers that Fayose actually has a mole or moles among the aspirants. This is the reason why flirtatious politicians-and some of them are contestants in the APC primary-with a rich history of promiscuity and ambivalence, must be avoided like a plague. It is better to hack them now, despite their pretences, than to have to live with the atrocities they will hatch.
Apart from these considerations, the APC leadership must be awake to the political realities in Eikiti State without which the party will commit dreadful errors that will make her flounder and be washed away like feeble grains. In the first place, the APC needs to pick the candidate with the highest propensity to win the governorship race. A key consideration is to understand the balance of political forces, voter’s strength, where it is most potent and the history of voting patterns in the state.

Already, Fayose has scored a key political point by picking his candidate from Ikere, a key city in Ekiti. How does the APC counter this move? There are 2, 195 polling units in Ekiti State. Out of this, Ikere has 86 polling units. The number of registered voters in Ikere is 65,000. The possibility of Ekiti APC producing an Ikere candidate in the next primary has been hampered by the fact that five APC candidates have emerged from this historic town. Though Dr Wole Oluyede was unanimously agreed by a powerful section in the city, the other four have spat defiantly in the sky and captured the sputum, in anger, with a splash on their faces. The four are going ahead with equal momentum.

Ikere also has to contend with cultural divisions occasioned by the gulf along her polarized traditional institutions. Ekiti South has the highest aspirants of 11; Oye council is the next with the highest number of 5; Ekiti central 7; North 7; Gbonyin 3; Ekiti East 2; Ise Orun 2; Irepodun Ifelodun 2; Ijero 2; Ido Osi; Ekiti East 2; Emure 2. In all, there are 33 aspirants out of which 27 have been cleared by the screening committee. Considering the balance of forces, all the 27 aspirants will have to scramble for delegates in 15 LGs, except Ado which has only one aspirant, Senator Babafemi Ojudu. Ikere for instance will split between 5 candidates. Ido-Osi will be a battle ground between two aspirants. Oye where Dr Kayode Fayemi, Senator Ayo Arise, Bimbo Daramola and others come from will be fiercely contested by 5 aspirants.

The only LG that stands out is Ado, with 182 delegates, by far the highest in the entire state and the most cohesive. Ikere has about 56 delegates. Ado Ekiti, where Senator Babafemi Ojudu comes from will be going as one team. From the prism of logic and common sense, all what Ado needs is to win pockets of support from other LGs to clinch the trophy. There is no doubt that a candidate from Ado will strengthen the potential of APC winning the July 14 poll.

Traditionally, Ado has always been the most remarkable electoral determinant of Ekiti voting outlook.
At the advent of electoral politics in Ekiti history, it took some time for the Action Group, (AG) to be able to penetrate the entire Ekiti province for no other reason that the initial Ado support for the NCNC. Not until the trend was broken was AG, which came to Ado in the 1940s, able to overwhelm Ekiti area.
In 1955, for instance, one of the first major political contests took place between Awodimula from Ode Ekiti, Chief Familoni from Ido Ekiti and JE Babatola from Ado Ekiti. Babatola won in the AG primary and won the main election.
In 2003 elections, Otunba Niyi Adebayo won in 12 of the 16 LGs. Fayose turned the table with votes from Ado. No election has been held in Ekiti State without Ado being the major pathfinder. In the last election for instance, Ado had 137,155 out of 733,766 registered voters trailed by Irepodun Ifelodun 54,085; Ijero 49,417 votes, Ikole 49, 390; Ekiti East 47, 288 and Ikere with a distant 45,611.

Ado had 59,480 votes, Ijero 26, 589; Ikole 26, 252 with Ikere at a distant 25,889. There is the fear that irrespective of the contradictions, if APC picks a candidate from Ikere, the votes will be shared decisively between the APC and the PDP whose candidate is also from Ikere. Picking a candidate elsewhere apart from Ado will strengthen Fayose who is waiting in the wings to pick his deputy from Ado-Ekiti. The only way to neutralize him is to pick the APC candidate from Ado.

Primary elections are often determined first by kinsman loyalty of delegates. As it is, Ado presents a strategic posting as the most audacious bride. While Ikere has not produced a governor in Ekiti, it has produced the governor of old Ondo State. Ado has neither produced the Governor of Ekiti nor the governor of old Ondo State. Most of most significant towns have cultural and blood-bound ties with Ado. The cultural institutions in Ado historically has unprecedented network across the towns and villages in Ekiti which has been energized since Ojudu joined the race for overwhelming victory. It must be noted that in the past, Ado often deliberately play the role of the kingmaker by refusing to produce a governorship aspirant, but this time around, the entire city with a zeal and determination never before seen, has chosen Senator Ojudu as the one and only aspirant on the platform of the APC. Good enough for the APC, Ojudu has a rich history of radical struggle, consistency, bravery, iron-cast nerve and infact, he is the lion that can scare stiff Fayose and his agent. He performed this same feat in 2011 when he scored 64,000 plus votes in the Senatorial election dusting Fayose almost thrice. Certainly, the clincher of the APC will be to pick its candidate from Ado-Ekiti. Omission of this calculation will be another costly error that may plunge the APC into another whirlwind of regret and defeat. Fayose is like a vulture, hovering to see if on May 5, APC will bring forth another carcass in the form of a weakling that will give him another cheap victory. A candidate from Ado is one sure way to cut down the PDP like grass and make it wither like a flower without nurture. The APC leadership has the choice to make or mar.

