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Nigerian billionaire, Gilbert Ramez Chagoury indicted for US campaign finance violations

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The United States Justice Department on Tuesday, charged Nigerian billionaire, Gilbert Ramez Chagoury with one count of scheming to falsify and conceal material facts and two counts of making false and misleading statements to federal investigators during an investigation into illegal contributions he made to the re-election campaign of Nebraska Republican Congressman, Rep. Jeff Fortenberry. Under 18 USC Section 1001, the penalty for making false statements is a maximum sentence of up to five years in prison. Both Fortenberry and Chagoury face up to 15 years imprisonment if convicted.

A federal grand jury also indicted Rep. Fortenberry, alleging that the Nebraska GOP congressman concealed information and made false statements to authorities. The Justice Department also said Rep. Fortenberry repeatedly lied to and misled authorities during the investigation into illegal contributions made by Chagoury to his reelection campaign. The 75-year-old Nigerian billionaire of Lebanese descent has been living in Paris, France since 2015, after he fell out of favor with the new political establishment in Nigeria led by President Muhammadu Buhari. Chagoury is alleged to have bankrolled the election campaign of then President Goodluck Jonathan who was defeated by Buhari.

Gilbert and his brother, Ronald Chagoury, who have built a reputation as giants of global philanthropy, are among Africa’s richest men with generous donations to charitable projects around the world. Gilbert’s name is on a gallery at the Louvre in France and a medical school in Lebanon, and he has received awards for his generosity to the Catholic Church and St. Jude’s Children’s Hospital in the USA. He owns a seven-bedroom hilltop mansion in Beverly Hills in California, and he has a high-level network of friends from Washington to Lebanon to the Vatican, where he serves as an ambassador for the tiny island nation of St. Lucia. His website shows him shaking hands and laughing with Pope Francis.

“I never imagined what the future would hold for me,” Chagoury once said of his boyhood in Nigeria. “But I knew there was a vision for my life that was greater than I could imagine.… I consider it a duty to give back.” Since the 1990s, Chagoury has cultivated a friendship with the Clinton family, in part by writing big checks, including an estimated $5 million to the Clinton Foundation, according to its list of donors. At a 2009 Clinton Global Initiative conference, where business and charity leaders pledge to complete projects, the Chagoury Group’s Eko Atlantic development – nine square kilometers of Lagos coastal land reclaimed by a seawall – was singled out for praise. During a 2013 dedication ceremony in Lagos, just after Hillary Clinton left her post as secretary of State, Bill Clinton lauded the $1 billion Eko Atlantic as an example to the world of how to fight climate change.

By the time Hillary Clinton became secretary of State, the relationship was strong enough for Bill Clinton’s closest aide to push for Chagoury to get access to top diplomats, and the agency began exploring a deal, to build a consulate on Chagoury family land in Lagos. But even as those talks were underway, other State Department officials were examining accusations that Chagoury had unsavory affiliations, stemming from his activities and friendships in Lebanon. After a review, Chagoury was refused a visa to enter the US in 2015.

Chagoury was born in 1946 in Lagos to Lebanese parents, and as a child attended school in Lebanon. He sold shoes and cars in Nigeria, according to a biography on his website, before marrying the daughter of a prominent Nigerian businessman. In the years afterward, Chagoury’s wealth grew. He has used some of that money to build political connections. His family conglomerate now controls a host of businesses, including construction companies, manufacturing plants, flour mills and real estate. Operating under the Chagoury Group – an industrial conglomerate founded in 1971 with interests in almost every viable sector in Nigeria; the group’s net worth, according to Forbes, is about $4.2 billion. The Chagoury brothers own the prestigious Eko Hotel & Suites, HITECH Construction Company and ITB Construction Ltd. They are also behind the over $6 billion Eko Atlantic project, which is an entirely reclaimed coastal city built in the upmarket Victoria Island area of Lagos and reserved exclusively for the high net worth individuals and corporate entities including some embassies. Its grand cheerleaders boast that upon completion, the new Eko Atlantic would match New York’s Manhattan.

