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Obat oil in debt crisis as depot sealed up…

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Things are not going well with the King of Ugbo kingdom, Oba Obateru Akinruntan’s business conglomerate. While the oil and gas aspect of the business is struggling for breath with the AMCON, sources say banks are already threatening fire and brimstone to take over the business mogul’s property concern in Abuja. Already, the shopping mall in Abuja is as good as being taken over by Ecobank over a huge debt hanging on the company’s neck. While many are asking how it all went so bad for the company, fingers are being pointed to the King’s kids that prodigally ran the companies while the old man went to lead his kingdom as a traditional ruler.

 

The above was how this medium reported about the state of Obat’s businesses few weeks and now things have fallen apart and the Centre can no longer hold. This is as a result of a court order recently granted Skyebank by a High Court to take over Obat oil and gas depot over 2.1 billion naira debt.

 

As a result of the order, the company was sealed up recently while vehement denial by the oil company was in the air, the reality is that the company is swimming in troubled water.

Skye Bank had sought to recover a loan debt of the sum of N2,142,462, 572.26 owed it by Obat Oil and Petroleum. The loan was guaranteed by His Imperial Majesty, Oba (Dr.) Frederick Eniti Akinruntan. The bank further sought to recover 15 per cent interest on the amount from April 2014 till the liquidation of the debt.

The case was taken before an arbitrator, Aare Afe Babalola (SAN), during which Obat Oil and Dr. Akinruntan appealed for concessions and waivers on the amount of accrued interest, fees and commissions. After the arbitration, the Arbitrator held that it would be fair and equitable to award N1,406,944,352.76 to the claimant, which represents the amount the respondents admitted as being the outstanding balance as at March 31 2014. Aare Babalola also awarded 10 per cent interest annually on the N1.4billion from the April 1l, 2014, till final liquidation of the amount.

The bank, however, alleged that Obat Oil and Dr Akinruntan failed to comply with the Arbitration Award. It applied to the court to order the award’s enforcement. While granting the application, Justice Dagat made an order granting Skye Bank leave to enforce the Arbitration Award against the respondents. In compliance with the order, Skye Bank yesterday proceeded to enforce the Arbitration Award against Obat Oil and Petroleum and Oba Akinruntan.

 

 

 

 

 

 

 

 

 

 

 

Source: Newsofthepeople.

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Pictorial: Gender mobile signs Mou with university of Uyo

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Monday June 10th Gender Mobile lead by Barr Omowunmi Ogunrotimi signed an Mou with the university of Uyo lead by its Vice Chancellor Professor Nyaudoh Ndaeyo

The Mou will allow Gender Mobile to support the University of Uyo to institutionalize sexual harassment prevention frameworks through policy, preventative education, and technology adoption.

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How US Billionaires Allegedly Fund Organ Trafficking In Nigeria

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The Global Prolife Alliance, GPA has sensationally revealed that billionaires from the United States are funding an organ trafficking cartel in Nigeria.
The GPA made the shocking revelation in a letter to President, Bola Ahmed Tinubu and Speaker, House Of Representatives.
The letter is signed by Academician (Dr) Philip Njemanze, Chairman, Global Prolife Alliance, GPA.
Njemanze said the cartel’s grip on the country’s healthcare system has resulted in the poaching of human organs and ovarian eggs, with millions of lives at stake.
The GPA cited the National Health Act of 2014 (NHAct 2014) as a tool for the cartel’s nefarious activities.
According to them, the cartel’s scheme involves coercing female farmers into purchasing genetically modified seeds in exchange for their ovarian eggs.

 

  • 247 Ureport

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CONTRACT SCANDAL ROCKS TETFUND AS ICPC ARRESTS CONTRACTOR

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A contract scandal of monumental proportion is currently rocking the the Tertiary Education Trust Fund (TETFund).

So bad is the situation that operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) have beamed their searchlight on the activities of TETFund.

Last Tuesday, a contractor, known as Paul Chukwuma, was arrested by the and as at the time of filling this report, he was yet to regain his freedom on account of not been able to perfect his bail condition.

We gathered that Paul Chukwuma, who is the founder and promoter of Fides Et Ratio Academy, an educational service provider was detained by the ICPC over his alleged involvement in contract mess.

