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Fayose sacks Ekiti LG chairmen, boards …shuns government house………..

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Ekiti Governor, Ayodele Fayose, on Saturday sacked all the Caretaker Chairmen of the 16 Local Government Areas and the 19 newly created Local Council Development Areas in the state.

Also dissolved are all boards of government corporations, agencies and parastatals constituted by the immediate past Governor, Dr. Kayode Fayemi.

Fayose, in a statement by his Chief Press Secretary, Mr. Idowu Adelusi, directed all the caretaker chairmen to immediately hand over to the Director of Administration of their respective council.

“The dissolution takes immediate effect.

“All the local government and local council development areas’ caretaker chairmen are to hand over to the Directors of Administration of the existing local government areas.

“The Directors of Administration are to take inventory of the property handed over to them,” the statement read.

Caretaker chairmen were in control of the 16 constitutionally recognised LGAs during the administration of Fayemi.

Caretaker committees were also appointed for the 19 LCDAs inaugurated shortly after the June 21 governorship election.

An attempt by the Fayemi to hold council election in the 16 councils on February 4, 2011, was stopped by the state High Court, following a suit filed by the PDP in the state that some of the members of the State Independent Electoral Commission were members of the then ruling party, APC.

Fayemi, who had promised to hold council election before the end of the year was defeated by Fayose in the June 21 election.

Fayose had his inaugural speech on Thursday vowed not to fund the LCDAs with the Federal Allocations for the 16 councils listed in the 1999 Constitution.

He said “Section 7 of the 1999 Constitution of the Federal Republic of Nigeria (as amended) clearly spells the authorities and procedures for the creation of local government.

“The sudden and shoddy balkanisation of the existing 16 local government areas by the immediate past administration under the guise of creating local council development areas is being challenged in the court of law.

“Our party considers the hurried creation of the 19 LCDAs, after incumbent (Fayemi) lost the June election, as gratuitous afterthought of a bad loser. It smacks of political subterfuge masterminded in utmost bad faith.

“But at the moment, the matter is sub judice, and as law abiding citizens, our government will not do anything that will render the decision of the court nugatory.

“However, pending the pronouncement of the court, our administration shall be guided by the provisions of Section 3, Part 1, First Schedule of 1999 Constitution on the list of local governments in Nigeria in the allocation of resources to that tier of government.”

Meanwhile, Fayose, has yet to move into the new Government House, Oke Ayoba, Ado-Ekiti, just completed by the immediate past Governor, Dr. Kayode Fayemi.

Investigations by us revealed that Fayose is still governing the state from his campaign office in the Government Reservation Area, Ado-Ekiti.

Fayose had on Tuesday, in a live interview monitored in Ado-Ekiti, invited the prophets in Ekiti, both Islamic and Christian, for the cleansing of the Government House.

Also on Thursday in his inaugural speech, the governor threw open the gates of the government lodge, asking people to go and enjoy themselves there as it was built with their collective wealth.

At a thanksgiving service held the Central Mosque, Ado-Ekiti, on Friday,

Fayose told the congregation that he was not in a hurry to occupy the Government House.

He said, “I am for the masses. I’m not in a hurry to go to the Government House. Those who want to go there can go there and enjoy themselves.

“How will a governor put electricity in his house and the whole town is in darkness,” he queried.

In a related development, Governor Fayose, and the Speaker of the state House of Assembly, Adewale Omirin, have engaged themselves in war of words over a one-month recess declared by the lawmaker.

Fayose had faulted the recess, saying it was declared in bad faith.

Omirin had in a statement by his media aide, Wole Olujobi, said the recess was to allow possible change of guide by the personnel of the Assembly.

However, in a statement made issued by his Chief Press Secretary, Mr. Idowu Adelusi, in Ado-Ekiti on Saturday, the governor said the reason given by the Speaker for his action was a “lame excuse.”

Fayose accused Omirin of making a move to make the present government unpopular among lawmakers, urging him to purge himself of destructive tendencies and chart a new course.

Omirin, however, denied plotting to frustrate Fayose, describing the governor as a “rabble-rouser.”

Speaking through his Special Adviser (Media), Mr. Wole Olujobi, he said the allegations made by the governor against him were baseless.

He said, “They had been busy monitoring constituency projects to ensure their completion for inauguration by the former Governor, Dr. Kayode Fayemi.

“Even if Fayemi were still the governor, they would have still gone on the recess.”

@ Sunday Punch

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

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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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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

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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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