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Rivers APC congratulates the Opoboians for Abandoning Wike, PDP for APC

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Describes Success of the rally as the death Warrant for Wike’s administration *Hammers Mr. Gogo Jaja for being a clog in the wheel of progress

Rivers State chapter of the All Progressives Congress (APC) has described the success of the Opobo/Nkoro grand reception/mega rally hosted by Dr Dakuku Adol Peterside the indefatigable Director General of NIMASA and erstwhile Governorship candidate of APC during the 2015 general elections in conjuncture with the Free Rivers Development Initiative (FRDI) in honour of the Honourable Minister of Transportation Rt. Hon Rotimi Chibuike Amaechi as the beginning of the end of the evil administration of Governor Nyesom Wike of Rivers State.

The party in the same vein berated Governor Nyesom Wike for his childish act by ordering the stakeholders of Opobo-Nkoro extraction to the Government House in Port Harcourt few hours to the commencement of the reception in order to sabotage the reception in honour of his benefactor and predecessor, Rt. Hon. Chibuike Rotimi Amaechi.

This act according to the party exposes Wike as a rattled fellow who is confused on how to tackle his long awaited doom day. By threatening to withdraw the Certificate of Recognition for any government recognized Chief and to sack any government appointee from the area that attends the Free Rivers program in Opobo/Nkoro rally exposes Wike as been afraid of confronting the highly brilliant Dakuku Peterside who always makes him (Wike) jittery, fidgety and restless” said Chief Eze Chukwuemeka Eze, the Media Consultant to Dr Davies Ibiamu Ikanya the State Chairman of Rivers APC in a statement to media organizations today.

“With Wike’s failed sinister plot to disrupt the rally coupled with the massive defection of PDP members to APC; the party congratulated the Amanyanagbo of Opobo, the father of all Opobo people, King Dandeson Douglas and other great sons of Opobo for defying and abandoning the ill-conceived meeting of Opobo/Nkoro stakeholders by Gov Wike to rush back to Opobo to receive Rt. Hon. Chibuike Rotimi Amaechi, Dr Dakuku Peterside an illustrious son of the area and other APC faithful. This singular act of the King of the Opobo Kingdom has sealed the lips of those peddling unwarranted rumours of an imaginary conflict between Dr Dakuku and the Amanyanabo” Ikanya said.

The party concurred with all the party leaders that spoke during the reception including our leader and erstwhile Governor of Rivers State and Nigeria’s Minister for Transportation Rt. Hon Chibuike Amaechi that “come 2019, we must liberate Rivers State and chase away Governor Nyesom Wike and his court jesters for bringing untold hardship and pains to Rivers People.”

The party maintained that the mammoth crowd that attended the rally demonstrates the acceptance and appreciation of the great feats of Rt. Hon. Chibuike Rotimi Amaechi in the Opobo Kingdom. Imagine the intimidating feats of Amaechi within his first three years in office as Governor of Rivers State and the miserable three years of Wike as Rivers State Governor without executing any project in Opobo apart from using one ingrate call Mr. Tamunosisi Gogo Jaja who acts as his Commissioner of Education to ensure that the Education sector of the State is ruined and that the Opobo children on scholarship in foreign countries courtesy of the Amaechi’s administration are repatriated back without completing their studies.

The party describes Mr. Tamunosisi Gogo Jaja as an enemy of the Opobians and the State at large for plotting with Wike to attempt to frustrate the historical rally that showcased Dr Dakuku Peterside as not only very visible but a leader loved by his people including the Traditional Institution. For Mr. Jaja to use uncouth language to disparage the leader of the party in the State only positions him as a frustrated politician.

The party commended Amaechi for his foresight in setting up the following crucial projects that marks him as a true Opobian no matter the thinking of anybody – setting up the only functional Health center today in the LGA; ensuring that 27 sons and daughters of Opobo and Nkoro were sent abroad for their studies on scholarship, establishment of the Opobo Fish farm which has long been abandoned by visionless Gov. Wike, the massive land reclamation that gave Opobo almost half of a new town, the posting of more Teachers to the schools in Opobo/Nkoro LGA, the appointment of the first Opobo son as the commissioner of works and finance, the upgrading of five (5) chieftaincy stools as against the only one (1) initially recognized.

