Connect with us

Interview

THE ELEGUSHI FAMILIES SPEAKS ON THE DEATH OF THE 2 UNILAG STUDENTS…

Published

on

Contrary to the story making the rounds about the death of the two university of Lagos students, Funmi Odusina, and Sola Ogunmefun at the Elegushi private beach in Lagos, the families of the Elegushi and the management of the beach have finally spoken and affirm the real story and how the incident really happened.
Speaking to Journalists about the sad incident, head of the Elegushi family Chief moroof Adisa Sunny Elegushi, the olisa of ikate land confirmed that the students did not die at the beach as reported by the media.  “They did not die at the beach, they were rescued by the life guard’s personnel and were rushed to the hospital before they were later confirmed dead at the hospital” the Olisa told us.
Expressing the families stand about the very sad occurrence, the family head said further that he would like the people of Lagos and the general public to know that the Elegushi families are law abiding citizens and would never do anything contrary to the laws of the land. “We want the people of Lagos and the general public to know that we the Elegushi families are law abiding citizens and we would not do anything above the laws of the land irrespective of the situation, but on this case, man proposes and God disposes.

PRINCE OLANREWAJU ELEGUSHI (MIDDLE)
Our further investigation also confirmed that the Elegushi families have been in touch with the families of the diseased since the ugly incident contrary to what was earlier reported. We gathered reliably that the families of the Elegushi kingdom even attended the burial rites of the diseased students days ago, showing that they were in all means responsible and stood by the challenges as it happened.
Speaking on the burial ceremony, the Olisa of Ikate, also affirmed that they were all present at the burial rite and commiserate with the families of the late students.
“We attended the burial of the students and the families were happy to see us there, as they were never thinking we ignored the diseased and show  ‘I don’t care’ attitude, and till now we are still in touch with the families”.
We gathered further that even though the management of the beach warned the visitors on the day the ugly incident happened, that the water was not showing familiarity considering the weather and wave of the day, the students ignored all the warnings and still went ahead to swim, haven seen the red flag that showed the sign of danger in the water zone.

SECOND LEFT: PRINCE OLANREWAJU, 3RD RIGHT CHIEF MOROOF SUNNY ELEGUSHI, AND THE WHITE CAP CHIEFS.

A beach expert who spoke to Society reporters confirmed that the sign of the red flag is a sign of danger which signifies that no one can go closer to the beach once flagged, but this was not the case on this very day, as the students ignored that warning of the guards at the beach.
The Lisa also told us that while the birthday party was going on, the students decided to swim in the very heavy waved water after the flagged warning, and that was what led to the incident.
Looking at the antecedent of the Elegushi beach, over the years there have never been any report of such incident at the private beach before this occurrence.
Speaking on this, the Asiwaju of Ikate Land, prince Olanrewaju Elegushi told us that this is happening for the first time, and this has also given a sign of warning to avoid future occurrence and also making them to tighten up the security and gaudiness of the beach to avoid any future occurrence of this nature.
“Our resolution is very simple and professional, investigations are still ongoing while we are assisting the government agencies to discover the reason and how the whole thing all happened, and we are sure of telling the general public the whole situation report after the investigation”. We have also constituted a committee to to develop a framework to improve on safety and security on the beach. The beach is currently closed and when we reopen we would ensure that these new recommendations by the committee are put in place. To us safety is important and be rest assured that we have taken lessons from this unfortunate incident

Speaking further on the early report as alleged by some quarters of the media, he confirmed to us that the earlier reported story was false as the students were not confirmed dead at the beach after their rescue they were rushed to the nearest hospital, and that was where they were confirmed dead by the attendants which is open to confirm.

“The students didn’t die at the beach, we have numerous life guards at the beach, who are always on a horse ride, considering the stretch of the beach, and when the incident happened they jumped into the beach to rescue the students, after the rescue the normal first aid was carried out which could be confirmed by the eye witness, and upon their arrival at the hospital, the doctors confirmed their demise which was so painful to the management of the beach”.
Speaking further on their resolution of the occurrence, the Asiwaju of Ikate land, Prince Olanrewaju Elegushi told us that they have organized a committee who is overseeing the situation of the incident and in due time the result would be relayed to the general public showing their responsibility as a family.
As the time of filing this report, the Elegushi of Ikate Land, Oba Saheed Elegushi was not in town as this is the Ramadan period and he is presently at the hajj, where he is observing the Ramadan soliciting to God for peace and harmony for his people.
But the families assured us of getting back to us to get his own submission of the occurrence even though he was not too happy about the situation that claimed the life of the diseased students.
We will continue our investigation and definitely update our readers of the outcome of the whole situation.

