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HOW GOVERNOR ROCHAS OKOROCHA LOOTED 16 BILLION NAIRA IMO 13 PERCENT OIL DERIVATION FUNDS IN 3 YEARS

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6 years ago

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Some months ago, I made a telling revelation that the sum of 1 billion naira belonging to pensioners in the 27 LGA of Imo State was “squandered” by Sir Jude Ejiogu the current Chief of Staff to the Governor of Imo State. Ejiogu squandered this money when he was the Chairman of Imo State Local …Government Service Commission. I lamented the “squandering of the significant sum of 1 billion naira and another 3 billion naira looted by the Speaker of the Imo State House of Assembly Mr Benjamin Uwajumogu. I cried out because most Imolites but especially the poor, continue to suffer the effect of failing public health and education system as well as decrepit infrastructure and battered institutions. I highlighted what I see as the dawn of naked impunity in Imo State.

 

Uwajumogu, Ejiogu and their megaphones have called me all sorts of names. I have been threatened, i have been harassed and i have been closely monitored. They want to shut me up by all means. But as a citizen of Imo State, I am not intimidated. I will continue to speak out. One of the fundamental elements of democracy is the right to free speech without having others trample on your opinion. The capitalist thieving vampires currently in power in Imo state are looting our monies and yet they want us to shut up. They also want us to vote them again in 2015 for another round of impunity.

 

I am not accusing these men falsely as they are claiming. I speak the truth about their fraudulent activities with anger. You will recall that in May, 2011, Owelle Rochas Okorocha took power from Ikedi Ohakim as Governor of Imo State. There was high hope by the masses that Okorocha’s rule will bring an end to mass poverty, worsening living conditions, mass unemployment, suppression of democratic rights, massive corruption, and insecurity of lives and property. But more than 3 years after, the high expectations of Imolites for real positive change in their lives have been shattered. Not only has there been no substantial improvement in the lives of the Imo working masses, in some respect the situation has become worse. Thousands of Ndi-Imo still live without access to good food, housing, good roads, water, electricity and healthcare while Okorocha and his men are looting our monies.

 

The anti-poor policies of sales of Imo public assets, commercialization of health, housing and other social services, and sack of workers in Imo State have made more and more Imolites poorer and the rich minority richer. Corruption among the elite has not only remained, it has become more sophisticated.
Imo State has become one of the most unequal societies in the world, with the richest 20% of Imolites getting 55.7% of the state’s total income while the poorest 20% are left to struggle for just 4.4%. Currently Imo faces gargantuan problems in all areas of socio-economic and political endeavours. The State has further nosedived under the Owelle Rochas Okorocha’s government, lower than any other time since 1999. In every area you look at the only conclusion you will come to is that the Okorocha’s government has failed Imo people resoundingly.

 

Mind you, when i say Okorocha has failed Imo , it is not an isolated opinion. Indeed this is the opinion of the mass majority of Imolites. According to a FAMOUS NAIJA opinion poll conducted in August 2013 , 81% of Nigerians assessed Okorocha’s performance in Imo as very bad; but only 19% assessed his performance as very well and fairly well. In March 2014 another FAMOUS NAIJA opinion poll was conducted and 85% of Nigerians think the present Owelle Rocha’s government has performed very badly in improving the living standard of the poor while only 15% think he is doing very well in improving the living standard of the poor.

 

The most serious aspect of Imo’s problems is the poor and hopeless condition of the youths. Today unemployment has become a permanent feature of the life of Imo youth. Governor Okorocha has failed to offer Imo youths a real future. He sacked 10,000 Imolites from the civil service in year 2011.The 10,000 sacked youths are suffering today.

 

I cannot keep quite and watch Okorocha and his men loot Imo dry.Last week, I was in Bonny Island in Rivers State of Nigeria . I arrived the Island in the morning by boat and was amazed to see that the Island has electricity as the eyes could see . I turned to Mrs Hart who came to welcome me and I inquired about the reliability of electricity in the Island. “It’s steady,” She said. “How often do you see power outages?” I asked. She said “we have light here 247.If they take it,it comes back in 15 minutes time. In fact, I can’t remember the last time we witness power outage here in Bonny. It is pay as you go. You recharge your card and your light is on” I could hardly mask my bewilderment and sense of humiliation!I felt humiliated because I am from an oil producing kingdom like Bonny called Egbema in Imo State. By contrast, the people of Egbema’s narrative in terms of electricity is awful .

 

Power supply is non-existent in the 13 Egbema towns. Since Governor Rochas Okorocha came into power in 2011, the people of Egbema have not seen electricity. Yet on monthly basis 13 percent oil derivation fund is paid to Imo State for the development of the oil producing areas in Imo. Out of this 13 percent oil derivation found 40 percent is meant for ISOPADEC, the commission set up to develop Imo oil areas. Where are the monies? From may 2011 to December 2013 Imo state received N16,613,768,782.98 (sixteen billion, six hundred and thirteen million seven hundred and sixty eight thousand seven hundred and eighty naira ninety eight kobo) as 13 percent oil derivation funds for development of the oil communities in Imo State. Find below the monthly breakdown.