The party noted that apart from all the above feats, Amaechi raised the status of Dr Dakuku Peterside Dr Dakuku Adol Peterside an illustrious son of Opobo to the national and international scene by ensuring his appointment as the DG of NIMASA from where he was elected as the first Nigerian to occupy the office of the Chairman and President of the Association of African Maritime Administrations (AAMA). Dakuku a true son of Biriye war canoe house of Opobo and most importantly the Amaopusenibo (accomplished statesman) of Opobo kingdom, a title installed on him by the Amayanabo of Opobo has nothing else to prove that he has come of age so far leadership is concerned, the party enthused.

Dr Dakuku Peterside captured the mind of the party when he addressed the mammoth crowd with these words, “The people and the ancestors of Opobo and Nkoro kingdoms will ever be happy with Amaechi who has at every time see Opobo people as his own brothers and sisters and for all the numerous people oriented projects he executed in Opobo/Nkoro while he held sway as the Governor of Rivers state. Opobo/Nkoro people are delighted to honor him today and will continue to follow him wherever he goes.”

The party congratulated Engr Sampson Ngerebara the President of Free Rivers Development Initiative (FRDI), an APC NGO and his colleagues for selling the ideals and principles of the party to all the nooks, cranny and sections of the State, assuring him that the party will always stand by him in his drive to ensure that the party takes over power in the State come 2019.

Dr. Sam Sam Jaja one time Deputy National Chairman of PDP and a chieftain of APC in his speech appreciated the honourable minister for all his developmental presence in every part of the LGA and described Dr. Dakuku Peterside, the Amaopusenibo of Opobo Kingdom as a worthy and illustrious son loved by his people and well deserving of any honour conferred on him by the good people of Opobo and Nkoro kingdoms.

The party expressed gratitude to the Balolo of Opobo Kingdom, Ama-Opusenibo (Dr.) Sam Sam Jaja, JP and other Opobo people who had in Amaechi’s times of difficulties stood with him and urged Opobo and Nkoro people to have a formidable front and always be there for each other to enable them achieve their goals.

The event witnessed the defection of thousands of PDP and core leaders of GDI (Wike’s foot soldiers) to APC; presentation of Awards to Chibuike Rotimi Amaechi and Dakuku Peterside; the verification and inauguration of Opobo/Nkoro Free Rivers Development Initiative.

Apart from the Hon. Minister of Transportation, Rt. Hon. Chibuike Rotimi Amaechi, Dr Dakuku Peterside DG NIMASA, other true leaders of APC that attended the event in no particular order were :

* Chief Davis Ibiamu Ikanya, State Chairman, APC Rivers

* Distinguished Senator Andrew Uchendu, Rivers East Senatorial district

* Chief Victor Giadom, Deputy National Secetary of the APC

* His Excellency, Oji Ngofa, Nigerian Ambassador to the kingdom of Neitherland

* Chief Asita Honourable Asita

*Chief Sampson Ngerebara, President, FRDI

* Chief Feyii, former SSG

* Ibim Semenitari, former info commissioner

* Evang Caroline Nagbo, State Women Leader, APC Rivers

*Chief Emeka Bekee, RS APC Secretary

* Hon. Prince Awalanta Mike Ejire ( Prince of Eleme Kingdom)

* Hon Prince Samuel Eyiba, former commissioner for local government affairs, Rivers State

* Dame Maureen Tamuno, former Executive Chairman, Ogu/ Bolo LGA

*Hon Mrs Joeba West, former commissioner for women affairs, Rivers State

* Hon Engr Victoria Nyeche, member representing PHALGA constituency 1, Rivers State House of Assembly

*Hon Nancy Ijaopo Stephens, Deputy Mayor, Port-Harcourt City Local Government

Chief Anabs Sara-Igbe, , Chibuike Ikenga,Chief Sampson Agbaru amongst others

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EFCC indicts Sirika, brother in new N19bn fraud

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The Economic and Financial Crimes Commission has charged former Minister of Aviation, Hadi Sirika, his brother, Ahmad Sirika; and his company – Enginos Nigeria Limited, with over N19.4bn fraud.

The sum is said to be for several aviation ministry contracts from the former minister to Enginos Nigeria Limited, owned by Sirika’s younger brother, Abubakar.

The Sirika brothers and Enginos Nigeria Limited will be arraigned before Justice Belgore of the Federal Capital Territory High Court, Garki, Abuja today (Tuesday).

It is the second criminal charge the EFCC will be filing against the ex-aviation minister.