Sunday Adebayo (Who was at the palace Of The Elegushi, in Ikate, Lekki Lagos).

Continue Reading
Advertisement

Interview

Exposed: Security agencies uncover, close up on officials behind smear campaign against CBN gov, Cardoso.

Published

on

By

Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has come under attack and a smear campaign from detractors and vested interests opposed to the ongoing economic reforms spearheaded by his administration, investigations have revealed.

Findings indicate that these attacks are being orchestrated by disgruntled elements within and outside the apex bank, aiming to discredit the governor and reverse the progress made in stabilizing Nigeria’s economy.

Cardoso took over a deeply corrupt and dysfunctional system under the former administration of the apex bank. It would be recalled that findings by the Special Investigator of the Central Bank of Nigeria and Other Related Entities revealed that certain elements within the system had turned the CBN into their personal and family enterprise, allegedly siphoning off billions in stolen and embezzled funds.

The previous administration of the apex bank was said to have expended over ₦10 trillion in about six years on various interventions across different sectors of the economy, yet with little to no significant impact. The CBN had become a cesspool of corruption, necessitating urgent and radical reforms to restore its integrity and credibility.

Upon assuming office in September 2023, we gathered that Cardoso conducted a comprehensive review of the entire system and concluded that a complete cleanup was essential for his success. This prompted the CBN boss to implement bold and drastic internal reforms to enhance operational efficiency.

However, these reforms have not come without opposition.

Further investigations revealed that the recent attacks against the CBN Governor are part of a smear campaign orchestrated by certain disgruntled top officials and former officials of the CBN. Security sources confirmed that communication tracking has identified a serving director, two deputy directors, and two former directors as the masterminds behind the ongoing attacks. These individuals are allegedly working to tarnish the apex-bank governor’s reputation through blackmail and misinformation. We learned that security agencies are closely monitoring their activities, and they are expected to face legal consequences soon.

“Yes, we have received petitions regarding attempts to blackmail the governor of the CBN. A high-level investigation has commenced, and those found culpable shall face the full wrath of the law. We are collaborating with another sister agency on the matter,” a top DSS official, who is not authorized to comment on the matter, told our correspondent.

As part of the recent reforms, several redundant directors and senior officials accused of engaging in forex manipulations that weakened the naira over the years have been retired. The restructuring process included the voluntary retirement of many officials, who were well compensated for their years of service. This initiative was largely welcomed by many. Additionally, the bank transferred some staff from the Abuja headquarters to Lagos and other regional offices across the federation to optimize operations. However, these measures did not sit well with some individuals, as they effectively blocked corruption loopholes, leading to resistance from affected parties.

Notably, many of the officials who have exited the CBN were closely associated with the embattled former governor, Godwin Emefiele, who has been accused of running the apex-bank and the Nigerian economy aground. Emefiele is currently facing multiple charges, including fraud, money laundering, and abuse of office. Recall that the Department of State Services (DSS) had arrested several former deputy governors, directors, deputy directors and some other officials of the CBN linked to Emefiele over allegations of financial misconduct and irregular forex allocations.

Despite facing opposition, the policies and reforms initiated by the Cardoso-led CBN have begun to yield positive results. The reforms have restored confidence among both foreign and domestic investors, bolstering efforts to attain price stability.

The implementation of critical measures in the foreign exchange (forex) market has led to a strengthening of the naira against foreign currencies in both parallel and the Nigerian Autonomous Foreign Exchange Market (NAFEM). Additionally, foreign direct investments (FDIs) are on the rise, signaling increased investor confidence due to improved forex management and greater transparency in financial operations.

One of the key reforms under Cardoso’s leadership was the overhaul of the Bureau De Change (BDC) operations, which had become a conduit for illicit financial activities, including terrorism financing and money laundering. The BDC segment was being exploited by bank staff and even some CBN officials for arbitrage, distorting the forex market. As part of the clean-up, the CBN revoked 4,173 BDC licenses, effectively dismantling corrupt networks and restoring discipline in the sector.