 

May 2011 N278,919,682.00
June 2011
N491,415,545.00
July 2011
N607,508,024.40
August 2011
N691479700.1
September 2011
N650318411.4
October 2011
N742,626,299.53
November 2011
N506556992.7
December 2011
N513122495.7
January 2012
N624755732.8
February 2012
N430283610
March 2012
N495,802,869
April 2012
N530,948,180.82
May 2012
N414,451,615.90
June 2012
N557,851,267.36
July 2012
N441286601.6
August 2012
N563593288.1
September 2012
N436,366,936.76
October 2012
N507,915,584.96
November 2012
N453147887.2
December 2012
N433,746,138.22
January 2013
N548,284,488.83
Febuary 2013
N433,812,735.87
March 2013
N548908424.6
April 2013
N702685396.7
May 2013
N536243879.4
June 2013
N533,171,999.86
July 2013
N465,435,601.16
August 2013
N464,118,297.86
September 2013
N596,526,274.32
October 2013
N702681346.1
November 2013
N439,814,732.12
December 2013
N548,908,424.70

Where are the monies? The monies have developed wings. It is so sad to note that leaders from Ohaji/Egbema/Oguta where Imo oil money comes from are not speaking about the comatose ISOPADEC. Schools, water, road and hospital rehabilitation in Ohaji/Egbema/Oguta which form part of the duties of ISOPADEC remain in their same dilapiladated state and the political class from the oil area are not speaking about the development. Next week I will give you figures of LGA funds looted in Imo state.
Do we allow just one person in the capacity of governor Rochas Okorocha to continue to make our mothers and grandparents suffer helplessly in the villages? Do we continue to allow the governor of Imo State to deprive local governments of the funds needed to build schools, roads, motor parks, markets etc.? Do we continue to herald him with the title “His Excellency” when he has made us beggars and impoverished us in a perpetual state of squalor?

 

Do we continue to clap for Owelle Rochas Okorocha at the commissioning of petty projects, which is far below the commensurate allocation given to him? Let’s ask questions now ,otherwise we shall continue to cry aloof with no one to beckon on us. We shall bear the pains of our parents been rejected in the hospitals for our inability to pay their medical bills, our siblings shall continue to be denied admission because of free education on paper while schools are denied developmental funds. We shall be tempted to become kidnappers and arm robbers at our own peril. Let us stop placing ourselves in subservient position, thereby helping an uncaring governor to achieve his deadly political ambitions at the expense of the state. Wisdom is profitable, how long shall we continue to be fooled?

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Ecobank Alerts Customers on Sim Card Fraud

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8 hours ago

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October 3, 2023

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Ecobank has once again, raised alarm on the dangers of SIM swap fraud, stressing that fraudsters could use it to impersonate them.

In a message to customers via email, the bank explained that SIM swap fraud occurs when scammers use your phone number to access your accounts.

According to the bank, “Scammers impersonate you and trick your mobile phone’s carrier into activating a SIM card, which gives them control over your phone number. It means scammers could potentially enter your username and password when logging onto your online banking platform and then receive the SMS verification code to access your account.

“Protect yourself against SIM swaps, don’t share personal information that fraudsters could use to impersonate you (such as your mother’s maiden name or birthplace) on social media. Never reveal your logins and passwords for your mobile phone, online bank, or credit card accounts to anyone. Please always report any suspicious activity”.

Ecobank also reminded the customers that the bank will not ask them to provide their personal or financial information, stressing that when they receive an email that includes a link to a website, they should ensure that the website is legitimate before visiting the site.

Ecobank further, urged customers not to respond to emails, SMS and unsolicited calls from people they don’t know asking for your personal or banking information.

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Bribery: UK court restricts Diezani’s movement, EFCC begins extradition

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8 hours ago

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October 3, 2023

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A former Minister of Petroleum Resources, Diezani Alison-Madueke, on Monday, appeared before the Westminster Magistrates’ Court in the United Kingdom over an alleged £100,000 bribe.

The district judge, Michael Snow, granted Alison-Madueke a £70,000 bail.

Snow further imposed other terms on Alison-Madueke including an 11 pm to 6 am curfew, an electronic tag to be worn by her at all times and a £70,000 surety to be paid before she could leave the court building.

Although she did not formally enter a plea, her attorney, Mark Bowen, informed the court that she would plead not guilty, Reuters reported.

Her next court appearance will be on October 30 at Southwark Crown Court, which deals with serious criminal cases.

In August, the UK’s National Crime Agency said it suspected that Alison-Madueke had accepted bribes in return for awarding multi-million-pound oil and gas contracts.