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EFCC indicts Sirika, brother in new N19bn fraud

Published

3 days ago

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May 14, 2024

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The Economic and Financial Crimes Commission has charged former Minister of Aviation, Hadi Sirika, his brother, Ahmad Sirika; and his company – Enginos Nigeria Limited, with over N19.4bn fraud.

The sum is said to be for several aviation ministry contracts from the former minister to Enginos Nigeria Limited, owned by Sirika’s younger brother, Abubakar.

The Sirika brothers and Enginos Nigeria Limited will be arraigned before Justice Belgore of the Federal Capital Territory High Court, Garki, Abuja today (Tuesday).

It is the second criminal charge the EFCC will be filing against the ex-aviation minister.

He was last Thursday arraigned for N2.7bn fraud before the High Court of the Federal Capital Territory in Abuja.

Sirika was arraigned on six counts alongside his daughter, Fatimah; brother-in-law, Jalal Hamma, and Al-Buraq Investment Ltd.

The defendants pleaded not guilty while Justice Sylvanus Oriji granted them N100m bail each, with the condition that they must not travel out of the country until the end of the criminal case.

On Monday, EFCC insiders informed The PUNCH that the anti-graft agency had filed a second charge against the ex-minister, bordering on N19.4bn fraud.

In the copy of the fresh charges sighted by our correspondent on Monday, the EFCC alleged that Sirika, “while being the Minister of Aviation, on or about 18th August 2022, in Abuja, within the jurisdiction of this honourable court, did use your position to confer an unfair advantage upon Enginos Nigeria Limited, whose alter ego, Ahmad Abubakar Sirika, is your biological brother, by using your position to influence the award to him, the contract for the construction of a terminal building at Katsina Airport for the sum of N1,345,586,500.00.”

According to the EFCC, Sirika’s alleged action was a violation of Section 19 of the Corrupt Practices and Other Related Offences Act, 2000 and punishable under the same section.

In another count, the EFCC alleged that “on or about 3rd of November, 2022, in Abuja,” Sirika used his position “to confer unfair advantage upon Enginos Nigeria Limited, whose alter ego, Ahmad Abubakar Sirika, is your biological brother, by using your position to influence the award to him, the contract for the establishment of Fire Truck Maintenance and Refurbishment Centre at Katsina Airport for the sum of N3,811,497,685.00.”

In another count, he was accused of corruptly awarding a N615,195,275.00 contract to his brother for the procurement and installation of lift and air conditioners and power generators for the Aviation House in Abuja.

Furthermore, the EFCC alleged that Sirika, between August 2022 and May 2023 in Abuja, “had possession of an aggregate sum of N2,337, 840,674.16, which sum you knew indirectly represented the proceeds of criminal conducts of Hadi Abubakar Sirika, who was the Minister of Aviation at the time.”

It was revealed that the ex-minister’s younger brother, Abubakar, was earlier arrested and detained by the EFCC in connection with N3,212,258,930.18 paid to his company, Enginos Nigerian Limited’s bank account by the former minister.

 

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Nigerian Bank chiefs obtain N549bn insider loans in five years

Published

4 days ago

on

May 13, 2024

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Directors and key management personnel of Deposit Money Banks borrowed about N549bn from their financial institutions in five years.

This is according to The PUNCH analysis of the banks’ annual reports filed with the Nigerian Exchange Limited between 2019 and 2023.

However, the banks’ loans and advances to some directors and key management personnel as well as related party transactions dropped significantly in 2023.

These transactions dropped to N52.40bn for eight financial institutions compared to N111.31bn in 2022, indicating a 52.92 per cent decline in one year.

Financial institutions reviewed in the 2023 review include Access Holdings, Guaranty Trust Holding Company Plc, Zenith Bank Plc, United Bank for Africa, Fidelity Bank, Wema Bank, Stanbic IBTC Holding Plc and the FCMB Group.

This decline came amid the release of new corporate governance guidelines by the Central Bank of Nigeria which went into effect August 1, 2023.

In the circular dated July 13, 2023, and signed by Director, Financial Policy and Regulation Department, Chibuzo Efobi, the guidelines which imposed responsibilities on the bank board and the executive compliance officers, supersede other previous codes, circulars and related directives, according to the apex bank.

The CBN guidelines on related party transactions said, “Banks shall establish a policy concerning insider trading and related party transactions by directors, senior executives, and employees, as well as publish the policy or a summary of that policy on their website. 22.2 The policy shall contain appropriate standards and procedures to ensure it is effectively implemented. 22.3 In addition to the requirements in Section 22.2, there shall be an internal review mechanism carried out by the internal audit function of the bank, to assess the compliance and effectiveness of the policy.