The electronic FX matching platform and the Nigeria FX Code, introduced by Cardoso into the system, have also been pivotal in restoring transparency. As a result of these efforts, investor confidence has surged, foreign portfolio inflows have increased, and external reserves have risen to over $40 billion, the highest level in nearly three years.

The Cardoso-led CBN has also been able to unify the exchange rate system and eliminate multiple exchange rates, which had previously distorted market operations. In addition, the clearance of a $7 billion backlog in foreign exchange obligations addressed a critical bottleneck that had long hindered Nigeria’s economic growth.

In the banking sector, Cardoso has put up strategies to uplift the sector and increase stakeholders’ confidence. On March 26, 2024, the CBN announced a new minimum capital base for banks. Under the new policy, the minimum capital requirement for commercial banks with international authorization was raised to ₦500 billion, while banks with national authorization now require ₦200 billion, and those with regional authorization must have a minimum of ₦50 billion. With this new directive, the CBN aims to attract fresh capital inflows, strengthen banks, and enhance their capacity to drive economic growth. The policy is also expected to support President Bola Tinubu’s ambitious goal of achieving a Gross Domestic Product (GDP) of $1.0 trillion within the next seven years.

Furthermore, the CBN’s decision to cease deficit financing through its Ways and Means advances, a practice that had reached an unsustainable ₦22.7 trillion as of 2023, has marked a return to fiscal discipline and reinforced the Bank’s core mandate of ensuring price stability.

Under Cardoso’s leadership, Nigeria has positioned itself as a leader in digital payment innovation, surpassing many advanced economies and solidifying its status as a fintech hub in Africa. Homegrown unicorns have played a crucial role in expanding financial inclusion, further demonstrating the impact of the reforms.

The Witness.

Continue Reading

Interview

FCMB Vs Cool Financial Services: FCMB’s Response Claims Cool Financial’s Lawsuit Lacks Merit

Published

on

By

First City Monument Bank (FCMB) has responded to report on finance house Cool Financial Services’ lawsuit against it after a customer was able to withdraw a N150 million loan from a frozen bank account.

FCMB wrote a day after the report was published and three weeks after the initial request for comments was sent.

“FCMB believes the lawsuit filed by Cool Financial Services is without merit, as the bank had no contractual or fiduciary obligations to them,” the bank stated in an email on Thursday.

We had earlier reported that Cool Financial Services, a finance house based in Lagos State, lent Goewe and Sons Ltd., a supplier, a loan facility of N150 million in 2023 and the said loan was to be deposited in the borrower’s account domiciled at FCMB untouched.

At the expiration of the loan tenor, the lender was surprised to discover that the N150 million had been withdrawn from the account without its knowledge despite an earlier mandate stating that only the lender could authorise the withdrawal of that amount from the account.

Prior to the publication, FCMB had been requesting for one week after another week to investigate and respond to request for comments. We went to press on Wednesday, three weeks later.

A day after publication, however, FCMB responded with claims that the N150 million withdrawal was properly done and that it had no customer-banker relationship with the lender at the time of the loan transaction.

“To set the record straight, FCMB categorically states that it had no contractual relationship, express or implied, with Cool Financial Services concerning the N150 million. Claims of a fiduciary relationship or contractual obligations are without merit,” Adeola Adejokun, FCMB’s head of communications, wrote in an email on Thursday.

“Contrary to Cool Financial Services’ claims, they opened an account with FCMB on February 21, 2024. Therefore, no banker-customer relationship existed between FCMB and Cool Financial Services during their dispute with Goewe and Sons Ltd.”

The lender had earlier said, with documents in tow, that the borrower made it a ‘Category A’ signatory to the loan account to keep it informed of any activity on the account holding the N150 million. An email address of the lender’s representative requested to be added in addition to the new mandate instruction.

While admitting the fact stated above, FCMB said the dissipation of the loan sum from the account followed legal procedures.

“FCMB was not a party to any agreement that was said to have involved Cool Financial Services and Goewe and Sons Ltd. No arrangements existed that obligated FCMB to act on behalf of Cool Financial Services regarding the management of the disputed funds,” the bank’s Thursday email read.