He was last Thursday arraigned for N2.7bn fraud before the High Court of the Federal Capital Territory in Abuja.

Sirika was arraigned on six counts alongside his daughter, Fatimah; brother-in-law, Jalal Hamma, and Al-Buraq Investment Ltd.

The defendants pleaded not guilty while Justice Sylvanus Oriji granted them N100m bail each, with the condition that they must not travel out of the country until the end of the criminal case.

On Monday, EFCC insiders informed The PUNCH that the anti-graft agency had filed a second charge against the ex-minister, bordering on N19.4bn fraud.

In the copy of the fresh charges sighted by our correspondent on Monday, the EFCC alleged that Sirika, “while being the Minister of Aviation, on or about 18th August 2022, in Abuja, within the jurisdiction of this honourable court, did use your position to confer an unfair advantage upon Enginos Nigeria Limited, whose alter ego, Ahmad Abubakar Sirika, is your biological brother, by using your position to influence the award to him, the contract for the construction of a terminal building at Katsina Airport for the sum of N1,345,586,500.00.”

According to the EFCC, Sirika’s alleged action was a violation of Section 19 of the Corrupt Practices and Other Related Offences Act, 2000 and punishable under the same section.

In another count, the EFCC alleged that “on or about 3rd of November, 2022, in Abuja,” Sirika used his position “to confer unfair advantage upon Enginos Nigeria Limited, whose alter ego, Ahmad Abubakar Sirika, is your biological brother, by using your position to influence the award to him, the contract for the establishment of Fire Truck Maintenance and Refurbishment Centre at Katsina Airport for the sum of N3,811,497,685.00.”

In another count, he was accused of corruptly awarding a N615,195,275.00 contract to his brother for the procurement and installation of lift and air conditioners and power generators for the Aviation House in Abuja.

Furthermore, the EFCC alleged that Sirika, between August 2022 and May 2023 in Abuja, “had possession of an aggregate sum of N2,337, 840,674.16, which sum you knew indirectly represented the proceeds of criminal conducts of Hadi Abubakar Sirika, who was the Minister of Aviation at the time.”

It was revealed that the ex-minister’s younger brother, Abubakar, was earlier arrested and detained by the EFCC in connection with N3,212,258,930.18 paid to his company, Enginos Nigerian Limited’s bank account by the former minister.

 

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Nigerian Bank chiefs obtain N549bn insider loans in five years

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Directors and key management personnel of Deposit Money Banks borrowed about N549bn from their financial institutions in five years.

This is according to The PUNCH analysis of the banks’ annual reports filed with the Nigerian Exchange Limited between 2019 and 2023.

However, the banks’ loans and advances to some directors and key management personnel as well as related party transactions dropped significantly in 2023.

These transactions dropped to N52.40bn for eight financial institutions compared to N111.31bn in 2022, indicating a 52.92 per cent decline in one year.

Financial institutions reviewed in the 2023 review include Access Holdings, Guaranty Trust Holding Company Plc, Zenith Bank Plc, United Bank for Africa, Fidelity Bank, Wema Bank, Stanbic IBTC Holding Plc and the FCMB Group.

This decline came amid the release of new corporate governance guidelines by the Central Bank of Nigeria which went into effect August 1, 2023.

In the circular dated July 13, 2023, and signed by Director, Financial Policy and Regulation Department, Chibuzo Efobi, the guidelines which imposed responsibilities on the bank board and the executive compliance officers, supersede other previous codes, circulars and related directives, according to the apex bank.

The CBN guidelines on related party transactions said, “Banks shall establish a policy concerning insider trading and related party transactions by directors, senior executives, and employees, as well as publish the policy or a summary of that policy on their website. 22.2 The policy shall contain appropriate standards and procedures to ensure it is effectively implemented. 22.3 In addition to the requirements in Section 22.2, there shall be an internal review mechanism carried out by the internal audit function of the bank, to assess the compliance and effectiveness of the policy.

“22.4 Any director whose facility or that of his/her related interests remains nonperforming in any financial institution for more than one year shall cease to be on the board of the bank and shall be blacklisted from sitting on the board of such bank and that of any other financial institution under the purview of the CBN. 22.5 No director-related loans and/or interest thereon shall be written off without the CBN’s prior approval.”

Leading the pack in terms of major decline in loans to related parties and entities controlled by key management personnel was Fidelity Bank Plc, which went from N92.31bn at the end of December 2022 to N2.09bn at the end of last year.