During the rule of Gen. Sani Abacha, who seized power in Nigeria in 1993, Chagoury prospered, receiving development deals and oil franchises. In the 1990s, Chagoury portrayed himself as an Abacha insider as he tried to influence American policy to be friendlier to the junta. Soon after President Clinton named Donald E. McHenry a special envoy to Nigeria in 1995, Gilbert and Ronald Chagoury visited McHenry in his office at Georgetown University in Washington. The US was pushing for the return of democratic rule in Nigeria; Abacha, meanwhile, was eager to have Nigeria taken off a US list of nations enabling drug trafficking, McHenry said. Abacha turned out to be one of the most notorious kleptocrats in history, stealing billions in public funds. After Abacha’s death in 1998, the Nigerian government hired lawyers to track down the money. The trail led to bank accounts all over the world; some under Gilbert Chagoury’s control. Chagoury, who denied knowing the funds were stolen, paid a fine of 1 million Swiss francs, (about $600,000), and gave back $65 million to Nigeria; to get his Swiss conviction expunged.

As a noncitizen, Chagoury is barred from donating to US political campaigns, but in 1996, he gave $460,000 to a voter registration group steered by Bill Clinton’s allies and was rewarded with an invitation to a White House dinner. Over the years, Chagoury attended Clinton’s 60th birthday fundraiser and helped arrange a visit to St. Lucia, where the former president was paid $100,000 for a speech. Clinton’s aide, Doug Band, even invited Chagoury to his wedding. Chagoury has also donated to Republicans: He and his brother, along with Eko Atlantic, are listed as sponsors for a 2014 art exhibit at the George W Bush Presidential Center. In spite of his network of powerful friends, Chagoury has aroused the suspicions of US security officials. In 2010, he was pulled off a private jet in Teterboro, NJ, and questioned for four hours because he was on the Department of Homeland Security’s no-fly list. Homeland Security documents show that he was subsequently removed from the list and categorized as a “selectee,” meaning he can fly but receives extra scrutiny. Another Homeland Security document shows agents citing unspecified suspicions of links to terrorism, which can include financing extremist organizations; Chagoury later told reporters that agents asked him what bank he used in Nigeria.

In July this year, Chagoury was in Paris, France to join his fellow billionaires as guests of French President, Emmanuel Macron. The billionaire was said to have made the US his initial new abode, while his younger brother, Ronald held forte in Nigeria. The billionaire was then shuttling London, Beirut and Dubai to attend to business issues until he finally settled for Paris as his new base where he was plucked to be part of Macron’s France-Nigeria Business Council headed by Nigerian billionaire, Abdulsamad Rabiu. The brothers returned briefly to the spotlight in April 2020 when they significantly boosted Nigeria’s fight against the spread of the deadly coronavirus pandemic with the donation of N1 billion to Lagos State government. For the last three decades, Chagoury spent at least a few months each year in Beverly Hills, where he owns an 18,000-square-foot estate, once the home of actor Danny Thomas, with commanding views of West Los Angeles and the ocean. A year ago, after his visa application was denied, Chagoury’s mansion was put on the market, with an asking price of $135 million. It’s still on sale.

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N1.361bn contract fraud allegation rocks Edo Urban Water Corporation, staff petition Okpebholo

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There is tension at the Edo State Urban Water Corporation, following a petition against the Acting Managing Director, Mrs Toyin Rose Adeboyega over an alleged N1.361 billion contract fraud.

SOCIETY REPORTERS reports that Mr Christopher Abhulimen, a staff of the corporation, wrote the petition against the Managing Director to the Edo State Government.

The petition addressed to the State Governor, Monday Okpebholo was dated February 6, 2025.

The petition is titled, ‘Concerning instances of misappropriation of funds, mismanagement of public funds, poorly executed contracts/fictitious contract projects facilitated by the previous administration with the abetment and instrumentality of the Acting Managing Director of Edo State Urban Water Corporation, Mrs Toyin Rose Adeboyega’.

Abhulimen, who listed about eight projects allegedly involved in the fraud, noted that not only did some of the aforementioned projects not exist in reality, but even for the few that exist, there is nothing in them to justify the astronomical funding commitments.

He appealed to Governor Monday Okpebholo to take all necessary actions to ensure thorough investigations of the projects as well as the complicity of the Acting Managing Director, and/or any other person(s) in the facilitation of alleged unwarranted hemorrhage of public funds.