In a statement published on its website, NCA said the ex-Nigeria minister “is alleged to have benefitted from at least £100,000 in cash, chauffeur-driven cars, flights on private jets, luxury holidays for her family, and the use of multiple London properties.

“Her charges also detail financial rewards, including furniture, renovation work and staff for the properties, payment of private school fees, and gifts from high-end designer shops such as Cartier jewellery and Louis Vuitton goods.”

In March 2023, the NCA also provided evidence to the US Department of Justice that enabled them to recover assets totalling $53.1m linked to Diezan’s alleged corruption.

Head of the NCA’s international corruption unit, Andy Kelly, said the “charges are a milestone in what has been a thorough and complex international investigation. Bribery is a pervasive form of corruption, which enables serious criminality and can have devastating consequences for developing countries. We will continue to work with partners here and overseas to tackle the threat,” Kelly added.

Diezani was the minister of petroleum resources from 2010 to 2015 during the administration of former President Goodluck Jonathan.

Shortly before Jonathan handed over to President Muhammadu Buhari in 2015, she left the country for the UK.

The Economic and Financial Crimes Commission alleged that the former minister stole $2.5bn from the Nigerian government while she was a minister.

Efforts by the EFCC to arraign her have been unsuccessful as she has not returned to Nigeria since 2015. But the anti-graft agency said on Monday that it had commenced an extradition process to bring Diezani back to Nigeria to face trial.

The spokesperson for the EFCC, Dele Oyewale, said, “The EFCC welcomes, with keen interest, the arraignment of former Minister of Petroleum Resources, Diezani Alison-Madueke, at the Westminister’s Court in London, United Kingdom, following alleged bribery allegations.

“Although the charges preferred against her at the London court, are diametrically different from the 13 counts, bordering on money laundering that the EFCC has raised against her, it is instructive to note that criminality is criminality, irrespective of jurisdictional differences. No crime can go unpunished. The money laundering charges for which Madueke is answerable to the EFCC, cover jurisdictions in Dubai, the United Kingdom, the United States of America and Nigeria.

“To bring the former Minister to trial in Nigeria, an arrest warrant has been obtained and extradition proceedings have been initiated. The commission is on course on her trial. She will soon have her day in our courts.”

 

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Mike Adenuga-led Conoil rewards shareholders with N1.73 billion dividend

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5 days ago

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September 28, 2023

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  • Conoil Plc declares a substantial $2.2 million dividend for fiscal year 2022. 
  • Shareholders to receive N2.5 per share in recognition of Conoil’s outstanding financial performance. 
  • Mike Adenuga’s leadership drives Conoil’s profit before tax up by 60% in 2022.

Leading petroleum marketing firm Conoil Plc, headed by the third-richest man in Nigeria and multibillionaire businessman Mike Adenuga, has declared a sizeable dividend distribution to shareholders of N1.73 billion ($2.2 million).

The $2.2-million payment, which is the last dividend for Conoil’s fiscal year 2022, is equivalent to N2.5 ($0.00319) per share for all 693,952,117 of the company’s outstanding common shares.

At Conoil’s 53rd Annual General Meeting, which took place on September 22, 2023, in Uyo, Akwa Ibom State, shareholders accepted this choice.

According to the information reaching us, the final dividend, which recognizes Conoil’s outstanding financial performance in its 2022 fiscal year, will be deposited to shareholders’ accounts on September 29, 2023.

Conoil’s profit before tax increased dramatically under Adenuga’s direction, rising from N3.83 billion ($4.9 million) in 2021 to N6.13 billion ($7.84 million) in 2022 while confronting various obstacles and a challenging working environment. During the same period, earnings after tax rose by an equally astounding 60%, from N3.08 billion ($3.94 million) to N4.96 billion ($6.35 million).

The increasing profitability of the petroleum-marketing subsector boosted Conoil’s profits per share to N7.14 ($0.0091), a stunning 60.8 percent rise over the N4.44 ($0.00568) generated in 2021.

The company’s board of directors decided to approve a final dividend of $2.2 million, or N2.5 ($0.00319) per share, as a result of this exceptional achievement.

Conoil has strengthened its position as a major player in Nigeria’s petroleum marketing sector under the shrewd leadership of Adenuga. The business is well known for its proficiency in the marketing of a variety of lubricants sold under the “Quarto” brand, including diesel, kerosene, gasoline, aviation fuel, and other liquids.

Adenuga, a well-known telecom tycoon and one of Africa’s wealthiest billionaires, continues to have majority ownership in the oil marketing firm of 74.4 percent, or 516,298,603 shares, further solidifying his position as a key player in the continent’s oil sector.

Conoil’s dedication to providing value to its shareholders and its tenacity in overcoming obstacles in the Nigerian market are both shown by this dividend payment.

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