In footnotes, the bank however said that some of the related parties like A-Z Petroleum Limited, Dangote Group and Genesis Group as of 31 December 2022, had “exited the related party relationship post 2022 financial year in line with CBN requirement.”

In 2022, the total value of insider loans for 10 banks including Access Holdings, Guaranty Trust Holding Company Plc, Zenith Bank Plc, United Bank for Africa, Fidelity Bank, Wema Bank, Stanbic IBTC Holding Plc, FCMB Group, Unity Bank and Sterling Bank amounted to N131.04bn.

Fidelity Bank led the highest for the year, followed by Unity Bank at N17.32bn and UBA at N13.74bn.

In 2021, the loans to related parties of these financial institutions rose to N139.16bn with Fidelity Bank and UBA leading at N97.73bn and N15.28bn, respectively. GTCO trailed in third position with N6.859bn.

Between 2019 and 2020, a total of N226.6bn was disbursed as loans. In 2019, eleven banks borrowed its key management personnel a total sum of N29.65bn. The figure also includes loans to companies related to the directors.

An analysis showed that GTCO lent N155m, Zenith Bank (N1.76bn), UBA borrowed its directors N297m, Wema Bank (N5.2bn), Stanbic IBTC (N95m), FCMB (N4.8bn), Unity Bank(N7.14bn), Sterling Bank (N10.12bn) to related parties.

In 2020, the figure increased by 564 per cent or N167.32bn to N196.97bn.

Checks showed that Access Bank lent the highest with a total of N174bn to its directors and companies related to them. This was followed by Unity Bank with N7.55bn. Third on the list was Sterling Bank with N6.01bn.

Other banks including Fidelity borrowed its directors N986.2m, GTBank (N67.9m), Zenith Bank (N1.797bn), UBA (N206m), Wema Bank (N2.82bn), Stanbic IBTC (N332m), FCMB (N3.2bn), Unity Bank (N7.55bn), Sterling Bank (N6.01bn).

Commenting on the trend, the Chief Research Officer at InvestData Consulting, Ambrose Omordion said “In my language, they say, it is the yam that you know that you use to make pounded yam. If an organisation feels that the insider or director can pay the loans given to them, then there is no issue. It is when they do not pay that is where there would be issues.

“Like what is happening now in the economy, banks are not giving loans to ordinary companies unless those with names because of economic headwinds. If they give loans to the public and they are unable to repay, Non-Performing Loans will rise. If the banks offer to insiders that would pay, it is better for them.”

 

The Punch

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Court Orders Arrest of Ex-Naval Chief, Usman Jibrin Over Alleged N1.5billion Money Laundering Charges

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Justice Inyang Ekwo of the Federal High Court, Abuja, has ordered the arrest of a former Chief of Naval Staff, Vice Admiral Usman Jibrin, and two other officers over N1.5 billion money laundering charge.

 

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) dragged the trio before the court over fraud N1.5bn allegations.

 

The court issued the arrest warrant after hearing a motion exparte marked FHC/ABJ/CR/158/2023 and filed by ICPC counsel, Osuobeni Ekoi Akponimisingha.

 

In the motion, the lawyer submitted that Usman Jibrin Oyibe, Adam Imam Yusuf, Brigadier General Ishaya Gangum Bauka (first to third defendants), were investigated for allegations of money laundering and making false statements regarding diversion of funds in their respective military and paramilitary institutions, into companies in which they allegedly had stake.

 

According to him, at the commencement of the investigation into the allegations, the defendants were released on administrative bail on self-recognition because of their status as serving and former public figures and has since then refused to show up for possible arraignment in court.

 

The Lawyer prayed the court for a bench warrant against the 1st, 2nd and 3rd Respondents (Vice Admiral Usman Jibrin Oyibe, Adam Imam Yusuf, and Brigadier General Ishaya Gamgum Bauka) in charge No. FHC/ABJ/CR/158/2023 which is pending before the court for the purpose of arresting and bringing them to court for their arraignment and trial.

 

Listed as first to sixth defendants in the 17-count charge are Usman Jibrin Oyibe, Adam Imam Yusuf, Brigadier General Ishaya Gangum Bauka, Lahab integrated & Multi Services Limited, Gate Coast Properties International Limited and Ummays Hummayd Energy Ltd

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