In the petition, Abhulimen, listed the projects and their cost to include N700 million pipeline network reticulation to Ugboha, Uromi and environs, N23 million funding of Abico Pumping Station, and N120 million provision of potable water to Emotan Garden Estate.

Others are N150 million reactivation of water schemes at Etsako and Akoko-Edo, N150 million supply of pipes and accessories to Ugboha/Uromi Water Scheme, N15 million for supply of chemicals, N160 million for the management of Ugboha Dam and N43 million of illegal sales/disposal of exhumed ductile pipe in the course of road construction at Iruekpen and environs.

When contacted, the Acting Managing Director of the Corporation, Mrs Toyin Rose Adeboyega, said a journalist has already written a rejoinder on the petition.

Adeboyega, who forwarded the alleged rejoinder to DAILY POST, denied the allegations levelled against her.

Mrs Toyin Rose Adeboyega, Acting Managing Director, Edo State Urban Water Corporation.

The alleged rejoinder written by Comrade Robinson Akhenoba, titled, ‘Allegation against Mrs Toyin Rose Adeboyega’, alleged that after conducting a thorough investigation in the said ministry, it was found that “these allegations are not only misleading but also a gross misrepresentation of facts”.

Akhenoba, while urging the governor to take time to investigate the allegations as contained in the petition, advised him to remain vigilant and not succumb to the alleged manipulative tactics of those who seek to divide and rule.

According to him, these individuals often rely on misinformation and speculation to achieve their goals, which can lead to unfair treatment of dedicated public servants.

“I implore you to prioritize facts and figures when evaluating these allegations, rather than getting swayed by baseless claims. As findings have shown, Mrs Adeboyega possesses a high level of integrity and a strong commitment to her role. It’s crucial for you to recognize and appreciate her efforts in serving the people

“By focusing on verifiable evidence and ignoring malicious rumors, you can ensure that justice is served,” he added.

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NACAT donates sewing machine, rice, other food items to IDPs in Abuja

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As part of its commitment to nation building and humanitarian works, the Network Against Corruption and Trafficking (NACAT) on Monday donated various food items including bags of rice, cartons of spaghetti, sanitary pads and a sewing machine to Internally Displaced Persons (IDPs) at the Durumi Camp in the Garki area of the Federal Capital Territory, Abuja.

The organization, a notable civil society group dedicated to combating corruption, financial crimes, terrorism, economic sabotage, human trafficking, and drug-related offenses, extended this gesture as part of its Corporate Social Responsibility (CSR) initiative.

The organization further conducted a sensitization session on human trafficking, educating the women on its dangers and equipping them with strategies to protect themselves and their children from becoming victims.

Speaking on behalf of NACAT, the Operational Manager, Stanley Ugagbe, emphasized that the initiative was purely humanitarian and not politically motivated. He reassured the IDPs that NACAT’s intervention was driven by a genuine desire to support their well-being, particularly during the fasting period when food resources might be scarce.

“NACAT is an NGO and our coming here today has no political undertone. We truly empathize with you over your current conditions and it is because of our concerns over your plight that we have come to donate our widow’s mite. We recognize that this is a fasting period, and it is
important that people have access to food while they fast,” Ugagbe stated.

“Your current situation is actually troubling and we pray that soonest, things will get better and you will return to your homes to live your normal lives like you used to live”.

He also took time to educate the women on the increasing trend of human trafficking and shared practical tips on how they could protect themselves and their loved ones from falling prey to traffickers.

Ugagbe defined human trafficking as the illegal trade of people for forced labor, sexual exploitation, and other forms of abuse. According to him, common tricks used by traffickers are promises of good jobs or scholarships abroad, fake modeling or entertainment offers, forced
marriages, fake recruitment agencies, and kidnapping.

While asking them to watch out for these tricks, the manager averred that the dangers of human trafficking include “physical and emotional abuse, forced labor and inhumane working conditions, sexual exploitation and exposure to diseases, separation from family and community,
loss of personal freedom”.

Harping on how to protect themselves against traffickers, Ugagbe enumerated the following measures: “be cautious of offers that seem too good to be true, verify job and travel opportunities before accepting them, avoid traveling alone with strangers, report suspicious activities to
security agencies or NGOs working against human trafficking, educate others on the dangers of trafficking”.