“22.4 Any director whose facility or that of his/her related interests remains nonperforming in any financial institution for more than one year shall cease to be on the board of the bank and shall be blacklisted from sitting on the board of such bank and that of any other financial institution under the purview of the CBN. 22.5 No director-related loans and/or interest thereon shall be written off without the CBN’s prior approval.”

Leading the pack in terms of major decline in loans to related parties and entities controlled by key management personnel was Fidelity Bank Plc, which went from N92.31bn at the end of December 2022 to N2.09bn at the end of last year.

In footnotes, the bank however said that some of the related parties like A-Z Petroleum Limited, Dangote Group and Genesis Group as of 31 December 2022, had “exited the related party relationship post 2022 financial year in line with CBN requirement.”

In 2022, the total value of insider loans for 10 banks including Access Holdings, Guaranty Trust Holding Company Plc, Zenith Bank Plc, United Bank for Africa, Fidelity Bank, Wema Bank, Stanbic IBTC Holding Plc, FCMB Group, Unity Bank and Sterling Bank amounted to N131.04bn.

Fidelity Bank led the highest for the year, followed by Unity Bank at N17.32bn and UBA at N13.74bn.

In 2021, the loans to related parties of these financial institutions rose to N139.16bn with Fidelity Bank and UBA leading at N97.73bn and N15.28bn, respectively. GTCO trailed in third position with N6.859bn.

Between 2019 and 2020, a total of N226.6bn was disbursed as loans. In 2019, eleven banks borrowed its key management personnel a total sum of N29.65bn. The figure also includes loans to companies related to the directors.

An analysis showed that GTCO lent N155m, Zenith Bank (N1.76bn), UBA borrowed its directors N297m, Wema Bank (N5.2bn), Stanbic IBTC (N95m), FCMB (N4.8bn), Unity Bank(N7.14bn), Sterling Bank (N10.12bn) to related parties.

In 2020, the figure increased by 564 per cent or N167.32bn to N196.97bn.

Checks showed that Access Bank lent the highest with a total of N174bn to its directors and companies related to them. This was followed by Unity Bank with N7.55bn. Third on the list was Sterling Bank with N6.01bn.

Other banks including Fidelity borrowed its directors N986.2m, GTBank (N67.9m), Zenith Bank (N1.797bn), UBA (N206m), Wema Bank (N2.82bn), Stanbic IBTC (N332m), FCMB (N3.2bn), Unity Bank (N7.55bn), Sterling Bank (N6.01bn).

Commenting on the trend, the Chief Research Officer at InvestData Consulting, Ambrose Omordion said “In my language, they say, it is the yam that you know that you use to make pounded yam. If an organisation feels that the insider or director can pay the loans given to them, then there is no issue. It is when they do not pay that is where there would be issues.

“Like what is happening now in the economy, banks are not giving loans to ordinary companies unless those with names because of economic headwinds. If they give loans to the public and they are unable to repay, Non-Performing Loans will rise. If the banks offer to insiders that would pay, it is better for them.”

 

The Punch

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Court Orders Arrest of Ex-Naval Chief, Usman Jibrin Over Alleged N1.5billion Money Laundering Charges

Published

5 days ago

on

May 12, 2024

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Justice Inyang Ekwo of the Federal High Court, Abuja, has ordered the arrest of a former Chief of Naval Staff, Vice Admiral Usman Jibrin, and two other officers over N1.5 billion money laundering charge.

 

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) dragged the trio before the court over fraud N1.5bn allegations.

 

The court issued the arrest warrant after hearing a motion exparte marked FHC/ABJ/CR/158/2023 and filed by ICPC counsel, Osuobeni Ekoi Akponimisingha.

 

In the motion, the lawyer submitted that Usman Jibrin Oyibe, Adam Imam Yusuf, Brigadier General Ishaya Gangum Bauka (first to third defendants), were investigated for allegations of money laundering and making false statements regarding diversion of funds in their respective military and paramilitary institutions, into companies in which they allegedly had stake.

 

According to him, at the commencement of the investigation into the allegations, the defendants were released on administrative bail on self-recognition because of their status as serving and former public figures and has since then refused to show up for possible arraignment in court.

 

The Lawyer prayed the court for a bench warrant against the 1st, 2nd and 3rd Respondents (Vice Admiral Usman Jibrin Oyibe, Adam Imam Yusuf, and Brigadier General Ishaya Gamgum Bauka) in charge No. FHC/ABJ/CR/158/2023 which is pending before the court for the purpose of arresting and bringing them to court for their arraignment and trial.

 

Listed as first to sixth defendants in the 17-count charge are Usman Jibrin Oyibe, Adam Imam Yusuf, Brigadier General Ishaya Gangum Bauka, Lahab integrated & Multi Services Limited, Gate Coast Properties International Limited and Ummays Hummayd Energy Ltd

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