“Goewe and Sons Ltd., an FCMB customer, received a standard loan facility secured by a lien on their deposit account, as detailed in the loan agreement dated July 24, 2023. While a representative from Cool Financial Services was listed as a co-signatory on one of Goewe and Sons Ltd.’s accounts, FCMB acted according to the legally provided account mandates.

“Subsequently, Goewe and Sons Ltd. changed the mandate following due process, and FCMB was under no obligation to seek authorisation from Cool Financial Services for this change.”

Similar to the borrower’s response to FIJ, the bank stated the loan had been repaid.

“Goewe and Sons Nigeria Limited and Cool Financial Services Limited had a financial dispute that involved law enforcement agencies. On January 19, 2024, Goewe paid Cool Financial Services Limited N150 million via bank drafts through its legal counsel,” FCMB wrote.

“FCMB conducted all transactions with Goewe and Sons Ltd. in good faith, adhering strictly to banking regulations and internal policies. The bank acted neither negligently nor breached any duty towards Cool Financial Services.

“FCMB believes the lawsuit filed by Cool Financial Services is without merit, as the bank had no contractual or fiduciary obligations to them. Goewe and Sons Ltd. has already repaid Cool Financial Services.”

The bank said that it had filed its defence to the lender’s statement of claim in court, adding that the case came up for mention on Wednesday and the court subsequently adjourned it until March 18.

Source: FIJ

Continue Reading

Interview

Cool Financial Sues FCMB for Allowing Borrower to Withdraw N150m From Frozen Account

Published

on

By

Cool Financial Services, a Lagos State-based finance house, has sued First City Monument Bank (FCMB) for allowing Goewe and Sons Ltd., one of its borrowers, to withdraw a N150 million loan sum from an account with an active freezing instruction.

Goewe and Sons Ltd. is a merchandise company owned by Ewere Godwin Orobosa. In July 2023, the company first approached the finance house for a N100 million loan at a 3.5% interest rate for a duration of 30 days.

Again, in September 2023, the company obtained an additional loan of N50 million at an interest rate of 1.5% for a month, bringing the entire loan to N150 million.

The borrower intended to pursue a contract and needed to have the said amount in its bank account, but the loan was not to be used to execute the potential contract.

Both Goewe and Sons Ltd. and Cool Financial Services then instructed FCMB to freeze the loan account so that the loan sum could remain untouched for the period of the transaction, according to a loan agreement dated September 18, 2023.

The borrower had earlier written to the bank to alter its account mandate through a board resolution dated September 15, 2023. The borrower appointed Ewere-Egharevba Orobosa, representing the borrower, and Roseline Anibueze, representing the lender, as ‘Category A’ signatories to the account.

The directive further specifically stated that the representative of the lender shall have the power to authorise any withdrawal below N150 million from the account while any withdrawal exceeding that amount shall be jointly authorised by the two signatories.

“Those measures were put in place to guarantee compliance with the terms and conditions of the loan facility,” Oluwafemi Adediran, head of the legal unit at the finance house, told FIJ on Wednesday.

After the loan duration expired, the lender wanted to withdraw it. So, on October 23, 2023, the finance house presented a transfer cheque at the Chevron branch of FCMB in Lagos confident that the money was intact. But the cheque was dishonoured and the bank revealed that the borrower had already withdrawn the loan.

“Upon our investigations and findings, we became aware albeit shocked that you disregarded the lien on the account and processed a loan of N150,000,000 (one hundred and fifty million naira) on the back of the restricted facility meant only as proof of funds. What is more, we are alarmed not only by this act but by the temerity and obviously premeditated criminal falsification of the signatures of the representatives of our client as signatory ‘A’ before the consummation of the unauthorised mindless transaction,” Justice John, a legal practitioner, wrote to a business manager at Sanusi Fafunwa Branch of FCMB and the FCMB managing director on behalf of the lender on September 26, 2023 and October 26 respectively.

On October 25, 2023, the lender visited the Sanusi Fafunwa Branch. There, Chukwuma Chukwuka and Isiaq Babatunde, both officials of the bank, appealed for a cure period of 72 hours to remedy the situation. An additional 48 hours was given to the bank to sort out the issue internally, according to a November 2023 court filing signed by Anibueze.

Those cure periods were not adhered to. On October 31, FCMB through Tosin Talabi and Akin Akintola, both legal counsel and head of litigation for the bank, said it had commenced an investigation into the issue.