In her opening remarks, NACAT’s Program Manager, Joy Tomo, reaffirmed the organization commitment to supporting displaced persons and promoting self-reliance among them. She highlighted the importance of skill acquisition in reducing dependency and improving economic stability.

We believe that empowering women with skills is key to helping them rebuild their lives. That is why we are donating this sewing machine. We encourage you to use it as a tool for learning and empowerment," Tomo said.

She further instructed that the machine should be handed over to an experienced seamstress within the camp who would train other women, ensuring that the knowledge is passed on and used effectively.

Expressing deep appreciation for NACAT’s intervention, the camp women’s leader, Liyatu Ayuba Yusuf, described the visit as a life-changing moment for many of them.

“Our joy knows no bounds today. We are grateful to NACAT for remembering us in this difficult time. Many of us had never received this kind of education on human trafficking before and now we understand how to protect ourselves and our children,” she said.
Liyatu noted that the sensitization program had opened their eyes to the reality of human trafficking, a menace that disproportionately affects vulnerable communities. She pledged that the women in the camp would make good use of the knowledge gained and ensure that others who missed the session also learn from them.

Also speaking at the event, the Camp Coordinator, Idris Ibrahim-Halilu, who provided Hausa translations throughout the engagement, praised NACAT for its exceptional commitment to humanitarian work. He called on other organizations to follow NACAT’s example and extend their support to displaced persons.

“I appeal to other NGOs to learn from what NACAT is doing. The impact of their visit today has been enormous. We need more organizations like this to come to our aid,” Ibrahim-Halilu said.

Recall that in October last year, NACAT renovated and transformed an orphanage school in Lugbe into a modern school.

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JUST IN: Unity Bank appoints Kolawole Ebenezer as acting CEO

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Unity Bank Plc has announced the appointment of Kolawole Ebenezer as its new acting managing director/chief executive officer.

The appointment follows the retirement of Mrs Oluwatomi Somefun who has completed her tenure as MD/CEO.

The development was announced at the Bank’s 18th Annual General Meeting (AGM), held in Lagos on Wednesday, after securing necessary approval from its primary regulator, the Central Bank of Nigeria (CBN).

Mr Kolawole is a seasoned and consummate banker with over three decades of industry experience. He began his financial services career at Caribbean Finance Limited (an affiliate of CFL in Cayman Island) in Kaduna in 1992. He later joined Ecobank where he worked in various departments of the Bank, both operations and finance suites and rose to the position of Deputy Financial Controller.

He moved to Standard Trust Bank (STB) and worked at various strategic areas including Operations, Regulatory Risk Management and Finance suites and played a pivotal role in the STB/UBA merger. Post-merger, he served as Chief Financial Officer (CFO) of the United Bank for Africa.

He moved to Mainstreet Bank as the Bank’s Group Chief Finance Officer (GCFO) and actively drove the turnaround and transformation initiatives of the Bank. He had a brief stint at Globacom, a foremost and Nigeria’s leading indigenous Telecommunication giant, where he served in various capacities for corporate business development.

Mr Kolawole joined Unity Bank Plc as Chief Financial Officer (CFO) in 2015. He was later, in February 2018, appointed the Executive Director to oversee Finance, Operations and Information Technology, where he played a key role in the Bank’s strategic transformation and cost optimization initiatives which enhanced the Bank’s performance and market feasibility.

In line with the Bank’s succession and business continuity plans, Mr Kolawole is saddled with the primary responsibility to finalise the Bank’s ongoing corporate programmes and other strategic business initiatives of the institution.

Mr. Kolawole holds a First-Class (Hons) Degree in Accounting from Obafemi Awolowo University (OAU), Ile-Ife. He has participated in several management/executive education programmes in Columbia Business School, New York, USA and TheWharton School of the University of Pennsylvania, Philadelphia, USA.

Mr Kolawole is a member of several professional bodies including: Fellow of The Institute of Chartered Accountants of Nigeria (FCA); Fellow, Institute of Credit Administration, (FICA), Honorary Member of the Chartered Institute of Bankers of Nigeria (HCIB), Associate Member of The Nigeria Institute of Management (AMNIM); Member of the Institute of Directors etc.

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