Recall that the media was agog with the report of how TETFund awarded a controversial N3.8 billion contract to Mr Chukwuma’s company and paid N2.9 billion to the company in four installments without following due process

Shortly after the publication by Premium Times in April, the anti-graft body detained TETFund’s Director of Finance and Accounts, Gloria Olotu, and grilled others including the Director of Human Resources and General Administration, Kolapo Okunola, and the Director of Information Communication Technology (ICT), Joseph Odo.

Mr Chukwuma’s detention is the latest major development in the ICPC investigation that dates back to April.

ICPC’s spokesperson, Ademola Bakare, on Wednesday, confirmed Mr Chukwuma was in the agency’s custody.

The suspect, a player in the education business in the country, was also on the list of members of governing councils of tertiary institutions recently released by the Nigerian government before President Bola Tinubu directed the review of the list.

Recall that TETFund– a tertiary institutions’ funding agency under the Federal Ministry of Education– awarded the contract which it tagged: “Capacity Building Certificate Course (Communication, Entrepreneurship, and Productive Skill Development) inclusive of the Train-the-Trainer Programme for 502 (five hundred and two) Participants”.

Findings by this newspaper indicated that the funding for the contract was sourced from the 2023 annual direct disbursement budget domiciled in the agency for the use of about 251 beneficiary institutions – public universities, polytechnics, and colleges of education across the country.

Multiple sources confirmed that the institutions’ 2023 direct disbursement budget which totalled N15.2 billion was for Information Communication and Technology intervention projects.

However, rather than releasing the funds to the institutions as mandated by its operational guidelines, TETFund deducted the funds upfront from each of the institutions, amounting to a total of N7.6 billion.

During an interview with our reporters, the Executive Secretary of TETFund, Sonny Echono, told PREMIUM TIMES that each beneficiary institution contributed 50 per cent of its ICT funds while each polytechnic and college of education contributed 25 per cent of theirs to the project.

The choice of the project, the sourcing of the contractor, and signing a memorandum of understanding with the vendor were undertaken by TETFund. This development angered the administrators of most of the institutions.

Also, while the project designs and modalities were yet to be finalised, sources confirmed that within a month of the award of the contract TETFund on 30 June 2023 credited the company’s bank account with over N550 million (N550,380,780.23).

The transfer is with mandate number CBN/PROJ/224/JUN2023.

Over N820 million (N820,223,850) was additionally paid into the account on 12 July 2023, while on 26 July 2023 and 17 November 2023, N1.5 billion (N1,503,743,850) and N62.68 million (N62,684,036.05), respectively, were credited to the account by the CBN on behalf of TETFund.

Meanwhile, despite the various supposed beneficiary institutions denying the execution of the project, Mr Chukwuma, during a meeting between PREMIUM TIMES’ reporters and the company’s management, said the project “has been done and dusted.”

PREMIUM TIMES is aware that the project was designed for training 12 ICT officials across the 251 beneficiary institutions, and to onboard more than 500,000 students for both physical and virtual sessions. However, only two ICT officials in each of the tertiary institutions have taken part in what some of these officials described as engagement sessions.

Mr Chukwuma promised to make documentary evidence to back his claim to PREMIUM TIMES in April but as of the time of filing this report he has yet to do so.

He said his company was only helping Nigeria to achieve the very best for the students and the schools, saying the courses being offered the students through the programme has been “ridiculously subsidised.”

Learnt that Mr Chukwuma was on Tuesday invited to give a statement concerning his involvement in the contract scandal being investigated by the agency.

However, sources confirmed that after going through his statement, the antigraft agency imposed strict bail conditions that require the suspect to produce highly placed persons as suretees, among other conditions.

The agency’s spokesperson, Mr Bakare, who confirmed that Mr Chukwuma was in ICPC custody, said the suspect remained in detention because he could not satisfy the bail conditions.

“Yes, Chukwuma is in ICPC’s custody, unable to fulfil bail conditions,” Mr Bakare wrote in a terse statement shared with our reporter on early Wednesday. As of 6.05 p.m. when contacted over the telephone again by our reporter, Mr Bakare said he could not immediately ascertain if the suspect met the bail conditions before the end of official work hours.

Meanwhile, ICPC said the Executive Secretary of TETFund was yet to be invited, and not in its custody as being allegedly circulated.

It, however, said the investigation into the scandal was still ongoing and that it could not rule out the possibility of arresting anyone who played roles in the matter.

“Echono wasn’t invited but investigations are still ongoing,” Mr Bakare said.

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