“In accordance with our internal procedure, we have commenced investigations into the issues raised in your letter under reference and shall revert to you shortly with the bank’s position once the investigation (sic) is concluded,” the legal counsel wrote.

“At the time we went to the bank to verify how the money was withdrawn, we found out that the freezing instruction was still active on the account. We observed that our director’s signature was forged to make the withdrawal. The question the bank has not answered is, ‘How was it possible to withdraw money from an account with an active no-withdraw order?’”

More than a year after the letter referenced above, the bank was yet to reveal the findings of its investigation.

SEEKING REDRESS THROUGH COURT
In November 2023, the lender filed a suit marked FHC/2377/2023 before a Federal High Court in Lagos seeking to recover losses it had incurred as a result of what it considered “a criminal conspiracy”.

Sued in the lawsuit were FCMB as the first defendant, the borrower as the second defendant and the Central Bank of Nigeria (CBN), FCMB’s regulator, as the third defendant.

“A declaration that the action of the 1st defendant amounts to breach of fiduciary duties owed to the plaintiff,” the first leg of the relief read.

“An order directing the 1st defendant to immediately pay the plaintiff its capital in the sum of N150,000,000 (One Hundred and Fifty Million Naira Only) with (an) interest rate of 21% per annum or at the prevailing Central Bank of Nigeria’s rate from October 23, 2023, when the plaintiff’s transfer request was dishonoured by the 1st defendant despite the plaintiff’s account being funded; and without any satisfactory explanation by the 1st defendant to the plaintiff.

“General damages in the sum of N250,000,000 (Two Hundred and Fifty Million Naira Only) against the 1st defendant for the economic loss, embarrassment and financial exposures suffered by the plaintiff as a result of the devastating action of the 1st defendant, bearing in mind that the plaintiff is in the business of loans and SMS financing.

“An order of this honourable court directing the 1st defendant to pay interest on the judgment sums at the rate of 21% per annum or at the prevailing Central Bank of Nigeria’s rate, from the commencement of this suit till the date of judgment, and 14% per annum from the delivery of judgment till liquidation of the entire judgment sum to the plaintiff.

“An order of this honourable court directing the 3rd defendant to enforce compliance of the 1st defendant by drawing from the deposits of the 1st defendant in its care to settle all monetary sums and liabilities thereof by the 1st defendant herein in the event that the 1st defendant is unable to pay same.

“The cost of this action in the sum of N5,000,000 (Five Million Naira).”

The court has not fixed a hearing date for the case. At press time, FIJ learnt that FCMB had not filed any response to the lender’s filings.

FCMB had not responded to a request for comments at press time. On January 15, Rafiu Muhammed, a corporate affairs and media management officer at the bank, acknowledged FIJ’s email on the phone and promised that the bank would investigate and respond soon.

When asked to be specific when the bank would respond, Muhammed said, “I don’t want to give you an unrealistic time. But we will investigate and respond very soon.”

FIJ sent him a reminder on January 24 and Muhammed responded, “Give us till next week.”

FIJ called him again on Wednesday and Muhammed requested one more week. “We will try to expedite our investigation. Give us till next week,” he repeated.

THE BORROWER’S RESPONSE
In the court documents, the lender accused the borrower of falsifying Anibueze’s signature and conspiring with the bank to withdraw the money.

On January 15, FIJ contacted Godwin Ewere, the director of the borrower, for his comments. He denied falsifying any signature, stating that he had defrayed the loan and was no longer indebted to the lender.

“The loan obtained from Cool Financial Services has been fully paid and liquidated. We no longer owe Cool Financial Services. No signature was forged whatsoever,” Ewere said, adding that he also wanted to sue FCMB.

“I don’t want to say anything, because I want to sue FCMB.

“I am ready to meet them in court. I still see my name on (the) credit bureau that I am owing them [the lender]. They are saying over N20 million, which I don’t understand.”

Ewere showed FIJ a harmonised document containing a series of cheques he issued in the name of the lender.

When FIJ relayed Ewere’s response to the lender’s head of legal unit, he said it was a lie. He maintained that the borrower defaulted in repaying the loan and also withdrew the money illegally.

 

Source: FIJ

Continue Reading

Trending